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Paid cash for rent, $ 5 0 0 . Received cash from owner as an investment, $ 8 0 0 . Paid cash for telephone

Paid cash for rent, $500.
Received cash from owner as an investment, $800.
Paid cash for telephone bill, $50.
Received cash from sales, $1,100.
Bought supplies on account from Paws & Claws Co., $250.
Sold services on account to Dr. Shephard, $285.
Paid cash for advertising, $470.
Paid cash for supplies, $175.
Received cash on account from Dr. Shephard, $170.
Eleanor Lalime operates a service business called Doggywood Pet Suites. Doggywood Pet Suites uses the accounts shown in the following accounting equation. For each transaction, complete the following: (a) Analyze the transaction to determine which accounts in the accounting equation are affected. (b) In the appropriate columns, enter a plus sign (+) if the account increases or a minus sign (-) if the account decreases, and then enter the amount. (c) For transactions that change owner's equity, select a description of the transaction to the right of the amount. (d) Calculate and enter a new balance for each transaction in the accounting equation. (e) Before going on to the next transaction, determine that the accounting equation is still in balance. Transaction 1 is given as an example.
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