Prepare a tabular schedule of transactions.

The transactions for Smith Company for the month of January are listed below.

1 Owner invested $15,000 cash in the business. 2 Purchased equipment for $5,000, paying $2,000 in cash and the balance of $3,000 on account. 3 Paid $750 cash for supplies. 4 Performed $8,500 of services, receiving $4,000 cash and $4,500 on account. 5 Paid $1,500 cash on accounts payable. 6 Owner withdrew $2,000 cash for personal use. 7 Paid $560 cash for rent. 8 Collected $450 cash from customers on account. 9 Paid salaries and wages of $4,800. 10 Incurred $400 of utilities expense on account.

Complete the following schedule and prove the equality of the accounting equation. For any expenses, indicate the type of expense next to amount.

Owner's Equity Accounts Accounts Owner's Owner's Cash + Receivable + Supplies + Equipment = Payable + Capital - Drawings + Revenues - Expenses