SharonLeerecently started a business,LeeEvents, that will provide promotion and advertising for fund raising events hosted by charities. She will operate the business as a proprietorship. The first month's transactions are listed below:

1.Invests $7,000in the business out of her personal savings.

2.Transfers equipment valued at $5,000to the business.

3.Purchases supplies for $600cash.

4.Pays $750for wages to an assistant.

5.Completes advertising brochures for a client, who pays $900for the service.

6.Advertisements forLeeEvents are run in the local newspaper at a cost of $800on account.

7.Provides services totaling $3,200for several clients - one client whose bill is $400pays cash, the remainder are on account.

8.Pays the amount owing to the newspaper for the advertisements described in 6.

9.Half the amount receivable from customers is collected.

10.Purchases additional equipment for $650, cash.11.Withdraws $500for personal use.

For each of the above items, determine the accounts that will be affected, record each transaction in the table provided and set up the headings in the order of the accounting equation.(If a transaction results in a decrease in Assets, Liabilities or Owner's Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

Transaction

Cash

A/R

Supplies

Equipment

Accounts payable

S.Lee, Capital

S.Lee, Drawings

Revenue

Expenses