The owner's equity component of the accounting equation can be affected by more than owner contributions. Owner's equity increases for revenues earned and decreases for expenses incurred. Also in any form of business, money can be distributed from the business to the owners. Withdrawals (in the form of cash or other assets) by the owner decreases the owner's equity account. Smith Company had transactions affecting owner's equity during the past year. The table below demonstrates the effect of these transactions for Smith Company. Review the details of each transaction and determine the effect on the accounting equation. Then, enter the updated amounts for the assets, liabilities, and owner's equity accounts (do not record the transaction). Enter all amounts as positive numbers.

Transaction	Assets	=	Liabilities	+	Owner's Equity
Beginning of the year	$320,000	=	$96,000	+	$224,000
Revenues earned: During the year, Smith Company earned revenues totalling $192,000. The cash has been collected from the customers for all revenues earned this year.	$	=	$	+	$
Expenses incurred: Smith Company incurred expenses totalling $134,400 during that same year. All of the expenses incurred this year were paid in cash.	$	=	$	+	$
Withdrawals: At the end of each quarter, the owner withdraws cash from Smith Company. The sum of those quarterly withdrawals was $5,760.	$	=	$	+	$