Assume John Sullivan completed the following additional transactions during February.
(e) Received cash from a client for professional services, $1,500.
(f) Paid office rent for February, $600.
(g) Paid February phone bill, $64.
(h) Withdrew cash for personal use, $1,000.
(i) Performed services for clients on account, $750.
Show the effect of each transaction on the basic elements of the expanded accounting equation: Assets = Liabilities + Owner's Equity (Capital - Drawing Revenues - Expenses).
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Home » Business » Assume John Sullivan completed the following additional transactions during February. (e) Received cash from a client for professional services, $1,500. (f) Paid office rent for February, $600. (g) Paid February phone bill, $64.