Jay Pembroke began a business. Throughout the first month (April 20--), the given transactions occurred.
a) Invested cash in business, $18,000.
b) Purchased office supplies for $4,600: $2,000 in cash and $2,600 on account.
c) Paid one-year insurance premium, $1,200.
d) Earned revenues totaling $3,300: $1,300 in cash and $2,000 on account.
e) Paid cash on account to the company which supplied the office supplies in transaction (b), $2,300.
f) Paid office rent for the month, $750.
g) Withdrew cash for personal use, $100
Required:
Show the effects of the transaction of individual accounts on the Accounting Equation. After transaction g, illustrate the totals of each element.