Question: Determining how revenue, expense, and withdrawal transactions change an accounting equation Peter Smith operates a service business called Peter's Service Company. Peter's Service Company uses the accounts shown in the following accounting equation. Use the form in your Working Papers to complete this problem.
Transactions: 1. Paid cash for rent, $300.00.
2. Paid cash to owner for personal use, $150.00.
3. Received cash from sales, $800.00.
4. Paid cash for equipment repairs, $100.00.
5. Sold services on account to Lisa Lee, $400.00.
6. Received cash from sales, $650.00.
7. Paid cash for charitable contributions, $35.00.
8. Received cash on account from Lisa Lee, $300.00.