Rowand Enterprises had the following selected transactions.
1. Aaron Rowand invested $4,000 cash in the business.
2. Paid office rent of $1,100.
3. Performed consulting services and billed a client $5,200.
4. Aaron Rowand withdrew $700 cash for personal use.
Instructions
(a) Indicate the effect each transaction has on the accounting equation
(Assets = Liabilities + Owner's Equity), using plus and minus signs.
(b) Journalize each transaction. (Omit explanations.)