Katie's Wedding Planning Service completed the following transactions: a. Billed clients for service, $1,250. b....
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Finance
Katie's Wedding Planning Service completed the following transactions:
a. Billed clients for service, $1,250.
b. Completed work for clients who paid $500 cash.
c. Received a bill for utilities to be paid later, $120.
d. Collected cash on account from clients, $700.
e. Paid the amount due for utilities.
f. Withdrew $500 cash for personal use.
Required: Record the above transactions in the expanded accounting equation. Note that the items have beginning balances.
Katie's Wedding Planning Service
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| ASSETS | = | LIAB. | OWNER'S EQUITY |
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| Cash + | Accts.Rec. | = | Accts Payable | Katie, Capital | +Rev. | -Exp. | -Katie, With. |
| beg. | $ 800 | $ 85 | = | $300 | $235 | $ 900 | $400 | $150 |
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