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How revenue transaction change an accounting equation

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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.

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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.

Reference no: EM131536799

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