Kennel earns service revenue by caring for the pets of customers. tiny town kennel is organized as a sole proprietorship and owned by earle martin. during the past month, tiny town kennel has the following transactions:
a) received $520 cash for service revenue earned.
b) paid $325 cash for salaries expense.
c) martin contributed $1,000 to the business in exchange for capital.
d) earned $640 for service revenue, but the customer has not paid tiny town kennel yet.
e) received utility bill of $85, which will be paid next month.
f) martin withdrew $100 cash.
indicate the effects of the business transactions on the accounting equation for tiny town kennel.
transaction (a) is answered as a guide. a. increase asset (cash): increase equiy (service revenue)