Halley Burton began a Web Consulting practice and complete these transactions during September of the current year: Sept 1 Invested $100,000 of his personal savings into a checking account opened in the name of the business
2 Rented office space and paid $1,200 cash for the month of September
3 Purchased office equipment for $30,000, paying $8,000 cash and agreeing to pay the balance in one year
4 Purchased office supplies for $750 cash
8 Completed work for a client and immediately collected $2,700 cash for the services
15 Completed $3,600 services for a client on credit
20 Received $3,600 from a client for the work completed on September 15
30 Paid the office secretary's monthly salary, $3,000 cash
30 Burton withdrew $2,000 for personal use.
Show the effects of the above transactions on the accounting equation of Halley Burton, Consultant. Use the following format for your answers, the first time is shown as an example.
Increase = I, Decrease = D, No effect - N
Date Assets Liabilities Equity
September 1 I N I