Assume Jon Wallace completed the following transactions during March. Show the effect of each transaction on the basic elements of expanded accounting equations: Assets = Liabilities + Owner's Equity (Capital - Drawing + Revenues - Expenses). Report the totals for each element.
(a) Performed services and received cash $3000
(b) Paid rent for March $1000
(c) Paid March telephone bill $68
(d) Jon Wallace withdrew cash for personal use $800
(e) Performed services for client on account $900
(f) Paid wages to part-time employee $500
(g) Received cash for services performed on account in transaction $500

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