Ong Enterprises had the following selected transactions.
1. Bo Halladay invested NT$40,000 cash in the business.
2. Paid offi ce rent of NT$8,400.
3. Performed consulting services and billed a client NT$52,000.
4. Bo Halladay withdrew NT$7,500 cash for personal use.
Instructions
a. Indicate the effect each transaction has on the accounting equation (Assets = Liabilities + Owner’s Equity), using plus and minus signs.
b. Journalize each transaction. (Omit explanations.)