# 6. Schultz Tax Services, a tax preparation business had the following transactions during the month of...

###### Question:

6. Schultz Tax Services, a tax preparation business had the following transactions during the month of June: Example: Received cash the owner Schultz, $25,000. 1. Received cash for providing accounting services,$3,000. 2. Billed customers on account for providing services, $7,000. 3. Paid advertising expense,$800. 4. Received cash from customers on account, $3,800. 5. Owner made a withdrawal,$1,500. 6. Received telephone bill, $220. 7. Paid telephone bill,$220. Required: 1) In the table below, state the accounts affected by each transaction. 2) Indicate the effect on the accounting equation of each transaction. Assets F Liabilities + Owner's Equity Cash +25,000 +25,000 1.

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