Indicate the effects of the following business transactions on the accounting equation of a proprietorship. Transaction a is answered as a guide.
a. Received $50,000 cash from the owner.
Answer: Increase asset (Cash)
Increase owner's equity (Owner, Capital)
b. Paid the current month's office rent of $4,000.
c. Paid $3,500 cash to purchase office supplies.
d. Performed engineering services for a client on account, $6,000.
e. Purchased office furniture on account at a cost of $5,000.
f. Received cash on account, $3,000.
g. Paid cash on account, $2,500.
h. Sold land for $50,000 cash, which was the business's cost of the land.
i. Performed engineering services for a client and received cash of $6,000.