M. Gonzales has the following transactions during August of the current year. Indicate
(a) The effect on the accounting equation
(b) The debit-credit analysis illustrated on pages 61–65 of the textbook.
Aug. 1 Opens an office as a financial advisor, investing $8,000 in cash.
4 Pays insurance in advance for 6 months, $1,800 cash.
16 Receives $3,600 from clients for services performed.
27 Pays secretary $1,000 salary