M. Gonzales has the following transactions during August. Indicate (a) the effect on the accounting equation and (b) the debit-credit analysis as shown in the chapter.
Aug. 1 Opens an office as a financial advisor, investing $8,000 in cash.
2 Purchases a one-year insurance policy for $2,000.
4 Pays for rent, $1,800 cash.
16 Receives $3,600 from clients for services performed.
27 Pays administrative assistant $1,000 salary.