For each of the following transactions for New Idea Corporation, give the accounting equation effects of the adjustments required at the end of the month on July 31:

a. Received a $600 utility bill for electricity usage in July to be paid in August.

b. Owed wages to 10 employees who worked three days at $100 each per day at the end of July. The company will pay employees at the end of the first week of August.

c. On July 1, loaned money to an employee who agreed to repay the loan in one year along with $1,200 for one full year of interest. No interest has been recorded yet.