Indicate the effects of the following business transactions on the accounting equation.Transaction \(a\) is answered as a guide.a. Received cash of \(\$ 20,000\) from the owners, who were investing in the business.Answer: Increase asset (Cash)Increase owners' equity (Common Stock)b. Paid \(\$ 300\) cash to purchase office supplies.c. Performed legal service for a client and received cash of \(\$ 780\).d. Paid monthly office rent of \(\$ 500\).e. Performed legal service for a client on account, \(\$ 2,000\).f. Purchased on account office furniture at a cost of \(\$ 500\).g. Received cash on account, \(\$ 900\).h. Paid cash on account, \(\$ 250\).i. Sold land for \(\$ 12,000\), which was our cost of the land.