Indicate the effects of the following business transactions on the accounting equation. Transaction

(a) is answered as a guide.

a. Received cash of $18,000 from the owner, who was investing in the business. Answer: Increase asset (Cash) Increase owner's equity (Capital)

b. Paid $700 cash to purchase office supplies.

c. Performed legal service for a client on account. $3,000.

d. Purchased on account office furniture at a cost of $500.

e. Received cash on account. $900.

f. Paid cash on account. $250. g. Sold land for $12,000, which was our cost of the land. h. Performed legal service for a client and received cash of $680. i. Paid monthly office rent of $500.