0 M2-16 Determining Financial Statement Effects of Transactions [LO 2-3) Joel Henry founded Bookmart.com at the beginning of August, which seils new and used books online. He is passionate about books but does not have a lot of accounting experience Help Joel by preparing the accounting equation effects for the following transactions. (Enter any decreases to account balances with a minus sign.) a. The company purchased equipment for $4,900 cash. The equipment expected to be used for 10 or more years Joe's business bought $7.900 worth of inventory from a publisher. The company will pay the publisher within 45-60 days. Joel's friend Sam lent $4900 to the business Somhed Joel write a note promising that Bookmart.com would repay the $4.900 in four months. Because they are good friends, Sam is not going to charge Joel interest The company paid $1950 Cash for books purchased on account earlier Bookmart.com repaid the $4900 loan established in id