0 Requirement 1. Select the appropriate description for each transaction. a. Investment by owner The analysis of the transactions that Electra - Components Rental engaged in during its first month of operations follows. The business buys electronic equipment that it rents out to eam rental revenue. The owner of the business, Gary Oake, made only one investment to start the business and made no withdrawals from Electra-Components Rental. (Click the icon to view the transactions.) Required 1. Describe each transaction of Electra-Components Rental b. Earried rontal revenue and received cash C. Purchase of rental equipment on account 7 2. If these transactions fully describe the operations of Electra - Components Rental during the month, what was the amount of net income or net loss? d. Earried rental revenue on account More Info e. Payment of cash for expenses f. Payment of cash for expenses Accounts Accounts Rental + Receivable + Equipment G. Oake, Capital g. Collection of account receivable Cash = Payable + a. +66,000 +2,600 +66,000 +2.600 h. Payment of account payable Requirement 2. If these transactions fully describe the operations of Electra-Components Rental during the month, what was the amount of net income or net loss? b. C. + 94.000 + 94,000 d. + 2,600 +2.600 -2,000 +4,900 Calculate the net income (or net loss). (Enter any losses with a minus sign or parenthesis.) Net income (loss)=$1 - 2,000 +4,900 f. g + 1,100 -1,100 h. -5,200 -5,200 Print Done Choose from any drop-down list and then continue to the next