1) a. What is the basic Accounting Equation? Sots b. Indicate how the following business transactions affect the basic accounting equation: 1.) Paid cash for janitorial service. 4) Purchased equipment on credit ) Owner withdraw cash from her business. W Received cash from Accounts Receivable, Verdana 10pt BIN T. 0 O WORDS POWERED BY TINY 15 2) a. The term debit and credit mean increase and decrease, respectively. Do you agree? Explain b. Journalize the following transaction using today's date: 1. Supplies for $2,000 bought on credit 2. Insurance of $600 is paid for the yeat. 3. Lee withdrew $6,000 cash from his business 4. Paid $2,000 for Janitorial services. Verdana 10pt BIVA I. > > 2 ( iii ili O WORDS POWERED BY TINY