1 Khalid's Repair Shop was started on May 1 by Bilal Khalid. A summary of May transactions is presented below Prepare Accounting equation in the tabular form and enter the following transactions in the Accounting Equation 1. Invested $20,000 cash to start the repair shop. 2. Purchased equipment for $7,000 cash. 3. Paid $800 cash for May office rent 4. Paid $700 cash for supplies 5. Incurred $350 of advertising costs in the Arab News on account. 6. Received $7,200 in cash from customers for repair service. 7. Withdrew $2,000 cash for personal use. 8. Paid part-time employee salaries $2,000 9. Paid utility bills $250 10. Provided repair service on account to customers $750. 11. Collected cash of $120 for services billed in transaction