1. On May 1, Fiona Nash formed a computer consulting business. In order to start the business, she invested $20,000 in equipment. Enter the appropriate amounts into the accounting equation format. 2. Blu Lightning Co. spent $6,000 in cash for a computer. Enter the appropriate amounts into the accounting equation format. 3. Blu Lightning Co. bought supplies and testing equipment for $3,000 on credit. Enter the appropriate amounts into the accounting equation format 4. Blu Lightning Co. performed testing services for the Cheetah Co. Blu Lightning Co. billed Cheetah Co. $5,000. Enter the appropriate amounts into the accounting equation format. 5. Blu Lightning Co. paid its employees $2,000 in cash for two weeks' wages. Enter the appropriate amounts into the accounting equation format. 6. Blu Lightning Co. received $5,000 for a previously recorded account receivable from the Cheetah Co. Enter the appropriate amounts into the accounting equation format. 7. If, on January 1, Terry Chervinski Company paid $2,000 of its accounts payable in cash, what would be the effect of this transaction on assets, on liabilities, and on equity? ACC#/DESCRIPTION P.R DEBIT CREDIT