12 Silo Company enters into the following transactions: Borrows $5,500 of cash from the bank by signing a formal agreement to repay the loan in 2 years. Buys $5.600 of new equipment on account. Pays off $3,600 of accounts payable. Pays off $1,800 of notes payable. . s 8 32:49 Required: a. Show the effect of these transactions on the basic accounting equation. b. Prepare the journal entries that would be used to record the transactions. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the journal entries that would be used to record the transactions. (If no entry is required for a transaction/ Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet