+7 Do the Math Determine the Cash in Bank balance for Wiemack Landscape Designs after the third transaction that follows. All three transactions occurred on the same day. The Cash in Bank balance before the first transaction was $10,000. 1. John Wiemack, the owner, withdrew $1,000 from personal savings and deposited that amount in the business checking account. 2. Purchased computer equipment for $5,000; issued a check for 20 percent of the price and agreed to pay the balance at a later date. 3. Issued a check for $100 to buy tools. Problem 3-3 Determining the Effect of Transactions on the Accounting Equation Instructions Use the accounts of WordService to analyze these business transactions. The beginning balance for each account is shown following the account name. + Assets Cash in Bank, $24,000 Accounts Receivable, $700 Computer Equipment, $4,000 Office Equipment, $5,000 Liabilities Accounts Payable $3,000 Owner's Equity Jan Swift, Capital $30,700 On the form provided in your working papers, identify the accounts affected by each transaction and the amount of the increase or decrease for each account. Make sure the accounting equation is in balance after each transaction. 1. Paid $50 for advertising in the local newspaper. 2. Received $1,000 as payment for preparing a report. 3. Wrote a $600 check for the month's rent. 4. Jan Swift withdrew $800 for her personal use. 5. Received $200 on account from the person who had purchased the old office furniture