a C. Problem 1: Chad Stevens starts a computer repair service, Electronic Arts. Selected transactions are described as follows and Owner's Equity Using the form provided, describe the effect on the accounting equation of each Transaction Determine the net effect of all of the transactions on Assets, Liabilities, and Owners Equity Chad deposits $5,000 into a new checking account for the company. b. Chad pays $2,000 cash for equipment to be used to repair computers. Chad borrows $10,000 from a local bank and deposits the money in the checking account. d. Chad pays $500 rent for the first month. Chad pays $300 cash for parts to be used on various jobs in the future. 1. Chad completes a repair project for a local accountant and receives $1.600 cash 9 Chad withdraws $2.000 for personal use. Answer: Electronis Arts Item Assets Liabilities Owner's Equity a b e c d e 1 Totals