A.E1-7 Indicate the effects of the following business transactions on the proprietorship. Transaction a is answered as a guide. Received $50,000 cash from the owner! Answer Increase asset (Cash) Increase owner's equity (Owner, Capital) B. Paid the current month's office rent of $4,000 C Paid $3,500 cash to purchase office supplies D. Performed engineering services for a client on account, $6,000 E. Purchased office furniture on account at a cost of $5.000 F Received cash on account, $3.000 G. Paid cash on account, $2.500 H Sold land for $50 000 cash, which was the business's cost of the land Performed engineering services for a client and received cash of $6.000