Al-Awan traders had the beginning balances in the second month of its business as shown in table below. During the second month of its business, the following transactions by identified: 1. Tools worth $2,700 were purchased by paying cash. 2. Collected $4,000 of accounts receivable. 3. Paid $3,200 of accounts payable. 4. $4,500 cash was received as advance for services to be performed in the next accounting period. 5. Provided $45,500 worth of services to clients for cash. 6. Paid rent worth $1,000 for the next two months in advance. 7. Borrowed $10,000 from a bank by signing a 5-month, 5%, note payable. 8. Bought two Vans for $30,100. Paid $18,000 cash and will pay remaining amount later. 9. Advertising bill of $3,000 was received for the current month. Paid $1,000 in cash, the remainder will be paid later. a. Required Show the effect of the above transactions on the accounting equation. (20 points, 30 minutes) b. Determine the value of retained earnings. (2 points, 2 minutes)