Bridgeport Delivery Service is owned and operated by Jerome Foley. The following selected transactions were completed by Bridgeport Delivery Service during February:

Indicate the effect of each transaction on theaccounting equationelements (Assets,Liabilities,Owner's Equity). Also indicate the specific account within the accounting equation element that is affected. To illustrate, the answer to (1) follows:

(1) Asset (Cash) increases by $40,000; Owner's Equity (Jerome Foley, Capital) increases by $40,000.

ElementItemDirection1.Received cash from owner as additional investment, $40,000.AssetCashIncreasesOwner's EquityJerome Foley, CapitalIncreases2.Billed customers for delivery services on account, $13,750.

3.Paid creditors on account, $2,500.

4.Received cash from customers on account, $9,000.

5.Paid cash to owner for personal use, $1,000.