Brief Exercise 2-05 Wildhorse Co. has the following transactions during August of the current year. Indicate (a) the effect on the accounting equation and (b) the debit-credit analysis. Aug. 1 Opens an office as a financial advisor, investing $4,300 in cash in exchange for common stock. Pays insurance in advance for 6 months, $1,720 cash. Receives $400 from clients for services performed. 27 Pays secretary $1,580 salary. 4 16 Brief Exercise 2-06 Sunland Company has the following transactions during August of the current year. Aug. 1 Opens an office as a financial advisor, investing $5,800 in cash in exchange for common stock. Pays insurance in advance for 6 months, $1,960 cash. 16 Receives $1,200 from clients for services performed. 27 Pays secretary $1,490 salary. 4 Brief Exercise 2-05 Wildhorse Co. has the following transactions during August of the current year. Indicate (a) the effect on the accounting equation and (b) the debit-credit analysis. Aug. 1 Opens an office as a financial advisor, investing $4,300 in cash in exchange for common stock. Pays insurance in advance for 6 months, $1,720 cash. Receives $400 from clients for services performed. 27 Pays secretary $1,580 salary. 4 16 Brief Exercise 2-06 Sunland Company has the following transactions during August of the current year. Aug. 1 Opens an office as a financial advisor, investing $5,800 in cash in exchange for common stock. Pays insurance in advance for 6 months, $1,960 cash. 16 Receives $1,200 from clients for services performed. 27 Pays secretary $1,490 salary. 4