Chapter 1 Accounting in Business 35 Zen began a new consulting firm on January 5. Following is a financial summary, including balances, for each of the company's first five transactions (using the accounting equation form). Exercise 1-10 Analysis using the accounting equation P1 Assets Labilitles Equity +Common + Stock Revenues Transaction Cash + Accounts Office Office Accounts + + Receivable Payable Supplies Furniture $ 0 $40,000 + $ $ 0 +$40,000 + 1. 0 C + 40,000 0 38,000 3,000 C 1,000 2 + 40,000 0 1,000 3 30,000 3,000 8,000 + + 6,000 3,000 1,000 40,000 30,000 + 6,000 8,000 4 + + + 40,000 7,000 8,000 1,000 31,000 6,000 3,000 + 5 + + Identify the explanation from a through /below that best describes each transaction / through 5 above and enter it in the blank space in front of each numbered transaction. a. The company purchased office furniture for $8,000 cash. b. The company received $40,000 cash from a bank loan. c. The owner invested $1,000 cash in the business in exchange for its common stock. d. The owner invested $40,000 cash in the business in exchange for its common stock e. The company purchased office supplies for $3,000 by paying $2,000 cash and putting $1,000 on credit f. The company billed a customer $6,00 for services provided. g. The company purchased office furniture worth $8,000 on credit. h. The company provided services for $1,000 cash. . The company sold office supplies for $3,000 and received $2,000 cash and $1,000 on credit. j. The company provided services for $6,000 cash