Choose a type of service business--that is, one that does not sell merchandise. Create a name for this business. Make up a list of titles for asset, liability, and equity items ( e.g., Cash, Bank Loan, Capital, etc.). Have five or six asset items, three liability items, and one equity item. Use the equation analysis sheet to record beginning dollar amounts. Not all items need to have a starting balance. You decide. Make sure your accounting equation balances after opening amounts are recorded. Write sentences to fully describe 12 transactions for your business. Make sure you use a variety of transactions Remember one of the goals of the objectivity principle when writing: different people reading your sentences should arrive at the same values for each transaction. Use your descriptions of the 12 transactions to complete both the equation analysis sheet and the balance sheet for your business.