Current Attempt in Progress For each of the following transactions, select the account and its effect on the basic accounting equation (Assets = Liabilities + Shareholders' Equity): (If no entry is required select No Entry for the account and No Effect for the efftect. For Shareholder's equity select Retained Earnings for all activity.) Transaction Assets a. Purchase of equipment for cash. b. Receipt of a loan from a bank. c. Purchase of inventory on account. d. Sale of services to a customer for cash. e. Payment of account payable. f. Recorded wages owed to employees. g. Payment of interest on loan. h. Repayment of loan principal. i. Payment of wages owed to employees that were recorded in transaction (f). j. Purchase of inventory on credit. k. Payment of utility expenses. I. Recorded depreciation on the equipment. = Liabilities Shareholder's equity + Shareholder's equity