Debbie's Dance Studio is an incorporated business run by Debbie Star. During its first month of operations, the following transactions occurred:

1. Debbie starts the business by investing cash of $7,000 and $1,400 in supplies in exchange for $8,400 in company shares.

2. Debbie's Dance Studio reached an agreement with the local school to provide dance lessons for $1,400 a month, starting next month.

3. Debbie's Dance Studio purchased audio equipment for $2,200, on account.

4. Debbie's Dance Studio billed customers $2,000 for dance lessons, with 80% received in cash and the rest charged on account .

5. Debbie's Dance Studio received a $5,000 loan from her aunt

6. Debbie's Dance Studio paid $300 cash for supplies.

7. Debbie's Dance Studio collected the amount owing from customers billed in #4.

8. Debbie's Dance Studio paid $1,000 cash to pay down the amount owing from #3.

9. Debbie's Dance Studio received $1,400 advance payment from the local school, for dance lessons to be given next month.

10. Debbie's Dance Studio paid $1600 cash to rent studio space for the current and subsequent months.

show how each transaction affects the accounting equation.