Debit and Credit Procedures Refer to the accounts listed below Required: For each of the accounts, complete the following table by entering the normal balance of the account (debit or credit) and the word increase or decrease in the debit and credit columns Account Normal Balance Debit Credit a. Accounts Payable b. Accounts Receivable c. Retained Earnings d. Sales e. Equipment 1. Common Shares g. Salary Expense h. Repair Expense ent does the payment of employee salaries (for hours they worked during the current period) have on the accounting equation? Oa. Assets and shareholders' equity decrease Ob. Assets increase and liabilities decrease Oc. Assets decrease and liabilities increase Od Liabilities and shareholders' equity decrease Transaction Analysis Goal Systems, a business consulting firm, engaged in the following transactions a. Issued common shares for $19,000 cash 1. Borrowed $13,000 from a bank c. Purchased equipment for $7,000 cash d. Prepaid rent on office space for six months in the amount of $6,000 e Performed consulting services in exchange for $3,400 cash. 1. Performed consulting services on credit in the amount of $17,000 Q. Incurred and paid wage expense of 7,300. n Collected 57,600 of the receivable arising from Transaction Purchased supplies for $1,000 on credit J. Used $800 of the supplies purchased in Transaction k. Paid for all the supplies purchased in Transaction Required: For each transaction described above, indicate the effects on assets, abilities, and shareholders' equity using the format below. For the boxes in which no entry is mured, leave the box blank Enter decreases in account values as negative numbers of the effect of a transaction is to increase AND decrease the same item (Aut) ter o since the net effect on the commer Assets Liabilities Shareholders' Equity Share Retained Capital Earnings h