Define and explain liabilities and owners equity. Further, explain how Revenue and Expenses fit within the extended accounting equation. Lastly, pretend you have your own business, analyze the following transactions (you can make up dollar amounts for each) and explain how each would affect the extended accounting equation: Invested Cash and Equipment into the Business Purchased Equipment with business cash Paid Salaries Received cash from performing services Performed services on account, thus not yet receiving payment Purchased Equipment on account