Donna Wells decided to start a dental practice. The first five transactions for the business follow. For each transaction. (1) determine which two accounts are affected. (2) set up T accounts for the affected accounts, and (3) enter the debit and credit amounts in the T accounts.

1. Donna invested $80,000 cash in business.

2. Paid $20,000 in cash equipment.

3.Performed services for cash amounting to $8,000

4. Paid $2,800 in cash for advertising expense.

5. Paid $2,000 in cash for supplies.