During the month, a company enters into the following transactions. Borrows $7.000 of cash from the bank by signing a formal agreement to repay the loan in 2 years. Buys $6,200 of new equipment on account Pays off $4,200 of accounts payable. Pays off $2,100 of notes payable. Required: a. Show the effect of these transactions on the basic accounting equation b. Prepare the journal entries that would be used to record the transactions. Complete this question by entering your answers in the tabs below. Required A Required B Show the effect of these transactions on the basic accounting equation. (Enter any decreases to account balances with a Transaction Analysis Liabilities Stockholders' Equity 1 2 3 4 Record the entry for cash of $7,000 borrowed from the bank by signing a formal agreement to repay the loan in 2 years. Note: Enter debits before credits. Transaction General Journal Debit Credit Record the entry for purchase of new equipment on account for $6,200. Wote: Enter debits before credits Transaction General Journal Debit Credit Record the entry for cash used to pay off accounts payable for $4,200. Hote: Enter debits before credits. Transaction General Journal Debit Credit