EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION David Segal occurred. (a) Invested cash in the business, $15,000, (b) Bought office supplies for $3, 800: $1, 800 in cash and $2,000 on account. (c) Paid one-year insurance premium, $1,000. (d) Earned revenues amounting to $2, 700: $1, 700 in cash and $1,000 on account. (e) Paid cash on account to the company that supplied the office supplies in transaction (b), $1, 800. (f) Paid office rent for the month, $650. (g) Withdrew cash for personal use, $150. Show the effect of each transaction on the individual accounts of the expanded accounting equation: Assets = Liabilities + Owner's Equity (Capital - Driving + Revenues - Expenses). After transaction (g), report the totals for each element. Demonstrate that the accounting equation has remained in balance