EFFECT OF TRANSACTIONS ON ACOOUN ING EQUATION David Segal started a business. During the first niontit (Cesober 0, the following transactions occurred. (a) Invested cash in the busines, $15,000 (b) Bought office supplies for $3,800 51,300t s ad$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. REQUIRED Show the effect of each transaction on the individual accounts of the expanded account- ing equation: Assets Liabilities + Owner's Equity (Capital - Drawing+ Revenues Expenses). After transaction (g), report the totals for each element. Demonstrate that the accounting equation has remained in balance. INCOME STATEMENT Based on Problem 2-9B, prepare an income statement for David Segal for the month of October 20