Effects Of Transactions (Balance Sheet Accounts) John Sullivan started a business. During the first month (February 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets = Liabilities + Owner's Equity. After each transaction, show the new totals. Use the minus sign to indicate a decrease or reduction in the account. If an amount box does not require an entry, leave it blank. Liabilities Assets a. Invested cash in the business, $28,000. Bal. b. Bought office equipment on account, $7,700. Bal. d. Paid cash on account to supplier in transaction (b), $2,000. + Bal.

John Sulivan started a business. During the first month (Febrsary 20 ), the following transoctions occurred. Show the effect of each transaction an the accounting equation: Assets = Liabilities + Owher's Fquity. After each transaction, show the new totais. Use the minus sign to indicate a decrease or reduction in the accoun. If an amount box does not require an entry, leave it blank