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. Assets Liabilities Owner's Equity a. Invested cash in the business, $25,000. Bal. b. Bought office equipment on account, $7,700. Bal. c. Bought office equipment for cash, $1,500. (Enter the change in Cash on the first tine and the change in Equipment on the second line) Bal. d. Paid cash on account to supplier in transaction (b), $2,000. Bal