Effects Of Transactions (Balance Sheet Accounts) John Sullivan started a business, During the first month (February...

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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 a. Invested cash in the business, $26,000. Liabilities Owner's Equity Bal b. Bought office equipment on account, $7,200. Bal. c. Bought office equipment for cash, $1,700. (Enter the change in Cash on the first line and the change in Equipment on the second line) Bal d. Paid cash on account to supplier in transaction (b), $2,000. Bal. 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 a. Invested cash in the business, $26,000. Liabilities Owner's Equity Bal b. Bought office equipment on account, $7,200. Bal. c. Bought office equipment for cash, $1,700. (Enter the change in Cash on the first line and the change in Equipment on the second line) Bal d. Paid cash on account to supplier in transaction (b), $2,000. Bal.