Effects of Transactions (Balance Sheet Accounts Jon Wallace started a business. During the first month (March 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 account 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, $33,000. II Bal b. Bought office equipment on account, 54,800 Bal c. Bought office equipment for cash, 51,600. (Enter the change in Equipment on the first line and the change in Cash on the second line) Bal d. Paid cash on account to supplier in transaction (b), 51,800 Hal