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. (a) Invested cash in the business, $30,000. (b) Bought office equipment on account, $4, 500. (c) Bought office equipment for cash, $1, 600. (d) Paid cash on account to supplier in transaction (b), $2,000. EFFECTS OF TRANSACTIONS (REVENUE, EXPENSE, WITHDRAWALS) This exercise is an extension of Exercise 2-3B. Assume Jon Wallace completed the following additional transactions during March. Show the effect of each transaction on the basic elements of the expanded accounting equation: Assets = Liabilities + Owner's Equity (Capital - Drawing + Revenues - Expenses). After transaction (k), report for each element. Demonstrate that the accounting equation has remained in balance. (e) Performed services and received cash, $3,000. (f) Paid rent for March, $1,000. (g) Paid March phone bill, $68. (h) Jon Wallace withdrew cash for personal use, $800