Effects Of Transactions (Balance Sheet Accounts) ohn 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 Liabinties + 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 doesn't require an entry, leave it "blank" or enter "0" Owner's Equity a. Invested cash in the business, $29,130. 29,130 v 29,130 29,130 29,130 Bal. b. Bought office equipment on account, $7,120 7,120 36,250 7,120 Bal. 7,120 29,130 c. Bought office equipment for cash, $1,390. (Enter the change in Cash on the first line and the change in Equipment on the second line) -1,390 X 8,510X 29,1301 x 1,390 | 30,510 X 7120X Bal. 36,250 7,120 d. Paid cash on account to supplier in transaction (b), $2,310 Bal