Exercise 1-13 (Algo) Identifying effects of transactions on the accounting equation LO The following table shows the effects of transactions 1 through 5 on the assets, liabilities, and equity of Mulan's Boutique. Match each transaction with its probable description. Liabilities Equity Assets Accounts Cash + Receivable + Supplies + $ 30,000 + $ 0 + $ 4,100 1. 5,000 + + Land $ 29,000 5,000 = Accounts Payable + Mulan, Capital + Revenues = $ 0 + $ 63,100 + $ 0 2. 1,200 1,200 3. + 2,900 2,900 4. 5. + 1,200 2,900 1,200 2,900 $ 26,700 + $ 0 + $ 5,300 + $ 34,000 = $ 0 + $ 63,100 + $ 2,900 Transaction 1. 2. 3. 4. 5. Description The company billed a client $1,200 for services provided. The company billed a client $2,900 for services provided. The company collected $2,900 cash from an account receivable. The company paid $1,200 cash toward an account payable.