Exercise 2.5 (Algo) Determining the effects of transactions on the accounting equation. LO 2-1, 2-2, 2-3 The Business Center had the transactions listed below during the month of June. TRANSACTIONS 1. Jesse Campbell started the business with a cash investment of $44,000, 2. Purchased equipment for $14,000 on credit. 3. Performed services for $3,700 in cash. 4. Purchased additional equipment for $3,000 in cash. 5. Performed services for $4,250 on credit. 6. Paid salaries of $3,650 to employees. 7. Received $1,600 cash from charge account customers. 8. Paid $6,600 to a creditor on account. Show how each transaction would be recorded in the accounting equation. (Enter decreases to account balances with a minus sign.) Liabilities Assets Owner's Equity Accounts Jesse Cannell Accounts Expenses Revenue Souinment Show how each transaction would be recorded in the accounting equation, (Enter decreases to account balances with a minus sign.) Labtes Assets Owner's Equity Revenue Expenses Accounts Receivable Cash Jesse Campbell, Capital Equipment Accounts Payable + + 1 2 3. 4 10 7 8 Totals