Exercise 2.5 Objectives 2-1 2-2, 2-3 Determining the effects of transactions on the accounting equation. The Copy Center had the transactions listed below during the month of June. Show how cach trans- action would be recorded in the accounting equation. Compute the totals at the end of the month. The heading to be used in the equation follow. Assets + Owner's Equity Liabilities Accounts Payable Cash Accounts Receivable + John Amos, Capital + Equipment + + Revenue Expenses TRANSACTIONS 1. John Amos started the business with a cash investment of $60,000. 2. Purchased equipment for $22,000 on credit. 3. Performed services for $3,100 in cash. 4. Purchased additional equipment for $4.600 in cash. 5. Performed services for SS.OSO on credit. Paid salaries of $4.450 to employees. 7. Received $3.200 cash from charge account customers. 8. Paid $13.000 to a creditor on account