financial acc

BE2-5 Bombeck Inc. has the following transactions during August of the current year. In- dicate (a) the effect on the accounting equation and (b) the debit-credit analysis illustrated on pages 6973 of the textbook. Aug. 1 Opens an office as a financial advisor, investing $5,000 in cash in exchange for common stock. 4 Pays insurance in advance for 6 months, $1,800 cash. 16 Receives $1,900 from clients for services performed. 27 Pays secretary $1,000 salary. inne (You may omit explanati