For each of the following activities, identify the effect on each component of the income statement and bel ance sheet. The first one has been done as an example for you. 1. $14,000 of services were provided to clients on credit today. Income Statement Balance Sheet Revenues Expenses Assets Liabilities Equity 1. $14.000 $14,000 $14.000 2. $5,000 cash was collected for services performed on credit last month. 3. $25,000 cash was borrowed from the bank. 4. $500 of advertising was done in the local newspaper today on account. 5. $500 was paid regarding the advertising in (4) above. 6. The owner invested an additional $10,000 cash into the business. 7. The owner withdrew $5,000 of cash from the business. 8. The owner took $200 worth of office supplies home for personal use. 74