Gunther's Garage Inc. ("GGI") is an automotive repair business run by Gunther, company president. During October, GGI's first month of operations, the following transactions occurred: 1. GGI starts the business by investing cash of $5,000 and equipment worth $15,000, in exchange for $20,000 in shares. 2. GGI incurred $800 in advertising expense, purchased on account. 3. GGI borrowed $10,000 by issuing a note. 4. GGI invoices customers $4,000 for services performed: $1,200 is sold on account and the rest in cash. 5. GGI paid $3000 total for rent for both October and November. 6. GGI collected $1,000 from customers, as payment on account related to item #4. 7. GGI paid the supplier for the purchase of supplies from item #2 Required: Using the following tabular analysis, show how each transaction affects the accounting equation. If a transaction decreases assets, liabilities, or shareholders' equity, place a negative sign in front of the amount entered for the particular asset, liability, or equity item that was reduced. If a column is not affected, enter "n/a" or 0 in that column. If a component of the equation increases and decreases by the same amount, type in "Net Zero Change" (use this exact wording). NOTE: DO NOT USE COMMAS, DOLLAR SIGNS, OR ANY OTHER SPECIAL CHARACTERS WHEN ENTERING MONETARY AMOUNTS AND ONLY ENTER AMOUNTS IN DOLLARS (e.g. enter 100 not 100.00). The first answer is provided for you as an example. Shareholders' Equity Retained Earnings Item ASSETS 20000 = LIABILITIES N/A Common Stock 20000 Revenue N/A Expense N/A Dividends N/A 1. 2. 3. 4. 5. 6. 7. REMEMBER: ENTER N/A OR O FOR ALL CELLS THAT AREN'T AFFECTED BY THE TRANSACTION AND "Net Zero Change" if an item increases and decreases by the same amount. DO NOT LEAVE A CELL BLANK AS IT WILL AUTOMATICALLY BE MARKED WRONG