Illustration 4 Prove that the accounting Equation is satisfied in all the following transactions 1. Commenced business with $40,000 2. Purchased goods on credit$12,000 3. Bought furniture on credit $8,000 4. Received commission $5,000 5. Cash paid to creditors $10,000 6. Paid salary $5,500 7. Paid commission$4,000 8. Cash paid to creditors $10,000 Solution