Instruction: Prepare journal entries for Said Company for March 1, April 1, May 1 ,and May 10 8. Indicate how the following business transactions affect the basic accounting equation. (asset, liability, or owner Equity) A. Made cash investment to start business. (Already Done) B. Paid insurance expenses in advance. c. Purchased Car for cash. p. Perform service on credit E. Received cash in advance for service provided next month. F. Incurred rent expenses that will be paid next month. G. Withdrawal of cash by owner. h. Billed customers for services performed. 1. Purchase supplies on account. Solution: A. Increase in Asset and increase in Owner Equity