Instructions a. Indicate the effect each transaction has on the accounting equation (Assets = Liabilities + Owner's Equity), using plus and minus signs. b. Journalize each transaction. (Omit explanations.) E2.8 (LO 2), AP Selected transactions for Sophie's Dog Care are as follows during the month of March. March 1 Paid monthly rent of $1,200. 3 Performed services for $160 on account. 5 Performed services for cash of $75. 8 Purchased equipment for $600. The company paid cash of $90 and the balance was on account. 12 Received cash from customers billed on March 3. 14 Paid salaries and wages to employees of $525. 22 Paid utilities of $72. 24 Borrowed $1,500 from Grafton State Bank by signing a note. Paid $220 to repair service for plumbing repairs. 28 Paid balance amount owed from equipment purchase on March 8. 30 Paid $1,800 for six months of insurance