M. Bonzales has the following transactions during August of the current year Indicate the effect on the accounting equation and on the debit-credit analysis. Aug. 1 Opens an office as a financial advisor, investing $8,000 in cash 4 Pays insurance in advance for 6 months, $1,800 cash 16 Receives $3,600 from clients for services performed. 27 Pays secretary $1,000 salary. Effect on Accounting Equation Debit-Credit Analysis Aug. The asset Debits the owner's equity account . Debit IS Credits Credit Debits Debit Credits Credit Debits Debit Credits Credit Debits Debit Credits Credit Aug. 4 The asset the asset Aug. 16 The asset the revenue Aug. 27 The expense the asset