On August 31, 2019 you started your own t-shirt printing company. The following transactions occurred during the first month of operation Your parents invested $10,000 in your company Took out a $5,000 loan from the bank Purchased printing equipment for $5,000 cash Purchased $1,000 of t-shirts and $500 of ink on account Began production on your first order which required the use of $200 of t-shirts and $50 of ink Paid an employee $60 for working 4 hours on your first order of shirts. Completed the first order which had a total cost of $310 Sold your first order for $1,000, on account Paid our supplier for the purchase made in requirement 4 Made a $100 payment on the loan (ignore interest costs) Paid for ad in local newspaper, $75 10. 11. 1. Requirements: Using the worksheet on the next page, indicate the effect each transaction would have on the specific balance sheet accounts (item 3 has been done for you as an example) Determine the balances of each account at the end of the month by taking a total and making sure that total assets = total liabilities + total equity. 2. Transaction Number ASSETS LIABILITIES EQUITY Accounts Receivable Materials Inventory Work-in Process Inventory Finished Goods Inventory Printing Equipment Accounts Payable Loan Payable Common Stock " Retained Earnings -5,000 Total