Owner's Equity -/30 Using the above table, indicate the effects of each of these events on the accounting equation. If an event is not a business transaction, or if an element is not affected, enter No Effect. If an element has both an increase and a decrease, select Increase and Decrease. Event 1. 2. 3. 4. 5. Asset 6. 7. > Liability < > > > > < > > > > > Owner's Equity -/30 Using the above table, indicate the effects of each of these events on the accounting equation. If an event is not a business transaction, or if an element is not affected, enter No Effect. If an element has both an increase and a decrease, select Increase and Decrease. Event 1. 2. 3. 4. 5. Asset 6. 7. > Liability < > > > > < > > > > > 1. After shopping around, Bramble found an office to lease and signed a lease agreement. The lease calls for a payment of $928 rent per month. 2. Bramble borrowed $3,712 from his grandmother so that he could buy some office furniture for his new office. 3. Bramble deposited the $3,712 plus $464 of his own cash in a new bank account at BMO under the name Petronick Accounting Services. 4. Paid the landlord the first month's rent. 5. Purchased office furniture for $3,064 on account. 6. Moved into the office and obtained the first assignment from a client to prepare year-end financial statements for $1,856. 7. Performed the work on the assignment and sent an invoice to the customer for $1,856. 8. Paid half of the amount of the purchase of office furniture. 9. Purchased office supplies on account for $280. 10. 11. Paid $48 cash for Internet services. Collected half of the amount owing from the customer referred to in #7. 12. Bramble withdrew cash from the business of $136 for personal expenses. 6. 7. 8. 9. 10. > 11. > 12. < > > < > > > > > > > > 6. 7. 8. 9. 10. > 11. > 12. < > > < > > > > > > > > 6. 7. 8. 9. 10. > 11. > 12. < > > < > > > > > > > > 6. 7. 8. 9. 10. > 11. > 12. < > > < > > > > > > > >