Presented below are eight business transactions. Indicate the effect of each transaction on each element of the accounting equation. (a) Purchased $240 of supplies on account. (b) Performed $542 of services on account. (c) Paid $344 of operating expenses. (d) Paid $240 cash on account for the supplies purchased in item (a) above. (e) Invested $1,114 cash in the business. (f) Owner withdrew $406 cash. (g) Hired an employee to start working the following month. (h) Received $542 from a customer who had been billed previously in item (b) above. (1) Purchased $491 of equipment in exchange for a note payable. -11 ini Transaction Owner's Equity Assets Liabilities (a) Capital $240 Drawings RE $240 (b) $0 $0 (c) (d) (e) (f) (h) ()