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 $479 of services on account.

(c)

Paid $288 of operating expenses.

(d)

Paid $240 cash on account for the supplies purchased in item (a) above.

(e)

Invested $1,010 cash in the business.

(f)

Owner withdrew $421 cash.

(g)

Hired an employee to start working the following month.

(h)

Received $479 from a customer who had been billed previously in item (b) above.

(i)

Purchased $406 of equipment in exchange for a note payable.

Use the below format, in which the first one has been done for you as an example: (If a transaction causes a decrease in Assets, Liabilities or Owner's Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-13 for example.)

Owner's EquityTransaction

Assets

Liabilities

Capital

Drawings

Revenues

Expenses

(a)

$240

$240

$0

$0

$0

$0

(b)

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

(c)

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

(d)

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

(e)

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

(f)

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

(g)

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

(h)

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

(i)

enter a dollar amount

enter a dollar amount

enter a dollar amount