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Presented below are eight business transactions. Indicate the effect of each transaction on each element of the accounting equation. (a) Purchased $259 of supplies on

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Presented below are eight business transactions. Indicate the effect of each transaction on each element of the accounting equation. (a) Purchased $259 of supplies on account. (b) Performed $497 of services on account. (c) Paid $291 of operating expenses. (d) Paid $259 cash on account for the supplies purchased in item (a) above. (e) Invested $1,191 cash in the business. (f) Owner withdrew $350 cash. (g) Hired an employee to start working the following month. (h) Received $497 from a customer who had been billed previously in item (b) above. (1) Purchased $435 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 Equity Transaction Assets Liabilities Capital Drawings $259 $259 $497 $1291) (5259) ($259) Oriole's Home Renovations was started in 2008 by Jim Oriole, Jim operates the business from an office in his home. Listed below. in alphabetical order, are the company's assets and liabilities as at December 31, 2021, and the revenues, expenses and drawing for the year ended December 31, 2021: Accounts payable Accounts receivable Cash Equipment Insurance expense Interest expense J. Oriole, drawings Notes payable $8,303 Operating expenses $3,587 9,220 Prepaid insurance 1,015 7,420 Salaries expense 88,499 29.748 Service revenue 157,236 3,067 Supplies 662 1,041 Supplies expense 19,300 44,646 Unearned revenue 15,356 31,131 Vehicles 41,470 Jim's capital at the beginning of 2021 was $37,649. He made no investments during the year. Prepare the income statement. ORIOLE'S HOME RENOVATIONS Income Statement

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