Presented below are eight business transactions. Indicate the effect of each transaction on each element of the accounting equation. (a) Purchased $272 of supplies on account. (b) Performed $514 of services on account. lc Paid $304 of operating expenses. (d) Paid $272 cash on account for the supplies purchased in item (a) above. (e) Invested $1,196 cash in the business. In Owner withdrew $428 cash. (8) Hired an employee to start working the following month. o Received $514 from a customer who had been billed previously in item (b) above. ) Purchased $414 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 couses a decrease in Assets, Liabilities or Ow place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See 1-13 for example.) Owner's Equity Transaction Assets Liabilities Capital Drawings Revenues Expenses $272 $272 SO SO e Textbook and Media