Presented below are nine business transactions. Indicate the effect of each transaction on each element of the accounting equation. (a) Purchased $280 of supplies on account. (b) Performed $508 of services on account. (c) Paid $282 of operating expenses. (d) Paid $280 cash on account for the supplies purchased in item (a) above. (e) Invested $954 cash in the business. (f) Owner withdrew $414 cash. (g) Hired an employee to start working the following month. (h) Received $508 from a customer who had been billed previously in item (b) above. (i) Purchased $490 of equipment in exchange for a note payable. Transaction Assets (a) $280 (b) (c) (d) (e) (f) (g) (h) (i) Liabilities $280 Capital $0 Drawings ( Owner's Equity Drawings $0 Revenues Expenses $0 $0 |