Problem 1 (25 Points) - LO1 Michael Jackson, owners of Benefit Tennis Coaching [BTC], commenced business in February 2022 and the following transactions occurred in March 2022. March Explanation 2 Received Payment from Tennis New South Wales for BTC invoice dated February 3 for $ 6,000 Received coaching fees in advance for two months $ 3,000 from the group tennis 7 The business banked $ 11,200 cash from coaching fees 10 Michael withdraw $ 2,000 for personal use 14 Paid invoice for $ 2,800 received from Office 4 us for office filling cabinet purchased last month 15 Paid a staff $ 5,000 for performing coaching services at indoor tennis club 19 Paid a bill of office electricity used for during the month $ 500 in cash 22 Received $ 7,600 from Smith for services invoiced last month 25 Purchased coaching equipment for $ 97,600 31 Paid this month's rent $ 2,000 Required: a. Analyze the increase and decrease that impacts to the accounting equation [Assets, Liability, Equity, Revenues, Expenses, and Drawings] for all transactions above and give your explanation! (10 points) b. Prepare the journal entries for all transactions above and give your explanation! (15 points)