Question 1: For each of the transactions identified, state how the asset, liability and/or equity accounts increase (1), decrease (1) or remain unchanged (-). Name the account. (a. is an example) + EQUITY (E) ASSETS (A) 1 Equipment $65 000 LIABILITIES (L) 1 Loan $65 000 a. Obtained a loan to purchase equipment for $65 000. b. Customer pays $2000 of $5000 owing for services provided. A trade receivable, who owes $6000, made a part payment of $2000. c. d. The owners took $5000 in inventory for personal use but returned $2500 on same day e. Returned supplies (faulty) $2000 previously paid on credit f. Invoice raised for sales of $5200 Paid rent $4000 with 30% being a prepayment h. Paid personal tax $7000 and company tax $8200 i. Interest accrued (not paid) on bank loan at the end of the month $2750 and principal of $10000 paid j. The business purchases supplies on credit $4400