Question 1 View Policies Current Attempt in Progress Presented below are eight business transactions. Indicate the effect of each transaction on each element of the accounting equation. (a) Purchased $255 of supplies on account. (b) Performed $533 of services on account. (c) Paid $274 of operating expenses. (d) Paid $255 cash on account for the supplies purchased in item (a) above. (e) Invested $1.117 cash in the business. (1) Owner withdrew $447 cash. (8) Hired an employee to start working the following month (h) Received $533 from a customer who had been billed previously in item (b) above. () Purchased $470 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 of a transaction causes a decrease in Assets. Liabilities of Owners Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset. Liability or Equity item that was reduced. See lilustration 1-13 for example.) Question 1 View Policies Current Attempt in Progress Presented below are eight business transactions. Indicate the effect of each transaction on each element of the accounting equation. (a) Purchased $255 of supplies on account. (b) Performed $533 of services on account. (c) Paid $274 of operating expenses. (d) Paid $255 cash on account for the supplies purchased in item (a) above. (e) Invested $1.117 cash in the business. (t) Owner withdrew $447 cash. . (g) Hired an employee to start working the following month th) Received $533 from a customer who had been billed previously in item (b) above. (1) Purchased $470 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 of a transaction causes a decrease in Assets. L e s Owner's Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset Liability or Equity item that was reduced. See Illustration 1-13 for example)