Question 1 Whispering Winds Corp. has the following transactions during August of the current year. Indicate (a) the effect on the accounting equation and (b) the debit-credit analysis. Opens an office as a financial advisor, investing $5,500 in cash in exchange for common stock. Aug. 1 4 insurance in advance for 6 months. $1.690 cash. Receives $2.300 from clients for services performed. 16 27 Pays secretary $1,250 salary. (a) Effect on Accounting Equation (b) Debit-Credit Analysis Aug. 1 Debits The asset s the stockholders' equity account is Debit Credits Credit Aug. 4 Debits The asset ic the asset Debit Credits Credit Aug. 16 The asset Debits the revenue is Debit Credits Credit Aug. 27 The expense Debits the asset Debit Credits Credit S Click if you would like to Show Work for this question: Open Show Work