QUESTION ASSETS Transactions 1. Paid cash for rent, $425. 2. Received cash from owner as an investment, $700. 3. Paid cash for telephone bill, $55. 4. Received cash from sales, $1, 100. 5 . Bought supplies on account from Paws & Claws Co., $295. 6. Sold services on account to Dr. Shephard, $325. 7. Paid cash for advertising, $410. 8. Paid cash for supplies, $175. 9. Received cash on account from Dr. Shephard, $190. 10. Paid cash on account to Paws & Claws Co., $850. 11. Paid cash for one month of insurance, $140. 12. Received cash from sales, $525. 13. Owner withdrew equity in the form of cash, $825. Andrew Arnold operates a service business called Doggywood Pet Suites. Doggywood Pet Suites uses the accounts shown in the following accounting equation. For each transaction, complete the following: (a) Analyze the transaction to determine which accounts in the accounting equation are affected. (b) In the appropriate columns, enter a plus sign (+) if the account increases or a minus sign (-) if the account decreases, and then enter the amount. (c) For transactions that change owner's equity, select a description of the transaction to the right of the amount. (d) Calculate and enter a new balance for each transaction in the accounting equation. (e) Before going on to the next transaction, determine that the accounting equation is still in balance. Transaction 1 is given as an example.\f\f