Required: Joel Henry founded Bookmart.com at the beginning of August, which sells new and used books online. He is passionate about books but does not have a lot of accounting experience. Help Joel by preparing the accounting equation effects for the following transactions. (Enter any decreases to account balances with a minus sign.) a. The company purchased equipment for $4,000 cash. The equipment is expected to be used for 10 or more years. b. Joel's business bought $7,000 worth of inventory from a publisher. The company will pay the publisher within 45 to 60 days. Joel's friend Sam lent $4,000 to the business. Sam had Joel write a note promising that Bookmart.com would repay the $4,000 in four months. Because they are good friends, Sam is not going to charge Joel interest. d. The company paid $1,500 cash for books purchased on account earlier in the month, e Bookmart.com repaid the $4,000 loan established in a Asset Liabilities Stockholders' Equity a quipment Cash Inventory c. Cash d. Cash e. Cash Total 4.000 4,000 - 7.0001 - 4,000 - 1,500 4,000 24 500 + + + 0