rince Edward Island QUESTION N1 - Analyzing Transactions Using the Accounting Equation 6 marks (suggested time: 11 minutes) Required: Mark an X in the appropriate boxes to show the impact on the accounting equation from each transaction. If a transaction increases and decreases one element of the accounting equation, mark X's in both the increase and Decrease boxes for that element. Assets Uabilities Shareholders' equity Date Description Increase Decrease Increase Decrease Increase Decrease Aug 4 Issued common shares for $15,000 cash Aug 8 Purchased equipment on account for $2,000 Aug 10 Sold services on account for $500 Aug 15 Purchased supplies for $300 cash Aug 18 Received cash from customer for the sale on Aug 10 Paid employee wages of $3,000 (these wages were not previously accrued)