Several transactions are shown, with the accounting equation stated to the right side of each. Use the following identification codes to indicate the effects of each transaction on the accounting equation. Write your answers in the space provided under the accounting equation. You need an identification code for each element of the accounting equation. An example is given before the first transaction I - Increase D- Decrease NE - No Effect Owner's Equity Assets Liabilities NE Example John Smith invests in his new business by giving it his personal drill press valued at $3,500. (a) Cash sales are made. (b) Equipment is purchased on credit. (C) Payment is made for the equipment purchased on credit in (b). (d) The company sold excess supplies to another company on credit. Cash is collected from customers for accounts receivable balances