signment Question 1 of 4 ./1 Presented below are eight business transactions. Indicate the effect of each transaction on each element of the accounting equation (a) Purchased $240 of supplies on account. (b) Performed $479 of services on account. (c) Paid $288 of operating expenses. (d) Paid $240 cash on account for the supplies purchased in item (a) above. (e) Invested $1,010 cash in the business. (1) Owner withdrew $421 cash. (s) Hired an employee to start working the following month (h) Received $479 from a customer who had been billed previously in item (b) above Purchased $406 of equipment in exchange for a note payable. Use the below format, in which the first one has been done for you as an example: alfa transaction causes a decrease in Assets Liabilities or Owner's Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-13 for example.) Owner's Equity RE Drawings Capital Liabilities Transaction Assets Search