Sophie Dass is a public management graduate and owns a consulting firm called Sophie Dass Associates.

This firm has been operating since 2009 and as of December 31, 2011, has the following account balances:

$

Cash 40,000

Accounts Receivable 50,000

Office Supplies 20,000

Accounts Payable 15,000

Owners' equity ?

The transactions that took place in January are summarized as follows:

a. Paying debts to creditors , $ 2,000.

b. Sophie Dass took cash from the firm amounting to $10,000 for personal use.

c. Purchased office furniture on credit, $ 17,000.

d. Received $ 16,000 in cash from the customer for his debt payment

e. Buying a used van for company use. Make a deposit payment of $ 6,000 while the balance is $ 20,000 in debt.

f. Signed a contract with a new employee, Marina Chun who will start work next month. The company will pay him $3,200 per month.

g. Billing the customer for services rendered, $12,000. BE REQUIRED: Based on the information above, state the effect of each transaction on the accounting equation shown below and determine the ending balance on 31 January 2012 for each account involved.

ASSETS=LIABILITIES+OWNER'S EQUITY