Step 1. Record the items below on the equation analysis sheet. Do not forget to calculate the figures for Total Assets, Total Liabilities, Capital, and Total Liabilities & Owner's Equity. Alliance Appliance Service Balance Sheet --Date-- Liabilities Assets Cash $1395 Bank Loan $5000 A/R - N Chang 100 Mortgage Payable 52700 A/R - P.O'Neil 527 Total Liabilities Equipment 8316 Owner's Equity Trucks 19750 Dalli, Capital Land 40000 Building 80000 Total Assets Total Liabilities and Equity Step 2: Analyze the transactions of October 21, listed below, and record the necessary changes on the equation analysis sheet. Remember that the accounting equation must always remain in balance! Transactions: 1. The owner, in need of money for his personal use, draws $500 cash out of the business. 2. P. O'Neil pays her debt of $527. 3. A repair service is performed for a customer. The customer pays the full amount of the bill, $90, in cash. 4. A new electrical tester is purchased for $410 and paid for in cash. 5. The regular monthly mortgage payment of $900 in cash is made. Step 3: After completing the transactions, calculate the new totals and ensure that the equation is still in balance. Then prepare a new balance sheet.