The following transactions occurred for Richmond Limited for the month of February 2021: Date 1 Feb Prepaid insurance of $9,000 for the period from 1 February to 31 July 2021. Borrowed $600,000 from National Bank by signing a note payable. 4 Feb 9 Feb Performed services for customers and earned revenue of $50,000 on account. 15 Feb Paid $8,000 cash on accounts payable. 20 Feb Collected $30,000 cash on account from the customers. 26 Feb Utilities bills of $1,200 were received and will be paid next week. 28 Feb Adjust the insurance expense for February 2021 (refer to 1 February). (b) Describe the effects in the accounting equation for the transactions on 4 and 26 February Use the format as shown below for your answers. Specify your answers with either 'increase', 'decrease' or 'no effect'. (6 marks) Transactions Assets Increase Liabilities + Decrease Shareholders' equity No effect e.g. 4 Feb 26 Feb