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1- Raymond opened the Muscles Fitness Gym in August. The Following transactions occurred during the first month of the business: a- Raymond invested P100,000 in cash and 30,000 in gym equipment in the business. b- Paid P10,000 for the first month's rent. C- Purchased supplies costing P4, 000 on credit. d- Purchased exercise equipment costing P25,000 for 15,000 cash and the rest on account. e- Recorded income for the first half of the month of P6, 500 in cash and P3,500 on account. f- Paid P2, 750 to a creditor on account. 8- Received payment from a customer on account for P1600. h- Raymond withdrew P500 for a graduation gift. i Paid aerobics instructor her salary, P3,000. j- Paid miscellaneous expense P1,500 k- Recorded income for the second half of the month of P5, 600 in cash. Prepare a new accounting equation every time a transaction occurs. Prepare the Balance Sheet and Income Statement 2- For each of the following items, give an example of a business transaction that has the described effect on the accounting equation: Decrease an asset and decrease a liability. b. Increase an asset and increase owner's equity C. Increase an asset and increase a liability d. Increase one asset and decrease another asset Decrease an asset and decrease owner's equity a. e