View Policies Current Attempt in Progress M. Gonzales has the following transactions during August of the current year. Indicate the effect on the accounting equation and the debit-credit analysis. Aug. 1 Opens en office as a financial advisor, investing $9.000 in cash. Pays Insurance in advance for 6 months. $2,100 cash. 4 16 Receives $3,600 from clients for services performed. 27. Pays secretary $1,000 salary. Effect on Accounting Equation is Aug 1 The asset Effect on Accounting Equation Aug. 1 The asset Dubits Debit the owner's equity account Credits Credit Aug 4 The asset Debits Debit the asset Credits Credit is The asset Aug 16 Debits Debit is Credits the revenue Credit is Debits Aug 27 The expense Debit 74F Mostly Question 4 of 6 15 $ Debits v $ Debits Debit $ Credits $ Credit