The fundamental accounting equation can be applied to your personal finances. For each of the following transactions, show how the accounting equation would be kept in balance. Example: Paid for semester's tuition (decrease assets: cash account; decrease owners' equity: expense account increases).

1. Took out a school loan for college.

2. Paid this month's rent.

3. Sold your old computer for cash at no gain or loss.

4. Received week's paycheck from part-time job.

5. Received interest payment on savings account.

6. Paid monthly payment on car loan (part of the payment is principal; the remainder is interest).