The Creative Frames Shop was started by Rosa Partridge in a small shopping centre. In the first Effect of Transactions on the Accounting Equation LO 5 Effect of Transactions on the Accounting Equation REQUIRED 1. Arrange the following asset, liability, and shareholders' equity accounts in an equation similar to Exhibit 1-1: Cash, Accounts Receivable, Framing Supplies, Store Equipment, Accounts Payable, Share Capital, and Retained Earnings.

2. Show by addition and subtraction, as in Exhibit 1-1, the effects of the transactions on the accounting equation. Show new balances after each transaction, and identify each shareholders' equity transaction by type.