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 what it cost to buy it. 4. Received week’s paycheck from part-time job.