John Sullivan started a business. During the first month, the following transactions occured. Show the effect of each transaction on the accounting equation: Assets=Liabilities+ Owner's Equity. After each transaction, show the new totals.
(a) invested cash in the business, $27,000.
(b) bought equipment on account, $7,500
(c) bought office equipment for cash, $1,600
(d) paid cash on account to supplier in transaction (b), $2,300
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