Alice Stern started a business. During the first month (February 20--), the following transactions occurred. 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, $20,000.
(b) Bought office equipment on account, $3,500.
(c) Bought office equipment for cash, $1,200.
(d) Paid cash on account to supplier in transaction (b), $1,500.