The following schedule shows the effect of several transactions on the accounting equation of Photomania, a photography business, and the balance of each item in the equation after each transaction. Write a sentence to explain the nature of each transaction.

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Cash at bank Accounts receivable (1) +$10 000 (2) -7 000 Assets Liabilities Equity Shea Christy, capital +$10 000 Photography equipment +7.000 Photography supplies Accounts payable 3 000 7000 (3) +5.000 (4) 8 000 7 000 10 000 +5.000 15 000 +6 000 +6000 8 000 + 6000 7 000 21000 (5) 6000 +3 000 +3.000 8 000 -6 000 7000 3000 3000 21 000 (6) +6000 14 000 (7) (8) -8 000 6 000 6000 7.000 3000 3000 21000 -8 000 7000 3000 3000 13.000 -1500 -1500 1500 11500 + 7000 (9) -3000 $ 3.000 + $7.000 + $1500 = 3000 -3000 + $11 500