Question: 1. For each transaction below, indicate the effect on the accounting equation by placing a +, -, or NC (no change) and the amount under

1. For each transaction below, indicate the effect on the accounting equation by placing a +, -, or NC (no change) and the amount under each category. Be sure to fill in each box for each transaction. Example: 5/1 - Owner invested $10,000 to start the business. 5/2 Billed Customer Z $2,800 for services provided. 5/5 Received $600 from Customer Y for services provided. 5/8 Purchased $10,000 of equipment from Company A. Paid $2,000 and put the remaining balance on credit. 5/18 Received the balance due from Customer Z for 5/2 transaction. 5/20 Paid the balance due to Company A for 5/8 transaction. 5/31 Paid $5,000 for May salaries. Date Assets Liabilities Owners Equity 5/1 +10,000 NC +10,000

2. Refer to Problem #1 Journalize the transactions for May. Date Account Debit Credit 5/1 Cash 10,000 Owners capital 10,000

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