a. Owner deposited $20,000 in his new business checking account. b. Supplies were purchased for $300 on account. c. Paid a $1,200 premium for six months of liability insurance. d. Purchased supplies for $200 cash. e. Purchased equipment for $4,000 by paying $1,000; the rest to be paid in six months. f. Paid the $300 bill outstanding (from transaction b). g. Owner withdrew $700 from the business for personal use. ASSETS = LIAB. + OWNER'S EQUITY Cash + Supp. + Prep. Insur. + Equip = Accts. Pay. + Capital - Drawing