Activity Q1 Transactions Effect Action 2012 May 1 Started a household machines business putting $25,000 into a business bank account. 3 Bought equipment on credit from House Supplies (12,000. 4 Withdrew $150 cash from the bank and placed it in the cash box. 2012 May 7 Bought a van paying by cheque, 16,800. 10 Sold some equipment that was not needed at cost of (1,100 on credit to J. Rose. 21 Returned some of the equipment costing $2,300 to House Supplies 28 J. Rose pays the amount owing, [1,100, by cheque. 30 Bought another van paying by cheque $4,300. 31 Paid 19,700 to House Supplies by cheque. Required: (a) Fill up the effect in the column provided in the table above with reference to the accounting equation concept, ie. asset, liability or owner's equity. (b) For each transactions above, prepare journal entries with its narrations/ descriptions. (c) Record the transations above into the relevant t T-account format and closed the accounts at the end of May 2012. (d) Record the transations above into the relevant columnar account format and closed the accounts at the end of May 2012