how the effects on the expanded accounting equation (A=L + OE - D + R - E): 1) You invest cash in a New business, $20,000 2) You withdraw $1000 from the business for personal use. 3) You earn on account,$9000, for services rendered to the client 4) You pay your secretary's wages, $4000 5) Refer to #3. At end of the month, the client pays you half the balance owed Quiz 1: Describe in detail the importance of the accounting equation - both the basic and expanded equations. Also, describe in detail the importance of understanding the different types of accounts - Assets, Liabilities, Owner's Equity, Revenue, Expenses, Drawing.