In a double entry accounting system, each transaction affects at least two different accounts. For the following transactions identify the two accounts and what type of account is each, asset, liability, equity, revenue, or expense. (46 points, 1 point per answer) 1. On August 1, Debbie, the owner invested $40,500 cash into the company. Name of Accounts Affected: Cash Owners Capital Type of Account: Asset Equity 2. On August 2 purchased $5,000 worth of merchandise terms 2/10, n/30, FOB shipping point. 100 items of BAC at a cost of $50 each. Name of Accounts Affected: Type of Account: 3. On August 3 returned 8 items of BAC at a cost of $50 each because they were defective and received a credit to our account. Name of Accounts Affected: Type of Account: 4. On August 5 paid the shipping cost of $100. Name of Accounts Affected: Type of Account: 5. On August 6 sold 10 BACs for a total selling price of $1000 that had a cost of $500 terms 2/10/, EOM. Name of Accounts Affected: Type of Account: 6. On August 8 customer returned two BACs worth $200 that had a cost of $100, they were damaged and not returned to inventory. Name of Accounts Affected: Type of Account: 7. On August 10 we paid our bill within the discount period, less the return. Name of Accounts Affected: Type of Account: 8. On August 11 the customer paid their bill within the discount period less the return to us. Name of Accounts Affected: Type of Account