More wyle CengageNOW.. + Increase Several transactions are listed below, with the accounting equation stated to the right side of each. Use the following identification codes to indicate the effects of each transaction on the accounting equation. Select your answers in the drop down provided under the accounting equation. You need an identification code for each element of the accounting equation. An example is given before the first transaction Assets Liabilities Owners' Equity Example John Smith Invests in his new business by giving it his personal drill press valued at $3,500 No Effect (a) Cash sales are made. (b) Equipment is purchased on credit (c) Payment is made for the equipment purchased on credit in (b). (d) The company sold excess supplies to another company on credit. (e) Cash is collected from customers for accounts receivable balances. Increase