Problems: Series B PR 1-1B. Transactions OBJ. 4 Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: Opened a business bank account with a deposit of $50,000 from personal funds. Purchased supplies on account, $4,000. Paid creditors on account, $2,300. Received cash from fees earned on insurance commissions, $13,800. Paid rent on office and equipment for the month, $5,000. Paid automobile expenses for the month, $1,150, and miscellaneous expenses, $300. Paid office salaries, $2,500. Determined that the cost of supplies on hand was $2,700; therefore, the cost of supplies used was $1,300. Billed insurance companies for sales commissions earned, $12,500. Withdrew cash for personal use, $3,900. INSTRUCTIONS Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: The transactions of Amy Austin are shown in tabular equation form. First, the accounting equation is given: Assets = Liabilities plus Owners Equity. On the second line, the accounting equation is expanded into accounts: assets of Cash plus Accounts Receivable plus Supplies = liabilities of Accounts Payable plus owners equity of Amy Austin, Capital minus Amy Austin, Drawing plus Fees Earned minus Rent Expense minus Salaries Expense minus Supplies Expense minus Auto Expense minus Miscellaneous Expense. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Determine the net income for March. How much did Marchs transactions increase or decrease Amy Austins capital?