Section 6 The Accounting Cycle - Workings (7 Marks) Using the Accounting Equation Assets Liabilities + Equity, analyze each transaction and show its effects as increases or decreases in the appropriate column. Determine the total balance for both the Assets side and the Liabilities + Equity side showing that both sides are equal. a. Owner Jiwanjot Kaur invested cash b. Owner billed a customer $600 cash for services done C. Cash received for work done for a client d. Government grant applied for but still in processing, no approval yet. e. Salary paid to assistant f. Work completed for a customer on credit $10,000 $600 $7,000 $ 10,000 $ 4,500 $1,250