Chapter 2: Transaction Analysis: Debit and Credit Rules APPLY WHAT YOU HAVE LEARNED 2-1. Accounting equation. Use the following table to show the effects of transactions 1-10. Use + or -- and the dollar amount to show the effects. If a transaction affects only one cell, show the dollar amount and both + and - The transactions describe events for Copymaster Corporation, a photocopying business. Assets Liabilities Equity 10. 1. Shareholders invested $5,000 cash to begin the business. 2. Copymaster bought a copying machine for $1,500 cash. 3. Copymaster sold copies to customers for $500 cash. 4. Copymaster produced copies for Fellows Corporation, its customer. The total sale amount was $1,200. Copymaster agreed to bill Fellows for the sale at the end of the month. 5. Copymaster paid employees $600. 6. Copymaster bought supplies for $300. 7. Copymaster paid rent of $700. 8. Copymaster paid utilities of $200. 9. Copymaster bought office furniture for $500. 10. Copymaster had an unpaid phone bill at month-end for $100