View Policies Current Attempt in Progress Presented below are eight business transactions. Indicate the effect of each transaction on each element of the accounting equation. (a) Purchased $278 of supplies on account. Performed $491 of services on account Paid $278 cash on account for the supplies purchased in item (a) above. (b) (c) Paid $296 of operating expenses (d) (e) Invested $1,020 cash in the business. (f) Owner withdrew $407 cash (B) (h) (1) 922 Hired an employee to start working the following month Received $491 from a customer who had been billed previously in item (b) above Purchased $448 of equipment in exchange for a note payable. Use the below format, in which the first one has been done for you as an example: (If a transaction causes a decrease in Assets Liabilities or Owner's Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset Liability or Equity item that was reduced. See Illustration 1-13 for example) Transaction Assets Liabilities Owner's Equity Capital Drawings (a) $278 $278 $0 (b)