During the Month,a Company Enters into the Following Transactions

Essay

During the month,a company enters into the following transactions:
• Buys $4,000 of supplies on account.
• Pays $5,000 cash for new equipment.
• Pays off $3,000 of accounts payable.
• Pays off $1,500 of notes payable.
a)Analyze the effect of these transactions on the basic accounting equation.
b)Journalize these transactions.