Describe how the following business transactions affect the three elements of the accounting equation:a. Invested cash in business.b. Paid for utilities used in the business.c. Purchased supplies for cash.d. Purchased supplies on account.e. Received cash for services performed.

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is