1. Arrange the following transactions along the accounting equation provided on the following page.
1. Deposited $8,000 in a checking account in the name of the business.
2. Opened up an account with Supply Warehouse and charged $500 for supplies, due in 30 days.
3.
Earned revenue of $1,600, received cash.
4. Paid $175 for postage.
5.
Purchased equipment for the business from ABC Co., $1,000, due in 30 days.
6.
Took out an ad in the local newspaper, paid $125 cash.
7. Purchased a 6-month insurance policy for the business, $600.