For each of the following items, indicate the element of the accounting equation to which it belongs: Assets, Liabilities or Owner’s Equity.   Assets Liabilities Owner’s Equity Accounts Payable         Accounts Receivable         Auto Expense         Capital         Cash         Drawing         Fees Earned         Land         Miscellaneous Expense         Supplies         Supplies Expense         Wages Expense           the accounting equation (assets, liabilities, owner’s equity) resulting from the transaction. (You will not need to enter the amount of each transaction, only the balance after the transaction.) If an amount box does not require an entry, leave it blank. Transaction Assets = Liabilities + Owner's Equity Beginning $0 $0 $0 1. Investment in the business       2. Borrow cash       3. Purchase equipment       4. Revenues earned       5. Expenses incurred       6. Distributions

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…