A service proprietorship shows five transactions summarized below. The effect of each transaction on the accounting equation is shown and also the new balance of each item in the equation. For each transaction (a) to (e) write an explanation of the nature of the transaction. 
Definitions:
Equality
In accounting, the concept that the sum of debits must equal the sum of credits in a transaction.
Subsidiary Ledger
A detailed ledger that contains all the transaction details of a specific account, which is summarized in the general ledger.
Accounts Payable
Liabilities or money owed by a company to its creditors or suppliers for goods and services received but not yet paid for.
General Ledger
A comprehensive record of all financial transactions that occur within a company, organized by account.
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