A service company 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:
Oral Agreement
A contract or agreement made through spoken words rather than written documentation, which may still be legally binding.
Admits to the Contract
The act of acknowledging or affirming one's acceptance of the terms and conditions of a contract, making it legally binding.
UCC
stands for the Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States.
Sufficient Electronic Record
An electronic document that contains all the necessary information to be legally recognized and enforceable.
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