Use the accounting equation to accounts would be debited or credited from the following transactions:
1. Owners invest $1000 cash
2. Owners invest $5000 consisting of $ 2000 cash and $3000 equipment
3. The business borrows $ 6,000 from a local bank.
4. The business bills for services rendered to a customer for $ 1,200
5. The customer billed in (4) above is given $ 20 discount for paying the amount billed early.
6. The business purchased inventory for $3,000 on account.
7. Inventory costing $ 1200 was sold for $ 2500 cash.