Listed below are the transactions for Clowns and Magic Company Limited. For each transaction, determine the amount and the effect on the accounting equation.
1. Purchased a special magic machine for $2,000, making a 20% down payment in cash, the remainder is on account.
2. Purchased $350 in magic supplies for cash.
3. Billed customers $1,500 for magic shows.
4. Purchased portable magic machine for children's event for $500, fully financed by a bank loan.
5. Collected $800 from customers for services previously billed.
6. Paid balance owing on special magic machine.
7. Incurred travel expenses of $85 on account.
8. Completed party services for customers who pay $440 cash.
9. Paid $1,250 in wages to employees.

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The Answer of Listed below are the transactions for Clowns and Magic Company Limited. For each transaction, determine the amount and the effect on the accounting equation.
1. Purchased a special magic machine for $2,000, making a 20% down payment in cash, the remainder is on account.
2. Purchased $350 in magic supplies for cash.
3. Billed customers $1,500 for magic shows.
4. Purchased portable magic machine for children's event for $500, fully financed by a bank loan.
5. Collected $800 from customers for services previously billed.
6. Paid balance owing on special magic machine.
7. Incurred travel expenses of $85 on account.
8. Completed party services for customers who pay $440 cash.
9. Paid $1,250 in wages to employees.

Listed Below Are the Transactions for Clowns and Magic Company