T. J. Carlin has the following transactions during August of the current year. Indicate (a) the effect on the accounting equation and (b) the debit-credit analysis illustrated of the text.
Aug. 1 Opens an office as a financial advisor, investing $8,000 in cash. 4 Pays insurance in advance for 6 months, $1,800 cash. 16 Receives $800 from clients for services provided. 27 Pays secretary $1,000 salary.
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