Rowand Enterprises had the following selected transactions 1. Rowand invested $4,000 cash in the business in exchange for common stock 2. Paid office...

Rowand Enterprises had the following selected transactions1. Rowand invested $4,000 cash in the business in exchange for common stock2. Paid office rent of $1,1003. Performed consulting services and billed a client $5,2004. Paid $700 cash dividend Instructions(a) Indicate the effect each transaction has on the basic accounting equation (Assets = Liabilities + Owner's Equity)(b) Journalize each transaction