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.