Show the effect of the following transactions of Avis Services on the accounting equation. Use “+” to denote an increase, “–” to denote a decrease and “0” to denote no change to the elements of the equation. Copy the table in your answer book and follow the example given. The business uses the periodic inventory system.Assume that the bank balance is favourable at all times.Example: Paid the insurance premium by cheque, R500ASSETSEQUITYLIABILITIESNo.EquipmentReceivablesBank=CapitalProfit+Payablese.g.–R500–R500TRANSACTIONS2.1.1Purchased packing materials by cheque, R900.