Describe how the following business transactions affect the three elements of the accounting equation. a. Invested cash
Question:
Describe how the following business transactions affect the three elements of the accounting equation.
a. Invested cash in business.
b. Received cash for services performed.
c. Paid for utilities used in the business.
d. Purchased supplies for cash.
e. Purchased supplies on account.
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a Increase in Assets cash and increase in owners equity capital b Incr...View the full answer
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Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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