Describe how the following business transactions affect the three elements of the accounting equation. a. Invested cash

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Describe how the following business transactions affect the three elements of the accounting equation.

a. Invested cash in business in exchange for capital stock

b. Purchased supplies on account.

c. Purchased supplies for cash.

d. Received cash for services performed.

e. Paid for utilities used in the business.

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Financial and Managerial Accounting

ISBN: 978-0538480895

11th Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

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Question Posted: Oct 14, 2011 04:39 AM

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Describe how the following business transactions affect the three elements of the accounting equation. a. Invested cash

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a Increases assets and increases stockholders equity capit...View the full answer

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