Indicate the effect of each of the following transactions on total assets, total liabilities, and total owners' equity. Use + for increase, − for decrease, and (NE) for no effect. The first transaction is provided as anillustration.

Transcribed Image Text:

Assets Liabilities Owners' Equity a. Borrowed cash on a bank loan NE c. Sold common stock -. d. Purchased merchandise inventory on account.... e. Declared and paid dividends... colected an account receivable-..········ g. Sold merchandise inventory on account at a profit... h. Paid operating expenses in cash i. Repaid principal and interest on a bank loan.