Presented below are three business transactions. On a sheet of paper, list the letters (a), (b), and (c) with columns for assets, liabilities, and owner’s equity. For each column, indicate whether the transactions increased (+), decreased (—), or had no effect (NE) on assets, liabilities, and owner’s equity.
(a) Purchased supplies on account.
(b) Received cash for performing a service.
(c) Paid expenses in cash.