Presented here are three economic events. On a sheet of paper, list the letters (a), (b) and (c) with columns for assets, liabilities and equity. In each column, indicate whether the event increased (+), decreased (−) or had no effect (NE) on assets, liabilities and equity.

(a) Purchased equipment on account.

(b) Received cash for providing a service.

(c) Received cash from a customer who had purchased goods the previous week on account.