1. (TCO2) Record the effects of the following transactions on the accounting equation. 1. A business received $10,000 in cash and issued common stock. 2. Paid $2,000 monthly rent for office space. 3. Paid $3,000 in cash for office equipment 4. Purchased $500 of office supplies on account. 5. Recorded $1,000 of revenue, receiving cash. 6. Recorded $1,500 of revenue on account and mailed invoices to the customers. 7. Paid utilities expense of $300. 8. Collected cash from a customer on account, $500. 9. Borrowed $10,000 from the bank and signed a note payable. In your response state whether there is an increases or decrease in Assets, Liabilities or Equity. Note: Revenue increases Equity and Expenses decrease Equity. An example would be: Question: Paid $450.00 for Utilities Answer = Asset = Decrease, Equity = Decrease