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2. Ms. Noor Salim started her own consulting firm, Khalid Consulting, on May 1, 2018. The following transactions occurred during the month of May. 1.
2. Ms. Noor Salim started her own consulting firm, Khalid Consulting, on May 1, 2018. The following transactions occurred during the month of May. 1. M.Noor Salim invested $14,000 cash in the business 2. Purchased office fumiture $3,000 on account 3. 2 Pad office rent for the month $1,000 + Purchased $600 of supplies on account 5- Pand $250 to advertise in the County News 6- Received 54.000 cash for services provided 7. Withdrew $1,000 cash for personal use 8. Performed $3,400 of services on account 9. Paid $2,500 for employee salaries 10-Paid full amount for the supplies purchased on account in transaction no.4. Instructions: Indicate with the appropriate letter whether each of the transactions above results in (3) An increase in assets and a decrease in assets (b) An increase in assets and an increase in owner's equity () An increase in assets and increase in liabilities (d) A decrease in assets and a decrease in owner's equity (e) A decrease in assets and a decrease in liabilities (1) An increase in liabilities and a decrease in owner's equity
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