3. Analyze the transactions of a business organized as a proprietorship described below and indicate their effect on the basic accounting equation. Use a plus sign (+) to indicate an increase and a minus sign (-) to indicate a decrease. (60%) 1. Received cash for services rendered. 2. Purchased office equipment on credit. 3. Paid employees' salaries. + 4. Received cash from customer in payment on account. 5. Paid telephone bill for the month. 6. Paid for office equipment purchased in transaction 2. Assets = Liabilities + Equity NE NE NE NE NE NE NE 7. Purchased office supplies on credit. + + NE 8. Paid dividends. 9. Obtained a loan from the bank. NE + NE 10. Billed customers for services rendered. + NE