3. For the following 10 transactions, indicate the effect each has on Total Assets, Total Liabilities, and Total Equity. Use the + or - sign, followed by the amount, or NC for no change. The first two transac- tions have been done for you. Write your answers in the chart that appears in your Workbook. Total Liabilities Total Equity Total Assets NC + NC -45 -45 NC NC NC * Paid the telephone bill that arrived today. $45. 2. Paid $350 cash for supplies 3. Paid $500 to reduce the bank loan. 4 Sold services for $1000 cash. 5 An accounts receivable customer pays us $600 cash 6. Paid the invoice that arrived today for legal fees, $800, 7. Sold services for $2000 on credit 8. Paid a creditor $750 to reduce the amount cwed to him. 9. Bought $4500 of equipment on credit. 10. Office furniture valued at $400 was damaged and discarded 4. Describe four transactions that would cause the owner's equity to decrease. 5. Describe two transactions that would cause the owner's equity to increase