3 Homework instructions I help Question 3 (of 6) Save & Exit Submit value: 0.50 points M3-17 Determining the Accounting Equation Effects of Operating Activities Involving Revenues [LO 3-2, LO 3-3] The following transactions are February activities of Swing Hard Incorporated, which offers golfing lessons in the northeastern United States. For each of the following transactions, complete the table below, indicating the amount and effect (+ for increase and for decrease and +/- for increase and decrease) of each transaction under the accrual basis. The first transaction is provided as an example. (Select "NE" if there is no effect on the category. Indicate +/- if the effects offset within a category.) Assets Liabilities Stockholders' Equity NE Service Revenue (+R) +18,800 +18,800 Transaction a. Swing Hard collected $18,800 from customers for lesson services provided in February. ovided in February. b. Swing Hard sold a gift card for golf lessons for $135 cash in February c. Swing Hard received $3,600 from credit sales made to customers in January. d. Swing Hard collected $2,100 in advance payments for golf lessons to start in June. Swing Hard billed a customer $165 for services provided between February 25 and e. February 28. The bill is to be paid in March. References eBook & Resources Worksheet Difficulty: 1 Easy Learning Objective: 03-03 Analyze, record, and summarize the effects of operating transactions using the accounting equation, journal entries, and T-accounts. M3-17 Determining the Accounting Equation Effects of Operating Activities Involving Learning Objective: 03- 02 Explain and apply the revenue and expense recognition principles