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Analyze the transactions described below and indicate their effect on the basic accounting equation. Use a plus sign (+) to indicate an increase and a

Analyze the transactions 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.

Assets = Liabilities + Owner's Equity

1. Received cash for services performed. ________ ________ ________
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. ________ ________ ________
7. Purchased office supplies on credit. ________ ________ ________
8. Proprietor withdrew cash for personal
expenses. ________ ________ ________
9. Obtained a loan from the bank. ________ ________ ________
10. Billed customers for services performed. ________ ________ ________

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