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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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