Danyao Inc. records their business transactions into the basic accounting equation. For each of the following independent business activities, indicate the effect on the basic accounting equation. Hired a consulting company to provide $8,000 of services starting next month. A. Increase assets, decrease assets B. Increase assets, decrease liabilities C. Increase assets, increase liabilities D. Increase assets, increase equity E. Increase assets, decrease equity F. Increase llabilities, increase equity G. Increase liabilities, decrease equity H. Decrease liabilities, increase equity 1. Decrease liabilities, decrease equity J. Decrease assets, decrease liabilities K. Decrease assets, increase liabilities L. Decrease assets, increase equity Hired a consulting company to provide $8,000 of services starting next month. A. Increase assets, decrease assets B. Increase assets, decrease liabilities C. Increase assets, increase liabilities D. Increase assets, increase equity E. Increase assets, decrease equity F. Increase liabilities, increase equity G. Increase llabilities, decrease equity H. Decrease liabilities, increase equity 1. Decrease llabiltties, decrease equity J. Decrease assets, decrease liabilities K. Decrease assets, increase tlabitities L. Decrease assets, increase equity M. Decrease assets, decrease equity N. No entry is required. Purchase $900 worth of flyers on account from an office supply company. A. Increase assets, decrease assets B. Increase assets, decrease liabilities C. Increase assets, increase liabilities D. Increase assets, increase equity E. Increase assets, decrease equity F. Increase liabilities, increase equity G. Increase liabilities, decrease equity H. Decrease liabilities, increase equity 1. Decrease liabilities, decrease equity J. Decrease assets, decrease liabilities K. Decrease assets, increase liabilities L. Decrease assets, increase equity M. Decrease assets, decrease equity Dividends of $1,200 were paid to the owners in cash. A. Increase assets, decrease assets B. Increase assets, decrease liabilities C. Increase assets, increase liabilities D. Increase assets, increase equity E. Increase assets, decrease equity F. Increase liabilities, increase equity G. Increase liabilities, decrease equity H. Decrease liabilities, increase equity 1. Decrease liabilities, decrease equity J. Decrease assets, decrease liabilities K. Decrease assets, increase liabilities L. Decrease assets, increase equity M. Decrease assets, decrease equity N. No entry is required. Collected $1,050 of accounts receivable from a customer. A. Increase assets, decrease assets B. Increase assets, decrease liabilities C. Increase assets, increase liabilities D. Increase assets, increase equity E. Increase assets, decrease equity F. Increase liabilities, increase equity G. Increase liabilities, decrease equity H. Decrease liabilities, increase equity I. Decrease liabilities, decrease equity 1. Decrease assets, decrease liabilities K. Decrease assets, increase liabilities L. Decrease assets, increase equity M. Decrease assets, decrease equity N. No entry is required
