Determine effect of transac tions on busio accounting equation (LO 7) BE1-6 Presented below are three business transactions. On a sheet of paper, list the letters (a), (b), and (c) with columns for assets, liabilities, and equity. For each column, indicate whether the transactions increased (+), decreased (-), or had no effect (NE) on assets, liabilities, and equity (a) Purchased supplies on account (b) Received cash for performing a service, (c) Paid expenses in cash. BE1-7 Follow the same format as BE 1-6 above. Determine the effect on assets, liabilities, and equity of the following three transactions. (a) Shareholders invested cash in the business for ordinary shares. (b) Paid a cash dividend. (c) Received cash from a customer who had previously been billed for services performed Determine effect of transactions on accounting aquation (LO 7)