Determining the effect of transactions on the Accounting Elements (Assets, Liabilities, and Owner's Equity. Direction: Determine the effect of the given transactions on Assets, Liabilities, and Owner's Equity. Put "+" if increase, "-" if decrease, and "0" if no effect. See sample below Transactions Sample: Paid accounts payable 1. Owner invested cash 2. Purchased office supplies on account 3. Incurred salaries expense but remain unpaid 4. Received bill from Meralco 5. Rendered service to customers on account Assets Liabilities Owner's Equity 0