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Effect of transactions on accounting equation What is the effect of each of the following transactions on the three elements ( assets , liabilities, and
Effect of transactions on accounting equation
What is the effect of each of the following transactions on the three elements assets liabilities, and owner's equity of the accounting equation?
a Owner invested additional cash in the business.
b Paid for business expenses.
c Owner withdrew cash for personal use.
d Purchased supplies on account.
e Received cash for services performed.
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