Effects of Transactions on Accounting Equation Select how the following business transactions affect the three elements of the accounting equation. If an element increases and decreases by the same amount, select "no effect". a. Received cash for services performed. Assets Llabilities Stockholders' Equity b. Paid for utilities used in the business Assets Liabilities Stockholders' Equity c. Borrowed cash at local bank. Assets Liabilities Stockholders' Equity d. Issued common stock for cash. Assets Liabilities Stockholders' Equity eBook Calculator Print Item Liabilities Stockholders' Equity b. Paid for utilities used in the business. Assets Liabilities Stockholders' Equity c. Borrowed cash at local bank. Assets Liabilities Stockholders' Equity d. Issued common stock for cash. Assets Liabilities Stockholders' Equity e. Purchased land for cash. Assets Liabilities Stockholders' Equity