Exercise 2-47 Debit and Credit Effects of Transactions Lincoln Corporation was involved in the following transactions during the current year: a. Lincoln borrowed cash from the local bank on a note payable. b. Lincoln purchased operating assets on credit. c. Lincoln paid dividends in cash. d. Lincoln purchased supplies inventory on credit. e. Lincoln used a portion of the supplies purchased in Transaction d. f. Lincoln provided services in exchange for cash from the customer. 9. A customer received services from Lincoln on credit. h. The owners invested cash in the business in exchange for common stock. I. The payable from Transaction d was paid in full. 1. The receivable from Transaction g was collected in full. k. Lincoln paid wages in cash. Required: Indicate the the effect on assets, liabilities, and stockholders' equity by selecting, in the appropriate columns, the correct effect. If there is no effect in a column, choose "No effect". Note that transaction "a" is entered as an example: Assets Liabilities Contributed Capital Stockholders' Equity Retained Earnings + Increase (Debit) Increase (Credit) No effect No effect b. C. d. e. f. g. h. I. k