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Identify the impact on the accounting equation of the following transactions. 1: Purchased 36-month insurance policy for cash. 2. Purchased supplies on account. 3. Received

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Identify the impact on the accounting equation of the following transactions. 1: Purchased 36-month insurance policy for cash. 2. Purchased supplies on account. 3. Received utility bill to be paid at later date. 4. Paid utility bill previously accrued. Increase Decrease > 1. 1. Assets Assets Liabilities 2. A 3.

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