Question
Indicate the effect each of the following transactions has on the accounting equation (i.e., assets, liabilities, and equity). Enter the number corresponding to your answer
Indicate the effect each of the following transactions has on the accounting equation (i.e., assets, liabilities, and equity). Enter the number corresponding to your answer in the box provided. Answer choices may be used once, more than once, or not at all.
1. Performed services for a customer who had paid for these services in the previous month.
2. Collected cash from customers for services performed for the customers in the previous month.
3. Purchased a piece of equipment by paying 1/2 down and agreeing to pay the remainder in 30 days
The assets, liabilities, and equity either: have no effect, increase, or decrease. Specify for each one please!
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