Indicate the effects of the following business transactions on the accounting equation for Beauty Cosmetics providing facial services to customers. Transaction (a) is answered as a guide

a) Beauty Cosmetics received cash from issuance of common stock to stockholders.

Answer: Increase asset (Cash); Increase equity (Common Stock)

b) Paid cash to purchase equipment.

c) Performed facial services to customers on account.

d) Borrowed money from a bank for the expansion of Beauty Cosmetics.

e) Purchased office supplies on account.

f) Paid cash on the transaction created in e.

g) Paid salaries to employees who worked for the week.

h) Collected cash from customers.

i) Cash dividends paid to stockholders.

j) Incurred rent expense for the week but will be paid next Wednesday