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Indicate the effects on the accounting equation of the following business transactions of Pilgrim Service Corporation for b) to d) below. Use proper account titles.

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Indicate the effects on the accounting equation of the following business transactions of Pilgrim Service Corporation for b) to d) below. Use proper account titles. Transaction a) is answered as a guide. a) Received cash from Maxwell Jones; issued common stock to him. Answer: Increase asset (Cash); Increase equity (Common Stock) b) Received cash from a customer on accounts receivable. c) Paid cash dividends to the stockholder. d) Paid cash on accounts payable. W HTML Editor B I A - A - I E331 3xx, xXE T 12pt Paragra

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