lap Add-ins Media Comments Header & Fod Exercise 21 Analyze the transactions described below and indicate their effect on the basic accounting equation. Use a plus sign (+) to indicate an increase and a minus sign (-) to indicate a decrease. Assets Liabilities + Owner's Equity 5 1. Received cash for services performed. 2. Purchased office equipment on credit. 3. Paid employees' salaries 4. Received cash from customer in payment on account. Paid telephone bill for the month. 6. Paid for office equipment purchased in transaction 2 7 Purchased office supplies on credit. 8. Proprietor withdrew cash for personal expenses 9. Obtained a loan from the bank. 10. Billed customers for services performed