Lingyu Co. records its business transactions into the basic accounting equation. For each of the following independent business activities, indicate the effect on the basic accounting equation. Select ALL the correct answers for each activity. 1. Collected $250 of accounts receivable from a customer. increase assets decrease liabilities decrease assets increase equity no entry required increase liabilities decrease equity 2. Signed a contract with a new supplier to purchase $10,000 of inventory next month. increase assets no entry required decrease liabilities increase equity decrease equity increase liabilities decrease assets 3. Flyers, previously purchased for $150, were used in the current month. no entry required decrease assets decrease liabilities increase equity increase liabilities increase assets decrease equity 4. Purchased $300 of business cards on account. increase equity decrease liabilities increase liabilities no entry required decrease assets decrease equity increase assets 5. Provided $1,800 of services to a customer on account. decrease liabilities decrease assets no entry required decrease equity increase equity increase assets increase liabilities 6. Received $935 of cash from a customer for work to be performed next month. increase equity decrease equity decrease assets increase liabilities increase assets no entry required decrease liabilities 7. Provided $1,540 of services to a customer who paid in advance last month. increase assets decrease assets increase liabilities decrease equity decrease liabilities no entry required increase equity 8. Received a phone bill for $180. The bill will be paid early next month. decrease liabilities increase assets decrease assets increase liabilities decrease equity no entry required increase equity 9. Paid a $1,000 dividend in cash to the owners. increase equity increase liabilities decrease assets no entry required decrease liabilities increase assets decrease equity