Maxim Company sells auto parts. The company employs a periodic inventory system. Identify all of the effects on the accounting equation.

Match the Left column with the right column

Increase in assets and increase in stockholders' equity Decrease in assets and decrease in stockholders' equity

Sold merchandise on credit to customers. Recorded cash sales for the day. Gave a customer a cash refund. Granted a customer a credit on its balance due for goods that were returned.