options:

decrease

increase and decrease

no effect

increase

uestion 4 of 6 rent Attempt in Progress Vaterway Petronick decided to start an accounting practice after graduation from university. The followin occurred concerning Waterway's practice. 1. . 3. 4. 5. After shopping around, Waterway found an office to lease and signed a lease agreement. The leas $976 rent per month. Waterway borrowed $3,904 from his grandmother so that he could buy some office furniture for Waterway deposited the $3,904 plus $488 of his own cash in a new bank account at BMO undert Accounting Services Paid the landlord the first month's rent. Purchased office furniture for $3,223 on account. Moved into thd office and obtained the first assignment from a client to prepare year-end financia Performed the work on the assignment and sent an invoice to the customer for $1,952. Paid half of the amount of the purchase of office furniture. Purchased office supplies on account for $295. Paid $51 cash for Internet ser ces. Collected half of the amount owing from the customer referred to in #7. Waterway withdrew cash from the business of $142 for personal expenses. 6. 7. 8. 9. 10. 11. 12. tion 4 of 6 the above table, indicate the effects of each of these events on the accounting equation. If an event is action, or if an element is not affected, enter No Effect. If an element has both an increase and a decrea ease. nt Asset Liability Owner's Equity Increase > Decrease w