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Please help Identify the impact on the accounting equation of the following transactions. 1. Purchased 24-month insurance policy for cash. 2. Purchased supplies on account.
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Identify the impact on the accounting equation of the following transactions. 1. Purchased 24-month insurance policy for cash. 2. Purchased supplies on account. 3. Received utility bill to be paid at later date. 4. Paid utility bill previously accrued. Assets = Liabilities + Stockholders' Equity rini Decrease Increase No EffectStep by Step Solution
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