Question 1 For each of the following transactions, indicate whether it increases (!), decreases (D), or has no effect (NE) on the total dollar amount of each of the elements of the accounting equation. Transactions Example: Common stock is issued in exchange for cash. 1. Equipment is purchased for cash. 2. Sales are made on account. 3. Cash sales are made. Assets Liabilities + Owners' Equity NE | 4. An account payable is paid off. 5. Cash is collected on an account receivable. 6. Buildings are purchased in exchange for a three-year note payable. 7. Advertising bill for the month is paid. Dividends are paid to shareholders. 8. 9. Land is acquired by issuing shares of stock to the owner of the land.