Question 7 [15 points] XYZ Corporation recorded the following transactions occurred during the month of July. Indicate whether each transaction would cause an increase ( + ), decrease ( - ), or has no effect (NE) on each of the components of the accounting equation. If a transaction causes a decrease in one component of the accounting equation and also an increase in the same component but in a different account, select ( +/- ). A = L + E a) Furniture was rented by a customer for $700 on credit. b) XYZ Corporation purchased new equipment by paying $3,250 cash. c) XYZ Corporation paid this month's $300 utilities bill received today. d) XYZ Corporation received a bill today for this month's utilities, $250. It will be paid within 30 days. e) Paid bi-weekly salaries of $25,250. f) XYZ Corporation purchased supplies by paying $500 cash. g) Linda Champion (a shareholder), received share capital in XYZ Corporation, after investing equipment and supplies into the business worth $30,000 and $10,000, respectively. h) XYZ Corporation will pay the $1,750 advertising bill received today within 30 days. i) $3,200 of supplies purchased on credit in an earlier transaction were found to be defective. They were returned. 1) XYZ Corporation used credit to purchase $4,250 of equipment. k) XYZ Corporation used $100 cash and $400 credit to purchase $500 of supplies. ) XYZ Corporation interviewed and hired a new employee who will begin working next month and get paid $1,500 per month m) XYZ Corporation paid $1,500 towards the bill from an earlier transaction. n) Linda Champion (a shareholder), received share capital in XYZ Corporation, after investing $10,000 of supplies into the business. o) A client rented equipment for $1,500 cash