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Richmond Inc. records its business transactions into the basic accounting equation.For each of the following independent business activities, indicate the effect on the basic accounting
Richmond Inc. records its business transactions into the basic accounting equation.For each of the following independent business activities, indicate the effect on the basic accounting equation. Select ALL the correct answers for each activity. Collected $ of accounts receivable from a customer.increase assetsdecrease equityincrease liabilitiesno entry requiredincrease equitydecrease liabilitiesdecrease assets Hired a new employee, who will be paid $ per week and who will start next week.decrease liabilitiesincrease equityno entry requiredincrease liabilitiesdecrease assetsdecrease equityincrease assets A twoyear insurance policy for $ was purchased three months ago. One months worth has been used in the current month.decrease assetsdecrease liabilitiesno entry requiredincrease assetsincrease liabilitiesincrease equitydecrease equity Purchased $ of inventory on account.increase liabilitiesdecrease liabilitiesdecrease assetsdecrease equityincrease assetsincrease equityno entry required Provided $ of services to a customer on account.decrease liabilitiesincrease liabilitiesdecrease assetsdecrease equityincrease equityno entry requiredincrease assets Received $ cash from a customer for work to be performed next month.no entry requiredincrease equitydecrease liabilitiesdecrease assetsincrease liabilitiesdecrease equityincrease assets Provided $ of services to a customer who paid in advance last month.decrease assetsincrease assetsno entry requiredincrease liabilitiesdecrease liabilitiesincrease equitydecrease equity Received a utility bill for $ The bill will be paid early next month.no entry requireddecrease equitydecrease liabilitiesincrease equityincrease assetsincrease liabilitiesdecrease assets Paid a $ dividend in cash to the owners.decrease liabilitiesno entry requireddecrease equityincrease liabilitiesincrease equitydecrease assetsincrease assets
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