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Problem 2-21 Transaction analysis-nonquantitative LO 2. 3 Indicate the effect of each of the following transactions on total assets, total liabilities, and total stockholders' equity. Use +for increase, for decrease, and (NE) for no effect. The first transaction is provided as an illustration Assets a. Borrowed cash on a bank loan b. Paid an account payable c. Sold common stock d. Purchased merchandise inventory on account e. Declared and paid dividends NE Collected an account receivable g. Sold merchandise inventory on account at a profit h. Paid operating expenses in cash I. Repaid principal and interest on a bank loan References eBook & Resources Worksheet Difficulty 2 Medium Objective: 02-03 Explain the meaning Problem 2-21 Transaction analysis Idenify and explain the kind nonquantitative LO 2, of information reported in Learning Objective: 02-02 each financial statement and describe how financial statements are related to each other Problem 2-21 Transaction analysis-nonquantitative LO 2. 3 Indicate the effect of each of the following transactions on total assets, total liabilities, and total stockholders' equity. Use +for increase, for decrease, and (NE) for no effect. The first transaction is provided as an illustration Assets a. Borrowed cash on a bank loan b. Paid an account payable c. Sold common stock d. Purchased merchandise inventory on account e. Declared and paid dividends NE Collected an account receivable g. Sold merchandise inventory on account at a profit h. Paid operating expenses in cash I. Repaid principal and interest on a bank loan References eBook & Resources Worksheet Difficulty 2 Medium Objective: 02-03 Explain the meaning Problem 2-21 Transaction analysis Idenify and explain the kind nonquantitative LO 2, of information reported in Learning Objective: 02-02 each financial statement and describe how financial statements are related to each other