Which of the following transactions will affect the balance of Owner's Equity?

answer choices

received cash in advance for services to be provided later

paid rent expense for the month

purchased land for cash

collection on account

Which of the following can be an effect of a transaction that increased an asset of a business for the accounting equation to balance?

answer choices

there is an equal decrease in another asset

there is an equal decrease in equity

there is an equal decrease in a liability account

both liabilities and equity decrease