Question

Analyze the transactions described below and indicate their effect on the basic accounting equation. Use a...

Analyze the transactions described below and indicate their effect on the basic accounting equation. Use a plus sign (+) to indicate an increase and a minus sign (—) to indicate a decrease.

Assets = Liabilities + Owner's Equity
1. Received cash for services performed. ________ ________ ________
2. Purchased office equipment on credit. ________ ________ ________
3. Paid employees' salaries. ________ ________ ________
4. Received cash from customer in payment
on account. ________ ________ ________
5. Paid telephone bill for the month. ________ ________ ________
6. Paid for office equipment purchased in
transaction 2. ________ ________ ________
7. Purchased office supplies on credit. ________ ________ ________
8. Proprietor withdrew cash for personal
expenses. ________ ________ ________
9. Obtained a loan from the bank. ________ ________ ________
10. Billed customers for services performed. ________ ________ ________

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