The following transactions occurred during a recent accounting period For
The following transactions occurred during a recent accounting period. For each, tell whether it
(1) Increases net income,
(2) Decreases net income, or
(3) Does not affect net income.
a. Issued stock for cash
b. Borrowed money from bank
c. Provided services to customers on credit
d. Paid rent in advance
e. Used some supplies previously purchased
f. Paid salaries to employees for work done this year

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