Question: Describe how the following business transactions affect the three elements of the accounting equation. a. Invested cash in business. b. Received cash for services performed.

Describe how the following business transactions affect the three elements of the accounting equation.

a. Invested cash in business.

b. Received cash for services performed.

c. Paid for utilities used in the business.

d. Purchased supplies for cash.

e. Purchased supplies on account.


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