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

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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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Accounting

ISBN: 978-0324662962

23rd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

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Question Posted: Aug 29, 2011 02:58 PM

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

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a Increase in Assets cash and increase in owners equity capital b Incr...View the full answer

Accounting

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