Question: Describe how the following business transactions affect the three elements of the accounting equation. a. Invested cash in business in exchange for capital stock b.

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

a. Invested cash in business in exchange for capital stock

b. Purchased supplies on account.

c. Purchased supplies for cash.

d. Received cash for services performed.

e. Paid for utilities used in the business.

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