Question: Determine how the accounts would be affected (increase or decrease and debit or credit) for the following transactions occurring in January 2009 for Networking Solutions,

Determine how the accounts would be affected (increase or decrease and debit or credit) for the following transactions occurring in January 2009 for Networking Solutions, Inc.:

1. The company received $25,000 cash from the owner in exchange for common stock.

2. The company purchased $10,000 of new office computers on account.

3. The company sold $2,500 of inventory for cash.

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