Presented below are eight business transactions. Indicate whether the transactions increased
(1), Decreased
(2), or had no effect (NE) on each element of the accounting equation.
(a) Purchased $250 of supplies on account.
(b) Performed $500 of services on account.
(c) Paid $300 of operating expenses.
(d) Paid $250 cash on account for the supplies purchased in item 1 above.
(e) Invested $1,000 cash in the business.
(f) Owner withdrew $400 cash.
(g) Hired an employee to start working the following month.
(h) Received $500 from a customer who had been billed previously in item (b) above.
(i) Purchased $450 of equipment in exchange for a note payable.
Use the following format, in which the first one has been done for you as an example:

Transcribed Image Text:

Owner's Equity Transaction ies Capita Drawings Expenses NE Assets Liabilities Revenues +$250 +$250 NE NE NE