Presented below are three economic events. On a sheet of paper, list the letters
(a),
(b), and
(c) With columns for assets, liabilities, and stockholders’ equity. In each column, indicate whether the event increased (+), decreased (−), or had no effect (NE) on assets, liabilities, and stockholders’ equity.
(a) Purchased supplies on account.
(b) Received cash for providing a service.
(c) Expenses paid in cash.