Question: Six transactions follow. For each transaction, indicate if the transaction increases, decreases, or has no effect on (a) Accounts receivable, (b) Notes receivable, (c) Total
(a) Accounts receivable,
(b) Notes receivable,
(c) Total assets,
(d) Total liabilities, and
(e) Owner's equity. Use the following format, in which the first transaction is given as an example.
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Notes Owners Accounts Receivable Receivable Assets Liabilities Total Transaction: 1. Performed services on account for IncreaseNo effect Increase No effect Increase 2. A customer paid cash for services to be 3. Performed services for a customer in 4. Collected cash from the customer in 5. Extended a customers account for provided next month. exchange for a note. transaction 1. above. three months by accepting a note in exchange for it. 6. Performed services for a customer who had paid in advance.
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