Question: What effect does each item in Question 8 have on owners equity? Items From Question 8: a. The owner withdrew cash from the business. b.

What effect does each item in Question 8 have on owner’s equity?

Items From Question 8:

a. The owner withdrew cash from the business.
b. Credit customers paid $3,000 on outstanding balances that were past due.
c. The business bought equipment on account that cost $15,000.
d. The business journalized and posted an adjustment for depreciation of equipment.

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