BE2.1 Determine effect on basic accounting equation. LO1 Presented here are three economic events. On a sheet of paper, list the letters (a),

(b) and

(c) with columns for assets, liabilities and equity. In each column, indicate whether the event increased

(+), decreased (−) or had no effect (NE) on assets, liabilities and equity.

(a) Purchased equipment on account.

(b) Received cash for providing a service.

(c) Received cash from a customer who had purchased goods the previous week on account.