Question: Describe how the following business transactions affect the three elements of the accounting equation. a. Invested cash in business. b. Purchased supplies for cash. c.

Describe how the following business transactions affect the three elements of the accounting equation.

a. Invested cash in business.
b. Purchased supplies for cash.
c. Purchased supplies on account.
d. Received cash for services performed.
e. Paid for utilities used in the business.

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