Follow the same format as in Practice Brief Exercise 2. Determine the effect on assets, liabilities, and equity for the following three transactions.

a. Performed accounting services for clients for cash.

b. Borrowed cash from a bank on a note payable.

c. Paid cash for rent for the month.

Practice Brief Exercise 2

Presented below are three business transactions. List the letters (a), (b), and (c) with columns for assets, liabilities and equity. For each column, indicate whether the transactions increased (+), decreased (−), or had no effect (NE) on assets, liabilities, and equity.