Question: COMPLETE EXERCISES IN A PAPER BE1.7 (LO 4) Presented below are three business transactions. On a sheet of paper, list the letters (a), (b), Determine

COMPLETE EXERCISES IN A PAPER

BE1.7 (LO 4) Presented below are three business transactions. On a sheet of paper, list the letters (a), (b), Determine effect of transactions on and (c) with columns for assets, liabilities, and owner's equity. For each column, indicate whether the basic accounting equation. transactions increased (+), decreased (-), or had no effect (NE) on assets, liabilities, and owner's equity. a. Purchased supplies on account. b. Received cash for performing a service. c. Paid expenses in cash. BE1.8 (LO 4) Follow the same format as in BE1.7. Determine the effect on assets, liabilities, and owner's Determine effect of transactions on equity of the following three transactions. basic accounting equation. a. Invested cash in the business. b. Withdrawal of cash by owner. c. Received cash from a customer who had previously been billed for services performed

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