Question: EA6. LO 2.2 For the items listed below, indicate how the item affects equity (increase, decrease, or no impact Solution Item Increase? Decrease? or No

EA6. LO 2.2 For the items listed below, indicate how the item affects equity (increase, decrease, or no impact Solution Item Increase? Decrease? or No Impact? Expenses Assets Gains Liabilities Dividends EA7. LO 2.2 Forest Company had the following transactions during the month of December. What is the December 31 cash balance? Cash sales $3,250 Payment for inventory 1,760 Investments by owners 3,000 Supplies used 175 Cash withdrawals Inventory received 2,500 Wages paid 2,390 Cash balance Dec. 1 4,250 Solution The December 31 cash balance is: 260

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