Liabilities Equity Assets (increase + or decrease- Transaction (increaseorincrease or decrease-)decrease-) decrease -) Received $50,000 cash and issued stock to the owners 2. Paid $40,000 cash for land 3. Bought $3,700 of supplies on account Received $7,000 cash from earned Performed services for customers 4. customers for service revenue Paid cash expenses: rent, $1,100; $400 Paid $1,900 on the account 6. employee salary, $1,200; utilities, payable created in transaction3