Presented below are three economic events. Create a table with rows (a), (b), and (c), and columns for assets, liabilities, and stockholders’ equity. In each column, indicate whether the event increased (+), decreased (−), or had no effect (NE) on assets, liabilities, and stockholders’ equity.

a. Purchased supplies on account.

b. Received cash for performing a service.

c. Expenses paid in cash.

Determine effect of transactions on basic accounting equation.