Question: What effect does each of the following items have on net income? a. The owner withdrew cash from the business. b. Credit customers paid $1,000

What effect does each of the following items have on net income?

a. The owner withdrew cash from the business.

b. Credit customers paid $1,000 on outstanding balances that were past due.

c. The business bought equipment on account that cost $10,000.

d. The business journalized and posted an adjustment for depreciation of equipment.

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