Effect of transactions on accounting equation
Describe how the following business transactions affect the three elements of the accounting equation:
a. Invested cash in business.
b. Paid for utilities used in the business.
c. Purchased supplies for cash.
d. Purchased supplies on account.
e. Received cash for services performed.
Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by creating a relation between resources or assets of a company and claims of resources to creditors and owners. Accounting equation is expressed as shown below:
To analyze: Business transactions by indicating their effects on accounting equation
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