Indicate the effect each of the following transactions has on the accounting equ

Question

Indicate the effect each of the following transactions has on the accounting equation (.e., assets, liablities and equity). Select your answer by clicking in the drop down box to the right of each transaction. Answer cholces may be used once, more than once, or not at all. Be careful with matching questions because carmen randomizes the matches. Thus, If you print out the quiz to work on it and then enter your answers later in the week, It is very likely the order of the matches will be different. Therefore, exercise caution when entering your answers into carmen. Quiz scores wll not be adjusted for errors in entering choices. Performed services for a customer who had paid for these services in the previous month Performed services for a customer whoCho agreed to pay next month Received and paid the current month's utility bill I Choose )

Explanation / Answer

1. Decrease in liability and increase in equity.

2. Increase in assets and increase in equity.

3. Decrease in assets and decrease in equity.

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