What effect does each item in Question 6 have on owner’s equity?
Question 6
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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