Problem

Describe the effects of each of the following business transactions on assets, liabilities...

Describe the effects of each of the following business transactions on assets, liabilities, and owner’s equity.

a. Sold services on credit.

b. Bought furniture for cash.

c. Paid cash to a creditor.

d. Sold services for cash.

e. Paid salaries to employees.

f. Bought equipment on credit.

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