For Each of the Following, Indicate Whether the Transaction Increased

question 76

Essay

For each of the following, indicate whether the transaction increased (+), decreased (-), or had no effect (NE) on assets, liabilities, and owner's equity using the following format.
Assets = Liabilities + Owner's Equity
1. Made an investment to start the business.
2. Billed customers for services performed.
3. Purchased equipment on account.
4. Withdrew cash for personal use.
5. Paid for equipment purchased in number 3 above.

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Definitions:

Equipment-delivered Services

Services that are provided through the use of specialized equipment, often requiring technical expertise, such as medical treatments or beauty therapies.

Nonprofit-delivered Services

Services provided by nonprofit organizations, often focusing on social causes, community support, or relief efforts without the aim of generating profits.

Fee-delivered Services

Services for which a specific charge is applied, typically provided professionally or commercially.

Nonprofit Organization

An entity that operates for the promotion of a social cause, cultural, educational, religious or other public interest objectives rather than for profit.