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:

Traits Or Competencies

These refer to individual characteristics or skills that contribute to effective performance in various roles or tasks.

Self-Understanding

The awareness or knowledge an individual has about themselves, including their strengths, weaknesses, thoughts, beliefs, motivation, and emotions.

Integrity

The quality of being honest and having strong moral principles.

Synthesizing Mind

The ability to integrate ideas from different sources into coherent understandings, often associated with creativity and critical thinking.