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Tess's Nail Bar Had the Following Transactions During the Month

question 49

Essay

Tess's Nail Bar had the following transactions during the month of May. Indicate the effect of each transaction upon the total assets of the business by one of the following phrases: increased total assets, decreased total assets, or no change in total assets.
(a) Purchased additional equipment on account.
(b) Purchased supplies for cash.
(c) Borrowed money from the bank.
(d) Paid the monthly utility bill.
(e) Collected an accounts receivable.
(f) Tess, the owner, withdrew cash from the business for personal use.

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Definitions:

RNA Polymerases

Enzymes responsible for catalyzing the synthesis of RNA from DNA templates, playing a crucial role in gene expression.

Transcription

The process in which the DNA sequence of a gene is copied into RNA, leading to protein synthesis in living organisms.

tRNA Triplet

A sequence of three nucleotides in transfer RNA that is complementary to the codon in messenger RNA and specifies an amino acid.

mRNA

Messenger RNA, a type of RNA that carries genetic information from DNA to the ribosome, where it specifies the amino acid sequence of the protein products.

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