Analyze the following transactions.Indicate which accounts are affected and whether they will increase or decrease.Transaction (a)is completed as an example.
a.Owner investment of cash into the business.
b.Payment of a utility bill.
c.Purchase of inventory for cash.
d.Payment of an accounts payable.
e.Performing a service on account.
f.Collecting cash from a customer as payment on his account.
Definitions:
Grandchildren
The children of one's son or daughter.
Machine Time
The duration for which a machine is operated or available for use in the production of goods or services.
Professional Accounting Program
A formal education and training program designed to provide knowledge and skills necessary for accounting careers.
Retail Price
The total cost that consumers pay for a product in retail stores, including markups by retailers.
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