For each of the following independent transactions, indicate whether there was an ncrease, a Decrease, or No Impact for each financial statement element. Transaction Assets Liabilities Owners' Equity Received cash from customer on account Borrowed cash from bank Received and recorded utility bill Paid dividends to owners Performed services and billed customer

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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For each of the following independent transactions, indicate whether there was an
Increase, a Decrease, or No Impact for each financial statement element.
Transaction
Assets
Liabilities
Owners' Equity
Received cash from customer
on account
Borrowed cash from bank
Received and recorded utility
bill
Paid dividends to owners
Performed services and billed
customer
PLEASE NOTE: You are to use the following words - "Increase", "Decrease", or "No
Impact" - when you fill in the blanks (Capitalize and omit the quotation marks).
Transcribed Image Text:For each of the following independent transactions, indicate whether there was an Increase, a Decrease, or No Impact for each financial statement element. Transaction Assets Liabilities Owners' Equity Received cash from customer on account Borrowed cash from bank Received and recorded utility bill Paid dividends to owners Performed services and billed customer PLEASE NOTE: You are to use the following words - "Increase", "Decrease", or "No Impact" - when you fill in the blanks (Capitalize and omit the quotation marks).
Expert Solution
Step 1 Introduction

The accounting equation states that assets is same as the sum of liabilities and Owner's Equity. 

It can be written as :

Assets = Liabilities + Owner's Equity 

Every transaction in a business effect the accounting equation in a way the balance on both sides remains the same. 

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