For each of the items below, indicate whether the transaction increased equity, decreased equity, or had no effect on equity. Purchased supplies for cash A. No effect Sold merchandise on account B. Increase Paid cash dividends C. Decrease Paid salaries & wages Bought equipment by issuing a 90-day note Sold 10,000 shares of common stock

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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QUESTION 28
For each of the items below, indicate whether the transaction increased equity, decreased equity, or had no effect on equity.
Purchased supplies for cash
A. No effect
Sold merchandise on account
В.
Increase
v Paid cash dividends
C.
· Decrease
v Paid salaries & wages
Bought equipment by issuing a 90-day note
Sold 10,000 shares of common stock
Transcribed Image Text:QUESTION 28 For each of the items below, indicate whether the transaction increased equity, decreased equity, or had no effect on equity. Purchased supplies for cash A. No effect Sold merchandise on account В. Increase v Paid cash dividends C. · Decrease v Paid salaries & wages Bought equipment by issuing a 90-day note Sold 10,000 shares of common stock
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