For each transaction described, identify which component of the accounting equation increases and/or decreases. The first one is done as an example. Services were performed for a client on credit. a. A credit customer paid his account. b. Supplies were purchased on credit. c. The balance owing regarding the supplies purchased in part (b) was paid. d. Last month s telephone bill was received today. It will be paid on the due date, which is 10 days from now. e. Paid the employees their weekly wage.
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