Exercise 2-2 Analyze the impact of transactions on the accounting equation (LO2)
| 1. | Issue common stock in exchange for cash. |
| 2. | Purchase equipment by signing a note payable. |
| 3. | Provide services to customers on account. |
| 4. | Pay rent for the current month. |
| 5. | Pay insurance for the current month. |
| 6. | Collect cash from customers on account. |
| Required: |
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Analyze each transaction. Under each category in the accounting equation, select whether the transaction increases, decreases, or has no effect. The first item is provided as an example.
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