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    Transactions affect the accounting equation

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    Please describe how the following transactions affect the accounting equation:

    1- Provide services on account
    2- Purchase Inventory for Cash
    3- Use Cash to pay down Accounts Payable

    For each, please tell me if the following account increase, decrease or no change:

    Assets, Liability and Owners Equity

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    Solution Summary

    This solution helps explore the transactions that affect the accounting equation.