Quesation: Determining how transactions change an accounting equation Write the answers to the following problem in the Working Papers. Your instructor will guide you through the following example.
1. Place a plus () in the appropriate column if the account is increased. Place a minus () in the appropriate column if the account is decreased.
Transactions:
1. Received cash from sales.
2. Sold services on account to Bowman Company.
3. Paid cash for telephone bill.
4. Received cash on account from Bowman Company.
5. Paid cash to owner for personal use.