Indicate the effects on the accounting equation of the following business transactions of Mayflower Service Corporation for b) to d) below. Use proper account titles. Transaction a) is answered as a guide
a) Received cash from Don Jones; issued common stock to him.
What will be an ideal response
Increase asset (Cash); Increase equity (Common Stock)
b) Received cash from a customer on accounts receivable.
c) Paid cash dividends to stockholders.
d) Paid cash on accounts payable.
Business
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