Presented below are three business transactions. For each transaction indicate whether there is an Increase, a Decrease or No Effect on the assets, the liabilities and the owner's equity.

Question

Assets
Liabilities
Owner's Equity

(a) Invested cash in the business. Increase DecreaseNo EffectIncrease Increase
(b) Withdrawal of cash by owner. Decrease No EffectIncreaseDecrease Decrease
(c) Received cash from a customer who had previously been billed for services provided. No Effect IncreaseNo EffectDecrease IncreaseDecreaseNo Effect