Tess's Nail Bar had the following transactions during the month of May. Indicate the effect of each transaction upon the total assets of the business by one of the following phrases: increased total assets, decreased total assets, or no change in total assets.
(a) Purchased additional equipment on account.
(b) Purchased supplies for cash.
(c) Borrowed money from the bank.
(d) Paid the monthly utility bill.
(e) Collected an accounts receivable.
(f) Tess, the owner, withdrew cash from the business for personal use.

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The Answer of Tess's Nail Bar had the following transactions during the month of May. Indicate the effect of each transaction upon the total assets of the business by one of the following phrases: increased total assets, decreased total assets, or no change in total assets.
(a) Purchased additional equipment on account.
(b) Purchased supplies for cash.
(c) Borrowed money from the bank.
(d) Paid the monthly utility bill.
(e) Collected an accounts receivable.
(f) Tess, the owner, withdrew cash from the business for personal use.

Tess's Nail Bar Had the Following Transactions During the Month