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Question 2 (15 points] Velor Inc. recorded the following transactions occurred during the month of May. Indicate whether each transaction would cause an increase (+), decrease ( - ), or has no effect (NE) on each of the components of the accounting equation. If a transaction causes a decrease in one component of the accounting equation and also an increase in the same component but in a different account, select ( +/- ). A = L + E a) Velor Inc. purchased a $46,500 truck by borrowing the amount from the bank through a short-term note payable. b) Linda Champion (a shareholder), received share capital in Velor Inc., after investing $65,000 of equipment into the business. c) Linda Champion (a shareholder), received share capital in Velor Inc., after investing equipment and supplies into the business worth $45,000 and $20,000, respectively. d) Velor Inc. bought supplies on credit for $300. e) The bill for the $500 advertising campaign that ran last week was received today and paid. f) Paid bi-weekly salaries of $3,750. g) Velor Inc. purchased supplies by paying $500 cash. h) Velor Inc. paid $1,000 for equipment purchased today. i) Velor Inc. paid $100 towards the bill from an earlier transaction. j) Velor Inc. used credit to purchase $4,500 of equipment. k) Furniture was rented by a customer for $1,200 cash. 1) Linda Champion, a shareholder of Velor Inc., received share capital after having transferred to the business a building worth $74,000 and the $11,000 remaining balance of the related short-term note payable. m) Velor Inc. performed consulting services for a customer and received $600. n) Velor Inc. provided $4,750 of consulting services for a customer who will pay within 30 days. o) Velor Inc. purchased $22,000 of equipment by borrowing the amount from the bank through a short-term note payable. Activate Windows Go to Settings to activate Windows

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