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Describe how the following business transactions affect the three elements of the accounting equation. a. Invested cash in business. b. Received cash for services performed. c. Paid for utilities used in the business. d. Purchased supplies for cash. e. Purchased supplies on account.

Each of the following items is shown in the financial statements of ExxonMobil Corporation. Identify the financial statement (balance sheet or income statement) in which each item would appear. a. Accounts payable b. Cash equivalents c. Crude oil inventory d. Equipment e. Exploration expenses f. Income taxes payable g. Investments h. Long-term debt i. Marketable securities j. Notes and loans payable k. Notes receivable 1\. Operating expenses m. Prepaid taxes n. Sales o. Selling expenses