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Richmond Inc. records its business transactions into the basic accounting equation.For each of the following independent business activities, indicate the effect on the basic accounting equation.$$ Select ALL the correct answers for each activity.$1.$ Collected $$2,100$ of accounts receivable from a customer.$$increase assets$$decrease equity$$increase liabilities$$no entry requiredincrease equity$$decrease liabilities$$decrease assets$2.$ Hired a new employee, who will be paid $$500$ per week and who will start next week.decrease liabilities$$increase equity$$no entry requiredincrease liabilities$$decrease assets$$decrease equity$$increase assets$3.$ A two$-$year insurance policy for $$2,400$ was purchased three months ago. One months worth has been used in the current month.decrease assets$$decrease liabilities$$no entry requiredincrease assets$$increase liabilities$$increase equity$$decrease equity$4.$ Purchased $$700$ of inventory on account.increase liabilities$$decrease liabilities$$decrease assets$$decrease equity$$increase assets$$increase equity$$no entry required$5.$ Provided $$4,450$ of services to a customer on account.decrease liabilities$$increase liabilities$$decrease assets$$decrease equity$$increase equity$$no entry requiredincrease assets$6.$ Received $$1,300$ cash from a customer for work to be performed next month.no entry requiredincrease equity$$decrease liabilities$$decrease assets$$increase liabilities$$decrease equity$$increase assets$7.$ Provided $$1,700$ of services to a customer who paid in advance last month.decrease assets$$increase assets$$no entry requiredincrease liabilities$$decrease liabilities$$increase equity$$decrease equity$8.$ Received a utility bill for $$335.$ The bill will be paid early next month.no entry requireddecrease equity$$decrease liabilities$$increase equity$$increase assets$$increase liabilities$$decrease assets$9.$ Paid a $$300$ dividend in cash to the owners.decrease liabilities$$no entry requireddecrease equity$$increase liabilities$$increase equity$$decrease assets$$increase assets$$

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