For each of the transactions below, record whether it would result in an increase or decrease in assets and/or liabilities. An organization:
1. Purchases supplies with cash.
2. Purchases supplies on account.
3. Takes out a loan.
4. Repays loan principal.
5. Receives payment on a pledge.
6. Makes a payment on an amount it owes.
7. Prepays for insurance.
8. Pays employee wages that have beenearned.