1. Match up the following transactions with the letter of the entries (A - 1) below. (1 point each) The company sold a product for cash. The monthly rent on the company building was paid. Payroll was processed and checks mailed out. The amount of taxes due was calculated but not paid. The company owner invested more money in the business. The company took out a loan. A loan was paid off. The company sold a product on credit and gave the customer 30 days to pay. The company bought land and took out a loan for the entire amount. A. Taxes payable goes up, and tax expense goes up. B. Payroll checking account goes down, and payroll expense goes up. C. Owner's equity goes up and cash or checking goes up. D. The loan liability goes down and checking goes down. E. Sales revenue goes up and cash goes up. F. Rent expense goes up and cash or checking goes down. G. Accounts receivable went up and sales went up. H. Bank loan goes up and checking goes up. I. Land goes up and mortgage loan goes up. Choose the correct letter for the following transactions. Letters may be used more than once. 2. Taxes payable goes up, and tax expense goes up. A. Assets decrease, expenses increase 3. Payroll checking account goes down, and payroll expense goes up. B. Liabilities increase, expenses 4. Owner's equity goes up and cash or checking goes up. increase C. Assets increase, income 5. The loan liability goes down and checking goes down. increases 6. Sales revenue goes up and cash goes up. D. Assets decrease, liabilities decrease 7. Cash or checking goes down and rent expense goes up. E. Assets increase, liabilities increase 8. Accounts receivable went up and sales went up. F. Assets increase, equity increases 9. Bank loan goes up and checking goes up