20FL ACC231-151 Principles of Accounting 1 Suzanne K Long Dashboard / My courses / 20FL ACC231-151 Principles of Accounting 1 Suzanne K Long / Week 1: CH 2 Business Accounting & CH 4 Journals Ledgers / Chapter 2 Homework Question 2 Take me to the text Incorrect Mark 0.00 out of 1.00 P Flag Simpson Moving had the following transactions during the month. Indicate whether assets, liabilities or owner's equity will increase or decrease and by how much, based on each transaction. The first entry has been done for you. Always ensure the accounting equation is balanced. Do not enter dollar signs or commas in the input boxes. Use the negative sign for negative values. Where a transaction affects two accounts in the same category, enter the positive amount in the first space provided and enter the negative amount in the second space directly below. question Transaction Assets Liabilities Owner's Equity -200 Paid $200 cash for maintenance expense. -200 1) The owner invested $8,450 cash into the business. 4000 4000 2) Paid $4,370 cash for one year of insurance. -2400 X 2400 3) Received a telephone bill for $160 which will be paid later. 150 X 150 x 4) Purchased equipment worth $1,950 on account. 1000 X 5) Provided services and collected $4,700 cash. 4200 x 4200 6) Paid $900 towards the bank loan. -500 x -500 7) Paid $92 interest related to the bank loan. -50 x 8) Paid $800 of accounts payable. -700 x -700 X Check