and the account Rent Expense is Problem 4 For the following business transactions, identify the bookkeeping 8 business transactions, identify the bookkeeping accounts affected; classify the bookkeeping accounts as Asset (A), Liability (L), Equity (EQ accounts as Asset (A), Liability (L), Equity (EO), Revenue (R), or Expense (EX); and determine whether the effect is an increase or decrease on me te whether the effect is an increase or decrease on the bookkeeping accounts. 1. On July 5, a lodging business issues a check paying the July rent ospitality operation uses the asset method of accounting for supplies. Supplies of $600 are purchased on open account. 3. A hospitality facility uses the perpetual inventory system. Storeroom purchas $1,000 are made on open account. 4. A hospitality business uses the perpetual inventory system. The Storeroom Requisi- tions Report shows that food provisions of $3,000 were issued for the month. 5. Continue using the information from the previous transaction (Number 4). The food and beverage manager's report shows that total employee meals for the month were $60. 6. A guest tab shows the following information: food at $60, beverage at $20, and sales tax at $4.80. The guest paid with a Visa credit card. 7. A business issues a check paying the currently due mortgage. The principal is $800 and the interest is $900