answer statements 1-9 using the following independent business activities;

A. Increase assets, decrease assets

B. Increase assets, decrease liabilities

C. Increase assets, increase liabilities

D. Increase assets, increase equity

E. Increase assets, decrease equity

F. Increase liabilities, increase equity

G. Increase liabilities, decrease equity

H. Decrease liabilities, increase equity

I. Decrease liabilities, decrease equity

J. Decrease assets, decrease liabilities

K. Decrease assets, increase liabilities

L. Decrease assets, increase equity

M. Decrease assets, decrease equity

N. No entry is required.

STATMENTS:

1. Hire a new employee who will be paid $400 per week. They start next month.

2. Purchase $500 of supplies on account.

3. The company paid $700 in dividends to the owners.

4. Collected $1,100 of accounts receivable from a customer

5. Insurance of $1,200, which was purchased in January, was used in May.

6. Received $2,300 of cash from a customer for work to be performed in the future.

7. Received a utility bill on April 30 for $1,250. The bill will be paid in early May.

8. Provide services to a customer worth $1,250, on account.

9. In July provided $900 of services to a customer who paid in advance in June.