Answer the following questions for each transaction. Step 1 What accounts are involved in the transaction? Step 2 Is the account an asset, liability, capital, revenue, or expense account? Step 3 Is the value of the account increasing or decreasing? Step 4 On what side does the account increase or decrease? Debit or Credit side? Every transaction must have at least one account that is debited and one account that is credited. Debits must equal Credits. The business uses the following accounts. Assign each account an account number to create a Chart of Accounts. Account Name Account Number Cash 101 Accounts Receivable Office Supplies Land Accounts Payable Advertising Payable Unearned Revenue Notes Payable Yarwood, Capital Yarwood, Drawing Service Revenue Salaries Expense Rent Expense Utilities Expense Adverting Expense What do you need to do? Analyze each of the transactions by filling in the chart. Date Accounts involved in transaction? Classification of the account? Increasing or Decreasing? Debit or Credit the Account? Amount? Ye 7/1 Cash Asset Increasing Debit $68,000 Yarwood, Capital Capital Increasing Credit $68,000 7/5 7/9 Cash 7/10 $1,800 7/19 7/22 $1,700 7/28 Accounts Payable 7/31 7/31 7/31 7/31