B. Direction: Determine if assets, liabilities, and equity will change; due to the economic event described. Draw an: (^) if increase, (v) if decrease, and (/) if no change in the table..

Transactions Assets Liabilities Equity

1. Setting up of the business through infusion of cash

2. Purchased insurance for the company

3. lnstallation of electric lines and water pipes

4. Purchase of inventory on account

5. Payment of purchased inventory

6. Receipt of utility bills

7. Sale of inventory on account

8. Cash receipt from the customer

9. Payment of utilities

10. Owner withdraws cash