B. Tuning-in Activity- Double Entry Bookkeeping Instructions: Business transactions always affect two accounts. Identify the effect-increase, decrease, or no effect of each entry on assets, liabilities, and owner's equity. Assets Liabilities Owner's Equity a Entries 1. Assets invested by owner 2. Assets borrowed from a creditor 3. Assets purchased for cash 4. Assets purchased on account 5. Cash withdrawn by owner 6. Payment of liability to creditors 7. Payment of liability with another liability 8. Payment of liability from owner's personal cash