Chapter 1 AP-16A LO 5 7 8 9 10 11 Financial Accounting in Your Personal Life Indicate whether assets, liabilities or net worth will increase or decrease and by how much, based on each transaction. The first one has been done for you. Always ensure the accounting equation is balanced. Provide an explanation only if net worth is affected. Transaction 1. Purchased a new television for $700 on credit 2. Received $2,000 in salary 3. Paid $1,200 cash for one year of insurance 4. Purchased a new $500 gaming console with cash 5. Paid for groceries with $80 cash 6. Paid $400 toward the car loan 7. Paid $30 interest on the car loan 8. Paid $600 toward unpaid bills 9. Used one month of insurance (from #3) Assets Liabilities + Net Worth Explanation +700 +700