Complete the following chart. The first row has been completed for you.

Account		Asset Company Owns?		Liabilities Company Pays to Someone Else?		Effect on Owners Equity		Equation Element:
Cash		Yes		No		Not Appicable		Asset
Accounts Payable		select an option YesNo		select an option YesNo		select an Effect on Owners Equity IncreaseDecreaseNot Applicable		select an Equation Element AssetExpenseOwner's EquityRevenueLiability
Utilities Expense		select an option YesNo		select an option YesNo		select an Effect on Owners Equity IncreaseDecreaseNot Applicable		select an Equation Element RevenueExpenseOwner's EquityLiabilityAsset
Owners Drawings		select an option YesNo		select an option YesNo		select an Effect on Owners Equity IncreaseDecreaseNot Applicable		select an Equation Element LiabilityRevenueAssetOwner's EquityExpense
Rent Expense		select an option YesNo		select an option YesNo		select an Effect on Owners Equity IncreaseDecreaseNot Applicable		select an Equation Element RevenueLiabilityExpenseOwner's EquityAsset
Supplies		select an option YesNo		select an option YesNo		select an Effect on Owners Equity IncreaseDecreaseNot Applicable		select an Equation Element Owner's EquityAssetLiabilityExpenseRevenue
Salaries and Wages Payable		select an option YesNo		select an option YesNo		select an Effect on Owners Equity IncreaseDecreaseNot Applicable		select an Equation Element Owner's EquityRevenueAssetExpenseLiability
Prepaid Insurance		select an option YesNo		select an option YesNo		select an Effect on Owners Equity IncreaseDecreaseNot Applicable		select an Equation Element Owner's EquityAssetExpenseLiabilityRevenue
Taxes Payable		select an option YesNo		select an option YesNo		select an Effect on Owners Equity IncreaseDecreaseNot Applicable		select an Equation Element AssetOwner's EquityExpenseRevenueLiability
Service Revenue		select an option YesNo		select an option YesNo		select an Effect on Owners Equity IncreaseDecreaseNot Applicable		select an Equation Element