1. Darryl purchased a new laptop on January 1, 2010 worth $2,000. He paid the entire amount using cash. 2. He also purchased a new cell phone worth $300 and an mp3 player worth $100 on account(using his credit card). How will these transactions affect Darryl's net Worth? Assets = Liabilities + Net Worth 1. Darryl used his cash to purchase the laptop. Both are Assets; therefore, if he used one asset to purchase another, has his Net Worth changed? 2. Darryl then purchased a new cell phone and mp3 player using his credit card. The cell phone is an Asset. Darryl now owes a Liability for this purchase. Has his Net Worth changed?