1. For each of the transactions identified below, state how the asset, liability and/or equity accounts increase or decrease. Name the account and indicate whether it would be recorded as a Debit or Credit.

	ASSETS	LIABILITIES	EQUITY
Eg. Owner contributes $5000 cash to the business.	Increase. Debit Cash $5,000		Increase. Credit Contributed Capital $5000
a. Obtained a loan to buy equipment for $40,000.	Increase Debit cash $40,000	Increase Liability $40,000
b. Received $3000 in inventory goods from supplier on suppliers credit.
c. Sold the goods in b.
d. Invoiced the customer $6000 for the sale in c.
e. Paid the supplier in b. $3000
f. Paid GST (tax) of $2000