Question
For each of the following transactions, indicate the accounts affected and whether the accounts affected are an asset , a liability , an equity ,
For each of the following transactions, indicate the accounts affected and whether the accounts affected are anasset, aliability, anequity, anincomeor anexpense. Also indicate whether the accounts are being increased or decreased and whether the increase or decrease is a debit or credit. Ignore GST.
1. Owner gave their personal computer to the business.
2. Employed a secretary.
3. Purchased supplies on credit.
4. Paid a creditor using an electronic transfer.
5. Invoiced a customer for services performed.
6. Paid some cash and took out a loan to purchase office furniture. 7. Received cash from a customer that owed the business money. 8. Paid for an advertisement aired on television.
Account title type of account increase normal balance
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