For each of the transactions below, record whether it would result in an increase or decrease in assets and/ or liabilities.

An organization (indicate up or down for each):

1. purchases supplies with cash.

Assets =

Liabilities =

2. purchases supplies on account.

Assets =

Liabilities =

3. takes out a loan.

Assets =

Liabilities =

4. repays loan principal.

Assets =

Liabilities =

5. receives payment on a pledge.

Assets =

Liabilities =

6. makes a payment on an amount it owes.

Assets =

Liabilities =

7. prepays for insurance.

Assets =

Liabilities =

8. pays employee wages that were earned by the employees.

Assets =

Liabilities =

9. begins using office space with a 10-year lease for the property.

Assets =

Liabilities =