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For the following problems, fill in the account title in the blank space, and circle increased, decreased, or remained the same for a change
For the following problems, fill in the account title in the blank space, and circle "increased," "decreased," or "remained the same" for a change in a balance sheet account. Hint: First, identify the balance sheet accounts affected by the events and, then, whether the event increases or decreases the identified accounts. 1. If PAYMENTS TO SUPPLIERS OF MERCHANDISE are greater than COST OF GOODS SOLD, and COST OF GOODS SOLD is greater than PURCHASES OF INVENTORY, then increased, decreased, or remained the same; and increased, decreased, or remained the same. 2. If PAYMENTS TO SUPPLIERS OF MERCHANDISE are less than PURCHASES OF INVENTORY, and PURCHASES OF INVENTORY are greater than COST OF GOODS SOLD, then increased, decreased, or remained the same; and increased, decreased, or remained the same.
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