Indicate how the following transactions affect the three elements of the accounting equation.

Prompts

Answers

Question $6$

$1$

Owner invests cash in the business

Increase Assets, Increase Owner$$s Equity

Option $01,$ selected.

Question $6$

$2$

Paid rent on office for the month with cash

Increase Assets, Increase Liabilities

Option $11,$ selected.

Question $6$

$3$

Owner withdraws cash for personal use

Increase Assets, Increase Owner$$s Equity

Option $01,$ selected.

Question $6$

$4$

Purchase supplies on account

Select match

Question $6$

$5$

Received cash for services performed

Select match

Question $6$

$6$

Purchase equipment for cash

Select match

Question $6$

$7$

Paid for utilities used in the business

Select match

Question $6$

$8$

Paid creditors on account