Match the transaction with the impact on the balance sheet. If more than one transaction is identified, use the last transaction that would be processed. 4 Last month, we received cash in advance from our customer Joe. We have now completed what we promised to do for him. 1. $40,000 increase in assets 3 2. $600 decrease in assets Payroll was completed on the 28th of the month. Our employees worked through the 30th. 3. $40,000 decrease in liabilities 2 4. $600 increase in liabilities We recorded our monthly supplies expense. 1 We are a new company and just issued stock