QUESTIONS Please indicate the effect/impact of each transaction on the relevant accounts. Please follow the example shown. EXAMPLE: (1) Owner invested 20,000 cash in the business ANSWER: (1) Cash increased by 20,000 Owner capital increased by 20,000. Transactions (1) Purchased 1,000 of supplies on credit (2) Purchased 15,000 equipment for 10,000 cash and 5,000 note. (3) Received 25,000 cash for consulting service to be performed next month. (4) At 31 December, the company paid 12,000 cash for December's rent, (5) Received 14,000 cash for 4,000 consulting service and 10,000 rental For the toolbar, press ALT+F 10 (PC) or ALTFN+F10/Mac! BI V S Paragraph Arial 10pt Hii iii T I. A X C E