Selected transactions for Peters Equipment Services are listed below:

1.Purchased a new lawn mower for $2,000, making a 10% down payment in cash, the remainderis on account.

2.Purchased $350 supplies for cash.3.Billed customers $1,500 for lawn services completed.4.Purchased used truck for $6,500, fully financed by a bank loan.5.Collected $800 from customers for services previously billed.6.Paid balance owing on lawn mower.7.Incurred telephone expenses of $85 on account.8.Completed services for customers who pay $440 cash.9.Peter Willes, the owner, invests $7,000 of additional funds in the business.10.Part of the funds invested is used to repay the full balance of the bank loan plus $65 in interestexpense.

11.$1,250 in wages is paid to employees.12.Peter withdrew $1,000 cash for personal use.

Instructions

For each transaction, state whether the transaction increases or decreases assets, liabilities, and/or owner's equity, and by what amount(s).