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Take me to the text For each transaction, indicate whether the total assets, liabilities or owner's equity will increase, decrease or did not change. If
Take me to the text
For each transaction, indicate whether the total assets, liabilities or owner's equity will increase, decrease or did not change. If an item is not changed by the transaction, select the option "No Change."
Transaction | Assets | Liabilities | Owner's Equity |
1) Paid salaries and wages for the current month. | AnswerIncreaseDecreaseNo Change | AnswerIncreaseDecreaseNo Change | AnswerIncreaseDecreaseNo Change |
2) Purchased equipment on credit. | AnswerIncreaseDecreaseNo Change | AnswerIncreaseDecreaseNo Change | AnswerIncreaseDecreaseNo Change |
3) Purchased furniture using cash. | AnswerIncreaseDecreaseNo Change | AnswerIncreaseDecreaseNo Change | AnswerIncreaseDecreaseNo Change |
4) Made an additional investment into the business. | AnswerIncreaseDecreaseNo Change | AnswerIncreaseDecreaseNo Change | AnswerIncreaseDecreaseNo Change |
5) Received payment for services to be provided next month. | AnswerIncreaseDecreaseNo Change | AnswerIncreaseDecreaseNo Change | AnswerIncreaseDecreaseNo Change |
6) Made partial payment for equipment purchased on credit. | AnswerIncreaseDecreaseNo Change | AnswerIncreaseDecreaseNo Change | AnswerIncreaseDecreaseNo Change |
7) Billed customers for services performed. | AnswerIncreaseDecreaseNo Change | AnswerIncreaseDecreaseNo Change | AnswerIncreaseDecreaseNo Change |
8) Withdrew cash for personal use. | AnswerIncreaseDecreaseNo Change | AnswerIncreaseDecreaseNo Change | AnswerIncreaseDecreaseNo Change |
9) Received payment from customers already billed. | AnswerIncreaseDecreaseNo Change | AnswerIncreaseDecreaseNo Change | AnswerIncreaseDecreaseNo Change |
10) Received bills for utilities to be paid next month. | AnswerIncreaseDecreaseNo Change | AnswerIncreaseDecreaseNo Change | Answer |
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