The answer choices for each of the 2 blanks in the sentences are Liability, Revenue, Asset, Expense, Equity

For each event below determine what would likely be the type of items exchanged in the transaction and select them from the corresponding drop down boxes. If a company obtained a bank loan, it would record that it received a(n) Liability in exchange for a(n) Revenue. If a company purchased equipment, it would record that it received a(n) Asset in exchange for a(n) Expense. Answer 1: Liability Answer 2: Revenue Answer 3: Asset Answer 4: Expense