Warrior Co. purchases tools on account, $4,700.

Required:

For the transaction above, complete the following:

(a) Select the accounts that are affected (there will be at least two).

(b) Are the selected accounts increased or decreased?

(c) What is the dollar amount of change in the accounts?

(d) If Equity is selected, choose the reason that it has changed.

Account Which accounts are affected? Is the account increased or decreased? What is the amount of transaction? Why has Equity changed?

Cash

Increase

Decrease

Accounts Receivable

Increase

Decrease

Supplies

Increase

Decrease

Tools

Increase

Decrease

Accounts Payable

Increase

Decrease

Equity

Increase

Decrease