Question

Thank you

Complete the table below by indicating the effect (Increase, Decrease, or No Effect) on assets, liabilities, and owner's equity (an example has been provided) Owner's Assets Liabilities Transaction Pay miscellancous expenses Decrease No Effect Decrease 1) Paid salaries for current month. 2) Purchased equipment on credit. 3) Purchased furniture using cash. 4) Additional investment into the businesS 5) Received immediate payment for services provided. 6) Made partial payment for equipment purchased on credit 7) Billed customers for services performed 8) Withdrew cash for personal use. 9) Received payment from customers already billed. 10) Received bills for current utilities to be paid next month.

Answer 1

	Assets	Liabilities	Owner's equity
Pay miscellaneous expense	Decrease	No effect	Decrease
1) Paid salaries for current month	decrease	No effect	Decrease
2) Purchase equipment on credit	Increase	Increase	No effect
3) Purchase furniture using cash	No effect	no effect	No effect
4) Additional investment into business	Increase	No effect	Increase
5) Received immediate payment for service provided	Increase	No effect	Increase
6) Made partial payment for equipment purchased on credit	Decrease	Decrease	No effect
7) Billed customers for service provided	Increase	No effect	Increase
8) Withdrew cash for personal use	Decrease	No effect	Decrease
9) Received payment from customers already billed	No effect	No effect	No effect
10) Received bills for current utilities to be paid next month	No effect	Increase	Decrease