ACTIVITY 1 Directions: For each transaction, tell whether the assets, liabilities, and equity will increase, decrease, or have no effect. Write + for increase, (-) for decrease, and NE for no effect. Assets Liabilities 1. The owner invested cash in the business. 2. The owner withdrew cash for personal use. Owner's Equity 3. The company received cash from a bank loan. 4. The company paid the bank loan. 5. The company purchased supplies on a cash basis. 6. The owner contributed her personal computer to the business 7. The company purchased equipment on account 8. The company purchased a piece of land with a down payment and signed note, 9. The owner bought furniture for the business on account, 10. The company repaid its suppliers
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ACTIVITY 1 Directions: For each transaction, tell whether the assets, liabilities, and equity will increase, decrease, or have no effect. Write + for increase, (-) for decrease, and NE for no effect. Assets Liabilities 1. The owner invested cash in the business. 2. The owner withdrew cash for personal use. Owner's Equity 3. The company received cash from a bank loan. 4. The company paid the bank loan. 5. The company purchased supplies on a cash basis. 6. The owner contributed her personal computer to the business 7. The company purchased equipment on account 8. The company purchased a piece of land with a down payment and signed note, 9. The owner bought furniture for the business on account, 10. The company repaid its suppliers