Directions: Write (+) if there is an increase, (-) if there is a decrease, or NE if thereis no effect on the assets, liabilities and equity accounts. Write youranswers on a separate sheet of paper.LiabilityOwner's EquityTransactionsAsset1. Invested cash in the business2. Purchased equipmnent on a cash basis3. Billed a customer for a spa service4. Paid employee's salary5. Purchased supplies on account6. Paid an advertisement for thecompany's new product7. Paid the rent in advance8. Received cash from customers9. Withdrew cash for some personal use10. Invested a vehicle on the company Directions: Classify each account according to its category. Put a check (V)on the right column where each item belongs. Write your answers on a separatesheet of paper.AccountAssetsLiabilitiesTitleOwner'sRevenueNon-ExpensesNon-CurrentCurrentEquityCurrentCurrentAssetsLiabilitiesAssetsLiabilities1. Cash2. AccountsPayable3. Building4. MortgagePayable5. ServiceRevenues6. AccountsReceivable7. SalariesExpense8. Inventory9. RentExpense10.UnearnedServiceRevenue

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assets, liabilities and equity accounts.

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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