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Accounting
for increase, (-)

for increase, (-)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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decrease, and NE for no effect. Write your answers on a. increase, decrease, or have no effect. Write Directions: For each transaction, tell whether the assets, liabilities, and equity will + for increase, (-) for separate sheet. of paper. Owner's Equity Assets Liabilities 1. The owner invested cash in the business. 2. The owner withdrew cash for personal use. 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 owVner 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 comраny repaid its suppliers.
Transcribed Image Text:decrease, and NE for no effect. Write your answers on a. increase, decrease, or have no effect. Write Directions: For each transaction, tell whether the assets, liabilities, and equity will + for increase, (-) for separate sheet. of paper. Owner's Equity Assets Liabilities 1. The owner invested cash in the business. 2. The owner withdrew cash for personal use. 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 owVner 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 comраny repaid its suppliers.
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