For each transaction indicate whether the assets, liabilities, or owner’s equity increased (I), decreased (D) or Did not Change (NE). Business TransactionsAssetsLiabilitiesOwner’s Equity1Purchase of supplies on credit 2Paid utility expense 3Received a loan granted by bank 4Withdraws cash from the business 5Paid salaries and wages 6Received from customers as sales 7Received promissory note from rental business 8Paid advertising expense 9Paid P1,000 to creditors 10Billed customer for video rental

Name: For each transaction indicate whether the assets, liabilities, or owne
Uploaded: 2024-03-04T10:43:15.000Z
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Description: For each transaction indicate whether the assets, liabilities, or owner’s equity increased (I), decreased (D) or Did not Change (NE). Business TransactionsAssetsLiabilitiesOwner’s Equity1Purchase of supplies on credit 2Paid utility expense 3Recei

The business transactions effects two or more accounts of the business effecting accounting equation…

Answered: or each transaction indicate whether…

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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For each transaction indicate whether the assets, liabilities, or owner’s equity increased (I), decreased (D) or Did not Change (NE).

	Business Transactions	Assets	Liabilities	Owner’s Equity
1	Purchase of supplies on credit
2	Paid utility expense
3	Received a loan granted by bank
4	Withdraws cash from the business
5	Paid salaries and wages
6	Received from customers as sales
7	Received promissory note from rental business
8	Paid advertising expense
9	Paid P1,000 to creditors
10	Billed customer for video rental

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