Select the correct answer from the dropdown menu which describes the impact the followingtransactions have on the asset. liabilities and equity sections of the accounting equation. Youmust select an answer for every cell Le. Assets, Liabilities and Equity. 9.Owner[select]increase/[select]increase/withdrawaldecrease/decrease/of fundsno change no change10.Used $500[select]worth of the[select]increase/increase/suppliesdecrease/decrease/previouslyno changeno changerecorded11.Made a [select][select]increase/paymentincrease/against thedecrease/decrease/loanno changeno change12.Used one[select][select]increase/month of theincrease/insurancedecrease/decrease/policyno change no change[select]increase/decrease/no change[select]increase/decrease/no change[select]increase/decrease/no change[select]increase/decrease/no change Transaction AssetsLiabilities1.Computer [select][select]equipment increase/increase/purchaseddecrease/decrease/with cashno changeno change2.Paid salariesowing from[select]increase/[select]increase/the previousdecrease/decrease/accuntingperiodno changeno change3.Took out[select]increase/[select]increase/a loan fordecrease/decrease/$100.000no changeno change4.Providedservice for[select]increase/[select]increase/$5.000decrease/decrease/cash receivedno changeno changeimmediately5.Purchased [select][select]supplies forincrease/increase/$3.000decrease/decrease/cashno change no change[select][select]6.Contributedincrease/increase/capitaldecrease/decrease/no change no change[select]7.Sales made[select]increase/increase/on credittermsdecrease/decrease/no change no change8.Purchased[select]an insurance[select]increase/increase/policy for 12months ondecrease/decrease/no change no changecredit termsEquipty[select]increase/decrease/no change[select]increase/decrease/no change[select]increase/decrease/no change[select]increase/decrease/no change[select]increase/decrease/no change[select]increase/decrease/no change[select]increase/decrease/no change[select]increase/decrease/no change

Accounting equation means the relation between the assets , liabilities and owner equity. Assets…

Select the correct answer from the dropdown menu which describes the impact the following transactions have on the asset. liabilities and equity sections of the accounting equation. You must select an answer for every cell Le. Assets, Liabilities and Equity.

Select the correct answer from the dropdown menu which describes the impact the following transactions have on the asset. liabilities and equity sections of the accounting equation. You must select an answer for every cell Le. Assets, Liabilities and Equity.

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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