Question 6 Not checked Marked out of 16.00 Take me to the text Indicate whether

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Question 6 Not checked Marked out of 16.00 Take me to the text Indicate whether the account balances will increase or decrease and by how much, based on each transaction. The first transaction has been completed for you. Always ensure that the accounting equation is balanced Do not enter dollar sign Use the negative sign for negative values. Where a transaction affects two accounts in the same category, enter the positive amount in the first space provided and enter the negative amount in the second s or commas in the input boxes. Flag question Transaction Assets Liabilities Owner's Equity Paid $200 cash for maintenance expense 1) The owner invested $8,410 cash into the business. 2) Paid $4,270 cash for one year of insurance 200 200 3) Received a telephone bill for $140 which will be paid later 4) Purchased equipment worth $540 on account. 5) Provided services and collected $3,200 cash. 6) Paid $900 towards the bank loan 7) Paid $94 interest related to the bank loan. 8) Paid $600 of accounts payable Check Note: The "check" button does not submit your attempt. To submit the attempt, go to the end of the quiz and click on the "submit all and finish" button.

Explanation / Answer

Assets Liabilities Owner's equity 1 8410 8410 2 4270 -4270 3 140 -140 4 540 540 5 3200 3200 6 -900 -900 7 -94 -94 8 -600 -600

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