FAC2601 Assignment 1 Semester 1 2023 Questions and Answer

cash purchase of office supplies - -increase one asset and decrease another asset --owner withdrew cash from the business - -decrease an asset and decrease equity --paid cash on accounts payable - -decrease asset and decrease liability --made a cash sale for services - -increase an asset and increase equity --borrowed money from the bank - -increase an asset and increase a liability --Received $520 cash for service revenue earned. - -increased asset cash increase equity service revenue --Martin contributed $1,000 to the business in exchange for capital. - -increased asset cash increased equity Martin;capital --Paid $325 cash for salaries expense. - -decrease equity salaries expense decrease asset cash --Earned $ 640 for service revenue, but the customer has not paid Tiny Town Kennel yet. - -increased asset accounts receivable increased equity service revenue --Received utility bill of $85 which will be paid next month. - -increased liability accounts payable decrease equity utility expense --Martin withdrew $ 100 cash. - -decrease equity martin withdrawals decreased asset cash