Question

Below are some transactions that affect parts of the accounting equation.

Complete the table by filling in the blanks with the name of an account, and either a + (increase) - (decrease) or nil (no change). Every box must be filled.

		Assets	Liabilities	Capital
A	Owners started a business with cash.
B	Owners borrowed money from friends.
C	Purchased equipment on credit.
D	Bought stock on credit.
E	Paid half of the amount owed for equipment.
F	Gave service to customers on credit.
G	Paid for stock bought earlier on credit.
H	Received payment for service given.
I	Owners withdrew cash for living expenses.

Answer 1

		Assets	Liabilities	Capital
A	Owners started a business with cash.	+	nil	+
B	Owners borrowed money from friends.	+	+	nil
C	Purchased equipment on credit.	+	+	nil
D	Bought stock on credit.	+	+	nil
E	Paid half of the amount owed for equipment.	-	-	nil
F	Gave service to customers on credit.	+	nil	+
G	Paid for stock bought earlier on credit.	-	-	nil
H	Received payment for service given.	nil	nil	nil
I	Owners withdrew cash for living expenses.	-	nil	-