Work Together P.128 Answers - 5-1

Assumed to be middle school or early high school, based on common curriculum structures.

| | Assets | = | Liabilities | + | Owner's Equity | | :--- | :--- | :--- | :--- | :--- | :--- | | (a) Investment | Increase (Debit Cash) | | | | Increase (Credit Capital) | | (b) Supplies | Increase (Debit Supplies) / Decrease (Credit Cash) | | | | No Change | | (c) Rent | Decrease (Credit Cash) | | | | Decrease (Debit Rent Expense) | 5-1 Work Together P.128 Answers

Buying supplies on account increases:

Fill out the first to ensure you don't forget to deduct the amount from your balance. Assumed to be middle school or early high