CENGAGE MINDTAP ACCOUNTING OWP: 1-2 End Of Lesson Review

2. 1-2 ON YOUR OWN, p. 17

Transactions
1. Received cash from owner as an investment.
2. Bought supplies on account.
3. Paid cash for supplies.
4. Paid cash for insurance.
5. Paid cash on account.

For each transaction, enter a plus sign (+) in the appropriate column if the account classification asset, liability, or owners equity is increased. Enter a minus sign (-) in the appropriate column if the account classification is decreased. Both a plus sign (+) and a minus sign (-) can be entered, if necessary.