Identify how each of the following transactions affects the company's financial statements. For the balance sheet, identify how each transaction affects total assets, total liabilities, and equity. For the income statement, identify how each transaction affects net income. If there is an increase, place a "-" in the column or columns. If there is a decrease, place a "+" in the column or columns. If there is both an increase and a decrease, place a "+/-" in the column or columns. The line for the first transaction is completed as an example.

Transcribed Image Text:

Income Statement Balance Sheet Total Assets Total Liabilities Net Income Transaction Equity 1Owner invests cash 2 Sell services for cash 3Acquire services on credit 4 Pay wages with cash 5 Owner withdraws cash 6 Borrow cash with note payable 7 Sell services on credit 8 Buy office equipment for cash 9 Collect receivable from (7) 10 Buy asset with note payable