For each of the following transactions, indicate whether the accounts affected are an asset, a liability, an equity, an income or an expense. Also indicate whether the accounts are being increased or decreased and whether the increase or decrease is a debit or credit. Ignore GST.

Example: Paid for advertising.

Increase an expense (debit), decrease an asset (credit)

1. Owner gave their personal computer to the business.

2. Employed an administration assistant.

3. Electronic payment made for insurance 6 months in advance.

4. Purchased supplies on credit.

5. Paid a creditor using an electronic transfer.

6. Invoiced a customer for services performed.

7. Owner paid for their personal groceries using the business credit card.

8. Used a bank transfer from Cash at Bank and a loan to purchase office equipment.

9. Received cash from a customer that owed the business money.

10. Paid for a digital media advertisement.