Indicate whether the account balances will increase or decrease and by how much, based on each transaction.Where a transaction affects two accounts in the same category, enter the positive amount in the first space and enter the negative amount in second.
 

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Transaction Purchased a new TV for $900 on credit. 1) Purchased $81 worth of fuel on credit. 2) Made a $1,180 bank loan payment. 3) Purchased a chandelier for $1,170 cash. 4) Prepaid three months of insurance with $390 cash. 5) Received a cash gift of $930. 6) Used up one of three months of prepaid insurance. 7) Paid interest of $59, in cash, on the car loan. 8) Received a utility bill for $69 to be paid next month. Assets 900 ties 900 Transaction Purchased a new TV for $900 on credit. 1) Purchased $81 worth of fuel on credit. 2) Made a $1,180 bank loan payment. 3) Purchased a chandelier for $1,170 cash. 4) Prepaid three months of insurance with $390 cash. 5) Received a cash gift of $930. 6) Used up one of three months of prepaid insurance. 7) Paid interest of $59, in cash, on the car loan. 8) Received a utility bill for $69 to be paid next month. Assets 900 ties 900

Answer rating: 100% (QA)

1Assets will decrease by 81 and Liabilities will increase by 81 2Assets will decrea... View the full answer