Question: QUESTION 2 Analyze the following transactions for Muse, Incorporated. Note the direction of change for each account category, marking each as I for increase,

QUESTION 2 Analyze the following transactions for Muse, Incorporated. Note the direction

QUESTION 2 Analyze the following transactions for Muse, Incorporated. Note the direction of change for each account category, marking each as I for increase, D for decrease, and N for no change. 1. Muse purchases inventory, agreeing to pay the invoice in the future. Assets: Liabilities: Owners' equity: 2. Muse provides a service to a customer, receiving cash when the service is complete. Assets: Owners' equity: 3. Muse sells inventory, receiving cash from the customer. Revenue exceeds Cost of goods sold. Assets: Owners' equity: 4. On April 10, Muse pays $1,500 in cash for a April's warehouse rent. Assets: Liabilities: Liabilities: 5. On January 17, Muse receives $4,000 to provide services to a customer. The services will be provided in February and March. Assets: Liabilities: Owners' equity: 6. Muse purchases equipment, signing a note payable for the purchase. Assets: Liabilities: Liabilities: 7. Muse purchases an insurance policy on March 28. The insurance policy cost $600 cash and covers April 1 through September 30. Assets: Liabilities: Owners' equity: Owners' equity: Owners' equity:

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