Select the correct answer from the dropdown menu which describes the impact the following transactions have on the asset, liabilities, and equity sections of the accounting equation. You must select an answer for every cell i.e. Assets, Liabilities and Equity.

Selection choices: Decrease; Increase; No change.

Transaction	Assets	Liabilities	Equity
1. Land and buildings purchased with cash
2. Paid accounts owing from the previous accounting period
3. Took out a loan for $400,000
4. Performed accounting services for $17,000 the cash was received immediately
5. Purchased office supplies for $13,000 cash
6. The owner contributed capital to the business
7. Performed services on credit terms
8. Purchase an insurance policy for the next 12 months on credit terms
9. The owner withdrew funds of $7,000
10. Used $3,000 worth of the office supplies previously recorded in part 5
11. Made a $8,000 payment against the loan
12. Used one moth of the insurance policy