Select the transaction that would increase assets.

a. Purchase inventory for cash

b. Provided consulting services for cash

c. Received cash from a bill sent to customers last month

d. Paid insurance for the next 3 months

Select the transaction that increases owner's equity.

a. Received cash from a bill sent to customers last month

b. Paid insurance for the next 3 months

c. Purchase inventory for cash

d. Provided consulting services for cash

The proper journal entry to record the $100 purchase of supplies on account would be:

a. Office Supplies 100

Accounts payable 100

b. Cash 100

Office Supplies 100

c. Office Supplies 100

Cash 100

d. Accounts payable 100

Office Supplies 100