Thomas Inc. records their business transactions into the basic accounting equation.

For each of the following independentbusiness activities, indicate the effect on the basic accounting equation.

Hire a new employee who will be paid $400 per week. They start next month.

A. Increase assets, decrease assets

B. Increase assets, decrease liabilities

C. Increase assets, increase liabilities

D. Increase assets, increase equity

E. Increase assets, decrease equity

F. Increase liabilities, increase equity

G. Increase liabilities, decrease equity

H. Decrease liabilities, increase equity

I. Decrease liabilities, decrease equity

J. Decrease assets, decrease liabilities

K. Decrease assets, increase liabilities

L. Decrease assets, increase equity

M. Decrease assets, decrease equity

N. No entry is required.

Enter the correct LETTER choice (A B C D E F G H I J K L M N )

Purchase $500 of supplies on account.

A. Increase assets, decrease assets

B. Increase assets, decrease liabilities

C. Increase assets, increase liabilities

D. Increase assets, increase equity

E. Increase assets, decrease equity

F. Increase liabilities, increase equity

G. Increase liabilities, decrease equity

H. Decrease liabilities, increase equity

I. Decrease liabilities, decrease equity

J. Decrease assets, decrease liabilities

K. Decrease assets, increase liabilities

L. Decrease assets, increase equity

M. Decrease assets, decrease equity

N. No entry is required.

Enter the correct LETTER choice (A B C D E F G H I J K L M N )

The company paid $700 in dividends to the owners.

A. Increase assets, decrease assets

B. Increase assets, decrease liabilities

C. Increase assets, increase liabilities

D. Increase assets, increase equity

E. Increase assets, decrease equity

F. Increase liabilities, increase equity

G. Increase liabilities, decrease equity

H. Decrease liabilities, increase equity

I. Decrease liabilities, decrease equity

J. Decrease assets, decrease liabilities

K. Decrease assets, increase liabilities

L. Decrease assets, increase equity

M. Decrease assets, decrease equity

N. No entry is required.

Enter the correct LETTER choice (A B C D E F G H I J K L M N )

Collected $1,100 of accounts receivable from a customer.

A. Increase assets, decrease assets

B. Increase assets, decrease liabilities

C. Increase assets, increase liabilities

D. Increase assets, increase equity

E. Increase assets, decrease equity

F. Increase liabilities, increase equity

G. Increase liabilities, decrease equity

H. Decrease liabilities, increase equity

I. Decrease liabilities, decrease equity

J. Decrease assets, decrease liabilities

K. Decrease assets, increase liabilities

L. Decrease assets, increase equity

M. Decrease assets, decrease equity

N. No entry is required.

Enter the correct LETTER choice (A B C D E F G H I J K L M N )

Insurance of $1,200, which was purchased in January, was used in May.

A. Increase assets, decrease assets

B. Increase assets, decrease liabilities

C. Increase assets, increase liabilities

D. Increase assets, increase equity

E. Increase assets, decrease equity

F. Increase liabilities, increase equity

G. Increase liabilities, decrease equity

H. Decrease liabilities, increase equity

I. Decrease liabilities, decrease equity

J. Decrease assets, decrease liabilities

K. Decrease assets, increase liabilities

L. Decrease assets, increase equity

M. Decrease assets, decrease equity

N. No entry is required.

Enter the correct LETTER choice (A B C D E F G H I J K L M N )

Received $2,300 of cash from a customer for work to be performed in the future.

A. Increase assets, decrease assets

B. Increase assets, decrease liabilities

C. Increase assets, increase liabilities

D. Increase assets, increase equity

E. Increase assets, decrease equity

F. Increase liabilities, increase equity

G. Increase liabilities, decrease equity

H. Decrease liabilities, increase equity

I. Decrease liabilities, decrease equity

J. Decrease assets, decrease liabilities

K. Decrease assets, increase liabilities

L. Decrease assets, increase equity

M. Decrease assets, decrease equity

N. No entry is required.

Enter the correct LETTER choice (A B C D E F G H I J K L M N )

Received a utility bill on April 30 for $1,250. The bill will be paid in early May.

A. Increase assets, decrease assets

B. Increase assets, decrease liabilities

C. Increase assets, increase liabilities

D. Increase assets, increase equity

E. Increase assets, decrease equity

F. Increase liabilities, increase equity

G. Increase liabilities, decrease equity

H. Decrease liabilities, increase equity

I. Decrease liabilities, decrease equity

J. Decrease assets, decrease liabilities

K. Decrease assets, increase liabilities

L. Decrease assets, increase equity

M. Decrease assets, decrease equity

N. No entry is required.

Enter the correct LETTER choice (A B C D E F G H I J K L M N )

Provide services to a customer worth $1,250, on account.

A. Increase assets, decrease assets

B. Increase assets, decrease liabilities

C. Increase assets, increase liabilities

D. Increase assets, increase equity

E. Increase assets, decrease equity

F. Increase liabilities, increase equity

G. Increase liabilities, decrease equity

H. Decrease liabilities, increase equity

I. Decrease liabilities, decrease equity

J. Decrease assets, decrease liabilities

K. Decrease assets, increase liabilities

L. Decrease assets, increase equity

M. Decrease assets, decrease equity

N. No entry is required.

Enter the correct LETTER choice (A B C D E F G H I J K L M N )

In July provided $900 of services to a customer who paid in advance in June.

A. Increase assets, decrease assets

B. Increase assets, decrease liabilities

C. Increase assets, increase liabilities

D. Increase assets, increase equity

E. Increase assets, decrease equity

F. Increase liabilities, increase equity

G. Increase liabilities, decrease equity

H. Decrease liabilities, increase equity

I. Decrease liabilities, decrease equity

J. Decrease assets, decrease liabilities

K. Decrease assets, increase liabilities

L. Decrease assets, increase equity

M. Decrease assets, decrease equity

N. No entry is required.

Enter the correct LETTER choice (A B C D E F G H I J K L M N )

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