ut 65o Question One (4%) Select the appropriate financial statement for each of the following items. (A) Income statement (B) Statement of changes in equity (C) Balance sheet (D) Statement of cash flows D (1) Supplies A_(2) Net income OB (3) Ahmad Khan, Capital D(4) Advertising Expense (5) Purchased equipment for cash $_(6Withdrawals (7) Fees earned (8) Proceeds received from a loan 5 21 45000 21000 Asset = Lielb aeg 65oogt OOOO syas yb Question Two (4%) If the liabilities of a business increased $65,000 during a period of time and equity in the business decreased $21.000 during the same period, would the assets of the business have increased or decreased? By what amount? Ensure you show how you determined your answer not just write an answer. A=L+E A= 15,000 +2 Decreased by 54,000, Question Three (4%) Select from the following list items that are likely to serve as source documents. YES/NO No Credit Card y Credit Card Receipt YES Purchase Order MInvoice IN Balance Sheet YE Bank Statement Journal Entry Nd Electric Power Bill MI Cell Phone Bill 7 page 2 Assignment One AC1260 12020 Kenneth Rideout