You are to identify how each of the following transactions affects the company's financial statements. For the balance sheet, you are to identify how each transaction affects total assets, total liabilities, and equity. For the income statement, you are to identify how each transaction affects net income. If there is an increase, place a "+" in the column or columns. If there is a decrease, place a "-" in the column or columns. If there is both an increase and a decrease, place "+/-" In the column or columns. The line for the first transaction is completed as an example.

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Income Statement Balance Sheet Total Assets Total Liabilities Net Income Transaction Equity 1 Owner invests cash 2Pay wages with cash Acquire services on credit 4 Buy store equipment for cash 5 Borrow cash with note payable 6 Sell services for cash 7 Sell services on credit 8 Pay rent with cash 9 Owner withdraws cash 10 Collect receivable from (7)