For each of the following transactions, indicate whether the accounts affected are an asset, a liability, an equity, an income or an expense. Also indicate whether the accounts are being increased or decreased and whether the increase or decrease is a debit or credit. Ignore GST.
1. Owner gave their personal computer to the business.
2. Employed a secretary.
3. Cash payment made for insurance 6 months in advance.
4. Purchased supplies on credit.
5. Paid a creditor using an electronic transfer.
6. Invoiced a customer for services performed.
7. Owner paid for their personal groceries using the business credit card.
8. Paid some cash and took out a loan to purchase office furniture.
9. Received cash from a customer that owed the business money.
10. Paid for an advertisement aired on television.
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