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Life Support, a not for profit nursing home, had the following transactions in 2013. For each transaction, state whether an asset increased or decreased, a liability increased or decreased, or equity (revenues or expenses) increased or decreased. (Each transaction has two answers.)1. Borrowed $ 100,000 in cash from a bank.2. Bought equipment on credit.3. Sent bills to Medicaid for care of residents.4. Paid rent on January 1 for the 3 month period January March.5. Recorded depreciation on equipment it owned.6. Paid salaries to its employees.7. Made a year end accrual for interest owed the bank on money it had borrowed.
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