Reference no: EM132623169
Question - For each of the transactions, answer the questions that follow.
Transactions:
1. E. Grazio invested $ 50,000 cash in his business.
2. A building was purchased for $ 85,000. A cash payment of $ 25,000 was made and a note payable signed for the balance.
3. A $ 300 payment was made on an account payable.
4. An insurance expense of $ 800 was paid in cash.
5. E Grazio made a cash withdrawal of $ 2,500 from the business.
Required -
a) Which accounts are affected?
b) Are the accounts assets, liabilities, or owner's equity?
c) Are the accounts increased or decreased?
d) Should the affected accounts be debited or credited?
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