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Using the transactions in PA5-1, complete the following table by indicating the sign of the effect (+ for increase, – for decrease, NE for no effect, and CD for cannot determine) of each transaction. Consider each item independently.

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a. Repaid a long-term note payable of $80,000. (Interest was paid separately.)

b. Paid cash to purchase equipment costing $120,000.

c. Purchased additional equipment costing $20,000 by issuing a long-term note payable.

d. Recorded service revenues on account of $30,000. Get Accounting Help Today

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