Task Team of FUNdaMENTAL aCCOUNtIng School of Business. Sun Yat-sen University L 3 Analyzing and recording Accounting Transactions Exercises 1. Identify the effects, if any, of each of the following items of information on assets, liabilities, owners'equity, revenues, or expenses. Indicate effects with a plus or minus sign. If no adjustment is needed, write"no entry a. Earned $9, 200 by providing services to customers in exchange for cash b. Used cash to prepay 12 months of office rent, $2, 400 c. Used cash to purchase office furniture, $16,000 d. Borrowed S60.000 from Great Western Bank. e. Earned $10, 500 by providing services to customers on credit f. Depreciation of the long-term assets amounts to $1, 000 g. Wages and salaries earned by employees but unpaid amounts to $4,000 h. Two months of the office rent has been used up, $400 Ite Assets Liabilities Owners Revenues ETask Team of FUNDAMENTAL ACCOUNTING School of Business, Sun Yat-sen University Lesson 3 Analyzing and Recording Accounting Transactions Exercises 1. Identify the effects, if any, of each of the following items of information on assets, liabilities, owners’ equity, revenues, or expenses. Indicate effects with a plus or minus sign. If no adjustment is needed, write “no entry”. a. Earned $9,200 by providing services to customers in exchange for cash. b. Used cash to prepay 12 months of office rent, $2,400. c. Used cash to purchase office furniture, $16,000. d. Borrowed $60,000 from Great Western Bank. e. Earned $10,500 by providing services to customers on credit. f. Depreciation of the long-term assets amounts to $1,000. g. Wages and salaries earned by employees but unpaid amounts to $4,000. h. Two months of the office rent has been used up, $400. Item Assets Liabilities Owners’ Equity Revenues Expenses