Indicate if it would increase or decrease
What is the effect on the accounting elements (asset, liability, equity, revenue, expense) if:
1. Check issued to pay the existing liability
2. Promissory note issued for cash loan received from the bank
3. Received cash for services rendered
4. Donation to charitable institution
5. Received statement of account from a company for the energy consumed payable next month.
1. dec asset, dec liab
2. inc asset, inc liab
3. inc asset, inc equity, inc rev
4. dec asset, dec equity
5. inc liab, inc expense
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