9:17 l ?94Screenshot (52...Concept check. Use the following question set for practice.For each transaction, tell whether the assets, liabilities and equity will increase (I), decrease (D) or is not affected (NE).E1. The owner invests personal cash in the business.2. The owner withdraws business assets for personal use.3. The company receives cash from a bank loan.4. The company repays the bank that had lent money.5. The company purchases equipment with its cash.6. The owner contributes her personal truck to the business.7. The company purchases supplies on credit.8. The company purchases landby paying half in cash and signing a note.9. The owner withdraws cash for personal use.10. The company repays the suppliers.|| ||||||| 9:17 l94Screenshot (52...Aug.1Garcia invested PHP48,000 cash in the business.1Rented office space and paid PHP800 cash for the August rent.3.Purchased exploration equipment for PHP22,000 by paying PHP12,000 cash and agreeing to pay the balance in 3 months.Purchased office supplies by paying PHP1,500 cash.Completed exploration work and immediately collected PHP420 cash for the work.8Purchased PHP1,350 of office equipment on credit.Completed exploration work on credit in the amount of PHP8,000Purchased PHP700 of office supplies on credit.151820Paid cash for the office equipment purchased on August 8.24Billed a client PHP2,400 for work completed; the balance is due in 30 days.28Received PHP5,000 cash for the work completed on August 15.30Paid the assistant's salary of PHP1,100 cash for this month.30Paid PHP340 cash for this month's utility bil.30Garcia withdrew PHP1,050 cash from the business for personal use.

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Answered: Concept check. Use the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Effect of Transactions on Accounting Equation Jay Pembroke started a business. During the first month (April 20--), the following transactions occurred. a. Invested cash in business, $18,000. b. Bought office supplies for $4,300: $1,800 in cash and $2,500 on account. c. Paid one-year insurance premium, $1,000. d. Earned revenues totaling $2,800: $1,000 in cash and $1,800 on account. e. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,250. f. Paid office rent for the month, $650. g. Withdrew cash for personal use, $100. Required: Show the effect of each transaction on the individual accounts of the expanded accounting equation: Assets = Liabilities + Owner's Equity (Capital - Drawing + Revenues - Expenses). After transaction (g), report the totals for each element. Use the minus sign to indicate a decrease or reduction. in the account. If an amount box does not require an entry, leave it blank. a. b. C. d. e. f. 9- Bal. Cash + Assets (Items…
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Which of the following increase when business takes a loan from a bank? O a. Sales O b. Equity O C. Liability O d. Revenue
Explain and show through the balance sheet structure changes how the following transactions affect the money supply (M1): Transaction 1: The initial Loan from the FN Bank is taken by Mark who buys a car from a dealer. Use the balance sheet (T-accounts) to present the effects of this transaction on Mark and the car dealer, assuming that the dealer keeps money in the Second National Bank. How this transaction affects M1? Transaction 2: Assume that another guy, Jack, comes to the Second National Bank and takes the loan in the amount available. He wants to buy machinery for construction (Bulldozer) from the Caterpillar factory. Use the balance sheet (T-accounts) to present the effects of this transaction on Jack and the Caterpillar factory, assuming that the factory keeps money in the Third National Bank. How this transaction affects M1? Does this process stop eventually? Provide an intuition (and calculate) with respect how much money will be created out of the initial deposit ($400).
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The following provides a list of transactions and a list of business activities.Transactions Business Activities1. _________Borrow from the bank. a. Financing2. _________Provide services to customers. b. Investing3. _________Issue common stock to investors. c. Operating4. _________Purchase land.5. _________Pay rent for the current period.6. _________Pay dividends to stockholders.7. _________Purchase building.Required:Match the transaction with the business activity by indicating the letter that corresponds to the appropriate business activity.
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