I. THE ACCOUNTING EQUATION COMPUTE THE MISSING AMOUNT CASE 1 CASE 2 CASE 3 CASE 4 CASE 5 CASE 6 CASE 7 ASSETS 10,000.00 31,000.00 36,000.00 14,600.00 56,000.00 LUABILITIES 2,000.00 | 20,000.00 48,000.00 60,000.00 OWNERS EQUITY 20,000.00 80,000.00 (11,500.00) (34,000.00) 56,000.00
I. THE ACCOUNTING EQUATION COMPUTE THE MISSING AMOUNT CASE 1 CASE 2 CASE 3 CASE 4 CASE 5 CASE 6 CASE 7 ASSETS 10,000.00 31,000.00 36,000.00 14,600.00 56,000.00 LUABILITIES 2,000.00 | 20,000.00 48,000.00 60,000.00 OWNERS EQUITY 20,000.00 80,000.00 (11,500.00) (34,000.00) 56,000.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
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Answer the given question.
Transcribed Image Text:NAME :
YEAR & SEC:
I.
THE ACCOUNTING EQUATION
COMPUTE THE MISSING AMOUNT
CASE 1
CASE 2
CASE 3
CASE 4
CASE 5
CASE 6
CASE 7
ASSETS
10,000.00 31,000.00
36,000.00
| 14,600.00 56,000.00
LUABILITIES 2,000.00
| 20,000.00 48,000.00
60,000.00
OWNERS
EQUITY
20,000.00
80,000.00
(11,500.00) (34,000.00) | 56,000.00
I.
CLASSIFICATION OF ACCOUNTING VALUES AND THEIR POSITIONS
Classify the following whether it is an Asset (A), Liability (L), Capital (C), Income (1), or Expenses (E) by
indicating on the first column provided the letter code. In the second column, indicate whether is a debit
(DR) or a credit (CR)
A. Item
Classification
DR/CR
1. Cash received
2. Insurance paid
3. Rental Collected
4. Furniture bought
5. Interest Paid
6. Rent paid
7. Owners Investment
8. Investment collected
9. Due from Customers
10. Advertisement Paid
11. Due to suppliers
12. Load from a bank
13. Owner's withdrawal
14. Salaries paid
15. Property mortgage
B. Accounts
1. Accts Receivable
2. Notes Payable
3. Rental Revenue
4. Office Supplies
5. Samson Capital
6. Notes Receivable
7. Mortgage Payable
8. Samson Personal
9. Rent Expense
10. Commission Income
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