IDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL For each of the following instructions, indicate the following: ASSETS- if the transaction results to an asset LIABILITY- if the transaction results to a liability EQUITY- if the transaction results to an equity INCOME - if the transaction results to an income EXPENSE - if the transaction results to an expense WITHDRAWAL- if the transaction results to a withdrawal N/A- if the transaction does not result to any of the elements.   Sale of P10,000 goods for P7,000 cash. Contribution of land and building from the owner to be used

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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IDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL

For each of the following instructions, indicate the following:

ASSETS- if the transaction results to an asset

LIABILITY- if the transaction results to a liability

EQUITY- if the transaction results to an equity

INCOME - if the transaction results to an income

EXPENSE - if the transaction results to an expense

WITHDRAWAL- if the transaction results to a withdrawal

N/A- if the transaction does not result to any of the elements.

 

  1. Sale of P10,000 goods for P7,000 cash.
  2. Contribution of land and building from the owner to be used as the new business office.
  3. Receipts of goods from supplier with a billing invoice
  4. Receipt of cash from clients for services to be provided in the future
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