II. For each transaction indicate whether the assets, liabilities, or owner"s equityincreased (1), decreased (D) or Did not Change (NE).Liabilities Owner"sEquityAssets1Purchase of supplies on credit2 Paid utility expense3 Received a loan granted by bank4Withdraws cash from the business5Paid salaries and wages6 Received cash from customers as sales7 Received promissory note from rentalbusiness8 Paid advertising expensePaid P1,000 to creditors10 Billed customer for video rental9.• Source:- Ferrer R C et al (20017) Fundamentals of Accountancy Business and Management part 1 Randolin Enternrise

Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…

II. For each transaction indicate whether the assets, liabilities, or owner"s equity increased (1), decreased (D) or Did not Change (NE). Liabilities Owner"s Equity Assets Purchase of supplies on credit 2 Paid utility expense Received a loan granted by bank Withdraws cash from the business Paid salaries and wages 6 Received cash from customers as sales Received promissory note from business 1 3 4 7 rental 8 Paid advertising expense Paid P1,000 to creditors 10 Billed customer for video rental Saurce: Farrer RC et al (2017) Fundamentals of Accountancy Businass and Management part 1 Randolin Fgternrise

II. For each transaction indicate whether the assets, liabilities, or owner"s equity increased (1), decreased (D) or Did not Change (NE). Liabilities Owner"s Equity Assets Purchase of supplies on credit 2 Paid utility expense Received a loan granted by bank Withdraws cash from the business Paid salaries and wages 6 Received cash from customers as sales Received promissory note from business 1 3 4 7 rental 8 Paid advertising expense Paid P1,000 to creditors 10 Billed customer for video rental Saurce: Farrer RC et al (2017) Fundamentals of Accountancy Businass and Management part 1 Randolin Fgternrise

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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2. Information: Prepaid insurance Accrued salaries Petty cash Investment in trading securities Total current assets Cash 200 150 1,200 4,560 600 Inventory, at sales value (cost = S1,500) 2,100 Unearned rent 40 Allowance for bad debts 150 Office supplies Accounts receivable 110 800 Required: Prepare the current asset section of the balance sheet. to
Show how the below transactions affect the financial position of the business as represented by A = E + L. You need to clearly indicate whether the element has increased or decreased and provide the relevant amount and account that would be affected. EG. The business pays R6 333 per month for the rental of some business premises. All rentals were paid in cash during the year. A -75 996 Bank (6 333 x 12) No. EG. -75 996 Rent Expense Please use format of table above for the below transactions The following transactions occurred in the business during the year ended 31 December 2020: 1. The owner deposited R105 000 cash into the business's bank account on 1 January 2020. 2. The business bought R450 000 worth of inventory from various suppliers during the year. 80% of these purchases were on credit and the remaining 20% were paid for in cash. 3. During the year the business paid R96 900 cash in operating costs. These costs related to goods and services that had all been used during the…
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