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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Another team member who is preparing the Budgeted Balance Sheet for the business for the same quarter ending September 30, 2022, has asked you to furnish him with the figures for the expected trade receivables and payables to be included in the statement. Is that a reasonable request? If yes, what should these amounts be?
For each transaction indicate whether the assets, liabilities, or owner’s equity increased (I), decreased (D) or Did not Change (NE). Business Transactions Assets Liabilities Owner’s Equity 1 Purchase of supplies on credit 2 Paid utility expense 3 Received a loan granted by bank 4 Withdraws cash from the business 5 Paid salaries and wages 6 Received from customers as sales 7 Received promissory note from rental business 8 Paid advertising expense 9 Paid P1,000 to creditors 10 Billed customer for video rental
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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
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