Homework Help is Here – Start Your Trial Now!
Business
Accounting
II. For each transaction indicate whether the assets, liabilities, or owners equity Liabilities Owner's Equity Assets 1 Purchase of supplies on credit 2 Paid utility expense 3 Received a loan granted by bank Withdraws cash from the business Paid salaries and wages 4 5 Received cash from customers as sales Received promissory note from rental business 7 Paid advertising expense Paid P1,000 to creditors 10 Billed customer for video rental

II. For each transaction indicate whether the assets, liabilities, or owners equity Liabilities Owner's Equity Assets 1 Purchase of supplies on credit 2 Paid utility expense 3 Received a loan granted by bank Withdraws cash from the business Paid salaries and wages 4 5 Received cash from customers as sales Received promissory note from rental business 7 Paid advertising expense Paid P1,000 to creditors 10 Billed customer for video rental

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Practice Pack
8:29 a. The law c. Debts • Source: Ferrer R.C. et.al. (2017). Fundamentals of Accountancy, Business and Management part 1, Bandolin. Enterprise, (Publishing and Printing) Bakakeng Sur, Baguio City b. Contract d. Other operation by law II. For each transaction indicate whether the assets, liabilities, or owners equity Liabilities Owner's Equity Assets Purchase of supplies on credit 2 1 Paid utility expense Received a loan granted by bank Withdraws cash from the business Paid salaries and wages 3 4 6 Received cash from customers as sales Received promissory note business Paid advertising expense 7 from rental 8 9 Paid P1,000 to creditors 10 | Billed customer for video rental • Source: Ferrer RC. etal (2017). Fundamentals of Accountancy, Business and Management part 1, Bandolin Enterprise, (Publishing and Printing) Bakakeng Sur, Baguio City III. BASIC ACCOUNTING EQUATION Direction: Fill up the missing amounts for each case. Case 1 P100,000 45,000 Case 3 P120,000 Case 2 Assets Liabilities Owner's Equity • Source: Ferrer R.C. etal (2017). Fundamentals of Accountancy, Business and Management part 1, Bandolin Enterprise, (Publishing and Printing) Bakakeng Sur, Baguio City 35,000 35,000 65,000 IV. EXPANDED ACCOUNTING EQUATION Direction: Fill up the missing amounts for each case. Case 1 P100,000 35,000 Case 3 P120,000 Case 2 Revenue Expenses Profit / Loss • Source: Ferrer R.C. etal (2017). Fundamentals of Accountancy, Business and Management part 1, Bandolin Enterprise, (Publishing and Printing) Bakakeng. Sur, Baguio City 35,000 45.000 25,000 14 POST-TEST A. Critical Thinking: II
Transcribed Image Text:8:29 a. The law c. Debts • Source: Ferrer R.C. et.al. (2017). Fundamentals of Accountancy, Business and Management part 1, Bandolin. Enterprise, (Publishing and Printing) Bakakeng Sur, Baguio City b. Contract d. Other operation by law II. For each transaction indicate whether the assets, liabilities, or owners equity Liabilities Owner's Equity Assets Purchase of supplies on credit 2 1 Paid utility expense Received a loan granted by bank Withdraws cash from the business Paid salaries and wages 3 4 6 Received cash from customers as sales Received promissory note business Paid advertising expense 7 from rental 8 9 Paid P1,000 to creditors 10 | Billed customer for video rental • Source: Ferrer RC. etal (2017). Fundamentals of Accountancy, Business and Management part 1, Bandolin Enterprise, (Publishing and Printing) Bakakeng Sur, Baguio City III. BASIC ACCOUNTING EQUATION Direction: Fill up the missing amounts for each case. Case 1 P100,000 45,000 Case 3 P120,000 Case 2 Assets Liabilities Owner's Equity • Source: Ferrer R.C. etal (2017). Fundamentals of Accountancy, Business and Management part 1, Bandolin Enterprise, (Publishing and Printing) Bakakeng Sur, Baguio City 35,000 35,000 65,000 IV. EXPANDED ACCOUNTING EQUATION Direction: Fill up the missing amounts for each case. Case 1 P100,000 35,000 Case 3 P120,000 Case 2 Revenue Expenses Profit / Loss • Source: Ferrer R.C. etal (2017). Fundamentals of Accountancy, Business and Management part 1, Bandolin Enterprise, (Publishing and Printing) Bakakeng. Sur, Baguio City 35,000 45.000 25,000 14 POST-TEST A. Critical Thinking: II
Expert Solution
video

Learn your way

Includes step-by-step video

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS