III. For each transaction, indicate whether the assets (A), liabilities (L) or owner's equity (OE), increased (+), decreased (-), or did not change (0) by placing the appropriate sign in the appropriate column. A L OE 1 Collected an account receivable in full 2 Paid cash for supplies 3 Returned supplies purchased on account 4 Paid cash to settle accounts 5 Paid cash to owner for personal use 6 Received cash as additional investment 7 Purchased supplies on account 00 8 Charged customers for services made o account 9 Rendered services to cash customers 10 Paid cash for rent on building IV. Indicate whether each of the above transactions is a source of assets (SA), use of assets (UA), exchange of assets (EA), or exchange of claims (EC) transaction. 1. Received cash investment from the owner. 2. Paid cash on accounts payable. 3. Collected cash from accounts receivable. 4. Made cash distribution to the owner. 5. Paid cash for rent expense. 6. Invested cash in time deposit. 7. Purchased land with cash. 8. Performed services for clients on account. 9. Incurred operating expenses on account. 10. Performed services for cash. V. Indicate the effects of each transaction on the space provided. Choose from the choices below: a. Increase an asset, decrease another asset b. Increase an asset, increase a liability c. Increase an asset, increase owner's equity d. Decrease an asset, decrease a liability e. Decrease an asset, decrease owner's equity 1. Cash received from delivery services, P92,700. 2. Paid creditors on account, P20,000. 3. Received cash from owner as an additional investment, P600,000. 4. Paid advertising expense, P5,000. 5. Billed customers for delivery services on account, P55,200. 6. Purchased supplies for cash, P6,000. 7. Paid rent for July, P20,000. 8. Received cash from customers on account, P25,440. 9. Determined that the cost of supplies on hand was P1,440 so P4,560 of the supplies were used during the month. 10. Owner withdrew cash for personal use, P20,000.

III. For each transaction, indicate whether the assets (A), liabilities (L) or owner's equity (OE), increased (+), decreased (-), or did not change (0) by placing the appropriate sign in the appropriate column. A L OE 1 Collected an account receivable in full 2 Paid cash for supplies 3 Returned supplies purchased on account 4 Paid cash to settle accounts 5 Paid cash to owner for personal use 6 Received cash as additional investment 7 Purchased supplies on account 00 8 Charged customers for services made o account 9 Rendered services to cash customers 10 Paid cash for rent on building IV. Indicate whether each of the above transactions is a source of assets (SA), use of assets (UA), exchange of assets (EA), or exchange of claims (EC) transaction. 1. Received cash investment from the owner. 2. Paid cash on accounts payable. 3. Collected cash from accounts receivable. 4. Made cash distribution to the owner. 5. Paid cash for rent expense. 6. Invested cash in time deposit. 7. Purchased land with cash. 8. Performed services for clients on account. 9. Incurred operating expenses on account. 10. Performed services for cash. V. Indicate the effects of each transaction on the space provided. Choose from the choices below: a. Increase an asset, decrease another asset b. Increase an asset, increase a liability c. Increase an asset, increase owner's equity d. Decrease an asset, decrease a liability e. Decrease an asset, decrease owner's equity 1. Cash received from delivery services, P92,700. 2. Paid creditors on account, P20,000. 3. Received cash from owner as an additional investment, P600,000. 4. Paid advertising expense, P5,000. 5. Billed customers for delivery services on account, P55,200. 6. Purchased supplies for cash, P6,000. 7. Paid rent for July, P20,000. 8. Received cash from customers on account, P25,440. 9. Determined that the cost of supplies on hand was P1,440 so P4,560 of the supplies were used during the month. 10. Owner withdrew cash for personal use, P20,000.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 4EB: For each of the following transactions, state which special journal (Sales Journal, Cash Receipts...

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