What elements of the accounting equation is/are affected by the following transactions? Fill in the amount in the proper elements column. Keep in mind the accounting equation. Number 1 was already done for you. 1. XYZ Company purchased inventory on credit P 20,000 2. Deposited cash worthP 5000 which it has kept in its locker to local bank. 3. Received interest from its deposit in the bank. The interest amounts to P 200 4. A fire broke in the warehouse of XYZ Company. Only P2,000 worth of inventory was affected 5. XYZ Company sold merchandise worth P 4.000. 6. Paid income taxes worth P5,000 7. Paid P 40.000 to advertise its product to the public.

What elements of the accounting equation is/are affected by the following transactions? Fill in the amount in the proper elements column. Keep in mind the accounting equation. Number 1 was already done for you. 1. XYZ Company purchased inventory on credit P 20,000 2. Deposited cash worthP 5000 which it has kept in its locker to local bank. 3. Received interest from its deposit in the bank. The interest amounts to P 200 4. A fire broke in the warehouse of XYZ Company. Only P2,000 worth of inventory was affected 5. XYZ Company sold merchandise worth P 4.000. 6. Paid income taxes worth P5,000 7. Paid P 40.000 to advertise its product to the public.

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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