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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Very confused with this chart. So lost. Please help me fill it out.
can you please explain how they got the answers of these three questions?
a. covered transaction b. possible suspicious transaction c. confidential transaction d. immoral transaction e. illegal transaction
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