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Write TRUE f the analysis for each transaction is correct and FALSE if it is not.  The owner purchased furniture for Php5,500 on account Analysis:  Increase in Asset:                             Furniture and Fixture Php 5,500 Decrease in Asset:                           Accounts Receivable Php 5,500 The business bought a lot for Php50,000 paying cash of Php20,000 with the balance covered by a promissory note Analysis: Increase in Asset:                              Land Php50,000 Decrease in Asset:                            Cash Php20,000 Increase in Liability:                          Notes Payable Php30,000

Write TRUE f the analysis for each transaction is correct and FALSE if it is not.  The owner purchased furniture for Php5,500 on account Analysis:  Increase in Asset:                             Furniture and Fixture Php 5,500 Decrease in Asset:                           Accounts Receivable Php 5,500 The business bought a lot for Php50,000 paying cash of Php20,000 with the balance covered by a promissory note Analysis: Increase in Asset:                              Land Php50,000 Decrease in Asset:                            Cash Php20,000 Increase in Liability:                          Notes Payable Php30,000

FINANCIAL ACCOUNTING
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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Write TRUE f the analysis for each transaction is correct and FALSE if it is not. 

The owner purchased furniture for Php5,500 on account

Analysis: 

Increase in Asset:                             Furniture and Fixture Php 5,500

Decrease in Asset:                           Accounts Receivable Php 5,500

The business bought a lot for Php50,000 paying cash of Php20,000 with the balance covered by a promissory note

Analysis:

Increase in Asset:                              Land Php50,000

Decrease in Asset:                            Cash Php20,000

Increase in Liability:                          Notes Payable Php30,000

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