Indicate on the columns effected the value of increase or decrease for each accounting element: ASSETSLIABILITIESOWNER’S EQUITY DEBITCREDITDEBITCREDITDEBITCREDITThe owner invested P50, 000 cash to start the business. Purchase office supplies on account, payable next week, P2, 000. Collected P10, 000 cash for services rendered to customer. Purchase office machine, 15, 000, P5, 000 down, balance issued with promissory note. Rendered P20, 000 services, collectible next week. Paid the account in number 2. Paid P500 electric bill for electric consumed in conduct of business. Collected the account in number 5. Paid P5, 000 personal drawing of the owner. Received P200 water bill, payable next week. Rendered services to water company, off set against the P200 account payable to the water company. Used office supplies, P500.

Name: Indicate on the columns effected the value of increase or decrease for
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Indicate on the columns effected the value of increase or decrease for each accounting element: ASSETSLIABILITIESOWNER’S EQUITY DEBITCREDITDEBITCREDITDEBITCREDITThe owner invested P50, 000 cash to start the business. Purchase office supplies on

Every accounting transaction has an effect on the accounting equation. The accounting equation is…

Answered: effected the value of increase or…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 5PB: Lavender Company started its business on April 1, 2019. The following are the transactions that...

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

Indicate on the columns effected the value of increase or decrease for each accounting element:

ASSETS

LIABILITIES

OWNER’S EQUITY

DEBIT

CREDIT

DEBIT

CREDIT

DEBIT

CREDIT

The owner invested P50, 000 cash to start the business.

Purchase office supplies on account, payable next week, P2, 000.

Collected P10, 000 cash for services rendered to customer.

Purchase office machine, 15, 000, P5, 000 down, balance issued with promissory note.

Rendered P20, 000 services, collectible next week.

Paid the account in number 2.

Paid P500 electric bill for electric consumed in conduct of business.

Collected the account in number 5.

Paid P5, 000 personal drawing of the owner.

Received P200 water bill, payable next week.

Rendered services to water company, off set against the P200 account payable to the water company.

Used office supplies, P500.

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

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