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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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IDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL
For each of the following instructions, indicate the following:
ASSETS- if the transaction results to an asset
LIABILITY- if the transaction results to a liability
EQUITY- if the transaction results to an equity
INCOME - if the transaction results to an income
EXPENSE - if the transaction results to an expense
WITHDRAWAL- if the transaction results to a withdrawal
N/A- if the transaction does not result to any of the elements.
- Payment for loans payable
- Payment for the purchase of building
- Collection of interest income
- Payment for fund withdrawal of the business owner
- Payment for the rent of the office building
- Payment for rental for the next three months.
- Payment for accrued interest liability
- Accrued and unpaid salaries of employee
- Exchange of land asset for a machinery asset.
- The owner took goods from the business for his personal consumption.
- Newly born animal offspring
- Accrued and unpaid interest on borrowing of clients.
- Accrued and unpaid interest on borrowing of the business.
- Theft of several goods in the business premises.
- Sale of P10,000 goods for P7,000 cash.
- Rendering of services to a client on account.
- Receipts of rentals for the next twelve months.
- Receipts of interest on loans receivable for the last six months.
- Collection of receivables previously billed to clients.
- Receipt of cash from owner as additional capital
- Contribution of land and building from the owner to be used as the new business office.
- Receipts of goods from supplier with a billing invoice.
- Temporary borrowing of a certain machinery from a friend of the business owner.
- Sale of building costing P1,000,000 for P1,400,000.
- Billed a client for services already done.
- Receipt of cash from clients for services to be provided in the future.
- Receipt of cash for services rendered to clients.
- Receipts of cash from collection of receivables
- Collection of rentals from lessees.
- Receipt of electric bill for the previous month
- Purchase of goods for cash
- Purchase of supplies on credit.
- Payment of cash to owner.
- Investment of additional funds by owner.
- Bonus.
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