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.

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.

1. Payment for loans payable
2. Payment for the purchase of building
3. Collection of interest income
4. Payment for fund withdrawal of the business owner
5. Payment for the rent of the office building
6. Payment for rental for the next three months.
7. Payment for accrued interest liability
8. Accrued and unpaid salaries of employee
9. Exchange of land asset for a machinery asset.
10. The owner took goods from the business for his personal consumption.
11. Newly born animal offspring
12. Accrued and unpaid interest on borrowing of clients.
13. Accrued and unpaid interest on borrowing of the business.
14. Theft of several goods in the business premises.
15. Sale of P10,000 goods for P7,000 cash.
16. Rendering of services to a client on account.
17. Receipts of rentals for the next twelve months.
18. Receipts of interest on loans receivable for the last six months.
19. Collection of receivables previously billed to clients.
20. Receipt of cash from owner as additional capital
21. Contribution of land and building from the owner to be used as the new business office.
22. Receipts of goods from supplier with a billing invoice.
23. Temporary borrowing of a certain machinery from a friend of the business owner.
24. Sale of building costing P1,000,000 for P1,400,000.
25. Billed a client for services already done.
26. Receipt of cash from clients for services to be provided in the future.
27. Receipt of cash for services rendered to clients.
28. Receipts of cash from collection of receivables
29. Collection of rentals from lessees.
30. Receipt of electric bill for the previous month
31. Purchase of goods for cash
32. Purchase of supplies on credit.
33. Payment of cash to owner.
34. Investment of additional funds by owner.
35. Bonus.