or each transaction indicate whether the assets, liabilities, or owner’s equity increased (I), decreased (D) or Did not Change (NE). Business Transactions Assets Liabilities Owner’s Equity 1 Purchase of supplies on credit 2 Paid utility expense 3 Received a loan granted by bank 4 Withdraws cash from the business 5 Paid salaries and wages 6 Received from customers as sales 7 Received promissory note from rental business 8 Paid advertising expense 9 Paid P1,000 to creditors 10 Billed customer for video rental
or each transaction indicate whether the assets, liabilities, or owner’s equity increased (I), decreased (D) or Did not Change (NE). Business Transactions Assets Liabilities Owner’s Equity 1 Purchase of supplies on credit 2 Paid utility expense 3 Received a loan granted by bank 4 Withdraws cash from the business 5 Paid salaries and wages 6 Received from customers as sales 7 Received promissory note from rental business 8 Paid advertising expense 9 Paid P1,000 to creditors 10 Billed customer for video rental
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter23: Statement Of Cash Flows
Section: Chapter Questions
Problem 1CE
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Topic Video
Question
For each transaction indicate whether the assets, liabilities, or owner’s equity increased (I), decreased (D) or Did not Change (NE).
Business Transactions |
Assets |
Liabilities |
Owner’s Equity |
|
1 |
Purchase of supplies on credit |
|||
2 |
Paid utility expense |
|||
3 |
Received a loan granted by bank |
|||
4 |
Withdraws cash from the business |
|||
5 |
Paid salaries and wages |
|||
6 |
Received from customers as sales |
|||
7 |
Received promissory note from rental business |
|||
8 |
Paid advertising expense |
|||
9 |
Paid P1,000 to creditors |
|||
10 |
Billed customer for video rental |
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