Activity 1. Listed below are seven business transactions of EMF Company during its first month of operations. What elements of the accounting equation is/are affected by the following transactions? Fill in the amount in the proper elements column. Keep in mind the accounting equation. Number 1 was already done for you. 1. XYZ Company purchased inventory on credit P 20,000 2. Deposited cash worth P 5000 which it has kept in its locker to local bank. 3. Received interest from its deposit in the bank. The interest amounts to P 200 A fire broke in the warehouse of XYZ Company. Only P2,000 worth of inventory was 4. affected 5. XYZ Company sold merchandise worth P 4,000. 6. Paid income taxes worth P 5,000 7. Paid P 40.000 to advertise its product to the public
Activity 1. Listed below are seven business transactions of EMF Company during its first month of operations. What elements of the accounting equation is/are affected by the following transactions? Fill in the amount in the proper elements column. Keep in mind the accounting equation. Number 1 was already done for you. 1. XYZ Company purchased inventory on credit P 20,000 2. Deposited cash worth P 5000 which it has kept in its locker to local bank. 3. Received interest from its deposit in the bank. The interest amounts to P 200 A fire broke in the warehouse of XYZ Company. Only P2,000 worth of inventory was 4. affected 5. XYZ Company sold merchandise worth P 4,000. 6. Paid income taxes worth P 5,000 7. Paid P 40.000 to advertise its product to the public
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter3: The Double-entry Framework
Section: Chapter Questions
Problem 5SEA: TRANSACTION ANALYSIS Linda Kipp started a business on May 1, 20--. Analyze the following...
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