ACTIVITY 5: IDENTIFYING THE ACCOUNTS AFFECTEDInstructions: Identify the ACCOUNT TITLES that are affected by the transactionsdescribed below.TRANSACTIONSACCOUNT TITLES AFFECTED1.Purchase of inventory on account2.Collection of account receivable3. Obtaining a loan4.Saleof inventory onaccount(disregard cost of sales)5. Charging of the cost of the inventorysold in #4 above as expense6.Payment of accounts payable7.Provision of capital to the business bythe owner8.Payment of the loan obtained in #3above9. Drawings of the owner from thebusiness during the period10.Purchase of equipment on cashbasis.

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Description: ACTIVITY 5: IDENTIFYING THE ACCOUNTS AFFECTEDInstructions: Identify the ACCOUNT TITLES that are affected by the transactionsdescribed below.TRANSACTIONSACCOUNT TITLES AFFECTED1.Purchase of inventory on account2.Collection of account receivable3. Obt

Journal entries recording in accounting is based on rules of debit and credit, under which atleast…

Business

Accounting

ACTIVITY 5: IDENTIFYING THE ACCOUNTS AFFECTED Instructions: Identify the ACCOUNT TITLES that are affected by the transactions described below. TRANSACTIONS ACCOUNT TITLES AFFECTED 1.Purchase of inventory on account 2.Collection of account receivable 3. Obtaining a loan Sale of inventory 4. on account (disregard cost of sales) 5. Charging of the cost of the inventory sold in #4 above as expense 6.Payment of accounts payable 7.Provision of capital to the business by the owner : 8.Payment of the loan obtained in #3 above 9. Drawings of the owner from the business during the period 10.Purchase of equipment on cash basis.

ACTIVITY 5: IDENTIFYING THE ACCOUNTS AFFECTED Instructions: Identify the ACCOUNT TITLES that are affected by the transactions described below. TRANSACTIONS ACCOUNT TITLES AFFECTED 1.Purchase of inventory on account 2.Collection of account receivable 3. Obtaining a loan Sale of inventory 4. on account (disregard cost of sales) 5. Charging of the cost of the inventory sold in #4 above as expense 6.Payment of accounts payable 7.Provision of capital to the business by the owner : 8.Payment of the loan obtained in #3 above 9. Drawings of the owner from the business during the period 10.Purchase of equipment on cash basis.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter11: Auditing Inventory, Goods And Services, And Accounts Payable: The Acquisition And Payment Cycle

Section: Chapter Questions

Problem 3RQSC

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