9:17 l ?94Screenshot (52...Concept check. Use the following question set for practice.For each transaction, tell whether the assets, liabilities and equity will increase (I), decrease (D) or is not affected (NE).E1. The owner invests personal cash in the business.2. The owner withdraws business assets for personal use.3. The company receives cash from a bank loan.4. The company repays the bank that had lent money.5. The company purchases equipment with its cash.6. The owner contributes her personal truck to the business.7. The company purchases supplies on credit.8. The company purchases landby paying half in cash and signing a note.9. The owner withdraws cash for personal use.10. The company repays the suppliers.|| ||||||| 9:17 l94Screenshot (52...Aug.1Garcia invested PHP48,000 cash in the business.1Rented office space and paid PHP800 cash for the August rent.3.Purchased exploration equipment for PHP22,000 by paying PHP12,000 cash and agreeing to pay the balance in 3 months.Purchased office supplies by paying PHP1,500 cash.Completed exploration work and immediately collected PHP420 cash for the work.8Purchased PHP1,350 of office equipment on credit.Completed exploration work on credit in the amount of PHP8,000Purchased PHP700 of office supplies on credit.151820Paid cash for the office equipment purchased on August 8.24Billed a client PHP2,400 for work completed; the balance is due in 30 days.28Received PHP5,000 cash for the work completed on August 15.30Paid the assistant's salary of PHP1,100 cash for this month.30Paid PHP340 cash for this month's utility bil.30Garcia withdrew PHP1,050 cash from the business for personal use.

Hi student Since there are multiple questions, we will answer only first question.

Answered: Concept check. Use the following…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 2PA: To demonstrate the difference between cash account activity and accrual basis profits (net income),...

See similar textbooks

Similar questions

Assume a company has a $350 credit (not cash) sale. How would the transaction appear if the business uses accrual accounting? A. $350 would show up on the balance sheet as a sale. B. $350 would show up on the income statement as a sale. C. $350 would show up on the statement of cash flows as a cash outflow. D. The transaction would not be reported because the cash was not exchanged.
To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. paid balance due for accounts payable $6,900 B. charged clients for legal services provided $5,200 C. purchased supplies on account $1,750 D. collected legal service fees from clients for current month $3,700 E. issued stock in exchange for a note payable $10,000
Effects of transactions on Accounting equation On Time Delivery Service had the following selected transactions during November: 1. Received cash from issuance of common stock, $75,000. 2. Paid rent for November, $5000. 3. Paid advertising expense, $3,000. 4. Received cash for providing delivery services, $34,500. 5. Borrowed $10,000 from Second National Bank to finance its operations. 6. Purchased a delivery van for cash, $25,000. 7. Paid interest on note from Second National Bank, $75. 8. Paid salaries and wages for November, $10,000. 9. Paid dividends, $2,000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (9), in a vertical column, and inserting at the right of each number the appropriate letter from he following list: a. Increase in an asset, decrease in another asset. h. Increase in an asset, increase in a liability. c. Increase in an asset, increase in stockholders’ equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in stockholders equity.
How will IFFA record the May 1 transaction? a. No entry is needed. b. decrease Cash and increase Bank Loan Payable, $12 c. decrease Cash and increase Accounts Payable, $12 d. increase both Cash and Owner's Capital, $12 Enter the letter that corresponds to your choice. (A B C D) How will IFFA record the May 2 transaction? a. increase both Cash and Accounts Payable, $4,000 b. increase both Cash and Bank Loan Payable, $4,000 c. increase both Cash and Owner's Capital, $4,000 d. increase both Cash and Revenue, $4,000 e. increase both Cash and Retained Earnings, $4,000 Enter the letter that corresponds to your choice. (A B C D E) How will IFFA record the May 3 transaction? a. increase both Cash and Accounts Payable, $3,000 b. increase both Cash and Bank Loan Payable, $3,000 c. increase both Cash and Owner's Capital, $3,000 d. increase both Cash and Revenue, $3,000 e. increase both Cash and Retained Earnings, $3,000 Enter the letter that corresponds to your…
How will IFFA record the May 1 transaction? a. No entry is needed. b. decrease Cash and increase Bank Loan Payable, $12 c. decrease Cash and increase Accounts Payable, $12 d. increase both Cash and Owner's Capital, $12 Enter the letter that corresponds to your choice. (A B C D) How will IFFA record the May 2 transaction? a. increase both Cash and Accounts Payable, $4,000 b. increase both Cash and Bank Loan Payable, $4,000 c. increase both Cash and Owner's Capital, $4,000 d. increase both Cash and Revenue, $4,000 e. increase both Cash and Retained Earnings, $4,000 Enter the letter that corresponds to your choice. (A B C D E) How will IFFA record the May 3 transaction? a. increase both Cash and Accounts Payable, $3,000 b. increase both Cash and Bank Loan Payable, $3,000 c. increase both Cash and Owner's Capital, $3,000 d. increase both Cash and Revenue, $3,000 e. increase both Cash and Retained Earnings, $3,000 Enter the letter that corresponds to your choice.…
Sales made to Ahmed on credit should be debited to? Select one: a. Cash A/C b. Account Receivable A/C c. Sales A/C d. Account Payable A/C hen the owner withdraws money from the business for personal use -Which of the following has correct effect on accounting equation? Select one: a. Expense increase and Cash decrease b. Cash increase and Capital increase c. Cash decrease and Capital decrease d. Income increase and Cash decrease
Identify if it will Increase, Decrease or No effect. 1.What happens to the owner’s assets when the company receives cash from a bank loan? 2.What happens to the owner’s equity when the company receives cash? 3.What happens to the owner’s equity when the owner invests personal cash in the business? 4.What will happen to the company’s liquidity when some of its products are sold from inventory? 5.What happens to the owner’s assets when the company purchases equipment with its cash? 6.What happens to the owner’s assets when the company repays the bank that had lent?
14.When a company has performed a service, but has not yet received payment, it would a. Debit Accounts Receivable and credit Revenue from Services. b. Debit Revenue from Services and credit Accounts Payable. c. Debit Revenue from Services and credit Accounts Receivable d. Make no entry until the cash is received.

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

SEE MORE TEXTBOOKS