II. For each transaction indicate whether the assets, liabilities, or owner"s equityincreased (1), decreased (D) or Did not Change (NE).Liabilities Owner"sEquityAssets1 Purchase of supplies on credit2 Paid utility expense3 Received a loan granted by bank|4 Withdraws cash from the business5 Paid salaries and wages6 Received cash from customers as sales7 Receivedbusinesspromissory notefrom rental8 Paid advertising expense9 Paid P1,000 to creditors10 Billed customer for video rental• Source: Ferrer R.C. et.al. (2017). Fundamentals of Accountancy, Business and Management part 1, Bandolin Enterprise,(Publishing and Printing) Bakakeng Sur, Baguio City

Below is the effect of the transactions

II. For each transaction indicate whether the assets, liabilities, or owner"s equity increased (I), decreased (D) or Did not Change (NE). Liabilities Owner"s Equity Assets Purchase of supplies on credit 2 Paid utility expense Received a loan granted by bank Withdraws cash from the business Paid salaries and wages 1 6 Received cash from customers as sales 7 Received promissory note from rental business Paid advertising expense |9 Paid P1,000 to creditors 10 Billed customer for video rental 8 • Source: Ferrer R.C. et, al. (2017). Fundamentals of Accountancy. Business and Management part 1. Bandolin Enterprise N34t 5

II. For each transaction indicate whether the assets, liabilities, or owner"s equity increased (I), decreased (D) or Did not Change (NE). Liabilities Owner"s Equity Assets Purchase of supplies on credit 2 Paid utility expense Received a loan granted by bank Withdraws cash from the business Paid salaries and wages 1 6 Received cash from customers as sales 7 Received promissory note from rental business Paid advertising expense |9 Paid P1,000 to creditors 10 Billed customer for video rental 8 • Source: Ferrer R.C. et, al. (2017). Fundamentals of Accountancy. Business and Management part 1. Bandolin Enterprise N34t 5

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 17EB: Indicate whether each of the following accounts has a normal debit or credit balance. A. prepaid...

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