NTIFYING THE ACCOUNT TITLES ctions: Identify the account titles present in the Transactions 1. Purchased store equipment for cash 2. Purchased store equipment on credit 3. Borrowed money from the bank 4. Paid the salary of the store helper 5. Paid the rent of the office space 6. Bought repair supplies for cash 7. Bought repair equipment on credit 8. Billed E. Manzano for repair services done on his automobile 9. Received cash from various customers for repairs done on their automobiles 10, Received cash for the full payment from Mr. E. Manzano. anda, Atis, Del Rosario (2002). Accountin

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter5: Adjusting Entries And The Work Sheet
Section: Chapter Questions
Problem 13SEB: CASH, MODIFIED CASH, AND ACCRUAL BASES OF ACCOUNTING For each journal entry shown below, indicate...
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IDENTIFYING THE ACCOUNT TITLES
Directions: Identify the account titles present in the following transactions. Refer to the given examples.
Transactions
INCOME
EXPENSE
Value
Received
Value Parted
ASSET
LIABILITY
CAPITAL
With
1. Purchased store equipment for cash
Store
Store
Equipment
Store
Equipment
Cash
Equipment
Cash
Obligation/Debt
2. Purchased store equipment on credit
Accounts
Payable
Store
Equipment
3. Borrowed money from the bank
4. Paid the salary of the store helper
5.
Paid the rent of the office space
6. Bought repair supplies for cash
7. Bought repair equipment on credit
8. Billed E. Manzano for repair services
done on his automobile
9. Received cash from various
customers for repairs done on their
automobiles
10, Received cash for the full payment
from Mr. E. Manzano.
anda, Atis, Del Rosario (2002), Accounting Principles 1. Third Edition. Navotas Press: Metro Manila. Page 11-13.
Transcribed Image Text:= IDENTIFYING THE ACCOUNT TITLES Directions: Identify the account titles present in the following transactions. Refer to the given examples. Transactions INCOME EXPENSE Value Received Value Parted ASSET LIABILITY CAPITAL With 1. Purchased store equipment for cash Store Store Equipment Store Equipment Cash Equipment Cash Obligation/Debt 2. Purchased store equipment on credit Accounts Payable Store Equipment 3. Borrowed money from the bank 4. Paid the salary of the store helper 5. Paid the rent of the office space 6. Bought repair supplies for cash 7. Bought repair equipment on credit 8. Billed E. Manzano for repair services done on his automobile 9. Received cash from various customers for repairs done on their automobiles 10, Received cash for the full payment from Mr. E. Manzano. anda, Atis, Del Rosario (2002), Accounting Principles 1. Third Edition. Navotas Press: Metro Manila. Page 11-13.
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