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    Effects of Transaction

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    Zamantha Tiangco
    The document summarizes 10 transactions by Elizabeth Salvador Freight Services in July 2016, including receiving cash from delivery services, paying creditors and expenses, billing customers, purchasing supplies, and withdrawals by the owner. Each transaction is categorized as increasing or decreasing specific accounts such as assets, liabilities, and owner's equity.

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    Effects of Transaction

    Uploaded by

    Zamantha Tiangco
    389 views1 page
    The document summarizes 10 transactions by Elizabeth Salvador Freight Services in July 2016, including receiving cash from delivery services, paying creditors and expenses, billing customers, purchasing supplies, and withdrawals by the owner. Each transaction is categorized as increasing or decreasing specific accounts such as assets, liabilities, and owner's equity.

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    The document summarizes 10 transactions by Elizabeth Salvador Freight Services in July 2016, including receiving cash from delivery services, paying creditors and expenses, billing customers, purchasing supplies, and withdrawals by the owner. Each transaction is categorized as increasing or decreasing specific accounts such as assets, liabilities, and owner's equity.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    389 views1 page

    Effects of Transaction

    Uploaded by

    Zamantha Tiangco
    The document summarizes 10 transactions by Elizabeth Salvador Freight Services in July 2016, including receiving cash from delivery services, paying creditors and expenses, billing customers, purchasing supplies, and withdrawals by the owner. Each transaction is categorized as increasing or decreasing specific accounts such as assets, liabilities, and owner's equity.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    EFFECTS OF TRANSACTION

    The following selected transactions were completed by Elizabeth Salvador Freight Services
    during July 2016:

    1 Cash received from delivery services, P92,700.


    2 Paid creditors on account P20,000.
    3 Received cash from owner as an additional investment, P600,000.
    4 Paid advertising expense, P5,000.
    5 Billed customer for delivery services on account, P55,200.
    6 Purchased supplies for cash, P6,000.
    7 Paid rent for July, P20,000.
    8 Received cash from customers on account, P25,440.
    9 Electricity bill for the month, P8,000.
    10 Owner withdrew cash for personal use, P20,000.

    Indicate the effect of each transaction on the space provided:

    a Increase in asset, decrease in another asset


    b Increase in asset, increase in liability
    c Increase in asset, increase in owners' equity
    d Decrease in asset, decrease in liability
    e Decrease in asset, decrease in owners' equity
    f Increase in liability, decrease in owners' equity

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