TLE 3RD QE EXAMPLES

Mr. Tan, the owner of XYZ Enterprise, collected the receivable of business from a customer and deposited the amount collected to his personal account. To record this transaction, XYZ's accountant will

• debit Cash and credit Tan, Capital

• debit Tan, withdrawal and credit Accounts Receivable

• debit Tan, Withdrawal and credit Cash

• ignore this transaction.

Mr. Chua, the owner of HIJ Enterprise, collected the receivable of business from a customer and deposited the amount collected to the business bank account. To record this transaction, HIJ's accountant will

• ignore this transaction

• debit Cash and credit Accounts Receivable

• debit Tan, withdrawal and credit Accounts Receivable

• debit Cash and credit Tan, Capital

Which of the following transactions increases total assets?

• Purchase of inventory through cash

• Collection of accounts receivable

• Payment of accounts payable

• Infusion of capital by the owner

1. Purchased supplies for cash. What accounting element being affected?

• Increased in Asset Decreased in Asset

• Increased in Liabilities

  Decreased in Liabilities

• Increased in OE and Decreased in OE

• Increased in Asset Deceased in Asset

2. Paid salary of employees.

• Decreased in Owner's Equity

  Increase in Assets

• Decreased in Assets

  Decreased in Owner's Equity

• Increased in Liabilities Decreased in Assets

• Increased in Owner's Equity Increased in Assets

3. Bought computer set on account.

• Increased in Assets

  Increased in Liabilities

• Increased in Assets

  Decreased in Assets

• Increased in Liabilities

  Decreased in Liabilities

• Increased in Assets

  Increased in OE

4. Rendered service to customer on account.

• Increased in Assets

  Increased in OE

• Increased in Assets

  Decreased in OE

• Increased in OE

  Decreased in Assets

• Increased in Liabilities

  Decreased in Assets

5.Received cash as payment for the service rendered.

• Increased in OE

  Decreased in Assets

• Increased in Assets

  Increased in OE

• Increased in Liabilities

  Decreased in Liabilities

• Increased in OE

  Decreased in OE

Purchased supplies in cash. What accounting element being affected?

• Increased in Asset Decreased in Asset

• Increased in Liabilities

  Decreased in Liabilities

• 
  Increased in OE and Decreased in OE

• Increased in Asset Decreased in Liabilities

the business paid the credit from buying tables and chairs on cash basis. what is the debit