WorksheetsBKP SUMMER Q1
Total questions: 11
Worksheet time: 6mins
Investment of P50,000 cash to start a business engaged in selling hats
increase in asset ; increase in owners equity
increase in asset ; increase in liability
decrease in asset; decrease in owners equity
increase in asset ; decrease in another form of asset
Purchased P23,000 worth of hats on account.
increase in asset; increase in liability
increase in asset; decrease in another form of asset
increase in asset ; increase in owners equity
decrease in asset; increase in liability
Paid shop space rental for the month of March amounting to P 3,500.
decrease in asset; decrease in owners equity
increase asset ; decrease in owners equity
increase n liability; increase in owners equity
increase in liability; decrease in owners equity
Withdrew P10,000 from the business.
decrease in asset; decrease in owner's equity
decrease in asset; increase in owner's equity
decrease in liability; decrease in asset
decrease in liability; increase in owner's equity
Paid the amount due to the supplier worth P5,000.
decrease in liability; decrease in asset
decrease in liability; decrease in capital
decrease in owner's equity ; decrease in liabilty
increase in asset; increase in liability
Effect of transaction to an asset:
to debit means to increase: to credit means to decrease
to debits means to decrease ; to credit means to increase
Effect on Liability of a transaction
to debit means to Decrease; to credit means to increase
to debit means to increase; to credit means to decrease
Effect on Capital of a transaction:
to debit means to decrease: to credit means to increase
to debit means to increase ; to credit means to decrease
Effect on Drawing of a transaction :
to debit means to increase ; to credit means to decrease
to debit means to decrease ; to credit means to increase
Effect on Income:
to debit means to decrease; to credit means to increase
to debits means to increase ; to credit means to decrease
Effect on Expense :
to debit means to increase ; to credit means to decrease
to debit means to decrease ; to credit means to increase
