Identify the Account
Amounts owed to suppliers.
What is Accounts Payable?
Cash
What is an Asset?
Asset is 50,000; Liabilities is 20,000 → Owner's Equity is?
What is 30,000?
Assets go up, Liabilities go up. What occurred?
What is purchase of asset on credit?
What is business borrowing from bank?
Equipment bought for business use, expected to last several years.
What is Office Equipment?
Unearned Revenue
What is Liability?
If Assets increase, which two accounts might be affected?
What are Liabilities or Equity?
The business bought supplies worth ₱800 on credit.
What is Assets increase, Liabilities increase?
Money owed by customers after sales on credit.
What is Accounts Receivable?
Supplies Expense
What is Expense?
Buying equipment with cash affects assets how?
What is increase in one asset, decrease in another?
Assets increased by 10,000, and Liabilities increased by 6,000. How much did Equity change?
What is 4,000?