Indicate the normal balance of the account ( DR for Debit or CR for credit) and what financial statement ( whether SFP for statement of financial position or SCI for statement of comprehensive income )

example: cash in bank DR SFP

1. accrued salary payable

2. Freight-in

3. miscellaneous expense

4. withholding tax payable

5. net income summary

6. land

7. input tax

8. taxes and licenses expense

9. depreciation expense

10. bank loan payable

11. interest income

12. accrued interest income

13. income tax

14. freight-out

15. net vat payable

16. trading securities

17. notes payable

18. notes receivable

19. sales returns and allowances

20. gain on sale of capital asset

effects of business activities

required: 1.determine whether the selected transaction is (a) financing (b) investing (c) operating activities of the business.

2. prepare a table showing the effects ( increase or decrease ) of the selected transactions to the elements of accounting.

3. prepare the simple cash receipts and disbursements of X Servicing.

1. Investment of the owner , 100,000. Deposited in a bank.

2. Paid business registration , 1,000.

3. Hired secretary for a monthly salary of 5,000.

4. Purchased on cash supplies , 60,000.

5. Purchased on account supplies, 30,000.

6. Purchased office equipment , 5,000 on cash.

7. Borrowed money to be used to buy delivery truck, 200,000.

8. Bought delivery truck, 300,000 paid only 200,000 the balance on account.

9. Received 250,000 cash as service income for services rendered.

10. Billed 150,000 to customer for services rendered.

11. Paid workers salary 50,000.

12. Paid business tax 3,000.

13. Sold equipment for 5,500 on cash.

14. Paid interest on borrowed money , 4,000.

15. Received interest on bank deposit, 500.

16. Determined that the remaining supplies is 6,000.

17. Accrued secretary's salary.

18. Received bills of light and water, 2,000.

19. Paid 25% of borrowed money used to buy delivery truck.

20. Withdraw 10,000 for personal use.