Instruction: Determine the Value Received and Value Parted With on the following business transactions.
Transaction #2: Bought office table and chairs P10,000.00, made 50% down payment and issued a note for the balance.
Transaction #2: Bought office table and chairs P10,000.00, made 50% down payment and issued a note for the balance.
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Answer:
Initial investment by S. Ty
Value received: cash
Value parted: capital
Bought a car on account
Value received: equipment - car
Value parted: accounts payable
Rendered professional service on account.
Value received: accounts receivable
Value parted: service income
Cash withdrawal by S. Ty
Value received: drawings
Value parted: cash
Collection from client's account
Value received: cash
Value parted: accounts receivable
Rendered professional service for cash
Value received: cash
Value parted: service income
Issued a note for borrowed money.
Value received: cash
Value parted: notes payable
Additional investment by S. Ty
Value received: cash
Value parted: capital
Sold an old car for cash
Value received: cash
Value parted: equipment - car
Received a promissory note from a client
Value received: notes receivable
Value parted: service income/sales
Payment of account to a supplier
Value received: accounts payable
Value parted: cash
Received a promissory note in exchange for...
Value received: notes receivable
Value parted: service income/sales
Explanation:
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Answer:
The owner of the company believes the most valuable asset for his company is the employees. The service the company provides depends on having intelligent, hardworking, dependable employees who believe they need to deliver exactly what the customer wants in a reasonable amount of time. Without the employees, the company would not be so successful. The owner wants to know if she can include the value of her employees on the balance sheet as an asset.
Explanation:
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