NAME: Date:

Professor: Section: Score:

ACTIVITY 1: Transaction Effects on the Basic Accounting Model

The following are some transactions of Virginia Yacapin Services
A L OE
a. Received cash as additional investment
b. Purchased supplies on account
c. Charge customers for services made on
account
d. Rendered services to cash customers
e. Paid cash for rent on building
f. Collected on account receivable in full
g. Paid cash for supplies
h. Returned supplies purchased on account
i. Paid cash to settle accounts
j. Paid cash to owner for personal use

Required:
For each transactions, indicate whether the assets (A), Liabilities (L) or owner’s equity (OE)
increased (+), decreased (-) or did not change (0) by placing the appropriate sign in the
appropriate column.
 NAME: Date:
Professor: Section: Score:

ACTIVITY 2: Transaction Effects on the Basic Accounting Model

A L OE
a. Bought equipment, paying cash.
b. Paid the monthly rent expense.
c. Purchased supplies on credit.
d. Make an additional investment in the
company.
e. Charged customers for services provided on
account.
f. Paid creditor on account
g. Received payment from customers on
account.
h. Received cash for services rendered today.
i. Permanently reduced his investment in the
business by taking out cash.
j. Paid salaries for the week.
k. Acquired equipment, paying 50% down,
balance due in 30 days.

Required:
For each transactions, indicate whether the assets (A), Liabilities (L) or owner’s equity (OE)
increased (+), decreased (-) or did not change (0) by placing the appropriate sign in the
appropriate column.
 NAME: Date:
Professor: Section: Score:

ACTIVITY 3: Classification of Events

a. Received cash investment from the owner. -

b. Paid cash on accounts payable. -
c. Collected cash from accounts receivable -
d. Made cash distribution to the owner. -
e. Paid cash for rent expense. –
f. Invested cash in time deposit. –
g. Purchase land with cash. –
h. Performed services for clients on account -
i. Incurred operating expenses on account -
j. Performed services for cash. -

Required:

Indicate whether each of the above transactions is a source of assets (SA), use of assets (UA),
exchange of assets (EA), or exchange of claims (EC) transactions.