Exercises on Value Received and Value Parted With - Part 1

Exercises on Value Received and Value Parted With - Part 1

Transactions 
1.  Investment of money and computer set by the owner, Ms. Leni Esguerra

2.  Ms. Esguerra purchases tables and chairs on cash basis.

3.  Ms. Esguerra purchase a business vehicle on credit with downpayment using check

4.  Purchase of lot on credit (promissory notes) with downpayment

5.  Paid in cash the the purchased vehicle on credit

6.  Payment of promissory notes with interest

7.  Rendered services to customer on credit with downpayment

8.  Rendered services to customer on credit with dowpayment. Customer issued written promise to pay

9.  Collection of receivables

10.  Collection of promissory notes with interest

11.  Paid salaries to employees

12.  Payment of rent

13.  Withdrawal of cash by the owner for personal use

14.  Withdrawal of laptop by the owner for personal use

Required :

a.  What are the value received and value parted with for each transactions.
b.  What are the account title to be used for the value received and value parted with.
c.  What is the accounting element affected for the value received and value parted with.

Click here for the solution / answer