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ACC 111 – Financial Accounting and Reporting
Topic: Identification and Analysis of Transactions
(Answer key at the last page)

Instruction:
Analyze the effect of the given transaction to the elements of balance sheet: assets (A),
liabilities (L) and owner's equity (OE)
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Write your answer following the format below:
Sample Transaction: The owner invested cash in the business
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The entity performed services to a customer on credit
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Paid a bank loan
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Received telephone bill for the month
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Purchased a delivery vehicle for cash
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Received cash from a customer as advance payment for a service to be rendered
next month
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Paid rent for the month
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Paid insurance premium for 1 year
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The owner made additional investment in the form of Land in the business
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Purchased supplies on account
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The owner withdrew cash from the business to pay the electricity bill of his house
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A-increase-OE-increase=SA
2
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L-increase-OE-decrease=EC
4
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A-increase-L-increase=SA
6
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A-increase-A-decrease=EA
8
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A-increase-L-increase=SA
10

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