Homework Answers
| Q 1 - 10 | ||||
| Item | Type of Account | Type of Activity | ||
| Borrowed funds from bank | 1. L | 2. F | ||
| Provided services to a customer | 3. R | 4. O | ||
| Used cleaning supplies to clean the stores | 5. E | 6. O | ||
| Issued stocks to owners | 7. SE | 8. F | ||
| Purchased Land | 9. A | 10. I | ||
| Explanations | ||||
| 1. Funds borrowed result into increase in liability and it is a type of financing arrangement | ||||
| 2. Providing services to customers is a revenue activity and it is operational activity. | ||||
| 3. Using cleaning supplies is an expense and it is in the course of operations. | ||||
| 4. Issued stocks to owners - Increases the stockholder's equity and it is a means of finance. | ||||
| 5. Purchased Land - It results in an increase in asset and it is an investing activity. | ||||
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