Homework Answers
Clarification:
| Classification | Remark | ||
| a | Advertisement expenses | Expenses | it is Debited to profit and loss account |
| b | Commission fees earned | Revenue | it is Credited to profit and loss account |
| c | Cash received from the company's owner | Owner's Investment | it is Credited to owner's equity account |
| d | Amount paid to employees | Expenses | it is Debited to profit and loss account |
| e | Services performed on account | Revenue | it is Credited to profit and loss account. On hand it is a revenue but in other hand it is Debited to trade receivables |
| f | Utilities incurred | Expenses | it is Debited to profit and loss account |
| g | Cash distributed to Company owner | Drawings | it is Debited to owner's equity account |
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