Activity # 7 Application of the concepts of Assets, Liabilities, Owner’s Equity, Revenue, and Expense The following table includes SFP and SCI elements. Put a check mark (√) in the column where each accounts belongs to. Account Asset Liability Owner’s Equity Revenue Expenses 1. Interest Receivable 2. Professional Fees 3. Service Income
Activity # 7 Application of the concepts of Assets, Liabilities, Owner’s Equity, Revenue, and Expense
The following table includes SFP and SCI elements. Put a check mark (√) in the column where each
accounts belongs to.
Account Asset Liability Owner’s
Equity Revenue Expenses
1. Interest Receivable
2. Professional Fees
3. Service Income
4. Mr. A, Drawing
5. Doubtful Accounts
6.
7. Accrued Interest Income
8. Unearned Interest Income
9. Prepaid Interest
10. Accumulated Depreciation
11. Mortgage payable
12. Unused Supplies
13. Supplies Inventory
14. Supplies on hand
15. SSS Premium Expense
16. Withholding Taxes Payable
17. Repairs and Maintenance
18. Petty cash Fund
19. Allowance for
20. Cash in bank
21. Accounts payable
22. Prepaid Insurance
23. Unexpired Insurance
24. Salaries payable
25. Utilities Expens
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