Alessandra Nicole M. Acuzar
BSA – A1B
Statement
Statement of
Nature or
of
Particulars Assets Liabilities Equity Income Expense
Financial Characteristic of
Financial
Performance the Account
Position
1.
Cash
Equivalents
X
X
2. Insurance
Expense
3. Cash
X
X
X
4.
Sales
Revenue
X
5. Owner's
Capital
6. Mortgage
Payable
X
X
X
X
X
X
It is an asset
because it is a
value owned by
the entity.
It is an expense
because it is an
insurance that
has expired.
Cash is an asset
because cash
has a value in
an entity which
can be use in
future
transactions of
the business.
Sales revenue is
an income
because it is the
earning that the
entity has
acquired from
selling goods or
merchandise.
Owner’s Capital
is an equity
because it is an
investment
made by the
owner thus
resulting to
owner’s capital.
Mortgage
payable is a
liability because
it is an entity’s
obligation
particularly with
Alessandra Nicole M. Acuzar
BSA – A1B
7. Prepaid
Rent
X
X
8.
Commission
Expense
9. Building
10.
Accounts
Payable
X
X
X
X
X
X
regards to
mortgage.
Prepaid rent is
an asset
because it is an
expense that
was paid in
advance which
means that they
have paid some
of the future
expenses
needed to pay
by the entity.
Commission
expense is an
expense
because it is
part of the
operating
expense of a
business as
payment for a
salesperson in
exchange for
his/her service.
A building is an
asset because it
is a physical
structure owned
by the business
which can be
used for the
business’
operation.
Accounts
payable is a
liability because
the business
has received an
obligation that
needs to be paid
Alessandra Nicole M. Acuzar
BSA – A1B
11. Service
Vehicle
X
X
12.
Office
Equipment
X
X
13. Salaries
Expense
X
14. Accrued
Expenses
15. Land
X
X
X
X
X
by the business
resulting to
accounts
payable.
Service vehicle
is an asset
because it can
be used by the
business to
provide
deliveries to
customers which
also gives value
to the entity.
Office
equipment is an
asset because
the business
can use it for
office purposes.
Salaries
expense is an
expense
because it
decreases an
asset that is
used as
payment to pay
the salaries of
the workers.
Accrued
expenses are
liabilities
because it is
considered as
unpaid
expenses which
the business
requires to pay.
Land is an asset
because it is a
space wherein a
Alessandra Nicole M. Acuzar
BSA – A1B
16.
Office
Supplies
X
X
17.
Accounts
Receivable
X
X
18.
Inventory
X
X
19. Supplies
Expense
X
X
building can be
built which
means that it
can contribute in
bringing
economic
benefits in a
business.
Office supplies
is an asset
because these
are supplies that
are usable for
the operations of
a business.
Accounts
receivable is an
asset because it
is an account
that customers
owed to the
business.
Inventory is an
asset because
these are the
items or
products that the
business aims to
sell in the
market thus
bringing
economic
benefit to the
business.
Supplies
expense is an
expense
because these
are the
expenses that
the business
requires to pay
Alessandra Nicole M. Acuzar
BSA – A1B
20. Prepaid
Insurance
X
X
21.
Rent
Expense
X
X
22. Utilities
Expense
X
X
23. Service
Revenue
24. Owner's
Withdrawal
X
X
X
X
for the supplies
used by the
business.
Prepaid
insurance is an
asset because it
is an advance
payment made
by the business.
Rent expense is
an expense
because it is an
expense that the
business
requires to pay
with regards to
the rent.
Utilities expense
is an expense
because it is an
expense that the
business
requires to pay
with regards to
utilities like
usage of
electricity, water,
and
communications.
Service revenue
is an income
because it is the
earnings made
by the business
from the
services
rendered by the
business.
Owner’s
withdrawal is an
equity because
it is a deduction
Alessandra Nicole M. Acuzar
BSA – A1B
25.
Loans
Payable
X
X
from the owner’s
capital which
can be used for
personal
purposes.
Loans payable is
a liability
because it is the
business’
obligation.