Directions: What element/s of the accounting equation is/are affected by the following transactions? Use a separate sheet of paper for your answer. 1. Gabriel Company purchased inventory on credit for ₱20 000. 2. Gabriel Company deposited cash worth ₱ 000 which it has kept in its locker to its local bank. 3. Gabriel Company received interest from its deposit in the bank. The interest amounts to ₱200. 4. A fire broke in the warehouse of Gabriel Company. Luckily, only ₱2 000 worth of inventory was affected. 5. Gabriel Company offered merchandise to one of its big time customers. The merchandise is worth ₱ 000. 6. Gabriel Company sold goods to a major customer. A quarter of the goods were paid in cash while the rest was to be paid in a month. The goods are sold for ₱ 0 000 although they only cost Gabriel Company ₱ 000. 7. Gabriel Company paid income taxes worth ₱ 000. 8. Gabriel company paid ₱ 0 000 to advertise its merchandise to the public.
