Identify which financial statement elements apply to each item described below. The first one is...
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Accounting
Identify which financial statement elements apply to each item described below. The first one is done as an example.
| Item | Financial Statement Element for Account to be Debited | Financial Statement Element for Account to be Credited |
| A cash dividend is declared and paid to shareholders. | Equity | Current Assets |
| Cash is used to purchase a machine that will be used in the production process over the next five years. |
| |
| Income taxes are calculated based on a companys profit. The taxes will be paid next year. |
|
|
| A shareholder invests money in a business in exchange for issued shares. |
| |
| An insurance settlement is received for a fully depreciated asset that was destroyed in a fire. |
| |
| An allowance for doubtful accounts is established based on estimates of future uncollectible accounts. |
|
Please answer all parts of the question.
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