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.

Answer $6$ Question $2$EquityCurrent LiabilitiesIncome $$ RevenueExpenses $$ LossExpensesIncome $$ GainsNon$-$current AssetsCurrent AssetsNon$-$current Liabilities

$$

Answer $7$ Question $2$Income $$ GainsCurrent LiabilitiesExpenses $$ LossEquityNon$-$current LiabilitiesExpensesNon$-$current AssetsCurrent AssetsIncome $$ Revenue

Income taxes are calculated based on a company$$s profit.$$ The taxes will be paid next year.

Answer $8$ Question $2$Non$-$current AssetsCurrent LiabilitiesNon$-$current LiabilitiesIncome $$ RevenueEquityCurrent AssetsExpensesIncome $$ GainsExpenses $$ Loss

$$

Answer $9$ Question $2$Current AssetsExpensesNon$-$current AssetsExpenses $$ LossIncome $$ GainsIncome $$ RevenueCurrent LiabilitiesNon$-$current LiabilitiesEquity

$$

A shareholder invests money in a business in exchange for issued shares.

Answer $10$ Question $2$Non$-$current AssetsCurrent AssetsExpenses $$ LossEquityNon$-$current LiabilitiesExpensesCurrent LiabilitiesIncome $$ GainsIncome $$ Revenue

Answer $11$ Question $2$Income $$ RevenueNon$-$current LiabilitiesCurrent AssetsExpenses $$ LossCurrent LiabilitiesNon$-$current AssetsIncome $$ GainsExpensesEquity

$$

An insurance settlement is received for a fully depreciated asset that was destroyed in a fire.

Answer $12$ Question $2$Income $$ RevenueExpenses $$ LossNon$-$current LiabilitiesExpensesIncome $$ GainsCurrent AssetsEquityCurrent LiabilitiesNon$-$current Assets

Answer $13$ Question $2$ExpensesNon$-$current AssetsIncome $$ RevenueEquityNon$-$current LiabilitiesExpenses $$ LossCurrent AssetsIncome $$ GainsCurrent Liabilities

$$

An allowance for doubtful accounts is established based on estimates of future uncollectible accounts.

Answer $14$ Question $2$Income $$ GainsEquityExpensesCurrent LiabilitiesNon$-$current LiabilitiesExpenses $$ LossIncome $$ RevenueNon$-$current AssetsCurrent Assets

$$

Answer $15$ Question $2$Income $$ GainsCurrent AssetsCurrent LiabilitiesNon$-$current AssetsIncome $$ RevenueExpenses $$ LossNon$-$current LiabilitiesEquityExpenses