which financial statement elements apply to each item described below 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 Non current Liabilities Current Liabilities Income Revenue Equity Income Gains Non current Assets Expenses Current Assets Expenses Loss Non current Liabilities Current Liabilities Income Revenue Equity Income Gains Non current Assets Expenses Current Assets Expenses Loss Income taxes are calculated based on a company's profit The taxes will be paid next year Non current Liabilities Current Liabilities Income Revenue Equity Income Gains Non current Assets Expenses Current Assets Expenses Loss Non current Liabilities Current Liabilities Income Revenue Equity Income Gains Non current Assets Expenses Current Assets Expenses Loss A shareholder invests money in a business in exchange for issued shares Non current Liabilities Current Liabilities Income Revenue Equity Income Gains Non current Assets Expenses Current Assets Expenses Loss Non current Liabilities Current Liabilities Income Revenue Equity Income Gains Non current Assets Expenses Current Assets Expenses Loss An insurance settlement is received for a fully depreciated asset that was destroyed in a fire Non current Liabilities Current Liabilities Income Revenue Equity Income Gains Non current Assets Expenses Current Assets Expenses Loss Non current Liabilities Current Liabilities Income Revenue Equity Income Gains Non current Assets Expenses Current Assets Expenses Loss An allowance for doubtful accounts is established based on estimates of future uncollectible accounts Non current Liabilities Current Liabilities Income Revenue Equity Income Gains Non current Assets Expenses Current Assets Expenses Loss Non current Liabilities Current Liabilities Income Revenue Equity Income Gains Non current Assets Expenses Current Assets Expenses Loss

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Question: which financial statement elements apply to each item described below. Item Financial Statement Element for Account to be Debited Financial Statement Element for Account to

which financial statement elements apply to each item described below.

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.	Non-current Liabilities/Current Liabilities/Income - Revenue/Equity/Income - Gains/Non-current Assets/Expenses/Current Assets/Expenses - Loss	Non-current Liabilities/Current Liabilities/Income - Revenue/Equity/Income - Gains/Non-current Assets/Expenses/Current Assets/Expenses - Loss
Income taxes are calculated based on a company's profit. The taxes will be paid next year.	Non-current Liabilities/Current Liabilities/Income - Revenue/Equity/Income - Gains/Non-current Assets/Expenses/Current Assets/Expenses - Loss	Non-current Liabilities/Current Liabilities/Income - Revenue/Equity/Income - Gains/Non-current Assets/Expenses/Current Assets/Expenses - Loss
A shareholder invests money in a business in exchange for issued shares.	Non-current Liabilities/Current Liabilities/Income - Revenue/Equity/Income - Gains/Non-current Assets/Expenses/Current Assets/Expenses - Loss	Non-current Liabilities/Current Liabilities/Income - Revenue/Equity/Income - Gains/Non-current Assets/Expenses/Current Assets/Expenses - Loss
An insurance settlement is received for a fully depreciated asset that was destroyed in a fire.	Non-current Liabilities/Current Liabilities/Income - Revenue/Equity/Income - Gains/Non-current Assets/Expenses/Current Assets/Expenses - Loss	Non-current Liabilities/Current Liabilities/Income - Revenue/Equity/Income - Gains/Non-current Assets/Expenses/Current Assets/Expenses - Loss
An allowance for doubtful accounts is established based on estimates of future uncollectible accounts.	Non-current Liabilities/Current Liabilities/Income - Revenue/Equity/Income - Gains/Non-current Assets/Expenses/Current Assets/Expenses - Loss	Non-current Liabilities/Current Liabilities/Income - Revenue/Equity/Income - Gains/Non-current Assets/Expenses/Current Assets/Expenses - Loss

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