6:36 ..l il99MODULE 3 - Lear...PRACTICAL EXERCISE 2Instruction: Solve the following problems.1. Mrs. Reyes has P100,000 cash invested in the business. She bought shop assets on account from AceFumiture for P50,000.Questions:a. How much are the assets of the business?b.What is the amount of liabilities?c. How much is the owner's equity?d. Give the accounting equation applicable to this2. Kristan Repair Shop is owned by Cristina Tan. The business showed the following items:CashFurniture and EquipmentDelivery VanAccounts Payable30,00010,000100,00040,000Questions: Determine the followinga. Total assetsb.Total liabilitiesc. Owner's Equityd. Give the accounting equation applicable to these.3. Miss Adelaida Garcia invested assets amounting to P160,000. She never bought anything on account.Questions: Determine the followingAssetsb. Liabilitiesa.c. Owner's Equityd. Accounting equation applicable to this.2Main Campu Akate, Victorialongahong Campur, Labanan, longabongCalapan City Campus Maipit, Calapan CayPRACTICAL EXERCISE 3Instruction: Check the proper column opposite the account titleAccount TitleDebitCredit1. Cash on Hand2. Accounts Payable3. Carlos, Capital4. Cash in Bank5. Notes Payable6. Carlos, Drawing7. Merchandize Inventory8. Allowance for Bad Debts...

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1. Mrs. Reyes has P100,000 cash invested in the business. She bought shop assets on account from Ace Fumiture for P50,000. Questions: a. How much are the assets of the business? b. What is the amount of liabilities? c. How much is the owner's equity?

1. Mrs. Reyes has P100,000 cash invested in the business. She bought shop assets on account from Ace Fumiture for P50,000. Questions: a. How much are the assets of the business? b. What is the amount of liabilities? c. How much is the owner's equity?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

6:36 ..l il
99
MODULE 3 - Lear...
PRACTICAL EXERCISE 2
Instruction: Solve the following problems.
1. Mrs. Reyes has P100,000 cash invested in the business. She bought shop assets on account from Ace
Fumiture for P50,000.
Questions:
a. How much are the assets of the business?
b.
What is the amount of liabilities?
c. How much is the owner's equity?
d. Give the accounting equation applicable to this
2. Kristan Repair Shop is owned by Cristina Tan. The business showed the following items:
Cash
Furniture and Equipment
Delivery Van
Accounts Payable
30,000
10,000
100,000
40,000
Questions: Determine the following
a. Total assets
b.
Total liabilities
c. Owner's Equity
d. Give the accounting equation applicable to these.
3. Miss Adelaida Garcia invested assets amounting to P160,000. She never bought anything on account.
Questions: Determine the following
Assets
b. Liabilities
a.
c. Owner's Equity
d. Accounting equation applicable to this.
2
Main Campu Akate, Victoria
longahong Campur, Labanan, longabong
Calapan City Campus Maipit, Calapan Cay
PRACTICAL EXERCISE 3
Instruction: Check the proper column opposite the account title
Account Title
Debit
Credit
1. Cash on Hand
2. Accounts Payable
3. Carlos, Capital
4. Cash in Bank
5. Notes Payable
6. Carlos, Drawing
7. Merchandize Inventory
8. Allowance for Bad Debts
...

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