Activity II. Table Completion. Directions: Since you are already done answering the previous activities, I think you are now ready to make your own table using accounting formula. In this activity, you will write the correct account that suits each transaction. Pa of August 1 Garcia invested P48,000 cash in the business. Rented office space and paid P800 cash for the August rent. Purchased exploration equipment for P22,000 by paying P12,000 cash and agreeing to pay the balance in 3 months. Purchased office supplies by paying P1,500 cash. Completed exploration work and immediately collected P420 cash for the work. Purchased P1,350 of office equipment on credit. Completed exploration work on credit in the amount of P8,000. Purchased P700 of office supplies on credit. Paid cash for the office equipment purchased on August 8. 1 3 6. 8. 15 18 20 24 Billed a client P2,400 for work completed; the balance is due in 30 days. Received P5,000 cash for the work completed on August 15. Paid the assistant's salary of P1,100 cash for this month. Paid P340 cash for this month's utility bill. Garcia withdrew P1,050 cash from the business for personal use. 28 30 30 30 DATE ASSETS LIABILITIES EQUITY AUG 1. 2. 3. 4. 5. 6. 7, 8. 9. 10. 1. 48,000 48,000 (800) 800 3. (12,000) 22,000 10,000 (1,500) 1,500 420 420 1,350 1,350 15 8,000 8000 18 700 700 20 (1,350) (1,350) 24 2,400 2,400 28 5,000 (5,000) 30 (1,100) (1,100) (340) 30 (340) (1,050) 30 (1,050) 67.030 67.030 Rolance

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Activity II. Table Completion. Directions: Since you are already done answering the previous
activities, I think you are now ready to make your own table using accounting formula. In this
activity, you will write the correct account that suits each transaction.
Part I
of Ki
wor
August 1
Garcia invested P48,000 cash in the business.
1
Rented office space and paid P800 cash for the August rent.
Purchased exploration equipment for P22,000 by paying P12,000 cash and agreeing
3
to pay the balance in 3 months.
Purchased office supplies by paying P1,500 cash.
Completed exploration work and immediately collected P420 cash for the work.
Purchased P1,350 of office equipment on credit.
Completed exploration work on credit in the amount of P8,000.
Purchased P700 of office supplies on credit.
Paid cash for the office equipment purchased on August 8.
Billed a client P2,400 for work completed; the balance is due in 30 days.
Received P5,000 cash for the work completed on August 15.
Paid the assistant's salary of P1,100 cash for this month.
Paid P340 cash for this month's utility bill.
Garcia withdrew P1,050 cash from the business for personal use.
6.
8.
15
18
20
24
28
30
30
30
DATE
ASSETS
LIABILITIES
EQUITY
AUG
1.
2.
3.
4.
5.
6.
7
48,000
8.
9.
10.
48,000
(800)
800
(12,000)
(1,500)
3.
22,000
10,000
1,500
6.
420
420
8.
1,350
1,350
15
8,000
8000
18
700
700
20
(1,350)
(1,350)
24
2,400
2,400
28
5,000
(5,000)
30
(1,100)
(1,100)
(340)
30
(340)
(1,050)
30
(1,050)
Balance
67,030
67,030
Transcribed Image Text:Activity II. Table Completion. Directions: Since you are already done answering the previous activities, I think you are now ready to make your own table using accounting formula. In this activity, you will write the correct account that suits each transaction. Part I of Ki wor August 1 Garcia invested P48,000 cash in the business. 1 Rented office space and paid P800 cash for the August rent. Purchased exploration equipment for P22,000 by paying P12,000 cash and agreeing 3 to pay the balance in 3 months. Purchased office supplies by paying P1,500 cash. Completed exploration work and immediately collected P420 cash for the work. Purchased P1,350 of office equipment on credit. Completed exploration work on credit in the amount of P8,000. Purchased P700 of office supplies on credit. Paid cash for the office equipment purchased on August 8. Billed a client P2,400 for work completed; the balance is due in 30 days. Received P5,000 cash for the work completed on August 15. Paid the assistant's salary of P1,100 cash for this month. Paid P340 cash for this month's utility bill. Garcia withdrew P1,050 cash from the business for personal use. 6. 8. 15 18 20 24 28 30 30 30 DATE ASSETS LIABILITIES EQUITY AUG 1. 2. 3. 4. 5. 6. 7 48,000 8. 9. 10. 48,000 (800) 800 (12,000) (1,500) 3. 22,000 10,000 1,500 6. 420 420 8. 1,350 1,350 15 8,000 8000 18 700 700 20 (1,350) (1,350) 24 2,400 2,400 28 5,000 (5,000) 30 (1,100) (1,100) (340) 30 (340) (1,050) 30 (1,050) Balance 67,030 67,030
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