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FINANCIAL TRANSACTION WORKSHEET The assets, liabilities and owner's equity of Deogracia Corpuz who operates a repair shop are expressed in equation form below. Corpuz completed the following transaction Cash ASSETS Supplies Land 1 500,000 LIABILITIES Accounts Payable + OE +Corpuz, Capital 500,000 2 20,000 B 500,000 + 20,000 20,000 20,000 + 500,000 3 (140,000) + 140,000 = B 360,000 20,000 140,000 = 20,000 + 500,000 4 (18,000) (18,000) B 342,000 + 20,000 + 140,000 = 2,000 + 500,000 5 (25,000) (25,000) B 317,000 + 20,000 + 140,000 = 2,000 + 475,000 6 (28,000) (28,000) B 289,000 + 20,000 + 140,000 = 2,000 + 447,000 7 10,000 + (10,000) B 289,000 + 20,000 + 140,000 = 12,000 + 437,000 8 100,000 100,000 B 389,000 + 20,000 140,000 = 12,000+ 537,000 9 5,000 5,000 B 394,000 + 20,000 + 140,000 = 12,000+ 542,000 10 (6,000) (6,000) B 394,000 + 14,000 + 140,000 = 12,000 + 536,000 548,000 = 548,000

FINANCIAL TRANSACTION WORKSHEET The assets, liabilities and owner's equity of Deogracia Corpuz who operates a repair shop are expressed in equation form below. Corpuz completed the following transaction Cash ASSETS Supplies Land 1 500,000 LIABILITIES Accounts Payable + OE +Corpuz, Capital 500,000 2 20,000 B 500,000 + 20,000 20,000 20,000 + 500,000 3 (140,000) + 140,000 = B 360,000 20,000 140,000 = 20,000 + 500,000 4 (18,000) (18,000) B 342,000 + 20,000 + 140,000 = 2,000 + 500,000 5 (25,000) (25,000) B 317,000 + 20,000 + 140,000 = 2,000 + 475,000 6 (28,000) (28,000) B 289,000 + 20,000 + 140,000 = 2,000 + 447,000 7 10,000 + (10,000) B 289,000 + 20,000 + 140,000 = 12,000 + 437,000 8 100,000 100,000 B 389,000 + 20,000 140,000 = 12,000+ 537,000 9 5,000 5,000 B 394,000 + 20,000 + 140,000 = 12,000+ 542,000 10 (6,000) (6,000) B 394,000 + 14,000 + 140,000 = 12,000 + 536,000 548,000 = 548,000

FINANCIAL ACCOUNTING
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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ANSWER THE GIVEN BELOW AND COPY THE FORMAT IN THE GIVEN IMAGE. 

 

Joel Feliciano has started his own business, Property Appraisals. He inspects property for buyers and sellers of real estate. Feliciano rents office space and has a part-time assistant to answer the phone and to help with inspections. The transactions for the month of September are as follows:

  1. Feliciano invested cash by making a deposit in a bank account for the business, P 150,000.
  2. Paid rent for the month, P3,000.
  3. Bought a second-hand service vehicle for cash, P80,000.
  4. Bought service tools on account, P30,000.
  5. Paid electricity bill, P500.
  6. Paid a one-year insurance premium on the service vehicle, P6,000.
  7. Received cash from clients for service performed, P20,000.
  8. Paid salaries to assistant for first half of the month, P2,000.
  9. Performed appraisal services for clients on account, P 10,000.
  10. Paid water bill, P350.
  11. Bought office supplies for cash, P1,000.
  12. Received cash from clients for inspections performed on account in i), P3,000.
  13. Paid salaries to assistant for last half of the month, P2,500.
  14. Made partial payment on service tools bought in (d), P10,000.
  15. Additional revenues earned amounted to P20,000: 14,000 for cash and P6,000 on account.
  16. Feliciano withdrew cash for personal expenses, P5,000.

Required:

Establish the following accounts in a financial transaction worksheet:

Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Service Tools; Service Vehicle; Accounts Payable; Feliciano, Capital; Feliciano, Withdrawals ; Revenues ; Expenses

FINANCIAL TRANSACTION WORKSHEET The assets, liabilities and owner's equity of Deogracia Corpuz who operates a repair shop are expressed in equation form below. Corpuz completed the following transaction Cash ASSETS Supplies Land 1 500,000 LIABILITIES Accounts Payable + OE +Corpuz, Capital 500,000 2 20,000 B 500,000 + 20,000 20,000 20,000 + 500,000 3 (140,000) + 140,000 = B 360,000 20,000 140,000 = 20,000 + 500,000 4 (18,000) (18,000) B 342,000 + 20,000 + 140,000 = 2,000 + 500,000 5 (25,000) (25,000) B 317,000 + 20,000 + 140,000 = 2,000 + 475,000 6 (28,000) (28,000) B 289,000 + 20,000 + 140,000 = 2,000 + 447,000 7 10,000 + (10,000) B 289,000 + 20,000 + 140,000 = 12,000 + 437,000 8 100,000 100,000 B 389,000 + 20,000 140,000 = 12,000+ 537,000 9 5,000 5,000 B 394,000 + 20,000 + 140,000 = 12,000+ 542,000 10 (6,000) (6,000) B 394,000 + 14,000 + 140,000 = 12,000 + 536,000 548,000 = 548,000
Transcribed Image Text:FINANCIAL TRANSACTION WORKSHEET The assets, liabilities and owner's equity of Deogracia Corpuz who operates a repair shop are expressed in equation form below. Corpuz completed the following transaction Cash ASSETS Supplies Land 1 500,000 LIABILITIES Accounts Payable + OE +Corpuz, Capital 500,000 2 20,000 B 500,000 + 20,000 20,000 20,000 + 500,000 3 (140,000) + 140,000 = B 360,000 20,000 140,000 = 20,000 + 500,000 4 (18,000) (18,000) B 342,000 + 20,000 + 140,000 = 2,000 + 500,000 5 (25,000) (25,000) B 317,000 + 20,000 + 140,000 = 2,000 + 475,000 6 (28,000) (28,000) B 289,000 + 20,000 + 140,000 = 2,000 + 447,000 7 10,000 + (10,000) B 289,000 + 20,000 + 140,000 = 12,000 + 437,000 8 100,000 100,000 B 389,000 + 20,000 140,000 = 12,000+ 537,000 9 5,000 5,000 B 394,000 + 20,000 + 140,000 = 12,000+ 542,000 10 (6,000) (6,000) B 394,000 + 14,000 + 140,000 = 12,000 + 536,000 548,000 = 548,000
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