RJ Repair Shop

Financial Transaction Worksheet

Date Particulars Value Received* Value Parted With* Assets

2019
June 1 Invested P60,000.00 cash to start P60,000.00 cash Commitment to Cash
the repair shop. safeguard and
multiply the
P60,000.00 investment

4 Purchased equipment for P20,000.00 Equipment cost- P20,000.00 cash Service Equipment
cash. ing P20,000.00 Cash

7 Paid P8,000.00 cash for June office Use of office P8,000.00 cash Cash
rent. space at a
monthly rental
of P8,000.00

9 Paid P10,000.00 cash for supplies Supplies costing P10,000.00 cash Service Supplies
purchased. P10,000.00 Cash

10 Provided repair services on Promise of Services rendered Accounts Receivable

account to customer, P8,000.00. customer to for a fee of
pay P8,000.00 P8,000.00

11 Incurred P5,000.00 for advertising Advertisement Promise to pay

costs in the Bulletin Today for the business Bulletin Today for
on account. at a cost of advertisement amount-
P5,000.00 ing to P5,000.00

12 Received P16,400.00 in cash from P16,400.00 cash Services rendered Cash

customers for repair services. for a fee of P16,400.00

16 Withdrew P10,000.00 cash for Release from the P10,000.00 cash Cash
personal use. commitment
to safeguard and
multiply the
investment to the
extent of P10,000.00

19 Paid part-time employees' salaries, Services of part- P4,000.00 cash Cash

P4,000.00. time employees
costing P4,000.00

23 Paid utility bills, P4,800.00. Use of utilities at P4,800.00 cash Cash

a cost of P4,800.00

30 Collected cash of P4,800.00 for P4,800.00 cash Cancellation of Cash

services billed in transaction. customers' promise Accounts Receivable
to pay to the extent
of P4,800.00
* From the point of view of the business entity
 EFFECT ON: JOURNAL ENTRY
Assets Liabilities Owner's Equity Accounts Dr.

60,000.00 RJ Madela, Capital 60,000.00 Cash 60,000.00

RJ Madela, Capital

20,000.00 Service Equipment 20,000.00

(20,000.00) Cash

(8,000.00) Rent Expense (8,000.00) Rent Expense 8,000.00

Cash

10,000.00 Service Supplies 10,000.00

(10,000.00) Cash

8,000.00 Service Revenue 8,000.00 Accounts Receivable 8,000.00

Service Revenue

Accounts Payable 5,000.00 Advertising Expense (5,000.00) Advertising Expense 5,000.00

Accounts Payable

16,400.00 Service Revenue 16,400.00 Cash 16,400.00

Service Revenue

(10,000.00) RJ Madela, Drawing (10,000.00) RJ Madela, Drawing 10,000.00

Cash

(4,000.00) Salaries Expense (4,000.00) Salaries Expense 4,000.00

Cash

(4,800.00) Utilities Expense (4,800.00) Utilities Expense 4,800.00

Cash

4,800.00 Cash 4,800.00

(4,800.00) Accounts Receivable

65,600.00 5,000.00 60,600.00 ###

JOURNAL ENTRY
Cr.

60,000.00

20,000.00

8,000.00

10,000.00

8,000.00

5,000.00

16,400.00

10,000.00

4,000.00

4,800.00

4,800.00

###
Sassy Mo Beauty Salon
Financial Transaction Worksheet

Date Particulars Value Received* Value Parted With* Assets

2020
January 1 Sassy Mo opened a beauty salon P100,000.00 cash Commitment to Cash
with initial capital of P100,000.00. safeguard and
multiply the
P100,000.00 investment

2 An amount of P36,000.00 was paid Use of the space P36,000.00 cash Prepaid Rent
as advance rent for three months. being rented with Cash
advance rental of
P36,000.00 for
three months

3 Paid P60,000.00 cash on the Equipment costing P60,000 cash and Service Equipment
purchase of equipment costing P80,000.00 Promissory Note for Cash
P80,000.00. The remaining amount the balance of
will be paid in the form of P20,000.00
promissory note.

4 Bought office supplies amounting Office supplies Promise to pay the Office Supplies
to P17,600.00 on account. amounting to office supplies
P17,600.00 amounting to
P17,600.00

13 Provided services to its customers P28,500.00 cash Services rendered for Cash
and received P28,500.00 in cash. a fee of P28,500.00

/ Paid the accounts payable on the Cancellation of the P17,600.00 cash Cash
office supplies purchased on promise to pay the
January 4. office supplies
amounting to
P17,600.00

14 Paid wages to its employees for the Services of the P19,100.00 cash Cash
first two weeks of January employees for a
amounting to P19,100.00. wage of P19,100.00

18 Rendered P54,100.00 worth of hair P32,900.00 cash Hair and make-up Cash
and make-up services to a wedding and promise to services worth Accounts Receivable
preparation of Ms. Yap. They paid pay the balance of P54,100.00
P32,900.00 and promised to pay the P21, 200.00
remaining amount.
 Date Particulars Value Received* Value Parted With* Assets
2020
January 23 Received P15,300.00 from customers P15,300.00 cash Promise of customers Cash
for the services provided on to pay the amount Accounts Receivable
January 18. of P15,300.00

25 Received cash amounting to P4,000.00 cash Services rendered to Cash

P4,000.00 as payment for the Ms. Chill worth
services rendered to Ms. Chill. P4,000.00

26 Bought office supplies costing Office supplies Promise to pay the Office Supplies
P5,200.00 on account. costing P5,200.00 office supplies
costing P5,200.00

28 Paid wages to its employees for the Services of the P19,100.00 cash Cash
third and fourth week of January, employees for a
P19,100.00 wage of P19,100.00

31 Paid P5,000.00 for advertising and Advertisement P5,000.00 cash Cash

promotion. and promotion for
the business
costing P5,000.00

/ Received electricity bill of P2,470.00 Use of electricity Promise to pay the

electricity bill of
P2,470.00

/ Received telephone bill of P1,494.00 Use of communi- Promise to pay the

cation facilities telephone bill of
for P1,494.00 P1,494.00

/ Miscellaneous expenses paid during Benefits from the P3,470.00 cash Cash
the month totaled P3,470.00. miscellaneous
expenses paid

/ Withdrew P5,000.00 cash for Release from the P5,000 cash Cash
personal use. commitment
to safeguard and
multiply the
investment to the
extent of P5,000

* From the point of view of the business entity

 EFFECT ON: JOURNAL ENTRY
Assets Liabilities Owner's Equity Accounts Dr.

100,000.00 Mo, Capital 100,000.00 Cash ###

Mo, Capital

36,000.00 Prepaid Rent 36,000.00

(36,000.00) Cash

80,000.00 Notes Payable 20,000.00 Service Equipment 80,000.00

(60,000.00) Cash
Notes Payable

17,600.00 Accounts Payable 17,600.00 Office Supplies 17,600.00

Accounts Payable

28,500.00 Service Revenue 28,500.00 Cash 28,500.00

Service Revenue

(17,600.00) Accounts Payable (17,600.00) Accounts Payable 17,600.00

Cash

(19,100.00) Salaries and Wages (19,100.00) Salaries and Wages 19,100.00

Cash

32,900.00 Service Revenue 54,100.00 Cash 32,900.00

21,200.00 Accounts Receivable 21,200.00
Service Revenue

183,500.00 20,000.00 163,500.00 ###

 EFFECT ON: JOURNAL ENTRY
Assets Liabilities Owner's Equity Accounts Dr.

15,300.00 Cash 15,300.00

(15,300.00) Accounts Receivable

4,000.00 Service Revenue 4,000.00 Cash 4,000.00

Service Revenue

5,200.00 Accounts Payable 5,200.00 Office Supplies 5,200.00

Accounts Payable

(19,100.00) Salaries and Wages (19,100.00) Salaries and Wages 19,100.00

Cash

(5,000.00) Advertising and Advertising and

Promotion (5,000.00) Promotion 5,000.00
Cash

Utilities Payable 2,470.00 Utilities Expense (2,470.00) Utilities Expense 2,470.00

Utilities Payable

Utilities Payable 1,494.00 Utilities Expense (1,494.00) Utilities Expense 1,494.00

Utilities Payable

(3,470.00) Miscellaneous Miscellaneous

Expenses (3,470.00) Expenses 3,470.00
Cash

(5,000.00) Mo, Drawing (5,000.00) Mo, Drawing 5,000.00

Cash

(23,370.00) 9,164.00 (32,534.00) 61,034.00

160,130.00 29,164.00 130,966.00 ###

JOURNAL ENTRY
Cr.

###

36,000.00

60,000.00
20,000.00

17,600.00

28,500.00

17,600.00

19,100.00

54,100.00

###
JOURNAL ENTRY
Cr.

15,300.00

4,000.00

5,200.00

19,100.00

5,000.00

2,470.00

1,494.00

3,470.00

5,000.00

61,034.00

###