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    Chapter 3 Illustrations

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    Shaila Marcelo
    Mar-01 May Gomez opened a tour and travel service by contributing cash of P50,000 and two cars worth P750,000. She borrowed P100,000 cash from PNB and purchased tables, chairs, and equipment. Gomez withdrew P5,000 for personal use and paid the account due to National Winners in cash.

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    Chapter 3 Illustrations

    Uploaded by

    Shaila Marcelo
    2K views6 pages
    Mar-01 May Gomez opened a tour and travel service by contributing cash of P50,000 and two cars worth P750,000. She borrowed P100,000 cash from PNB and purchased tables, chairs, and equipment. Gomez withdrew P5,000 for personal use and paid the account due to National Winners in cash.

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    Chapter 3 illustrations

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    Mar-01 May Gomez opened a tour and travel service by contributing cash of P50,000 and two cars worth P750,000. She borrowed P100,000 cash from PNB and purchased tables, chairs, and equipment. Gomez withdrew P5,000 for personal use and paid the account due to National Winners in cash.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    2K views6 pages

    Chapter 3 Illustrations

    Uploaded by

    Shaila Marcelo
    Mar-01 May Gomez opened a tour and travel service by contributing cash of P50,000 and two cars worth P750,000. She borrowed P100,000 cash from PNB and purchased tables, chairs, and equipment. Gomez withdrew P5,000 for personal use and paid the account due to National Winners in cash.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    You are on page 1of 6

    Mar-01 May Gomez opened a tour and travel service by contributing cash of P50,000.

    She has three


    cars worth P1,200,000 but contributed only two cars worth P750,000.
    3 Gomez borrowed P100,000 cash from PNB for use in her business
    7 Bought tables and chairs from Blim’s and paid cash of P45,000
    15 Various equipment were purchased on account from National Winners for P55,000
    18 Gomez made cash withdrawal of P5,000 for personal use
    20 The account due to National Winners was paid in cash
    00
    Asset Liabilities Equity
    Furniture & Accounts Loans Gomez, (Gomez,
    Cash Cars Equipment
    Fixtures Payable Payable Capital Drawings)
    Date
    Mar-01 50,000 750,000 800,000
    3 100,000 100,000
    7 -45,000 45,000
    15 55,000 55,000
    18 -5,000 5,000
    20 -55,000 -55,000
    Balances 45,000 750,000 55,000 45,000 0 100,000 800,000 5,000
    Total 895,000 895,000
    Copyclear and Bindery Center situated at Taft Avenue, Manila was set up January 2, 2018. T
    owner, Susan Alegre, contributed cash of P20,000, and equipment of P48,000. The followin
    the additional transactions for January:
    Jan-05 Bought furniture and fixtures worth P6,000 on account
    7 Bought a photocopier machine for P20,000. Terms: 50% down, balance on acc
    8 Hired a helper on commission basis, based on 10% of sales, to operate the mach
    10 An emergency prompted Ms. Alegre to withdraw P1,500 cash for personal use
    15 Bought supplies costing P3,000 and paid cash
    20 The account of January 5 is due. Ms. Alegre paid this from her personal cash
    30 The account of January 7 is due. Issued a 60-day promissory note for this
    a was set up January 2, 2018. The
    ment of P48,000. The following are

    ccount
    ms: 50% down, balance on account
    % of sales, to operate the machine
    P1,500 cash for personal use

    this from her personal cash


    promissory note for this
    Asset Liabilities Equity
    Furniture & Accounts Notes Alegre, (Alegre,
    Cash Supplies Equipment
    Fixtures Payable Payable Capital Drawings)
    Date
    Jan-02 20,000 48,000 68,000
    5 6,000 6,000
    7 -10,000 20,000 10,000
    10 -1,500 1,500
    15 -3,000 3,000
    20 -6,000 6,000
    30 -10,000 10,000
    Balances 5,500 3,000 68,000 6,000 0 10,000 74,000 1,500
    Total 82,500 82,500

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