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    Accounting Module 2 Assignment

    Uploaded by

    Genner Raz
    The document outlines an assignment with multiple financial calculation problems and questions about normal account balances. It includes questions about calculating owners' equity, total assets, and liabilities given various amounts. It also asks to identify which accounts normally have debit or credit balances.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Accounting Module 2 Assignment

    Uploaded by

    Genner Raz
    225 views2 pages
    The document outlines an assignment with multiple financial calculation problems and questions about normal account balances. It includes questions about calculating owners' equity, total assets, and liabilities given various amounts. It also asks to identify which accounts normally have debit or credit balances.

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    © © All Rights Reserved

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    The document outlines an assignment with multiple financial calculation problems and questions about normal account balances. It includes questions about calculating owners' equity, total assets, and liabilities given various amounts. It also asks to identify which accounts normally have debit or credit balances.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    225 views2 pages

    Accounting Module 2 Assignment

    Uploaded by

    Genner Raz
    The document outlines an assignment with multiple financial calculation problems and questions about normal account balances. It includes questions about calculating owners' equity, total assets, and liabilities given various amounts. It also asks to identify which accounts normally have debit or credit balances.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Module 2

    ASSIGNMENT

    I. Calculate the missing amounts that relates to the financial position of an enterprise:

    1. Bernadette Ordonez’s residual interest showed a balance of P350,000. If it


    claims an ownership in assets worth P1,000,000, how much is the liabilities?
    2. Luz Un Co. has an owner’s equity of P700,000 and a financial obligation of
    P300,000 how much is the firm’s total assets?
    3. As of the end of the period, Subide Dingdang’s brokerage firm has a total assets
    equal to P970,000 and total liabilities equal to P500,000. What is the equity of
    Subide Dingdang as of the end of the period?
    4. Enalinda lavilla has put up cash in the amount of P150,000 representing her
    initial capital. Out of P150,000 cash she acquired an equipment costing
    P100,000 which requires a cash outlay of P75,000 and incurs a liability of
    P25,000. How much is the owner’s equity at the end of the year?
    5. Lerna Travilla-Ursua starts with a Repair Shop business in M’lang, Cotabato. At
    the beginning of the period her capital is P350,000 which equalled to her
    investment. At the end of the period, her capital balance is P450,000 which is
    60% of total assets. How much represents the total claims from the outside
    creditors?

    II. On the space provided, put an X to accounts whose normal balances are
    debits.

    1. Building
    2. Depreciation Expense
    3. Unused Supplies
    4. Notes receivable
    5. Utilities Expense
    6. Julito Kwan, Capital
    7. Uncollectible Accounts
    8. Interest Expense
    9. Transportation Expense
    10. Julito Kwan, Drawing

    III. On the space provided, put a check to accounts whose normal balances are
    credit.

    1. Interest Income
    2. Notes Payable
    3. Subscription Income
    4. Ofelia Coronado, Capital
    5. Accounts Receivable
    6. Accounts Payable
    7. Ofelia Coronado, Drawing
    8. Unused Supplies
    9. Prepaid Expenses
    10. Professional Income

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