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02 Laboratory Exercise Bernabe

The document records transactions made by a business over the course of a month. It begins with an initial deposit of $18,000 into the business bank account from personal funds. Throughout the month, the business purchases supplies, pays creditors, earns sales commissions, pays rent and other expenses, withdraws cash, and pays salaries. At the end of the month, the business determines its supplies on hand and the cost of supplies used during the period. The accounting equation is provided and balanced at the end, showing assets equal to liabilities plus owner's equity.

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Ella Ramos
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40 views

02 Laboratory Exercise Bernabe

The document records transactions made by a business over the course of a month. It begins with an initial deposit of $18,000 into the business bank account from personal funds. Throughout the month, the business purchases supplies, pays creditors, earns sales commissions, pays rent and other expenses, withdraws cash, and pays salaries. At the end of the month, the business determines its supplies on hand and the cost of supplies used during the period. The accounting equation is provided and balanced at the end, showing assets equal to liabilities plus owner's equity.

Uploaded by

Ella Ramos
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Transactions

a. Opened a business bank account with a deposit account of P18,000 from personal funds
b. Purchased office supplies on account, P3,200
Balance
c. Paid creditor on account, P1,800
Balance
d. Earned sales commission, receiving cash P36,750
Balance
e. Paid rent on office and equipment for the month, P4,000
Balance
f. Withdrew cash for personal use, P3,000
Balance
g. Paid automobile expenses for the month, P2,500. And miscellaneous expense, P1,200
Balance
h. Paid office salaries, P3,750
Balance
i. Determined that cost of supplies on hand was P1,550; therefore, the cost of supplies used was P1650
Balance
Balance
Assets = Liabilities + OWNE

+ = Accounts + M. Canigan, - M. Ganigan, + Sales


Cash Supplies Payable Capital Drawing Commission
₱ 18,000.00 + = + ₱ 18,000.00 - +
+ ₱ 3,200.00 = ₱ 3,200.00 + - +
₱ 18,000.00 + ₱ 3,200.00 = ₱ 3,200.00 + ₱ 18,000.00 - +
-₱ 1,800.00 + = -₱ 1,800.00 + - +
₱ 16,200.00 + ₱ 3,200.00 = ₱ 1,400.00 + ₱ 18,000.00 - +
₱ 36,750.00 + = + - + ₱ 36,750.00
₱ 52,950.00 + ₱ 3,200.00 = ₱ 1,400.00 + ₱ 18,000.00 - + ₱ 36,750.00
-₱ 4,000.00 + = + - +
₱ 48,950.00 + ₱ 3,200.00 = ₱ 1,400.00 + ₱ 18,000.00 - + ₱ 36,750.00
-₱ 3,000.00 + = + - ₱ 3,000.00 +
₱ 45,950.00 + ₱ 3,200.00 = ₱ 1,400.00 + ₱ 18,000.00 - ₱ 3,000.00 + ₱ 36,750.00
-₱ 3,700.00 + = + - +
₱ 42,250.00 + ₱ 3,200.00 = ₱ 1,400.00 + ₱ 18,000.00 - ₱ 3,000.00 + ₱ 36,750.00
-₱ 3,750.00 + = + - +
₱ 38,500.00 + ₱ 3,200.00 = ₱ 1,400.00 + ₱ 18,000.00 - ₱ 3,000.00 + ₱ 36,750.00
+ -₱ 1,650.00 = + - +
₱ 38,500.00 + ₱ 1,550.00 = ₱ 1,400.00 + ₱ 18,000.00 - ₱ 3,000.00 + ₱ 36,750.00
₱ 40,050.00 = ₱ 40,050.00
OWNER'S EQUITY

- Rent - Salaries - Auto - Supplies - Misc.


Expense Expense Expense Expense Expenses
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- ₱ 4,000.00 - - - -
- ₱ 4,000.00 - - - -
- - - - -
- ₱ 4,000.00 - - - -
- - - ₱ 2,500.00 - - ₱ 1,200.00
- ₱ 4,000.00 - - ₱ 2,500.00 - - ₱ 1,200.00
- - ₱ 3,750.00 - - -
- ₱ 4,000.00 - ₱ 3,750.00 - ₱ 2,500.00 - - ₱ 1,200.00
- - - - ₱ 1,650.00 -
- ₱ 4,000.00 - ₱ 3,750.00 - ₱ 2,500.00 - ₱ 1,650.00 - ₱ 1,200.00

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