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This document contains accounting problems and questions about transactions that affect financial statements. It includes: 1) Five problems describing business transactions and calculating income, expenses, profits, and financial statement elements. 2) Additional questions about specific businesses' financial statements and how transactions would affect accounts. 3) A table outlining how common business transactions would affect the basic accounting model of assets, liabilities, and owner's equity. The document provides accounting exercises and tests understanding of fundamental accounting concepts like recording business transactions and preparing basic financial statements.

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8 views

Book

This document contains accounting problems and questions about transactions that affect financial statements. It includes: 1) Five problems describing business transactions and calculating income, expenses, profits, and financial statement elements. 2) Additional questions about specific businesses' financial statements and how transactions would affect accounts. 3) A table outlining how common business transactions would affect the basic accounting model of assets, liabilities, and owner's equity. The document provides accounting exercises and tests understanding of fundamental accounting concepts like recording business transactions and preparing basic financial statements.

Uploaded by

8wvy2ws7vc
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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ASSIGNMENT #2
PROBLEM #1
ACCOUNTING EVENT ANSWERS
A. Ocampo took 5,000 php from his personal bank
account and lent it to his friend, fatima. This transaction shouldn't be
recorded since Ocampo took
money from his own money
and not from the busines.
B. Ocampo deposited 36,000 php from his
personal bank account into the business bank This transaction shoud be
account.
recorder since he deposited
money from his own account
to his business.

C. Ocampo sold comic books worth 2,500 php


This transaction shoud be
from the shop to amend. The money was recorded since it is a business
deposited into the business bank account. transaction.
This transaction should be
recorded since the money
that he used to pay for his
D. Ocampo paid 95,000 ph from the business bank holiday trip is from his
account for his holiday to Europe. business.

This transaction should be


recorded since this
E. Ocampo took home 1,000 php worth of comic transaction shows withdrawal
books from the shop. of goods for personal use.

PROBLEM #2A
INCOME AND EXPENSES
INCOME EXPENSES PROFIT(loss)
A. 840,000 ? 360,000 1,200,000php
B. 2,400,000 ? 540,000 2,940,000 php
C. 1,300,00 860,000 ? 440,00php
D. ? 2,000,000 720,000 2,720,000php
E. ? 1,800,000 (400,000) 2,200,000php

PROBLEM #2B
A. A small accounting firm has income of
325,000php and expenses of 237,000
php. 88,000 php(profit)

B. An advertising agency has expenses of


163,000php and profit of 42,000 php. 205,000 php (income)
C. A computer-training outfit has
expenses of 153,000 php and loss of
27,500 php. 180,500 php (income)

D. A medical practitioner has income of


737,00 php and profit of 168,000 php. 905,00 php (expenses)
E. An environment consultant has
income of 362,000php and loss of
20,000php 382,000 php (expense)

PROBLEM #3A
ELEMENTS OF FINANCIAL STATEMENTS
Assets Liabilities Owner's equity
A. 760,000 360,000 ? 400,000 php
B. 860,000 ? 592,200 1,452,000 ph
C. ? 108,000 760,000 868,000 php
D. 626,600 376,240 ? (-1,002,840)
E. ? 800,000 (100,000) 900,000 php

PROBLEM #3B

A. Jimmy Delgado Pest Control has


assets of (600,000php and owner's
equity of 450,000 php. 1,050,000 php (liability)
B. Margie Clavano Realtors has liabilities
of 530,000php and owner's equity of
410,000 php. 940,000 php (assets)
C. Marko Fuentes Plumbing Contractor
has assets of 473,000 php and liabilities
of 153,700php. 310,300 php (owner's equity)
D. Ruan Morales Acting Studio has
liabilities of 147,000php and owner's
equity of 236,500 php. 383,500 php (assets)
E. Fely Monarca Dance has assets of
624,000 php and liabilities of
237,000php. 387,000 php (owner's equity)

PROBLEM #3C
A. At the beginning of the year, the
assets of Cleofe Arib Services were
360,000php and its owner's equity was
20,000 php. During the year, assets
increased by 120,000 ph and liabilities
increased by 20,000 php. What was the
owner's equity at the end of the year? 100,000 php

B. At the beginning of the year, Cora


Gabayan Calling Station had Liabilities of
100,000 ph and owner's equity of
96,000 php. If assets increased by
40,000 php and liabilities decreased by
30,000 php, what was the owner's
equity at the end of the year? 10,000 php
C The labilities of Leonore Laqueioque
Stylist equal one-third of the total
assets, and the owner's equity is
240,000 php. What is the amount of the
liabilities? 80,000 php

PROBLEM #4
Transaction Effects on the Basic
Accounting Model
A L OE
The following are some transactions of
Maricel
Supan Services:

A. Received cash as traditional


investment. + +
B. Purchase supplies on account. + +
C. Charge customers for services made
on account. + +
D. Rendered services to cash customers. + +
E. Paid cash for rent on building. -
F. Collected on account receivable
In full. - +
G. Paid cash for supplies. -
H. Returned supplies purchased
On account -
I. Paid cash to settle accounts. -
J. Paid cash to owner for personal Use. -
PROBLEM #5
Transaction that affect the elements of
financial statements

A. Decrease an asset and decrease Paid ₱14,000 for accounts


owner's equity [use of assets event). payable
B. Increase a liability and decrease Borrowed ₱12,000 from a
owner's equity(exchange of claims bank and iused it to start a
event). business

C. Increase an asset and increase Additional capital brought in


owner's equity ( source of assets event). by the proprietor
D. Decrease a liability and increase
owner's equity (exchange of claims
event). Loan repayment
Traded an old furniture to a
E. Increase an assets and decrease new one and paid additional
another asset (exchange of assets event). 20% in cash
F. Increase an asset and increase a Purchased a furniture on
lability (source of assets event). credit from a supplier
G. Decrease an asset and decrease a
liability (use of assets event). Paid debt in cash

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