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Problem Exercise #1

John Coronado invested ₽100,000 to start a photo shop business. Over the month, the business purchased equipment, rendered services to customers, took out a loan, and incurred various expenses. By the end of the month, the business had assets of ₽195,650, liabilities of ₽48,000, and owner's equity of ₽101,300.

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Janice Duenes
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26 views

Problem Exercise #1

John Coronado invested ₽100,000 to start a photo shop business. Over the month, the business purchased equipment, rendered services to customers, took out a loan, and incurred various expenses. By the end of the month, the business had assets of ₽195,650, liabilities of ₽48,000, and owner's equity of ₽101,300.

Uploaded by

Janice Duenes
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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Jan 1.

John Coronado invested ₽ 100,000 cash to start her own photo s


Jan 2. The business purchased photo shop equipment, ₽ 24,000 on acc
Jan 3. The business purchased new camera in cash, ₽ 14,000.
Jan 4. The business borrowed money from the bank, ₽ 20,000, signing
Jan 6. The owner withdrew ₽ 5,000 cash from the business for persona
Jan 7. Purchased some office equipment on account, ₽ 10,000.
Jan 15. Purchased shop equipment payable for 10 years worth ₽30,000
Jan 19. Rendered services to customers on account, ₽ 10,200.
Jan 22. Rendered services for cash, ₽ 30,050.
Jan 25. Paid water & light bills for the month, ₽ 5,100.
Jan 28. Paid necessary government permits for cash of ₽ 10,000.
Jan 29. Billed customers for services rendered on account, ₽ 5,280.
Jan 30. Paid ₽ 1,300 phone bill of the business in cash
Jan 31. At the end of the month, paid monthly rent for ₽ 1,500.
ASSETS LIABILITIES
January CASH ACCOUNTS RECEIVABLE SHOP EQUIPMENT FURNITURE & FIXTURES OFFICE EQUIPMENT ACCOUNTS PAYABLE
1 100,000.00
2 24,000.00 24,000.00 24,000.00
3 14,000.00 14,000.00
4 20,000.00
6 5,000.00
7 10,000.00 10,000.00
15 30,000.00
19 10,200.00
22 30,050.00
25 5,100.00
28 10,000.00
29 5,280.00
30
31 1,500.00

195,650.00 15,480.00 68,000.00 - 10,000.00 48,000.00

Debit = +
Credit = -
OWNER'S EQUITY
NOTES PAYABLE MORTGAGE PAYABLE CORONADO, DRAWING CORONADO, CAPITAL SERVICE INCOME UTILITIES EXPENSE TAXES & LICENSES
100,000.00

20,000.00
5,000.00

30,000.00
10,200.00
30,050.00
5,100.00
10,000.00
5,280.00
1,300.00 1,300.00

20,000.00 30,000.00 5,000.00 101,300.00 45,530.00 6,400.00 10,000.00


RENT EXPENSE

1,500.00

1,500.00
CASH ACCOUNTS RECEIVABLE SHOP EQUIPMENT
100,000.00 24,000.00 10,200.00 24,000.00
20,000.00 4,000.00 5,280.00 14,000.00
30,050.00 5,000.00 30,000.00
5,100.00
10,000.00
1,500.00 68,000.00
150,050.00 15,480.00
-
-

ACCOUNTS PAYABLE NOTES PAYABLE MORTGAGE PAYABLE


24,000.00 14,000.00 20,000.00
10,000.00

24,000.00 20,000.00
24,000.00

CORONADO, CAPITAL CORONADO, DRAWING SERVICE INCOME


100,000.00 5,000.00
1,300.00

101,300.00 5,000.00
SHOP EQUIPMENT OFFICE EQUIPMENT FURITURE & FIXTURES
10,000.00

- -
10,000.00

MORTGAGE PAYABLE
30,000.00

30,000.00

SERVICE INCOME UTILITIES EXPENSE TAXES & LICENSES RENT EXPENSE


10,000.00 5,100.00 10,000.00 1,500.00
30,050.00 1,300.00
5,280.00

45,330.00 6,400.00 10,000.00 1,500.00


RENT EXPENSE
DATE PARTICULARS DEBIT CREDIT

January 1 CASH 100,000.00


CORONADO CAPITAL 100,000.00
To record intial investment

2 SHOP EQUIPMENT 24,000.00


Account payable 24,000.00
To purchase equipment

3 SHOP EQUIPMENT 14,000.00


Account payable 14,000.00
To purchase equipment

4 CASH 20,000.00
Notes payable 20,000.00
To record borrowed money

6 CORONADO,DRAWING 5,000.00
Cash 5,000.00
To record withdrawal for personal use

7 OFFICE EQUIPMENT 10,000.00


Account payable 10,000.00
To purchase equipment

15 SHOP EQUIPMENT 30,000.00


Mortage payable 30,000.00
To purchase equipment

19 ACCOUNT RECEIVABLE 10,200.00


Service revenue 10,200.00
To record income

22 CASH 30,050.00
Service Revenue 30,050.00
To record income

25 UTILITIES EXPENSES 5,100.00


Cash 5,100.00
To record the payment the payment for water and lights bills

28 TAXES AND LICENSES 10,000.00


Cash 10,000.00
To record the payment for Govt. permits

29 ACCOUNT RECIEVABLE 5,280.00


Service revenue 5,280.00
To record income

30 UTILITIES EXPENSES 1,500.00


Coronado capital 1,500.00
To record the payment for phone bill from bussiness fund

31 RENT EXPENSE 1,500.00


Cash 1,500.00
To record the payment of rent

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