Name: __________________________________ Date: _______________________

Strand/Grade: __________________________________ Quiz No.: _______________________

Subject __________________________________ 2nd Semester- 4th Quarter Score: _____________/_40_____

Test I.
Listed below ten business transactions of Happy Birthday Company owned by Matikas Ca during its first month of operations:

a. Owner invested in the business amounting to P300,000

b. Purchased equipment for cash amounting to P50,000
c. Purchased inventories through credit amounting to P35,000
d. Make an additional investment amounting to P100,000
e. Purchased furniture amounting to P30,000. Made a partial payment with cash P10,000 and incurred an accounts payable for the balance of P20,000
f. Paid to the local government for business permit PP9,000
g. Made sales of P17,000 of which P12,000 is a cash sales and P5,000 is a credit sales
h. The Cost of sales made on transaction (g) amounted to P8,500
i. Paid the accounts payable in transaction (e).
j. Collected P2,500 out of the P5,000 credit sales in transaction 9(f).
k. Paid employee P12,000
l. Mr. Matikas Ca withdrew P4,500 from the business for personal use.

Indicate the effects of the given transaction on each of the financial statement elements in the table shown below. The answer for transaction (a) is give as an example:
Assets = Liabilities + Equity
SN Capital Revenue Expenses
Cash Inventories Equipment Accounts Furniture Accounts Ca, Sales Cost of Permits Salaries
Receivable Payable Capital Sales
a. 300,000 300,000
b.
c.
d.
e.
f.
g.
h.
i.
j.
k.
l.
Total
Total =

Answer independently. Prepared by: ard/////