CHAPTER 3

ACCOUNTING ELEMENTS
ASSIGNMENT

I. Indicate the following accounts if nominal or real:

1. Land Real
2. Royalty revenue Nominal
3. Rent expense Nominal
4. Office supplies unused Real
5. A. Bonifacio capital Real
6. Unearned interest income Nominal
7. Accounts payable Real
8. Notes receivable Real
9. Utilities expense Nominal
10. Prepaid insurance Nominal
11. Building Real
12. Miscellaneous revenue Nominal
13. Accumulated depreciation Nominal
14. Gain on sale of equipment Nominal
15. Cash Real
16. Mortgage payable Real
17. A. Bonifacio drawing Nominal
18. Salary expense Nominal
19. Allowance for doubtful accounts Nominal
20. Service revenue Nominal

II. Compute for the required amount.

Case A Case B Case C Case D Case E

Beg. Capital P200,000 P150,000 P325,000 P400,000 P175,000
Additional P50,000 P20,000 P40,000 P24,000 P25,000
Investment
Net Income P30,000 P18,000 P55,000 P50,000 P50,000
Drawing P25,000 P48,000 P30,000 P16,000 P20,000
Ending P305,000 P140,000 P390,000 P458,000 P230,000
Capital
Using the information above, supply the missing amounts:
1. Ending Capital P305,000
2. Drawing P48,000
3. Net Income P55,000
4. Additional Investment P24,000
5. Beginning Capital P175,000