Name:Picarra, Sherilyn B.

CHAPTER 4 EXERCISES (10/12/2020)

Section: CBET01-101P Ma’am Beth Salvador
#12 A.
Dat Cash Accounts Supplies Delivery Notes Accounts Fedor, Revenues Account
title
e Receivable van Payable Payable Capital (Expenses)
(Drawing
)
1 +100,000 +100,000 investment
2 -20,000 +120,000 +100,000 Van
expense
3 -15,000 -15,000 Rent
expense
5 +22,000 +22,000 +22,000 Service
Income
9 -2,000 -2,000 Fedor,
Drawing
12 1,500 -1,500 Supplies
+
expense
15 +12,500 -12,500 +12,500 Service
Income
17 +7,500 -7,500 Gasoline
Expense
20 +15,000 +5,000 +15,000 Service
Income
23 -25,000 -25,000 Payment on
Notes
Payable
26 -2,500 2,500 Utilities
expense
29 -7,500 -7,500 Gasoline
expense
30 -30,000 500 500 -30,000 Salaries
Expense
P47,500 P4,500 P500 P120,000 P75,000 P4,000 -P2,000 P 95,500
ASSETS= LIABILITIES +OWNER’S EQUITY + NET INCOME
172,500 = 79,000+ 98,000 + (-4,500)
B.
Fed Deliveries
Income Statement
For the month ended July 31, XXXX

Service Income P49,500

Less Operating expenses:
Rent Expense P15,000
Salaries Expense 30,000
Gasoline Expense 7,500
Supplies Expense 1,500 54,000
 NET INCOME/NET LOSS - P4,500

C.

Fed Deliveries
Statement of Financial Position
July 31, XXXX

ASSETS
Cash P47,500
Accounts Receivable 4,500
Supplies 500
Equipment 75,000
Total assets P172,500
LIABILITIES AND OWNER’S EQUITY
Accounts/ Notes Payable 79,000
Fedor, Capital – Net income 93,500
Total Liabilities and O.E P172,500

#14 A.
Date Cash Accounts Office Equipment Account Notes Utilities Wong, Explanation of
Receivable Supplies /Furniture s Payabl Payable Capital Changes in
s Payable e Equity
& Fixtures
1 +50,000 +10,000 +60,000 Investment
2 -25,000 -25,000 Rent expense
4 120,000 116,000 Equipment
Expense
6 -2,500 2,500 -2,500 Supplies
expense
8 +32,000 +32,000 Service income
10 +27,000 +27,000 Service income
15 -6,200 -6,200 Salaries
Expense
18 -15,000 -15,000 Service income
25 +40,000 +60,000 +100,00 Service income
0
28 +5,000 -5,000 Wong, Drawing
30 -6,200 -6,200 Salaries
Expense
31 -2000 +5,600 -5,600 Utilities
Expense
P88,100 P72,000 P500 P130,000 P116,000 P5,600 P169,000

ASSETS= LIABILITIES +OWNER’S EQUITY + NET INCOME

P290,600= P121,600 +P55,000 + P114,000

Mabel Wong
Income Statement
For the month ended July 31, XXXX

Service Income P159,000

Less Operating expenses:
Rent Expense P24,500
Salaries Expense 12,400
Supplies Expense 2,000
Utilities Expense 6,100 45,000
NET INCOME P114,000

Mabel Wong
Statement of Changes in Equity
For the month ended July 31, XXXX

Wong, Capital (July 1) P60,000

Add Net Income 114,000
Total P174,000
Less Drawings -5,000
Wong, Capital (July 31) P169,000

Mabel Wong
Statement of Financial Position
July 31, XXXX
ASSETS
Cash P88,100
Accounts Receivable 72,000
Supplies 500
Equipment 130,000
Total assets P290,600
LIABILITIES AND OWNER’S EQUITY
Accounts/ Notes Payable 116,000
Fedor, Capital – Net income 174,600
Total Liabilities and O.E P290,600