Answer

1 Income Statement
2 Income Statement
3 Balance Sheet
4 Income Statement
5 Balance Sheet
6 Balance Sheet
7 Income Statement
8 Balance Sheet
9 Balance Sheet
10 Balance Sheet
Transactions Assets = Liabilities
Account Title Debit (+) Credit (-) Account Title
1 Cash 250,000
Supplies 34,000

2 Office Furniture 4,600

Cash 4,600

3 Cash 12,000

4 Accounts Payable

5 Accounts Recievable 23,000

6 Accounts Recievable 34,000

7 45,000

8 Cash 10,000
345,600 26,600

319000 319000
Liabilities Owner's Equity
Debit (-) Credit (+) Account Title Debit (-) Credit (+)
Jai, Capital 284,000

Office Rent 12,000

4,500

Service Income 23000

Service Income 34000

Water Expense 4500

jai, withdrawal 10,000

0 4500 2500 341,000
4500 3145000
Transactions

Opened a business with an investment of P160,000.

Purchased supplies on account, P7,500.
Paid creditors on account, P5,600.
Received cash from fees earned, P45,350.
Paid rent on office for the month, P45,000.
Paid automobile expenses for the month, P5,800 and miscellaneous expenses, P1,600.

Paid office salaries, P10,250.

Determined that the cost of supplies on hand was P5,250; therefore, the cost of supplies used was P2,250.
Billed clients for commissions earned, P32,750.
Withdrew cash for personal use, P12,000.
Assets Liability
Account Title Debit (+) Credit (-) Account Title Debit (-) Credit (+)
Cash 160000
Supplies 7500 Accounts Payable 7500
Cash 5600 Accounts Payable 5600
Cash 45350
Cash 45000
Cash 5800
Cash 1600
Cash 10250
Supplies 2250
Accounts Receivable 32750
Cash 12000
245600 82500 5600 7500
1900
163100 163100
Owner's Equity
Account Title Debit (-) Credit (+)
Ezra, Withdrawal 160000

Fees Earned 45350

Office Rent Expense 45000
Automobile Expenses 5800
Miscellaneous expenses 1600
Salaries Expense 10250
Supplies Expense 2250
Fees Earned 32750
Ezra, Withdrawal 12000
76900 238100
161200
Opened a business with an investment of P160,000.

Purchased supplies on account, P7,500.

Paid creditors on account, P5,600.

Received cash from fees earned, P45,350.

Paid rent on office for the month, P45,000.

Paid automobile expenses for the month, P5,800 and miscellaneous expenses, P1,600.

Paid office salaries, P10,250.

Determined that the cost of supplies on hand was P5,250; therefore, the cost of supplies used was P2,250.

Billed clients for commissions earned, P32,750.

Withdrew cash for personal use, P12,000.

Date Accounts
1 cash

To record the investment of the owner

2 Supplies

To record the purchase of supplies on account

3 Accounts payable

To record the paying of creditors on account

4 Cash

To record the fees earned

5 Office rent

To record the payment of office rent

6 Automobile expnse
Miscellaneous expense

To record the payment of automobile and miscellaneous expense

7 Salaries expense

To record the payment of salaries

8 Supplies expense

To record the payment of supplies

9 Accounts receivable

To record the bill from the commissions earned

10 Owner's withdrawal

To record the withdrawal of cash for personal use

 Debit Credit
160,000
Owner's capital 160,000

7,500
Accounts payable 7,500

5,600
cash 5,600

45,350
Fees earned 45,350

45,000
cash 45,000

5,800
1,600
cash 7,400

10,250
cash 10,250

2,250
cash 2,250

32,750
fees earned 32,750

12,000
cash 12,000

328,100 328,100
 Date
Invested P250,000 cash and P34,000 worth of supplies. 1

Purchased office furniture of P4,600 2

Paid for the office rent and furniture, P12,000 3

Received water bill, P4,500. 4

Rendered services to various clients and received P23,000 cash as fees 5

Rendered services on account, P34,000 6

Paid the water bill 7

Withdrew P10,000 cash for personal use. 8

Accounts Debit
Supplies 34,000
cash 250,000
Jai, Capital
To record the investment of Jai
Office furniture 4,600
Cash
To record the purchase of furniture
Office rent and furniture 12,000
cash
To record the payment of furniture and office rent
Water expense 4,500
accounts payable
To record the payment of water bill on account
Cash 23,000
Service income
To record the fees earned
Accounts receivable 34,000
Service income
To record service income on account
Accounts payable 4,500
cash
To record the payment of water bill on account
Owner's withdrawal 10,000
cash
To record Jai's withdrawal
376,600
Credit

284,000

4,600

12,000

4,500

23,000

34,000

4,500

10,000

376,600