Assets

Cash
Accounts receivable
Office supplies
Prepaid insurance
Office equipment

Liabilities
Accounts payable
Utilities payable
Unearned revenue

Capital
A, Capital
A, Drawings

Income
Consulting revenues

Expenses
Salaries expenses
Utilities expenses
Date: January 15, 2021
Transaction: The owner invested P300,000 as a starting cash of the newly established business.

Analyzing
Accountable?
Accounting elements affected
Assets = Liabilities + Capital +
Increase (Decrease)

Journal entry
Date Particulars PR Debit
Income - Expenses

Credit
Date: January 16, 2021
Transaction: The owner went to three suppliers to canvas the price of laptops. Supplier A: P100,000; Supplier B: P75,000; Supp

Analyzing
Accountable or not?
Accounting elements affected
Assets = Liabilities + Capital +
Increase (Decrease)

Journal entry
Date Particulars PR Debit
er A: P100,000; Supplier B: P75,000; Supplier C: P102,000

Income - Expenses

Credit
Date: January 17, 2021
Transaction: The owner bought 3 computer sets from Supplier B. Fifty percent were paid in cash and the half was on credit to

Analyzing
Accountable?
Accounting elements affected
Assets = Liabilities + Capital +
Increase (Decrease)

Journal entry
Date Particulars Debit
paid in cash and the half was on credit to be paid after 30 days.

Income - Expenses

Credit
Date: January 17, 2021
Transaction: The owner hired 2 employees. Each employee will receive a monthly salary of P15,000 payable semi-monthly.

Analyzing
Accountable?
Accounting elements affected
Assets = Liabilities + Capital +
Increase (Decrease)

Journal entry
Date Particulars Debit
lary of P15,000 payable semi-monthly.

Income - Expenses

Credit
Date: January 18, 2021
Transaction: The employees rendered consulting services to different customers totalling P50,000. All services were paid in ca

Analyzing
Accountable?
Accounting elements affected
Assets = Liabilities + Capital +
Increase (Decrease)

Journal entry
Date Particulars Debit
alling P50,000. All services were paid in cash.

Income - Expenses

Credit
Date: January 20, 2021
Transaction: The owner purchased office supplies amounting to P10,000 and paid in cash.

Analyzing
Accountable?
Accounting elements affected
Assets = Liabilities + Capital +
Increase (Decrease)

Journal entry
Date Particulars Debit
Income - Expenses

Credit
Date: January 22, 2021
Transaction: The owner paid insurance of the office equipment amounting to P11,000 from February 1, 2021 to December 31,
The owner used his own money in paying for the insurance.
Analyzing
Accountable?
Accounting elements affected
Assets = Liabilities + Capital +
Increase (Decrease)

Journal entry
Date Particulars Debit
00 from February 1, 2021 to December 31, 2021.

Income - Expenses

Credit
Date: January 25, 2021
Transaction: Consultancy services were rendered to various clients. P100,000 were collected while P50,000 will be collected fr

Analyzing
Accountable?
Accounting elements affected
Assets = Liabilities + Capital +
Increase (Decrease)

Journal entry
Date Particulars Debit
ollected while P50,000 will be collected from the other clients.

Income - Expenses

Credit
Date: January 28, 2021
Transaction: Cash amounting to P25,000 were received from a customer which will avail the consulting services next month.

Analyzing
Accountable?
Accounting elements affected
Assets = Liabilities + Capital +
Increase (Decrease)

Journal entry
Date Particulars Debit
avail the consulting services next month.

Income - Expenses

Credit
Date: January 31, 2021
Transactions:
The owner paid the salaries of the employees.
The owner received the BENECO bill for January amounting to P10,000 and BAWADI bill amounting to P5
The owner withdrew P5,000 cash from the bank account of the business for personal use.
The owner purchased office supplies amounting to P5,000 on account.
The business received P10,000 of the receivables from the clients last January 25, 2021

Analyzing
Accountable?
Accounting elements affected
Assets = Liabilities + Capital +
Increase (Decrease)

Journal entry
Date Particulars Debit
P10,000 and BAWADI bill amounting to P500.
business for personal use.

nts last January 25, 2021

Income - Expenses

Credit
 Cash
Date PR Amount Date PR Amount

A, Capital
Date PR Amount Date PR Amount