ACT110

FINANCIAL ACCOUNTING AND REPORTING

ACTVITY N0. 4
DUE DATE : SEPTEMBER 6, 12:00 MIDNIGHT

A. Give the value received and value parted with in the following transactions:
Transactions Value Received Value Parted With
1. Purchased store equipment for cash Store Equipment Cash
2. Purchased store equipment on credit Store Equipment Oral Promise to
Pay
3. Borrowed money from the bank Cash Written Promise to
Pay
4. Deposited money at the bank Cash in Bank Implied Promise to
safeguard the
proprietary interest
5. Give a partial payment of the money Cancellation of Cash
borrowed from the bank Written Promise to
Pay
6. Sold merchandise for cash Cash Merchandise
7. Sold merchandise on credit Oral Promise to Merchandise
Pay
8. Received merchandise from a customer who Merchandise Cash
originally bought on cash
9. Received merchandise from a customer who Merchandise Cancellation of
originally bought on credit Oral Promise to
Pay
10. Collected a claim from a customer Cash Cancellation of
Oral Promise to
Pay
11. Paid the debt due to a creditor Cancelation of Cash
Oral Promise to
Pay
12. Paid the rent of the office space Use of Property Cash
13. Paid the salary of the store helper Service Cash
14. Purchased merchandise for cash Merchandise Cash
15. Returned to the supplier merchandise Cash Merchandise
originally bought for cash

B. State the value received and value parted with in the following transactions:
1. Bought equipment from E and E Trading on credit, P15,000.
2. Purchased from NBS Bookstore office supplies worth P1,000 cash.
3. Billed XYZ Corp. for P12,200 for legal services rendered.
4. Completed legal work for R. Ricketts and collected P9,500.
5. Paid P5,000 to E and E Trading as partial payment of its account.
6. Paid P7,500 cash for legal books ordered and received.
7. Received in cash professional fees of P17,000 from various clients.
8. XYZ. Corp. paid one-half of its account.
9. Paid the telephone bill for the month P500.
10. Paid the secretary’s salary P4,500.
11. Paid the rent of the office space, P6,000.
12. Received P5,000 from a client for legal services rendered.
13.

Transactions Value Received Value Parted With

Equipment ₱15,000
Oral Promise to pay ₱15,000
Office Supplies 1,000
Cash 1,000
Written Promise to Pay 12,200
Professional service 12,200
Cash 9,500
Professional Service 9,500
Cancellation of Oral Promise to 5,000
Pay
Cash 5,000
Legal Books 7,500
Cash 7,500
Cash 17,000
Professional Service 17,000
Cash 6,100
Cancellation of Written 6,100
Promise to pay
Use of Telephone 500
Cash 500
Service 4,500
Cash 4,500
Use of Property 6,000
Cash 6,000
Cash 5,000
Professional Service 5,000