Assessment Task #1 – APPLICATION

Directions: Solve for Cash.

On July. 01, 2018, Jayson Ilagan opened a store that sells appliances.
Jayson wanted to know the financial position of his store. Jayson knew you
were studying accounting so he asked for your help in determining the balance
of his account at the end of December 31, 2018.
The following information were made available for you:
1. Two of his regular customer gave him the following checks in payments of
debts:
Php 2,500.00 check dated February 1, 2019
Php 1,200.00 check dated November 30, 2018
2. Jayson told you that he keep a change fund in his store on December 31,
2018:
10 pcs of ₱1,000.00 = ₱10,000
6 pcs of ₱500.00= ₱3,000
8 pcs of ₱20.00=₱160
4 pcs of ₱10.00=₱40
TOTAL= ₱13,200.00
3. The balance of Jayson’s bank account amounted to 8,500.00
How much is Jayson’s cash at the end of December 31, 2018?
CHECKS: 1,200.00
CASH ON HAND: ₱13,200.00 + ₱1,200.00 = ₱14,400.00
CASH IN BANK: ₱8,500.00
TOTAL CASH: ₱22,900.00

Assessment Task #2 – APPLICATION

Directions: Solve for the accounts being stated on each number.

ACCOUNT RECEIVABLE
1. Ivan bought an appliance to Jayson’s store on September 15, 2018
amounting to 5,000.00. Jayson gave a term of 2/10 n/30 to Ivan. How much is
the account receivable if Ivan paid him on September 24, 2018? How about if
he paid him on September 28, 2018? Show your solutions.
September 24, 2018:
2% OF 5,000.00 = 100.00
5,000.00 -100.00=4,900.00
September 28, 2018:
5,000.00 within 30 days
PREPAID EXPENSE
2. Jayson’s rent payment is 3,000 per month. As he started the business last
January 01,2018, he gave an advance payment of 24,000.00. How much is the
prepaid rent at the end of December 31, 2020?
January 01,2018 - December 31, 2020 = 24 months
24 months x 3,000=72,000
72,000-24,000=48,000

DEPRECIATION EXPENSE
3. Jayson purchased air condition amounting to 25,000 that has a useful life of 5
years. Find the annual depreciation, no. of years depreciated,
accumulated depreciation and net book value at the end of December 31, 2018,
if he started using the air condition on July 1, 2018.
Cost/Useful life = 25,000/5 =
Annual Depreciation = 5,000
Net book value = 20,000