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
Promise to pay the
debtor for the
2. Purchased store equipment on credit Store equipment equipment
Promise to pay the
3. Borrowed money from the bank Cash bank for the loan
Additional
investment at the
4. Deposited money at the bank bank Cash
Partial cancellation
of promise to pay
5. Give a partial payment of the money the bank for the
borrowed from the bank loan Cash
6. Sold merchandise for cash Cash Merchandise
Promise from the
customer to pay the
7. Sold merchandise on credit business Merchandise
Return of
8. Received merchandise from a customer merchandise from
who originally bought on cash the customer Cash
Cancellation of
Return of promise from the
9. Received merchandise from a customer merchandise from customer to pay the
who originally bought on credit the customer business
Cancellation of
promise from the
customer to pay the
10. Collected a claim from a customer Cash business
Cancellation of
promise from the
business to pay the
11. Paid the debt due to a creditor creditor Cash
12. Paid the rent of the office space Use of office space Cash
Service from the
13. Paid the salary of the store helper store helper Cash
14. Purchased merchandise for cash Inventories Cash
15. Returned to the supplier merchandise Cash Return of
originally bought for cash inventories to
 supplier

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.
Value received: Equipment P 15,000

Value parted with: Oral promise from the business to pay P 15,000

2. Purchased from NBS Bookstore office supplies worth P1,000 cash.

Value received: Office supplies P 1,000

Value parted with: Cash P 1,000

3. Billed XYZ Corp. for P12,200 for legal services rendered.

Value received: Oral promise from the customer to pay P 12,200
the business

Value parted with: Service from the business P 12,200

4. Completed legal work for R. Ricketts and collected P9,500.

Value received: Cash P 9,500

Value parted with: Service from the business P 9,500

5. Paid P5,000 to E and E Trading as partial payment of its account.

Value received: Partial cancellation of oral promise P 5,000
from the business to pay

Value parted with: Cash P 5,000

6. Paid P7,500 cash for legal books ordered and received.

Value received: Legal Books P 7,500

Value parted with: Cash P 7,500

7. Received in cash professional fees of P17,000 from various clients.

Value received: Cash P 17,000
Value parted with: Service from the business P 17,000

8. XYZ. Corp. paid one-half of its account.

Value received: Cash P 6,100

Value parted with: Partial cancellation of oral promise from the P 6,100
customer to pay the business

9. Paid the telephone bill for the month P500.

Value received: Means of communication for the P 500
business

Value parted with: Cash P 500

10. Paid the secretary’s salary P4,500.

Value received: Service from the secretary P 4,500

Value parted with: Cash P 4,500

11. Paid the rent of the office space, P6,000.

Value received: Use of office space P 6,000

Value parted with: Cash P 6,000

12. Received P5,000 from a client for legal services rendered.

Value received: Cash P 5,000

Value parted with: Service from the business P 5,000