Problem #1

Assets Liabilities Owner's Equity

a. 760,000 360,000 400,000
b. 860,000 268,000 592,000
c. 868,000 108,000 760,000
d. 626,600 376,240 250,360
e. 700,000 800,000 (100,000)

Problem #2
Assets Liabilities Owner's Equity
a. 600,000 150,000 450,000
b. 940,000 530,000 410,000
c. 473,000 153,700 319,300
d. 383,500 147,000 236,500
e. 624,000 237,000 387,000

Problem #3
Income Expenses Profit or (loss)
a. 840,000 480,000 360,000
b. 2,400,000 1,860,000 540,000
c. 1,300,000 860,000 440,000
d. 2,720,000 2,000,000 720,000
e. 1,400,000 1,800,000 (400,000)

Problem #4
Income Expenses Profit or (loss)
a. 325,000 237,000 88,000
b. 205,000 163,000 42,000
c. 125,500 153,000 (27,500)
d. 737,000 569,000 168,000
e. 362,000 382,000 (20,000)
Problem #5

Assets Liabilities Owner’s Equity

a. Paid
salaries for decrease decrease
May, P54,000.

b. Acquired
equipment on
credit,
increase increase
P90,000.
c.
Purchased
supplies in
did not change
cash, P3,000.
d.
Additional
investment by increase increase
owner,
P120,000.
e.
Received
payment for
services
increase increase
rendered,
P18,000.
f. Made
partial
payment on
equipment decrease decrease
acquired on
credit,
P30,000.
g. Billed
customers for
services increase increase
performed,
P48,000.
h.
Withdrew cash
for personal
decrease decrease
use, P45,000
i.
Received
payment from
customers
did not change
already billed,
P9,000
j.
Received bills
for utilities to
be paid next
increase decrease
month,
P2,100.

Problem #6
a. SA
b. UA
c. EA
d. UA
e. UA
f. EA
g. EA
h. SA
i. EC
j. SA
Problem #7

1 C
2 D
3 C
4 E
5 C
6 A
7 E
8 A
9 E
10 E

Problem 8
Assets = Liabilities + Owner's Equity
Accounts
Organized a repair shop and Cash + Supplies + Land = payable + Corpuz, Capital
1 deposited P500,000 cash in
the bank for use by the
business. 500,000 + + = + 500,000 Investment
2 Purchased P20,000 of
supplies on account. + 20,000 + = 20,000 +
Balance 500,000 + 20,000 + - = 20,000 + 500,000
3 Purchased land for future
repair site for P140,000. (140,000) + + 140,000 = +
Balance 360,000 + 20,000 + 140,000 = 20,000 + 500,000
4 Paid P18,000 to creditors. (18,000) + + = (18,000) +
Balance 342,000 + 20,000 + 140,000 = 2,000 + 500,000
5 Withdrew P25,000 for
personal use. (25,000) + + = + (25,000) withdrawal
Balance 317,000 + 20,000 + 140,000 = 2,000 + 475,000
6 Paid P28,000 for site and
equipment rent for the month. (28,000) + + = + (28,000) rent expense
Balance 289,000 + 20,000 + 140,000 = 2,000 + 447,000
7 During the month, P10,000
expenses were incurred on
account by the business. + + = 10,000 + (10,000) expenses
Balance 289,000 + 20,000 + 140,000 = 12,000 + 437,000
 During the month, Corpuz
8 invested another P100,000 of
personal funds in the
business. 100,000 + + = + 100,000 Investment
Balance 389,000 + 20,000 + 140,000 = 12,000 + 537,000
9 Received P5,000 for a cash
service call. 5,000 + + = + 5,000 service revenue
Balance 394,000 + 20,000 + 140,000 = 12,000 + 542,000
10 Corpuz used P6,000 worth of
supplies. + (6,000) + = + (6,000) supplies expense

Balance 394,000 + 14,000 + 140,000 = 12,000 + 536,000

548,000 = 548,000

Problem #9
Liceo Signages
Financial Transaction Worksheet
For the month of October 2018

Date Assets = Liabilities + Owner's Equity

Accounts Service Accounts
Oct. Cash + + Supplies + = + Daganta Capital
receivable vehicle payable
1 250,000 + + + = + 250,000 Investment
2 + + + 195,000 = 195,000 +
Balance 250,000 + - + - + 195,000 = 195,000 + 250,000
3 (57,000) + + 57,000 + = +
Balance 193,000 + - + 57,000 + 195,000 = 195,000 + 250,000
9 87,500 + + + = + 87,500 Service revenue
Balance 280,500 + - + 57,000 + 195,000 = 195,000 + 337,500
10 (25,000) + + + = + (25,000) rent expense
Balance 255,500 + - + 57,000 + 195,000 = 195,000 + 312,500 Service revenue
11 + 170,000 + + = + 170,000
Balance 255,500 + 170,000 + 57,000 + 195,000 = 195,000 + 482,500
12 (55,000) + + + = (55,000) +
Balance 200,500 + 170,000 + 57,000 + 195,000 = 140,000 + 482,500
16 (25,000) + + + = + (25,000) withdrawal
Balance 175,500 + 170,000 + 57,000 + 195,000 = 140,000 + 457,500
23 35,000 + (35,000) + + = +
Balance 210,500 + 135,000 + 57,000 + 195,000 = 140,000 + 457,500
27 (57,000) + + + = + (57,000) salaries expense
Balance 153,500 + 135,000 + 57,000 + 195,000 = 140,000 + 400,500
 30 (7,500) + + + = + (7,500) utilities expense
Balance 146,000 + 135,000 + 57,000 + 195,000 = 140,000 + 393,000
31 (5,500) + + + = + (5,500) advertising expense
Balance 140,500 + 135,000 + 57,000 + 195,000 = 140,000 + 387,500
527,500 = 527,500

Problem #10
Calamba Repair Specialist
Financial Transaction Worksheet
For the month of January 2019

Assets = Liabilities + Owner's Equity

Accounts Accounts
Cash + + Supplies + Equipment = + Calamba, Capital
receivable payable
Jan. 1 25,000 + 4,000 + 5,000 + 60,000 = 9,000 + 85,000
a. (3,000) + + + = (3,000) +
Balance 22,000 + 4,000 + 5,000 + 60,000 = 6,000 - 85,000
b. 1,000 + (1,000) + + = +
Balance 23,000 + 3,000 + 5,000 + 60,000 = 6,000 + 85,000
c. + + 2,500 + = 2,500 +
Balance 23,000 + 3,000 + 7,500 + 60,000 = 8,500 + 85,000
d. 12,000 + + + (12,000) = +
Balance 35,000 + 3,000 + 7,500 + 48,000 = 8,500 + 85,000
e. 10,000 + + + = 10,000 +
Balance 45,000 + 3,000 + 7,500 + 48,000 = 18,500 + 85,000
f. (2,000) + + + = (2,000) +
Balance 43,000 + 3,000 + 7,500 + 48,000 = 16,500 + 85,000
g. (2,000) + + + 10,000 = 8,000 +
Balance 41,000 + 3,000 + 7,500 + 58,000 = 24,500 + 85,000
h. (1,650) + + 1,650 + = +
Balance 39,350 + 3,000 + 9,150 + 58,000 = 24,500 + 85,000
i. 2,500 + (2,500) + + = +
Balance 41,850 + 500 + 9,150 + 58,000 = 24,500 + 85,000
109,500 = 109,500
Problem #11
Victorino PhotoPRofiles
Financial Transaction Worksheet
For the month of July 2018

Owner's
Assets = Liabilities + Equity
Accounts Prepaid Photography Victorino,
Cash + + Supplies + = Accounts payable +
receivable Insurance + Equipment Capital
July + + + + = +
a. 146,200 + + + + = + 146,200 Investment
Balance 146,200 + - + - + - + - = - - 146,200
b. + + + + 71,210 = 71,210 +
Balance 146,200 + - + - + - + 71,210 = 71,210 + 146,200
c. + + + + 51,620 = + 51,620 Additional investment
Balance 146,200 + - + - + - + 122,830 = 71,210 + 197,820
d. (5,500) + + + + = + (5,500) Rent expense
Balance 140,700 + - + - + - + 122,830 = 71,210 + 192,320
e. (7,960) + + 7,960 + + = +
Balance 132,740 + - + 7,960 + - + 122,830 = 71,210 + 192,320
f. (1,240) + + + 1,240 + = +
Balance 131,500 + - + 7,960 + 1,240 + 122,830 = 71,210 + 192,320
g. 8,960 + + + + = + 8,960 Service revenue
Balance 140,460 + - + 7,960 + 1,240 + 122,830 = 71,210 + 201,280
h. (6,000) + + + + = + (6,000) salaries expense
Balance 134,460 + - + 7,960 + 1,240 + 122,830 = 71,210 + 195,280
i. (640) + + + + = + (640) utilities expense
Balance 133,820 + - + 7,960 + 1,240 + 122,830 = 71,210 + 194,640
j. (4,200) + + + + = (4,200) +
Balance 129,620 + - + 7,960 + 1,240 + 122,830 = 67,010 + 194,640
k. 15,480 + + + + = + 15,480 Service revenue
Balance 145,100 + - + 7,960 + 1,240 + 122,830 = 67,010 + 210,120
l. (760) + + + + = + (760) Repairs expense
Balance 144,340 + - + 7,960 + 1,240 + 122,830 = 67,010 + 209,360
m. (9,600) + + + + = + (9,600) withdrawal
Balance 134,740 + - + 7,960 + 1,240 + 122,830 = 67,010 + 199,760
266,770 = 266,770