Republic of the Philippines

Department of Education
Caraga Region
Division of Surigao City
CARAGA REGIONAL SCIENCE HIGH SCHOOL
SENIOR HIGH SCHOOL DEPARTMENT
____________________________________________________________________________________________________

FUNDAMENTALS OF ABM1
SUMMATIVE QUIZ –Part 2 of Week 3 (Accounting Equation)

Name : Joana Jean B. Suyman

Year/Strand & Section : 11-ABM JOBS Date : 10/21/2021

Directions: Analyze the transactions of Kim as the owner of Chinita Girl Spa Services.
Record the transactions using a financial transaction worksheet indicated on the next page.

June 1 Kim invested Php 500,000.00 cash and equipment

amounting to Php100,000.00 to open Chinita Girl Spa.

2 She borrowed Php 50,000.00 cash from Bamba Bank to be

used for her business.

7 She bought tables and chairs from Maginhawa Furnitures and

paid Php 20,000.00 cash.

15 Various equipment were purchased on account from

Beauty Shoppy for Php 50,000.00.

18 She made a withdrawal of Php 10,000.00 for her personal use.

20 The account due to Beauty Shoppy was paid in cash.

21 Chinita Girl Spa Services was hired. The cash of Php 10,000.00
was received from the customer.

22 Gas and oil worth Php 1,000.00 and equipment repairs worth
Php 1,000.00 were paid in a cash transaction.

24 Service was hired again by a customer for Php 15,000.00 but

this time the customer was only able to pay Kim 50% on that
day and she made a promise to pay the other 50% on June 30.

25 She paid Php 1,000.00 for the telephone bill.

27 Another customer hired the services of Chinita Girl Spa

Services. A bill was issued to them for Php 30,000.00 and 50%
of it was collected.

30 The remaining balance on the transaction last June 24 was

paid in cash.

30 She paid Php 5,000.00 for the office rental space and Php 4,000.00 for
employees’ salaries.
 Chinita Girl Spa Services
Financial Transaction Worksheet
Month of June, 2020

Date ASSETS LIABILITIES OWNER’S

EQUITY
June Cash Accounts Loans Accounts Kim, Other
Furnitures Equipment Receivable Payable Payable Capital Account
Title
1 500,000 100,000 600,000
2 50,000 50,000
7 (20,000) 20,000
15 50,000 50,000
18 (10,000) (10,000) Kim’s
Drawings
20 (50,000) (50,000)
21 10,000 10,000 Service
revenue
22 (1,000) (1,000) Gas and oil
(1,000) (1000) Equipment
Repair
24 7,500 7,500 15,000 Service
Revenue
25 (1,000) (1,000) Telephone
expenses
27 15,000 15,000 30,000 Service
Revenue
30 7,500 (7,500)
30 (5,000) (5,000) Rent Expense
(4,000) (4,000) Salaries
Expense
Bal. 498,000.00 20,000.00 150,000.00 15,000.00 50,000.00 0.00 633,000.00
Total 683,000.00 683,000.00
Balanc
es