iACCTG 1; Partnership and Corporation Accounting

Problem 1
State the value received and the value parted with.
During the month of May, Mirabeno Company had the following transactions

a. Paid salaries for May, P54,000.                  _________      ________

b. Acquired equipment on credit, P90,000  __________      ________

c. Purchased supplies in cash, P3,000.          __________      ________

d. Additional investment by the owner,     __________      ________

P120,000.

e. Received payment for services rendered, __________     ________

P18,000.

f. Made payment on equipment acquired   __________     _________

g. Billed customers for services performed, __________     _________

P48,000.

h. Withdrew cash for personal use, P4,500 __________     ________

i. Received payment from customers,P9,000 _________     ________

j. Paid utilities, P2,000.                                  _________     ________ 

 iACCTG 1; Partnership and Corporation Accounting

Problem 2
The following were the transactions of Milloren Computer Services during the
month of October 2016.

Sept.1 Made cash investment to the business,    P500,000.

         3 Rendered services on account, P50,000.

         5 Borrowed money from a bank with a note issued, P100,000.

         8 Received cash for services rendered, P20,000.

        10 Withdrew cash from the business, P20,000.

        12 Paid business permits, P8000.

        14 Received a promissory note for a service rendered, P100,000

        15 Paid salaries to employees, P15,000. 

        16 Made additional investment- Computer, P48,000.

        17 Collected a customer’s account.

        22 Paid light and water bills, P5,000.

        29 Paid the promissory note issued.

        30 Paid salaries to employees, P15,000.

 iACCTG 1; Partnership and Corporation Accounting

Problem 3
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 services rendered.

4. Completed work for R. rickets 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 office supplies ordered and received.

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

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

9. Paid the telephone bill for the month, P5,000.

10. Paid salary, P4,500.

11. Paid office space rent, P6,000.

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