Name: Castillo, Erica Miles 10/28 /20

Strand & Section: ABM 11C Ms. Jaelyn Marasigan

MODULE 3 & 4
Assessment Task.
TASK NO. 1 (WRITTEN WORK)

Instructions. A. For each Transaction, indicate whether the assets,

liabilities and equity will increase (+), decrease (-) or did not change
Or not affected (0) by placing the appropriate sign in the appropriate column. The
first number is done for you.

A L E

1. The owner purchases equipment on ＋ ＋ 0

Account

2. The owner purchases furniture and ＋ 0 0

fixtures for cash

3. The owner borrowed money from the ＋ ＋ 0

Bank issuing a promissory note

4. The owner hires employees － ＋ 0

5. The business bought automobile, paying ＋ ＋ 0

30 % and the balance on account.

6. The owner pays the monthly rent － ＋ －

7. Received cash for services rendered

＋ ＋ ＋

8. The owner withdrew cash for personal

use. － 0 －

9. The owner made an additional

investment ＋ ＋ 0

10. The owner paid creditor on account. － － 0

B. Describe the following transactions.
ACCOUNT OFFICE ACCOUNT LOANS KE GAN
CASH RECEIVEBABLE SUPPLIES PAYABLE PAYABLE DA
CAPITAL

MAR

1 125,000 125,000

2 (2,000) 2,000

3 15,000 15,000

4 4,000 4,000

5 3000 (3000)

6 (11,000) (11,000)

7 (4,000) (4,000)

Answers:
1. Mar 1- The owner invested cash of 125,000 in the business

2. Mar 2- The owner bought office supplies for 2,000.

3. Mar 3- The owner purchase on a account For ₱15,000 from

office supplies.

4. Mar 4- Wen hired the service of KE GAN DA and paid him ₱4,000
on
march 5.

5. Mar 5- The costumer on march 4 paid ₱3,000 of his account in

cash.

6. Mar 6- The due to office supplies was paid ₱11,000 in cash.

7. Mar 7- KE GAN DA withdrew the of ₱4,000 for personal use

only.
C. Record the transactions. Use additions and subtractions to show the
effects of each transaction on the accounts in the accounting equation.
Show new balances after each transaction

a. Owner invested ₧5,000,000 in the business.

ASSETS LIABILITY EQUITY

Cash 5,000,000 5,000,000

Account Involved:
Cash 5,000,000 - Asset - Increase(+) - Debit
Capital 5,000,000 - Equity - Increase(+) - Credit

Journal Entry:
Cash: 5,000,000
Capital: 5,000,000

b. Acquired an automobile worth ₧1,000,000 to be used in the

business.

ASSETS LIABILITY EQUITY

Cash 5,000,000 5,000,000

Automobile 1,000,000

*Cash 1,000,000 + 5,000,00 = 6,000,000

Account Involved:

Automobile 1,000,000 - Asset - Increase(＋) - Debit

Capital 1,000,000 - Equity - Increase(＋) - Credit

Journal Entry:
Automobile 1,000,000 (-) (0) (+)
Capital 1,000,000
c. Received ₧100,000 for services rendered

ASSETS LIABILITY EQUITY

Service rendered
Cash 5,000,000 100,000

Automobile 1,000,000
Accounts Receivable
100,000
Account Involved:
Accounts Receivable 100,000 - Assets - Increase(+) - Debit
Service revenue 100,000 - Equity - Increase(+) - Credit

Journal Entry:
Account receivable: 100,000
Service revenue: 100,000

(+) (0) (+)

d. Paid ₧30,000 to an advertising agency for a newspaper ad.

ASSETS LIABILITY EQUITY

Owner’s Capital
Cash 4,970,000 6,000,000

Automobile 1,000,000 Service Revenue

100,000
Accounts Receivable Advertising Expense
100,000 30,000

*Cash 5,000,000－30,000 = 4,970,000

Account Involve:
Advertising Expense 30,000 - Equity - Decrease(－) Debited
cash 30,000 - Assets-Decrease(+) Credited

Journal Entry:
Advertising Expense 30,000
cash 30,000
e. Bought ₧10,000 of supplies from National Book Store.

ASSETS LIABILITY EQUITY

Owner’s Capital
Cash 4,970,000 6,000,000

Automobile 1,000,000 Service Revenue

100,000
Accounts Receivable Advertising Expense
100,000 30,000
Supplies expense
10,000
*Cash 4,970,000－10,000
Account Involved:
Supplies 10,000-Assets-Increase(+)Debited
Cash 10,000-Assets-Decrease(－)Credited
Journal Entry:
Supplies: 10,000
Cash: 10,000

f. Purchased additional supplies worth ₧15,000 on account

ASSETS LIABILITY EQUITY

Account Payable Owner’s Capital
Cash 4,960,000 15,000 6,000,000
Service Revenue
Automobile 1,000,000 100,000
Accounts Receivable Advertising Expense
100,000 30,000
Supplies expense
25,,000
*Supplies 10,000+15,000 = 25,000
Account Involved:
Supplies 15,000-Assets-Increase(+)Debited
Accounts Payable 15,000,000-liabilities-Increase(+)Credited
Journal Entry:
Supplies 15,000
Accounts Payable 15,000
g. The company hires an employee.
Account Involved and Journey Entry = NONE

h. Paid the amount owed in full on transaction e.

ASSETS LIABILITY EQUITY

Owner’s Capital 6,000,000
Cash 4,945,00
Service Revenue 100,000
Automobile 1,000,000

Accounts Receivable Advertising Expense

100,000 30,000
Supplies expense
25,000
*Cash 4,960－15,000 = 4,945,000
Account Involved:
Cash 15,000-Asset-Decrease(-)-Credited
Account Payable 15,000-Liabilities-Decrease(-)-Debited
Journal Entry:
Cash: 15,000
Accounts Payable 15,000

i. Made an additional investment of ₧120,000.

ASSETS LIABILITY EQUITY

Owner’s Capital 6,000,000
Cash 4,945,00
Service Revenue 100,000
Automobile 1,000,000
Accounts Receivable Advertising Expense
100,000 30,000
Supplies expense
25,000
*Cash 4,945,000 + 120,000 = 5,065,000
Capital 6,000,000 +120,000 = 6,120,000

Account Involved: Journal Entry:

Cash 120,000-Assets-Increase(+)-Debited Cash: 120,000
Capital 120,000-Equity-Increase(+)-Credited Capital 120,000
 MODULE 4

TASK NO. 1 (WRITTEN WORK)

Instructions.
A. Classify the following as A for Assets L for Liabilities E for Equity R
for revenue and Ex for Expense

1. A 11. L
2. Ex 12. A
3. R 13. A
4. R 14. A
5. Ex 15. Ex
6. Ex
7. L
8. R
9. E
10. E

B. Classify the following as either increasing (I) or decreasing (D)

equity.

1. I
2. D
3. I
4. I
5. D
6. D
7. I

C. Fill in the amount of the missing each element of financial

position

ANSWERS:

1. 660,000 -250,000 = 410,000

2. 999,000 - 543,000 = 456,000
3. 400,000 + 405,000 =805,000
4. 654,763 - 439,444 = 215319
5. 800,500 + 105,000 = (105,000)
 D. Prepare a chart of Accounts using the following data
of Liu Uni Company.

Liu Uni Company.

Ref Assets Ref Revenues
No. No
101 Cash 400 Sales
111 Accounts Receivable 405 Interest revenue
121 Inventories 411 Dividend revenue

131 Land

135 Furniture
151 Equipment

Ref Liabilities Ref Expenses

No. No.
201 Accounts Payable 600 Cost of Goods Sold

212 Notes Payable 611 Salaries Expense

221 Accrued Liabilities 621 Utility Expense

250 Other Payables 640 Depreciation Expense

650 Office Supplies Expense

Ref Equity
No.
301 Common Stock
305 Preferred Stock
311 Additional Paid-in
capital
320 Retained Earnings