Professional Documents
Culture Documents
COLLEGE OF ACCOUNTANCY
ACC100/101
Required:
1) In the table below, state the accounts affected by each transaction.
2) Indicate the effect on the accounting equation of each transaction.
A L
Assets = Liabilities +
Example: Cash + 15,000
ransaction.
ansaction.
E
Stockholders’ Equity
Investment + 15000
University of Luzon
COLLEGE OF ACCOUNTANCY
ACC100/101
Sincere Faith opened her Dance Studio near a Mall at Manila. She is the
owner of the proprietorship which she named Dance with Father Studio. The
following are the transaction during September 2021: NAME OF ACCOUNTS
3. Purchased Dance Equipment P 400,000; paying 50% down and the
balance due on 30 days
4. Invested her personal DVD Speaker as part of the Dance Equipment
5. Rendered her professional skills as dance instructress for school children
wanted to learn Valet and received P 168,000 cash
6. She receives a notice that the monthly rent for her office building will
increase from P 5,000 to P 6,000 per month, effective next month
13. She finalized her plans with the architect for the set-up and some
renovations for the studio. The offer is P 200,000
14. She hired her new assistant. As per contract, she will received P 10,000
as her monthly salary
18. Paid the premium for 1 year insurance policy for fire P 3,000