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  • Chapter 5 Exercise Worksheet

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    Gas-B Angelica Tuyay
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    The owner invested ₱200,000 cash and obtained a ₱300,000 bank loan. The business purchased equipment for ₱360,000 and office supplies for ₱80,000. Services were rendered for ₱180,000 cash and ₱420,000 on account. Accounts receivable of ₱370,000 were collected while expenses of ₱16,000 for utilities and ₱140,000 for salaries were paid. The owner withdrew ₱100,000 from the business. Additional information provided the useful life of equipment, doubtful accounts, and unused supplies.

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    Ty goodbless

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    Chapter-5-Exercise-Worksheet

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    The owner invested ₱200,000 cash and obtained a ₱300,000 bank loan. The business purchased equipment for ₱360,000 and office supplies for ₱80,000. Services were rendered for ₱180,000 cash and ₱420,000 on account. Accounts receivable of ₱370,000 were collected while expenses of ₱16,000 for utilities and ₱140,000 for salaries were paid. The owner withdrew ₱100,000 from the business. Additional information provided the useful life of equipment, doubtful accounts, and unused supplies.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    5 views1 page

    Chapter 5 Exercise Worksheet

    Uploaded by

    Gas-B Angelica Tuyay
    The owner invested ₱200,000 cash and obtained a ₱300,000 bank loan. The business purchased equipment for ₱360,000 and office supplies for ₱80,000. Services were rendered for ₱180,000 cash and ₱420,000 on account. Accounts receivable of ₱370,000 were collected while expenses of ₱16,000 for utilities and ₱140,000 for salaries were paid. The owner withdrew ₱100,000 from the business. Additional information provided the useful life of equipment, doubtful accounts, and unused supplies.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Illustration: Worksheet

    CBM Entity started operations in the year 2023. The following were the transactions for the year ended December 31,
    2023.
    a. The owner invested ₱200,000 cash to the business.
    b. The business obtained a 12%, one-year, bank loan of ₱300,000 on October 1, 2023. principal and interest are
    due at maturity date.
    c. Purchase equipment on November 1, 2023 for ₱360,000 cash.
    d. Purchased office supplies worth ₱80,000 cash (CBM Entity uses Asset Method)
    e. Rendered services worth ₱180,000 cash
    f. Rendered services worth ₱420,000 on account.
    g. Collected ₱370,000 accounts receivable.
    h. Paid utilities expense of ₱16,000.
    i. Paid salaries expense ₱140,000.
    j. The owner withdrew ₱100,000 cash from the business.

    Additional Information:
     The equipment has a useful life of 5 years.
     6% of Accounts receivable are doubtful of collection.
     Unused office supplies on December 31, 2023 amounted to ₱5,000.

    Requirements:
    a. Provide the journal entries
    b. Post the entries to the ledger
    c. Prepare the unadjusted trial balance
    d. Provide the adjusting entries
    e. Complete the worksheet up to post closing trial balance
    f. Prepare closing entries
    g. Prepare the Balance Sheet and Income Statement.

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