NAME: Marlowne Brialle T.

Galapon
COURSE: BPA 1
SECTION: M
SUBJECT: ABM 1
INSTRUCTOR: Rhoslyn Laguerta

Problem 1: Transactions in a Completed Worksheet.

Mar 1 Mr. Facebook started his new business by depositing P 350, 000.00 in a
bank account in the name of Google Graphics Design at BDO Poblacion Branch.

Mar 5 Computer equipment costing P 145, 000.00 is acquired on cash basis.

Mar 9 Computer supplies in the amount of P25, 000.00 are purchased on account.

Mar 11 Google Graphics Design collect P 88, 000.00 in cash for designing
interactive web sites for two exporters based inside the Robinsons Mall Valencia.

Mar 16 Google paid P 18, 000.00 to Bills Express, a one stop bills payment service
company, for the semi-monthly expenses

Mar 17 The entity has service agreements with several Netpreneurs to maintain
and update their web sites weekly. Medina billed these clients P 35, 000.00 for
services already rendered during the month.

Mar 19 Google made a partial payment of P 17, 000.00 for the Mar. 9 purchase on
account.

Mar 20 Checks totaling P 25, 000.00 were received from clients for billings dated
Mar 17.

Mar 21 Google withdraw P 20,000.00 from the business for his personal use.

Mar 27 Twitter Publishing submitted a bill to Google for P 8, 000.00 worth of

newspaper advertisements for this month. Google will pay this bill next month.

Mar 31 Google paid his assistant designer salaries of P 15, 000.00 for the month.
 Financial Interest

DATE ASSET LIABILITIES CAPITAL

ACCOUNTS COMPUTER COMPUTER ACCOUNTS OWNER’S

CASH
RECEIVABLE SUPPLIES EQUIPMENT PAYABLE EQUITY

MARCH 1 P350,000 P350,000

MARCH 5 (P145,000) P145,000

MARCH 9 P25,000 P25,000

MARCH 11 P88,000 P88,000

MARCH 16 (P18,000) (P18,000)

MARCH 17 P35,000 P35,000

MARCH 19 (P17,000) (P17,000)

MARCH 20 P25,000 (P25,000)

MARCH 21 (P20,000) (P20,000)

MARCH 27 P8,000 (P8,000)

MARCH 31 (P15,000) (P15,000)

P248,000 P10,000 P25,000 P145,000 P16,000 P412,000

TOTAL ASSET: P428,000 TOTAL LIABILITIES AND OWNER’S EQUITY: P428,000

1.

Company Name: Google Graphics Design

Financial Worksheet

Date: Month of March

 2. Use T-Accounts in each transaction and write the account name.

CASH ACCOUNTS PAYABLE GOOGLE CAPITAL

PAPAYABLE
MAR. 5 P145,000 MAR. 1 P350,000 MAR. 19 P17,000 MAR. 9 P25,000 MAR. 1 P350,000
MAR. 16 P18,000 MAR. 11 P88,000 MAR. 8,000
MAR. 19 P17,000 MAR. 20 P25,000 P17,000 P33,000 TOTAL: P350,000
MAR. 21 P20,000
MAR. 31 P15,000
TOTAL: P16,000
P463,000 P215,00
TOTAL: P248,000 SERVICE EXPENSE
MAR. 16 P18,000
SUPPLIES
TOTAL: P18,000
MAR. 9 P25,000

GOOGLE, WITHDRAWALS
TOTAL: P25,000
MAR. 21 P20,000

EQUIPMENT TOTAL: P20,000

MAR. 5 P145,000
ADVERTISEMENT EXPENSES

TOTAL: P145,000 MAR. 27 P8,000

TOTAL: P8,000
ACCOUNTS RECEIVABLE

MAR. 17 P35,000 MAR. 20 P25,000

SALARIES EXPENSES
MAR. 31 P15,000
TOTAL: P10,000
TOTAL: P15,000

SERVICE REVENUE

MAR. 11 P88,000
MAR. 17 P35,000

TOTAL: P123,000
TRIAL BALANCE

ACCOUNTS DEBIT CREDIT

CASH P248,000
ACCOUNTS RECIEVABLE P10,000
SUPPPLIES P25,000
EQUIPMENT P145,000
ACCOUNTS PAYABLE P16,000
GOOGLE’S CAPITAL P350,000
SERVICE REVENUE P123,000
SERVICE EXPENSE P18,000
GOOGLE WITHDRAWALS P20,000
ADVERTISEMENT EXPENSE P8,000
SALARIES EXPENSE P15,000
TOTAL P489,000 P489,000

3. Make a BALANCE SHEET of GOOGLE GRAPHICS DESIGN

BALANCE SHEET

ASSETS LIABILITIES
CASH - P248,000 ACCOUNTS PAYABLE - P16,000
ACCOUNTS RECIEVABLE - P10,000
COMPUTER SUPPLIES - P25,000 OWNER’S EQUITY
COMPUTER EQUIPMENT - P145,000
GOOGLE GRAPHICS, CAPITAL - P412,000

TOTAL ASSETS - P428,000 TOTAL LIABILITIES AND - P428,000

OWNER’S EQUITY
4. MAKE A STATEMENTS OF OWNER’S EQUITY of Google Graphic Design

GOOGLE GRAPHICS, CAPITAL MARCH 1 P350,000

NET INCOME FOR MARCH P82,000
LESS WITHDRAWAL FOR MARCH P20,000
INCREASE IN CAPITAL P62,000
GOOGLE GRAPHICS, CAPITAL MARCH 31 P412,000

5. MAKE AN INCOME STATEMENTS OF GOOGLE GRAPHICS DESIGN

FEES INCOME – P88,000

P35,000

TOTAL INCOME - P123,000

EXPENCES:
SERVICE EXPENSE - P18,000
ADVERTISEMENT EXPENSE - P8,000
SALARY EXPENSE - P15,000

TOTAL EXPENSE - P41,000

P123,000
P41,000

NET INCOME - P82,000