Problem Set A: Problem Set C: Recording Transactions in a Financial Transaction Worksheet

Using the accounting Equation, answer the question for each number: Required: Use the form below to record the given transactions. Use the following accounts:
CASH, ACCOUNTS RECEIVABLE, SUPPLIES, OFFICE EQUIPMENT, PROFESSIONAL EQUIPMENT,
1. At the beginning of the year, the assets of Cleofe Arib Services were Php 360,000
ACCOUNTS PAYABLE AND CALAGUAS, CAPITAL. If a transaction affects the owner’s equity,
and its owner’s equity is Php 200,000. During the year, assets increased by Php
identify it as revenue, expense investment or withdrawal.
120,000 and liabilities increased by Php 20,000. What was the owner’s equity at
the end of the year?
Trans. Cash A/R Supplies Office Prof Eq A/P C.,
2. The liabilities of Lenore Loqueloque Company equal one-third of the total assets Code Eq Capital
and the owner’s equity is 240,000. What is the amount of the liabilities? a. (xxx) xxx
For number 3-4, use the equation for net income (loss).

3. A medical practitioner has an income of 737,000 and a profit of 168,000. On March 1, 2014 Theodore Calaguas,M.D., established the Calaguas Sports Rehab Clinic.
Transactions completed during the month of March are as follows:
4. An environment consultant has an income of 362,000 and a loss of 20,000 a. Calaguas deposited 250,000 in a bank account in the name of the business.
Problem Set B: Transaction Effects on the Basic Accounting model: b. Paid rent for the month, 11,000
c. Bought supplies on account from Shaw Company, 11,700.
For each transaction, indicate whether the Assets (A), Liabilities (L) or Owner’s Equity (OE) d. Brought professional equipment on account from Rizal Company, 58,000
increased (+), decreased (-), or did not change (0) by placing the appropriate sign in the e. Bought office equipment on account from Marikina Company, 8,640.
appropriate Column, and write the accounts affected by each transaction. f. Performed professional services for cash, 48,200
g. Settled a portion of the accounts with Rizal Company, 18,500
Transaction A L OE Acct
h. Received and paid bill for utilities, 3,820.
Affected
Equipment, i. Paid salaries to the assistants, 11,500
1. Bought Equipment, paid cash +,- cash j. Rendered professional services, 38,000 to be collected the following month.
2. Paid monthly rent expense k. Calaguas withdrew cash for personal use, 16,000
3. Purchased Supplies on Credit
4. Made additional Investment in the company
5. Charged customers for services provided on account
6. Paid creditor
7. Received payments from customers who are on
account (see transaction 5)
8. Received cash for services rendered today
9. Permanently reduced his investment by taking out
cash
10. Paid salaries for the week
11. Acquired equipment, paying 50% down, the balance
due in 30 days.