Submit / bring it on March 23, 2024, on our scheduled Prelim Exam.

PART I
The following transactions occurred during July 2023 for REQUIREMENT:
Mak Hati in his bar and restaurant business: transaction above. Refer on the Ch
JULY
1 The owner invested constructed building for business use, Cash
P3,500,000. Accounts Receivable
Office Supplies
2 Utilities for the month of June 2023 have been paid, P35,000. Kitchen Supplies
Building
3 Bought computer paying P20,000 cash representing 20% of Office Equipment
the total purchase price. 50% of the total purchase price is Computer
on account and the balance is through 30% note. Prepaid Advertising
Accounts Payable
4 Borrowed P100,000 cash from the bank with 2% interest Loans Payable
per month. Notes Payable
Utilities Payable
5 Bought kitchen supplies paying cash, P80,000.

7 Bought bond papers, folders, envelope for office use paying

cash, P9,000.

8 Bought calculator and stapler for office use on account, P5,000.

12 Returned some of the kitchen supplies bought on July 5 for

P20,000.

15 Incurred transportation cost in order to bring the computer

bought in July 3 in the business premises paying cash, P2,500.

16 Rendered services to clients paying cash, P80,000. The amount

represents a 10% of total services rendered to clients.

20 Received 25% advance payment for services to be rendered

nex t month. The total contract price for the service is P300,000.

21 Paid salaries of employees less 500 for vale of employees

last month, P7,500.

22 Billed customers for services rendered, P24,873.13

24 Advance payment for advertising expense next month, P6,000.

28 Some of the folders were damaged by flood amounting to

P387.22.

28 Made partial payment of loan for P25,000 representing the

principal and P1,800 for interest using personal fund.

30 Paid municipal licenses and taxes for the month, P976.38.

30 The owner take some kitchen supplies for personal use, P6,500
 PART II
Effects on the Accounting Equation.

Requirement: For each transaction, indicate whether the assets (A), liabilities (L) or owner's equity (OE)
increased (+), decreased (-), or did not change (o) by placing the appropriate sign in the appropriate column

Assets
Mr. X had the following transactions for the month of January:
Ex. Acquired supplies on account for P10,000 + ₱ 10,000.00

1 Acquired equipment on account (on credit), P90,000.

2 Paid salaries for the month of January, P54,000.

3 Purchased supplies in cash, P3,000.

4 Additional investments by Mr. X, P120,000.

5 Received payment for services rendered, P18,000

6 Made partial payment on equipment acquired on account, P30,000.

7 Billed customers for services performed, P48,000.

8 Withdrew cash for personal use, P45,000.

9 Received payment from customers already billed, P9,000.

10 Received bills or utilities to be paid next month, P2,100

IREMENT: Prepare journal entries, posting and trial balance on the following
ion above. Refer on the Chart of Accounts to be used listed below:

Hati, Capital
ts Receivable Hati, Withdrawal
Service Income
Unearned Service Income
Salaries Expense
Loss on flood
Interest Expense
Advertising Taxes & Licenses Expense
Utilities Expense
on.

or owner's equity (OE)

n the appropriate column.

Liabilities Owner's Equity

+ ₱ 10,000.00 o -
 Date Debit Credit
07/01/23 Building 3,500,000.00
Hati, Capital 3,500,000.00

07/02/23 Utilities Expense 35,000.00

Utilities Payable 35,000.00

Utilities Payable 35,000.00

Utilities Expense 35,000.00

07/03/23 Computer 100,000.00

Cash 20,000.00
Accounts Payable 50,000.00
Notes Payable 30,000.00

07/04/23 Cash 100,000.00

Loans Payable 100,000.00

07/05/23 Kitchen Supplies 80,000.00

Cash 80,000.00

07/07/23 Office Supplies 9,000.00

Cash 9,000.00

07/08/23 Office Equipment 5,000.00

Accounts payable 5,000.00

07/12/23 Cash 20,000.00

Kitchen Supplies 20,000.00

07/15/23 Computer 2,500.00

Cash 2,500.00

07/16/23 Cash 80,000.00

Accounts Receivable 720,000.00
Service Income 800,000.00

07/20/23 Cash 75,000.00

Unearned Service Income 75,000.00

07/21/23 Salaries expense 7,000.00

Cash 7,000.00
07/22/23 Accounts Receivable 24,873.13
Service Income 24,873.13

07/24/23 Prepaid Advertising 6,000.00

Cash 6,000.00

07/28/23 Loss on flood 387.22

Office supplies 387.22

07/28/23 Loan Payable 25,000.00

Interest Expense 1,800.00
hati, Capital 26,800.00

07/30/23 Taxes &Licenses Expenses 976.38

Cash 976.38

07/30/23 Hati, withdrawal 6,500.00

Kitchen Supplies 6,500.00
 Cash Prepaid Advertising Salaries Expense
100,000 20,000 6,000 7,000
20,000 80,000
80,000 9,000
75,000 2,500
7,000
6,000
976.38 Loss on flood
275,000 125,476.38 387.22
149,524 Accounts Payable
50,000
5,000
Accounts receivable
720,000
24,873.13 55,000

744,873 Loans Payable Interest Expense

25,000 100,000 1800

Office Supplies 75,000

9,000 387.22

8,612.78 Notes Payable

30,000 Taxes &Licenses Expenses
976.38

Kitchen Supplies
80,000 20,000 Utilities payable
6,500 35,000 35,000

0
80,000 26,500 Utilities Expense
53,500 35,000
Hati, capital
3,500,000 0
26,800
Building
3,500,000 3,526,800

Hati, withdrawal
6,500
Office Equipment
5,000
Service Income
800,000
24,873.13

824,873

Computer
100,000
2,500 Unearned Service Income
75,000
102,500
 Salaries Expense

Loss on flood

Interest Expense

axes &Licenses Expenses

Utilities Expense
350,000
 Mak Hati Bar and Restaurant
Unadjusted Trial Balance

DEBIT CREDIT
Cash ₱149,523.62
Accounts Receivable 744,873.13
Office Supplies 8,612.78
Kitchen Supplies 53,500.00
Building 3,500,000.00
Office Equipment 5,000.00
Computer 102,500.00
Prepaid Advertising 6,000.00
Accounts Payable ₱55,000.00
Loans Payable 75,000.00
Notes Payable 30,000.00
Utilities Payable 0.00
Hati, Capital 3,526,800.00
Hati, Withdrawal 6,500.00
Service Income 824,873.13
Unearned Service Income 75,000.00
Salaries Expense 7,000.00
Loss on flood 387.22
Interest Expense 1,800.00
Taxes & Licenses Expense 976.38
Utilities Expense 0.00
₱4,586,673.13 ₱4,586,673.13
 PART II
Effects on the Accounting Equation.

Requirement: For each transaction, indicate whether the assets (A), liabilities (L) or owner's equity (OE
increased (+), decreased (-), or did not change (o) by placing the appropriate sign in the appropriate colum

Mr. X had the following transactions for the month of January:

Ex. Acquired supplies on account for P10,000 +

1 Acquired equipment on account (on credit), P90,000. +

2 Paid salaries for the month of January, P54,000. -

3 Purchased supplies in cash, P3,000. +

-
4 Additional investments by Mr. X, P120,000. +

5 Received payment for services rendered, P18,000 +

6 Made partial payment on equipment acquired on account, P30,000. -

7 Billed customers for services performed, P48,000. +

8 Withdrew cash for personal use, P45,000. -

9 Received payment from customers already billed, P9,000. +

-
10 Received bills or utilities to be paid next month, P2,100 o
Accounting Equation.

), liabilities (L) or owner's equity (OE)

propriate sign in the appropriate column.

Assets Liabilities Owner's Equity

₱ 10,000.00 + ₱ 10,000.00 o -

₱ 90,000.00 + ₱ 90,000.00 o -

₱ 54,000.00 o - ₱ 54,000.00

₱ 3,000.00 o - o -
₱ 3,000.00 o - o -
₱ 120,000.00 o - + ₱ 120,000.00

₱ 18,000.00 o - + ₱ 18,000.00

₱ 30,000.00 - ₱ 30,000.00 -

₱ 48,000.00 o - + ₱ 48,000.00

₱ 45,000.00 o - - ₱ 45,000.00

₱ 9,000.00 o - o -
₱ 9,000.00
- + ₱ 2,100.00 - ₱ 2,100.00
₱ 147,000.00 ₱ 62,100.00 ₱ 84,900.00