Financial
Transaction
Worksheet
Financial Transaction
Worksheet
• A financial transaction worksheet
is a structured tool used in
accounting to record and
summarize financial transactions
over a specific period.
• The primary purpose of a financial
transaction worksheet is to
document activities that affect
the value of assets, liabilities, or
owner's equity in a business.
Illustrative Problem
Kim Min-ji has recently established
Minji Internet Cafe near
Pamantasan ng Cabuyao.
Chart of Accounts of Minji Internet Cafe
1. Cash
2. Accounts Receivable
3. Printing Supplies
4. Office Supplies
5. Computer Equipment
6. Furniture and Fixtures
7. Accounts Payable
8. Minji, Capital
Transactions
October 1, 2024
Kim Min-ji withdrew
P800,000 from personal
savings and deposited it into
the business account.
Transactions
October 2, 2024
Paid P3,000 to register
her business.
Transactions
October 3, 2024
Purchased computer
equipment (computer,
copier, etc.) for P100,000 on
credit from M. Medina, Inc.
Transactions
October 3, 2024
Purchased furniture and
fixtures (chairs and tables)
for P50,000 on account
from M. Santos, Inc.
Transactions
October 4, 2024
Paid P20,000 in cash for the
purchase of inks and paper
for printing services.
Transactions
October 5, 2024
Paid P10,000 in cash for
office supplies
Transactions
October 6, 2024
Paid P40,000 to M. Medina,
Inc. from October 3
transaction to reduce the
outstanding debt.
Transactions
October 10, 2024
Earned P70,000 in
revenue from clients on
cash.
Transactions
October 13, 2024
Earned P30,000 on account
revenue from clients on
account for hosting the
Pamantasan ng Cabuyao’s
Valorant Tournament and
Call of Duty Tournament.
Transactions
October 15, 2024
Paid salaries P18,000 for the
period October 1-15, 2024
Transactions
October 23, 2024
Collected P30,000 from clients
who had previously purchased
services on credit.
Transactions
October 27, 2024
Earned P21,000 in cash from
clients.
Transactions
October 30, 2024
Received the following bill:
Meralco, P3,000
Water, P2,000
Internet, P1,500
Transactions
October 31, 2024
Paid rent, P4,000.
Transactions
October 31, 2024
Withdraw P1,000 from
business for her personal use.
Transactions
October 31, 2024
Paid salaries P18,000 for the
period October 16-31, 2024
Frequently asked questions
1. How much is the total assets?
2. How much is the total liabilities?
3. How much is the total equity?
4. How much is the profit (loss) of Minji
Internet Café for the month of
October 2024 (before depreciation
expense)?
Exercise (Financial Transaction
Worksheet)
Momo Health Spa
Chart of Accounts:
1. Cash
2. Supplies
3. Land
4. Building
5. Equipment
6. Furniture and Fixtures
7. Accounts Payable
8. Notes Payable
9. Momo, Capital
Exercise
Hirai Momo entered into the following transactions for the month of
October 2024:
04 Hirai Momo opened “Momo Health Spa” by investing P1.5M
cash and a lot worth P500,000.
07 Interviewed a nurse to work for her for a salary of P15,000.
08 Momo bought for cash P900,000 worth of equipment and
P15,000 worth of supplies.
10 Bought furniture and fixtures at a cost of P150,000
promising (with promissory note) to pay after 7 days. Only
P80,000 of this was placed in the clinic. The remaining were
placed in her house.
12 Applied and approved for the P2.5M business loan from a
bank by mortgaging her lot. The loan was deposited into her
account. The money will be used to construct the clinic.
Exercise
14 Withdraw supplies for personal use.
15 Paid one-half due on the furniture and
fixtures.
30 A two-story building was constructed. The
construction cost amounted to P2.4M.
Frequently asked questions
1. How much is the total assets?
2. How much is the total liabilities?
3. How much is the total equity?
4. How much is the profit (loss) for the
month of October 2024 (before
depreciation expense)?
