Professional Documents
Culture Documents
1. Dona Pura + +
invested P 60,000 60,000 60,000
in the business.
2. Bought P1,500 - +
worth of supplies 1,500 1,500
for cash
3. Borrowed + +
P50,000 from 50,000 50,000
Dona Tekla
4. Cash services + +
rendered to Ms. 25,000 25,000
Ko, P25,000
5. Issued a note - +
for the amount 50,000 50,000
borrowed from
Dona Tekla.
ASSETS LIABILITIES OWNER’S
EQUITY
7.Settled the - -
note to 50,000 50,000
Dona Tekla
8. Made - -
personal 10,000 10,000
withdrawal,
P10,000
9. Hired a
secretary NO EFFECT
with a
monthly
salary of
P13,000
Accounts LIABI LITIES OE
Cash Receivable Supplies A/P N/P Pura, C.
12.Invested + +
additional cash, 24,000 24,000
P24,000
Owner’s Equity
310 Yu, Capital
320 Yu, Withdrawal
330 Income Summary
Account - a detailed record of the increases,
decreases and the balance of each element in the
financial statement.
Account Title
Debit Credit
Transaction:
June 1, 2017:
Owner, Mr. Cruz purchase computer equipment
amounting to P 20,000 on
cash.
Accounting/Bookkeeping is based on
a double entry system which means
that the dual effects of a business
transaction is recorded. A debit entry
must have a corresponding credit
entry. Total debits for a transaction
must always equal to the total credits.
An account is debited when an amount is entered
on the left side of the account and credited when
the amount is entered on the right side.