Legacy of Wisdom Academy of Dasmariñas, Inc.

Golden City, Salawag, Dasmariñas City

SY 2020-2021
FUNDAMENTALS OF ACCOUNTING
ACTIVITY-11

Name: Delos Reyes Gianna Date:9/26/20

Directions: For each transaction , indicate whether the assets, liabilities, owner’s
equity Increase or Decreased or ( did not change).

Assets Liabilities Owners equity

1. Bought equipment, D in cash

paying cash. I in equipment
2. Paid the monthly D in cash D in OE
rent expense.
3. Purchase supplies I in supplies D in liabilities
on credit.
D in cash I in OE
4. Made an additional
investment in
the company
5. Charged customers I in cash I in OE
for services provided
on account
6. Paid creditor on D in cash D in liabilities
account
I in cash I in OE
7. Received payment
from
customers on
 account
8. Received cash for
I in cash I in OE
service rendered
today
9. Permanently
reduced his I in cash D in OE
investment in the
business
By taking out cash .
10. Paid salaries for
D in cash D in liabilities
the week
11. Acquired D in cash I in liabilities
equipment, I in Dequipment
in cash D in OE
paying 50% down,
I in cash I in OE
the balance due
In 30 day
I in cash I in OE
12. Cash received
from delivery service, I in cash D in OE
27,500
D in cash D in liabilities
13. Paid creditors on
D in cash I in liabilities
account 20,000
14. Received cash from I in cash I in OE
the owner as D in cash D in OE
additional investment
D in cash D in liabilities
15. Paid advertising
expense D in cash D in liabilities
16. Billed customers for I in cash I in OE
delivery services
on account 55,200 I in supplies
17. Paid rent for D in cash
July 20,000
18. Received cash
from customers
on account 25,400
19. Owner withdrew
cash for personal
use 20,000

20.Purchase land for

cash worth 100,000

21.Paid cash for rent

Expenses 5,000

22.Paid cash on

accounts payable
45,000

23.Purchase supplies on

account 12,000

II. Owner’s Equity transaction

Identify the foregoing transactions by identifying each a either one of the
following:
Owner’s investment
Owner’s Withdrawal
Owner’s income
Expense
Not an owner’s equity transaction.
24. Received cash for rendering service.
Owners income
25. Withdrew cash for personal expenses
Owners withdrawal
26. Received cash from a customer who have been rendered service on account.
Owners income
27. Transfer personal assets to the business.
Owners investment
28. Paid a service station for gasoline for a business service vehicle.
Owners investment
29. Performed a service and receive a promise payment.
Not an owners equity transaction
30. Paid cash to acquire equipment
Expense
31. Paid cash to an employee for service rendered
Owners withdrawal