PRACTICE EXERCISE 1-1.

ANALYSIS OF TRANSACTIONS

ASSETS = LIABILITIES + CAPITAL

Cash  Accounts  Supplies  Repair  Furnitu Account Dolores,   Type of  

Receivable Tools&  re &   s Capital Owner’s  
Equipmen Fixtures Payable Equity  
t Transactions

1 +40,000 +100,00 +140,00 Initial

0 0 investment
2 -3200 -3200 Rent
Expense
3 -1050 +1050
4 -460 -460 Taxes &
Licenses
5 -500 +500
6 +20000 +20000
7 -6000 -6000 Salaries
Expense
8 +18,95 +18,950 Service
0 Income
9 +5500 +5,500 Service
Income
10 -12000 -12000
11 -4000 -4000 Dolores,
Drawing
12 -620 -620 Utilities
Expense
13 -1500 +1500
14 -350 -350 Repairs
and
Maintenan
ce
Expense
15 +4000 -4000
16 -1550 -1550 Supplies
Expense
 Ba 33,270 1500 0 120,000 1500 8000 148,270
l

tot 156,270 = 156,270

Statement of Comprehensive Income

Dolores Car Repair Shop
Statement of Comprehensive Income
For the Month Ended, January 31, 2022
Service: Income P 24,450
Less: Expenses
Supplies Expense P 1550
Salaries Expense P 6000
Rent Expense P 3200
Repairs and Maintenance P 350
Expense
Utilities Expense P 620
Taxes and License P 460 P 12,180

Net Income P 12, 270

Statement of Changes in Owner’s Equity

Dolores Car Repair Shop
Statement of Comprehensive Income
For the Month Ended, January 31, 2022
Initial Investment P 140,000
Add: Net Income P 12,270
Total P 152,270
Less: Dolores, Drawing P 4,000
Dolores, Capital-end P 148,270

Statement of Financial Position

Dolores Car Repair Shop
Statement of Comprehensive Income
As of January 31, 2022
ASSETS
Current Assets
 Cash P 33,270
Accounts Receivables P 1500
Supplies P0 P 34,770
Non-current Assets
Furniture P 1,500
Repair Tools & Equipment P 120,000
Total Assets P 156,270
LIABILITIES AND OWNER’S EQUITY
Current Liability
Accounts Payable P 8,000
Non-current Liability
Notes Payable P0 P 8000

Dolores, Capital P 148,270

Total Liabilities and Owner’s Equity P 156,270