Activity no.

Activity J

Recording Transaction in a Financial Transaction Worksheet

On March 1, 2020, Theodore Calaguas, M.D., established the Calaguas Sports Rehab Clinic.
Transaction completed during the month of March are as follows:

a. Calaguas deposited P250,000 in a bank account in the name of the business.

b. Paid rent for the month, P11,000.
c. Bought supplies on account from Shaw Book Store, P11,700.
d. Bough professional equipment om account from Rizal Machines, P58,000.
e. Bough office equipment on account from Marikina office Warehouse, P8,640.
f. Performed professional services for cash, P48,200.
g. Settled a portion of the accounts with Rizal Machines, P18,500.
h. Received and paid the bill utilities, P3, 820.
i. Paid salaries of assistants, P11,500.
j. Rendered professional services for cash, P38,000.
k. Calaguas withdrew cash for personal use, P16,000.

Required:

Record the transactions for the month of March 2020 using a financial transaction worksheet.
Use the following accounts; Cash; Accounts Receivable; Supplies; Office Equipment;
Professional Equipment; Accounts Payable and Calaguas, Capital. If the owner’s equity account
is affected by a transaction, identify it as revenue, expense, investment or withdrawal.
Activity K

Effect of Transaction on the Accounting Equation and Recording Transactions in T-

Accounts

Reynalda San Mateo, after receiving a degree in computer science, started the business, RSM
Technologies. The entity completed the following transaction during the month:

May 2 Deposited 900,000 in the back and contributed a system library valued at 390,000
to start the business.
3 Paid office rent for the month, P36,000.
9 Acquired computer equipment for cash, P700,000.
10 Purchase computer supplies on credit, P600,000.
11 Received payment from a client for programming done, P280,000.
12 Billed a client on completion for programming project, P71,000.
16 Paid salaries, P80,000.
23 Receive a partial payment from the client billed on May 12, P61,000.
27 Withdrew P25,000 for personal expenses.
30 Made a partial payment on the supplies purchased, P30,000.

Required:

1. Establish the following account in a financial transaction worksheet: Cash; Accounts

Receivable; Computer Supplies; Computer Equipment; Systems Library; Accounts Payable;
and San Mateo, Capital.
2. Record in the worksheet the transactions listed above. Be able to identify each owner's
equity transactions by type.
3. Record the transactions using T-accounts.
Activity L

Recording Transactions in T-Accounts

Christine Resultay is an experienced events planner. The transactions and accounts for the
business are as follows;

a. Invested P100,000 in cash to start her own business.

b. Paid P5,000 for one month’s rent.
c. Bought office furniture for P15,000 in cash.
d. Received delivery of laptop computer, P54,000. Paid 50% down, balance due in 30 days.
e. Performed services for P12,000 in cash.
f. Performed services for P10,800 in credit.
g. Acquired a fax machine for P7,500; paid P3,000 in cash, balance due in 10 days.
h. Received P5,400 from clients on account.
i. Paid P10,000 for salaries.
j. Settled in full the P4,500 balance for the fax machine.
k. Received P7,000 in cash for services performed.
l. Performed services for P12,000 on credit.
m. Paid P1,350 for the monthly telephone bill.
n. Paid P2,400 for the electric and water bills.
o. Collected P2,000 from clients on account.
p. Resultay withdrew P7,000 in cash for personal expenses.

Required:

1. With the aid of T-accounts, record the transactions listed above.

2. Determine the balances of the T-accounts.
3. Determine the balance of the Asset, Liabilities and Owner’s Equity