Nuneza, Maria Liezel F.

E.
Assets Liabilities Equity
Cash Account Equipment Inventories = Account + Owner`s Revenues Expenses
Receivable Payable Capital

69,000 11,000 -o- 28,000 34,000 73,000 -o- -o-

1 +20,000 +20,000
2 +3,000 +3,000
3 -1,000 +1,000
4 -3,000
5 -5,000 -5,000
6 -5,000 -5,000
7 +1,000 +1,000
8 -3,500 -3,000
9 -1,000 -1,000
10 -2,000
11 - +15,000 -15,000
15,000
12 -30,000 -30,000
13 -4,000 -4,000

40,500 26,000 49,000 18,000 57,000 69,000 54,000 46,000

 Nuneza, Maria Liezel F.

III. Problem Solving

A. Kuya Joem decided to open an ice cream store on January 1, 20X5. In order to do so, he
invested P300 000 for the establishment of his business. On the month of January, Kuya Joem
also incurred the following transactions:

January 5 Bought the necessary equipment for the ice cream shop. The purchase price was
P200 000.

January 7 Bought goods on credit. The goods were bought from Ryan Store at a cost of P50
000. The goods are to be paid in 15 days.

January 15 The ice cream store opened. During this day, Joem sold P25 000 worth of ice
cream. Half of this was paid in cash and the other was to be paid in 15 days. The cost of the
ice cream sold is P20 000.

January 22 Paid Ryan Store.

January 30 Received payment for the goods sold in.

Assets Liabilities Equity

Date Cash Receivable Equipment Inventory = Payable + Capital Revenues Expenses

Jan1 300,000 300,000

Jan5 -200,000 200,000
Jan7 50,000 50,000
Jan15 +12,500 12,5000 20,000 25,000
Jan22 -50,000 -50,000
Jan30 12,500
Nuneza, Maria Liezel F. 11-St. Elizabeth

Lie`s Pharmacy
D.
ASSETS LIABILITIES EQUITY

Cash Account Equipment Inventories = Account + Owner`s Revenues Expenses

Receivable Payable Capital
+5000
1 +5000
2 +5000 +500
3 -5000 -5000
4 +4000 +5000
5 +5000 -5000
6 +5000 -5000
7 -5000 +5000
8 -5000 -5000
9 -5000 -5000
10 +5000 +5000

1. Lie`pharmacy invested cash in the business amounting Php 5,000.

2. A customer paid the owner for the services with a check Php 5,000.
3. The pharmacy paid rent amounting Php 5,000.
4. Purchased an equipment amounting Php 5,000.
5. Collected Php 5,000 from credit sales of the pharmacy.
6. The pharmacy loan Php 5,000 to pay their employee.
7. The pharmacy bought an equipment(5,000) and made payment trough credit.
8. In number (6), the pharmacy pay their loan.
9. Purchased an equipment amounting Php 5,000.
10. The pharmacy purchased raw materials using the loan from the bank.
 B.

Date Cash Receivable Equipment Inventory = Payable + Capital Revenues Expenses

Jan1
Jan4
Jan8
Jan11
Jan25

C.

Assets Liabilities Equity

Cash Receivable Equipment Inventory = Payable + Capital Revenues Expenses

1
2
3
4
5
6
7
8
9
10
11
12
13
14