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    Effects Q1 18-19

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    Lamberto Arcilla II
    Rick Owens opened an advertising and interior design agency by investing 550,000 cash (1). This increased assets and owner's equity. He acquired a vehicle for 60,000 (2) and equipment for 25,000 cash (4), increasing assets. He acquired equipment for 27,000, paying 15,000 cash and issuing a note for the balance (5), increasing assets and liabilities. He performed and billed services, increasing assets as fees were collected (7, 10, 12, 15, 18). He paid expenses like rent, bills, supplies and salaries, decreasing assets (3, 6, 8, 9, 11, 14, 16, 17, 19). He withdrew cash for personal use, decreasing assets and

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    Effects Q1 18-19

    Uploaded by

    Lamberto Arcilla II
    9 views1 page
    Rick Owens opened an advertising and interior design agency by investing 550,000 cash (1). This increased assets and owner's equity. He acquired a vehicle for 60,000 (2) and equipment for 25,000 cash (4), increasing assets. He acquired equipment for 27,000, paying 15,000 cash and issuing a note for the balance (5), increasing assets and liabilities. He performed and billed services, increasing assets as fees were collected (7, 10, 12, 15, 18). He paid expenses like rent, bills, supplies and salaries, decreasing assets (3, 6, 8, 9, 11, 14, 16, 17, 19). He withdrew cash for personal use, decreasing assets and

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    Effects_Q1_18-19

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    Rick Owens opened an advertising and interior design agency by investing 550,000 cash (1). This increased assets and owner's equity. He acquired a vehicle for 60,000 (2) and equipment for 25,000 cash (4), increasing assets. He acquired equipment for 27,000, paying 15,000 cash and issuing a note for the balance (5), increasing assets and liabilities. He performed and billed services, increasing assets as fees were collected (7, 10, 12, 15, 18). He paid expenses like rent, bills, supplies and salaries, decreasing assets (3, 6, 8, 9, 11, 14, 16, 17, 19). He withdrew cash for personal use, decreasing assets and

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    9 views1 page

    Effects Q1 18-19

    Uploaded by

    Lamberto Arcilla II
    Rick Owens opened an advertising and interior design agency by investing 550,000 cash (1). This increased assets and owner's equity. He acquired a vehicle for 60,000 (2) and equipment for 25,000 cash (4), increasing assets. He acquired equipment for 27,000, paying 15,000 cash and issuing a note for the balance (5), increasing assets and liabilities. He performed and billed services, increasing assets as fees were collected (7, 10, 12, 15, 18). He paid expenses like rent, bills, supplies and salaries, decreasing assets (3, 6, 8, 9, 11, 14, 16, 17, 19). He withdrew cash for personal use, decreasing assets and

    Copyright:

    © All Rights Reserved
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    of 1

    FOABM 1

    Types of Transactions
    Effects of Transactions

    Name: ___________________________________ Score: _____________

    Required:
    I. Identify the type of each transaction and state the effects of the transactions on the Assets, Liabilities
    and Owner’s Equity of the business.

    1. Rick Owens opened a Advertising and Interior Designing agency by investing P550,000 cash.
    2. Rick Owens acquired a service vehicle worth P60,000.
    3. Paid the monthly rent of the shop space, P15,000.
    4. Acquired designing Equipment for P25,000 on cash basis.
    5. Acquired office equipment from Our Home for P27,000 paying P15,000 cash and issued promis-
    sory note for the balance.
    6. Purchased on credit designing supplies for P14,000 and office supplies for P8,500 from Design
    Studios.
    7. Performed Advertising services for a car dealer by making ad placements in the Buy & Sell maga-
    zine and collected fees of P35,500.
    8. Paid the monthly telephone bill, P1,500.
    9. Paid Design Studios P12,000 for the amount owed.
    10. Accepted P11,500 as an advance fee for interior designs to be done on a newly opened bar.
    11. Rick Owens made a partial payment of P5,000 to Our Home for the purchase of office equipment.
    12. Performed services by placing print advertisements and billed Café by the Ruins P 32,000.
    13. Rick Owens withdrew P10,000 for personal use.
    14. Paid the monthly water bill P700.
    15. Collected P32,000 from Café by the Ruins as payment for services already rendered.
    16. Paid the monthly electric bill P1,000.
    17. Paid salaries P20,000.
    18. Received P10,000 from various clients.
    19. Paid the monthly internet fee, P2,000.

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