DETERMINE THE EFFECT OF THE FOLLOWING TRANSACTIONS ON THE ACCOUNTING ELEMENTS OF ASSETS,

LIABILITIES, CAPITAL, WITHDRAWAL, REVENUE, AND EXPENSES.

Date Transactions Effects

Jun 2 Cruz opened a repair shop business by investing cash of P200,000. + Asset

3 Paid P2,500 for monthly rent. + Expense

4 Purchased equipment on account from AVENSON, P25,000. + Asset

7 Rendered repair services for cash, P7,000. + Asset

10 Purchased repair supplies on account from Aze Hardware, P2,000. + Asset

12 Returned defective supplies because of defect, P500. -Asset

Hired an assistant for a monthly salary of P5,000. The assistant will start
13 reporting for duty on June 15,2012.
Rendered repair services on account: Bartolome - P3,000; Stefano - P5,000;
15 and Mateo, P2,000. + Asset
Paid in full the account with Aze Hardware and paid P12,500 of the AVENSON
18 account. - Liabilities

22 Collected customers' account: Bartolome - P3,000; and Stefano - P2,500. +Asset

28 Cruz withdrew cash for personal use, P3,000. + Withdrawal

30 Received and paid MERALCO bill, P2,800. + Expense

30 Paid the assistant's salary, P2,500. + Expenses

ELEMENTS OF ASSETS,

Effects
Cr
Dr Cruz ,
Cash + Capital Capital
Dr Rent
Expense -Asset Cr , Cash

Dr Cr Accounts
Equipment + Liabilities Payable
Cr Repairs
Dr Cash +Revenue Revenue
Cr Accounts
Dr Supplies + Liabilities Payable

Dr Accounts
Cr Supplies -Liabilities Payable

Dr Accounts Cr Repairs
Receivable + Revenue Revenue
Dr Accounts
Payable -Asset Cr Cash
Cr Accounts
Dr Cash -Asset Receivable
Dr Cruz,
Drawing -Asset Cr Cash

Dr Utilities
Expense -Asset Cr Cash

Dr Salaries
Expense -Asset Cr Cash
 General Journal Page 1
PR
Date Particulars f Dr Cr
Jun 2 Cash 101 200,000
Cruz, Capital 301 200,000
Initial investment.

3 Rent Expense 501 2,500

Cash 101 2,500
Paid monthly rent.

4 Equipment 105 25,000

Accounts Payable - AVENSON /201 25,000
Purchased equipment on account.

7 Cash 101 7,000

Repairs Revenue 401 7,000
Rendered services for cash.

10 Supplies 104 2,000

Accounts Payable - Aze Hardware /201 2,000
Purchased supplies on account.

12 Accounts Payable - Aze Hardware /201 500

Supplies 104 500
Returned defective supplies.

13 Hired assistant for a monthly salary of P5,000.

15 Accounts Receivable - Bartolome /102 3,000

Accounts Receivable - Stefano /102 5,000
Accounts Receivable - Mateo /102 2,000
Repairs Revenue 401 10,000
Rendered services on account.

18 Accounts Payable - AVENSON /201 12,500

Accounts Payable - Aze Hardware /201 1,500
Cash 101 14,000
Payment of accounts.
 General Journal Page 2

Date Particulars f Dr Cr
Jun 22 Cash 101 5,500
Accounts Receivable - Bartolome /102 3,000
Accounts Receivable - Stefano /102 2,500
Collection of customers' accounts.

28 Cruz, Drawing 302 3,000

Cash 101 3,000
Withdrew cash for personal use.

30 Utilities Expense 504 2,800

Cash 101 2,800
Paid MERALCO bill.

Salaries Expense 502 2,500

Cash 101 2,500
Paid assistant's salary.
 GENERAL LEDGER

CASH 101
Date Particulars f Dr Date Particulars f Cr
Jun 2 investment GJ1 200,000 Jun 3 rent GJ1 2,500
7 repair services 7,000 18 payment of account 14,000
22 collection from cust GJ2 5,500 28 withdrawal GJ2 3,000
30 utilities 2,800
salaries 2,500
212,500 24,800
balance 187,700

normal balances:
A+W+E=L+C+R

ACCOUNTS RECEIVABLE 102

Date Particulars f Dr Date Particulars f Cr
15-Jun GJ1 3,000 Jun 22 GJ1 3,000
5,000 2,500
2,000
10,000 5,500
balance 4,500

ALLOWANCE FOR BAD DEBTS 103

Date Particulars f Dr Date Particulars f Cr

SUPPLIES 104
Date Particulars f Dr Date Particulars f Cr
Jun 10 GJ1 2,000 Jun 12 GJ1 500
balance 1,500

EQUIPMENT 105
Date Particulars f Dr Date Particulars f Cr
Jun 4 acquisition GJ1 25,000
 balance 25,000

ACCUMULATED DEPRECIATION 106

Date Particulars f Dr Date Particulars f Cr

ACCOUNTS PAYABLE 201

Date Particulars f Dr Date Particulars f Cr
Jun 12 GJ1 500 Jun 4 acquisition of eqpt GJ1 25,000
18 12,500 10 2,000
1,500
14500 27,000
balance 12,500

UTILITIES PAYABLE 202

Date Particulars f Dr Date Particulars f Cr

CRUZ, CAPITAL 301

Date Particulars f Dr Date Particulars f Cr
Jun 2 investment GJ1 200,000
balance 200,000

CRUZ, DRAWING 302

Date Particulars f Dr Date Particulars f Cr
Jun 28 GJ2 3,000
balance 3,000

INCOME AND EXPENSE SUMMARY 303

 Date Particulars f Dr Date Particulars f Cr

REPAIRS REVENUE 401

Date Particulars f Dr Date Particulars f Cr
Jun 7 services rendered GJ1 7,000
15 10,000
balance 17,000

RENT EXPENSE 501

Date Particulars f Dr Date Particulars f Cr
Jun 3 payment GJ1 2,500
balance 2,500

SALARIES EXPENSE 502

Date Particulars f Dr Date Particulars f Cr
Jun 30 GJ2 2,500
balance 2,500

SUPPLIES EXPENSE 503

Date Particulars f Dr Date Particulars f Cr

UTILITIES EXPENSE 504

Date Particulars f Dr Date Particulars f Cr
Jun 30 GJ2 2,800
balance 2,800
 BAD DEBTS EXPENSE 505
Date Particulars f Dr Date Particulars f Cr

DEPRECIATION EXPENSE 506

Date Particulars f Dr Date Particulars f Cr
CRUZ REPAIR SHOP from the General Ledger
TRIAL BALANCE to check whether total debits = tot
JUNE 30, 2012

Dr Cr
Cash 187,700
Accounts Receivable 4,500
Supplies 1,500
Equipment 25,000
Accounts Payable 12,500
Cruz, Capital 200,000
Cruz, Drawing 3,000
Repairs Revenue 17,000
Rent Expense 2,500
Salaries Expense 2,500
Utilities Expense 2,800
Total 229,500 229,500

CRUZ REPAIR SHOP A/R Subsidiary Ledger

ACCOUNTS RECEIVABLE SCHEDULE
JUNE 30, 2012

Stefano 2,500
Mateo 2,000

Total 4,500

CRUZ REPAIR SHOP A/P Subsidiary Ledger

ACCOUNTS PAYABLE SCHEDULE
JUNE 30, 2012

Avenson 12,500
General Ledger
whether total debits = total credits
CRUZ REPAIR SHOP Philippine Accounting Standards 1
STATEMENT OF INCOME
FOR THE MONTH ENDED JUNE 30, 2012
(In Philippine Peso) money columns

Repairs Revenue 17,000

Less: Expenses
Rent Expense 2,500
Salaries Expense 2,500
Supplies Expense 0
Utilities Expense 2,800
Bad Debts Expense 0
Depreciation Expense 0 7,800
Net Income (Net Loss) 9,200

CRUZ REPAIR SHOP

STATEMENT OF CHANGES IN EQUITY beg capital balance to ending, factors affecting the capital
FOR THE MONTH ENDED JUNE 30, 2012
(In Philippine Peso)

Cruz, Capital - June 1 -

Investment during the month 200,000.00
Net Income (Net Loss) 9,200.00 : )
Withdrawals (3,000.00)
Cruz, Capital - June 30 206,200.00

CRUZ REPAIR SHOP

STATEMENT OF FINANCIAL POSITION (BALANCE SHEET)
JUNE 30, 2012 A=L+E
(In Philippine Peso)

ASSETS
CURRENT ASSETS
Cash 187,700.00
Accounts Receivable 4,500.00 1 YEAR OR OPERATING CYCLE
Allowance for Bad Debts - WHICHEVER IS LONGER
Supplies 1,500.00 193,700.00
NON-CURRENT ASSETS
Equipment 25,000.00
Accumulated Depreciation - 25,000.00
TOTAL ASSETS 218,700.00

LIABILITIES AND EQUITY Liabilities

CURRENT LIABILITIES current liabilities within 1 year
Accounts Payable 12,500 non-current liabilities beyond 1 year from balanc
Utilities Payable 0 12,500
EQUITY
Cruz, Capital 206,200.00
TOTAL LIABILITIES AND EQUITY 218,700.00
-
within 1 year
beyond 1 year from balance sheet date