Guiguinto National Vocational High School

FABM 1
BASIC ACCOUNTING EQUATION
Assessment#1

Name: _______________________________________________ Section: ______ Date: ______________

Instructions: Below is the following transactions in the books of Mr. Z. Identify the accounts based on the transactions
using the basic accounting equation. Write the transaction per date and indicate in the section if it’s deduction use the
following () or – (minus sign).

Write your answers on your columnar:

June 1 - Mr. Z open a business of Auto detail and invested a capital amounting to P 500,000.

June 5 - Owner purchased on credit water pump equipment for his business amounting to P 75,000

June 6 - Bought furniture’s on credit to Warehouse Furniture for P 62,500 and made a written agreement.

June 7 - Render service to customer and paid P 10,500

June 10 - Owner withdraw cash for personal use worth P 10,000.

- Render service to customer A on credit amounting to P 25,350.

June 17 - Paid to Warehouse furniture for P 62,500

June 20 - Purchased materials to supplier on cash P 15,750

June 23 - Customer A paid cash P 25,350

June 28 - Paid salary to employee P 80,000

Date ASSETS LIABILITIES EQUITY

Account Name Account Account Name Account Account Name Account
June Name Name Name