ACTG 101A – FINANCIAL ACCOUNTING

Exercises – Accounting Equation

Instruction: Indicate the effect of the following transactions on the accounting equation Assets =
Liabilities + Owner’s Equity.

Date Transactions
June 1 Max Deer invested ₱60,000 cash to open the Reindeer Delivery Service for the OFWs.
June 2 Purchased a delivery truck for ₱250,000 for Hi Ace, on credit.
June 3 Purchased office supplies for ₱3,750 cash
June 5 Purchased ₱27,050 of office equipment on credit
June 6 Received ₱15,000 cash as fees for services provided to overseas contract workers
June 8 Paid cash to settle 50% of the payable for the office equipment
June 10 Billed a customer ₱27,000 as fees for services provided
June 12 Paid ₱15,000 cash for monthly rent
June 13 Collected ₱11,250 cash for the accounts of customers
June 15 Max Deer withdrew ₱1,000 cash from the business for personal use