Exercise No.1 (notebook)
Solve for the following:
1) Accounts Payable 5) Cash On Hand
2) Total Liabilities
6) Cash In Bank
3) Total Equities
7) Office Supplies
4) Total Assets
Gadget Retailers
Account balances as of 31 December 2016
Cash on Hand
Cash in Bank
X
Accounts
Payable
Twice as much
Notes Payable
as Cash on Hand
Thrice as much
as Salaries
Payable
₱ 300,000
Accounts
Receivable
₱ 400,000
Salaries Payable
₱
Equipment
₱ 150,000
P. Pan, Capital
₱ 300,000
Office Supplies
Half as much as W. Darling,
Cash on Hand Capital
50,000
₱ 100,000
Exercise No.2 (notebook)
Identify the accounts debited and
credited for each of the following
transactions.
1) Invested ₱ 80,000 cash in the business
2) Purchased used delivery van for ₱ 60,000,
paying ₱30,000 cash and the balance on
account
3) Purchased cleaning supplies for ₱ 9,000 on
account
4) Paid ₱ 12,000 cash on one year insurance
policy
5) Billed customers ₱ 25,000 for washing services
6) Paid ₱ 10,000 cash owed on delivery van and
₱ 5,000 on amount owed on cleaning supplies
7) Paid ₱ 12,000 cash for employee salaries
8) Collected ₱ 14,000 cash from customers
billed on transaction 5
9) Incurred monthly rent worth ₱10,000
10) Withdrew ₱ 6,000 cash for personal use