Name: QUENNY GIE C. RAS Score: Course/Yr/Section: 1BSBA-A Date: 03-10-22 Requirement 1. The assets, liabilities and owner’s equity of Roberto Lapus who operates a repair are expressed in equation form below. Lapus completed the following transactions: Transactions Assets Cash August 1, 2021 1. August 2, 2021 2. August 5, 2021 3. August 8, 2021 4. August 13, 2021 5. August 15, 2021 6. August 20, 2021 7. Organized a repair shop and deposited P500,000 cash in the bank for use by the business. Purchased P20,000 of supplies on account. Balance Purchased land for future repair site for P140,000 cash. Balance Paid P18,000 to creditors. Balance Withdrew P25,000 for personal use. Balance Paid P28,000 for site and equipment rent for the month. Balance During the month, P10,000 utilities Supplies = Land Liabilities Accounts Payable 500,000 Owner’s Equity Lapus, Capital 500,000 INV 20,000 20,000 20,000 (140,000) 20,000 500,000 140,000 360,000 (18,000) 20,000 140,00 20,000 (18,000) 500,000 342,000 (25,000) 20,000 140,000 2,000 500,000 (25,000)W 317,000 (28,000) 20,000 140,000 2,000 475,000 (28,000)E 289,000 20,000 140,000 2,000 (10,000) 447,000 (10,000)E August 27, 2021 August 28, 2021 August 31, 2021 expense were incurred on account by the business. Balance 8. During the month, Lapus invested another P100,000 cash in the business. Balance 9. Received P5,000 for a cash service call. Balance 10. Lapus used P6,000 worth of supplies. Balance Total 289,000 100,000 20,000 140,000 12,000 437,000 100,000 INV 389,000 5,000 20,000 140,000 12,000 537,000 5,000 (I) 394,000 20,000 (6,000) 140,000 12,000 542,000(I) (6,000)E 394,000 14,000 140,000 P548,000 12,000 P548,000 536,000 Required 1. On each of the numbered lines, show by addition or subtraction the effect of each of the transactions in the equation. For each transaction, identify the changes in owner’s equity by placing the letter I (Income), E (Expense), W (Withdrawal), or INV (Investment) at the right side of each amount. On the lines labeled “Balance” show the new equation resulting from the transaction. Required 2. After completing the financial transaction worksheet, prepare t-account for the following account titles of Lapus Repair Services: 110 Cash 120 Supplies 130 Land 210 Accounts Payable 310 Lapus, Capital 320 Lapus, Drawings 410 Service Income 510 Supplies Expense 520 Utilities Expense 530 Rent Expense T - ACCOUNTS ASSESTS CASH August 1 August 27 August 28 Debit P500,00 100,000 5,000 August5 August 8 August 13 August 15 P605,000 Balance Credit P140,000 18,000 25,000 28,000 P211,000 P394,000 SUPPLIES Debit Credit August 2 P20,000 August 31 Balance P14,000 P6,000 LAND Debit Credit August 8 P140,000 Balance P140,000 LIABILITIES ACCOUNTS PAYABLE Debit August 8 Credit P18,000 August5 August 20 P20,000 P10,000 Balance P 12,000 OWNER’S EQUITY LAPUS, CAPITAL Debit Credit August1 August 27 Balance P500,000 P100,000 P600 ,000 LAPUS, DRAWINGS Debit Credit August 13 P25,000 Balance P25,000 SERVICE INCOME Debit Credit August 28 P5,000 Balance P5 ,000 SUPPLIES EXPENSE Debit Credit August 31 P6,000 Balance P6,000 UTILITIES EXPENSE Debit Credit August 20 P10,000 Balance P10,000 RENT EXPENSE Debit Credit August 15 P28,000 Balance P28,000 Total Assets: Total Liabilities + OE: Required 3. Record the transactions in the journal. = P617,000 P12,000 + P605,00 =P617,000 JOURNAL ENTRIES DATE Account titles and explanation P.R DEBIT CREDIT AUGUST 1, 2021 Cash 110 Lapus, capital 5 0 0 0 0 0 - 310 5 0 0 0 0 0 - Bank deposit for the business AUGUST 2, 2021 Supplies 120 Accounts Payable 2 0 0 0 0 - 210 2 0 0 0 0 - Purchased supplies on account AUGUST 5, 2021 Land 130 Cash 1 4 0 0 0 0 - 110 1 4 0 0 0 0 - Purchased land for future repair site AUGUST 8, 2021 Accounts Payable Cash 210 1 8 0 0 0 - 110 1 8 0 0 0 - Payment to creditors AUGUST 13, 2021 Lapus, Drawings Cash 320 2 5 0 0 0 - 110 2 5 0 0 0 - Withdraw cash for personal use AUGUST 15, 2021 Rent Expense Cash To record the paid amount for rent and equipment 530 110 2 8 0 0 0 2 8 0 0 0 - AUGUST 20, 2021 Utilities Expense Account payable 520 1 0 0 0 0 - 210 1 0 0 0 0 - To record the expenses incurred on account AUGUST 27, 2021 Cash 110 Lapus, capital 1 0 0 0 0 0 - 310 1 0 0 0 0 0 - To record cash invested AUGUST 28, 2021 Cash 110 Service income 5 0 0 0 - 410 5 0 0 0 - To record cash service call AUGUST 31, 2021 Supplies Expenses Supplies To record supplies expense Required 4. Post transactions to the ledger. 510 120 6 0 0 0 6 0 0 0 - LEDGER ASSETS Account: CASH Date Account No. 110 Explanation J.R Debit Credit 500,000 Balance AUGUST 1, 2021 Investment J-1 500,000 AUGUST 5, 2021 Purchased land J-1 AUGUST 8, 2021 Payment to creditors J-1 18,000 342,000 AUGUST 13, 2021 Withdrawal J-1 25,000 317,000 AUGUST 15, 2021 Rent expense J-1 28,000 289,000 140,000 360,000 AUGUST 27, 2021 Additional investment J-1 100,000 389,000 AUGUST 28, 2021 Service income J-1 5,000 394,000 Account: Supplies Date AUGUST 2, 2021 AUGUST 31, 2021 Account No. 120 Explanation J.R Purchas J-1 es Use J-1 supplies Debit Credit 20,000 20,000 6,000 Account: Land Date Balance 14,000 Account No. 130 Explanation AUGUST 5, 2021 Purchased for cash J.R J-1 Debit 140,000 Credit Balance 140,000 LIABILITIES Account: Accounts Payable Date Account No. 210 Explanation J.R AUGUST 2, 2021 Supplies J-1 AUGUST 8, 2021 Payments J-1 AUGUST 20, 2021 Utilities expense J-1 Debit Credit 20,000 18,000 Balance 20,000 2,000 10,000 12,000 OWNER’S EQUITY Account: Lapus, Capital Date AUGUST 1, 2021 Explanation Account No. 310 J.R Debit Investment J-1 AUGUST 27, 2021 Additional investment J-1 Credit 500,000 500,000 100,000 600,000 Account: Lapus, Drawings Date AUGUST 13, 2021 Explanation Withdrew cash Account No. 320 J.R J-1 Debit Credit 25,000 Explanation AUGUST 28, 2021 Rendered services Balance 25,000 Account: Service Income Date Balance Account No: 410 J.R J-1 Debit Credit 5,000 Balance 5,000 EXPENSES Account: Supplies Expense Date Explanation AUGUST 31, 2021 Use supplies Account No. 510 J.R J-1 Debit Credit 6,000 6,000 Account: Utilities Expense Account No. 520 Date Explanatio J.R n AUGUST 20, 2021 Incurred J-1 utilities Debit Credit 10,000 AUGUST 15, 2021 Explanation Account No. 530 J.R Site and and J-1 equipment rent Required 5. Prepare a trial balance Balance 10,000 Account: Rent Expense Date Balance Debit 28,000 Credit Balance 28,000 TRIAL BALANCE ACCOUNTS DEBIT Cash P 394,000 Supplies 14,000 Land 140,000 CREDIT Accounts Payable P 12,000 Lapus, Capital 600,000 Lapus, Drawings 25,000 Service Income 5,000 Supplies Expense 6,000 Utilities Expense 10,000 Rent Expense 28,000 TOTAL BALANCE: P 617,000 P 617,000