Direction: Analyze the transactions carefully. Draw four columns as showed in the illustration below. 1. Place the amount on a particular column that affected by the transaction. Use parentheses for decreases.2. After answering all transactions, compute the total amount of assets, liabilities, and capital. Note: amount with parentheses means deduction in the amount of particular column where it is included.3. Determine the total assets, same with total liabilities and capital.4. Add the total liabilities and the total capital. check if assets is equal to liabilities and capital. DateAssetsLiabilitiesCapitalPhpPhp+PhpPhpPhpTOTALThe following are the transactions of MRS Company owned by Mr. MarcosSantos for the Month of May, 2018.1. Mr. Santos established MRS company by investing P500 000 cash.2. He paid business permits, and other fees with the total amount of P1 800.4. He borrowed cash loan from a bank P50 000, and signed a mortgagecontract.5. Bought paper, pens, and other office supplies and equipment amounting toP29 000 cash.5. Hired an office assistant. The salary is P9 000 every 15th and 30h of theMonth based on the contract.9. Purchased office tables and chairs and other furniture and fixtures to AMBTrading amounting to P60 000 paying only half of the amount and issued apromissory note for the balance.11. Rendered services to a various clients and received P30,000 cash.13. Received P25 000 cash to Happy land company for the services rendered.15. Paid the salary of the Office Assistant.18. Paid AMB P10 000 on April 9 transaction20. Rendered services to Mrs. Cruz for P2O 000 receiving 50% down paymentand the balance is on account.22. Paid internet, water and electric bills amounting to P6 00024. Purchascd additional printer P8 500 cash.25. Paid in full AMB Trading from April 9 transaction.27. Received 10 000 from Mrs. Cruz for April 20 transactions.Fundamentals of Accountancy Business and Management 1

Accounting equation can be defined as the tabular representation of the balance sheet. It shows the…

Answered: Analyze the transactions carefully.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Direction: Analyze the transactions carefully. Draw four columns as showed in the illustration below. 1. Place the amount on a particular column that affected by the transaction. Use parentheses for decreases. 2. After answering all transactions, compute the total amount of assets, liabilities, and capital. Note: amount with parentheses means deduction in the amount of particular column where it is included. 3. Determine the total assets, same with total liabilities and capital. 4. Add the total liabilities and the total capital. check if assets is equal to liabilities and capital.

Date
Assets
Liabilities
Capital
Php
Php
+Php
Php
Php
TOTAL
The following are the transactions of MRS Company owned by Mr. Marcos
Santos for the Month of May, 2018.
1. Mr. Santos established MRS company by investing P500 000 cash.
2. He paid business permits, and other fees with the total amount of P1 800.
4. He borrowed cash loan from a bank P50 000, and signed a mortgage
contract.
5. Bought paper, pens, and other office supplies and equipment amounting to
P29 000 cash.
5. Hired an office assistant. The salary is P9 000 every 15th and 30h of the
Month based on the contract.
9. Purchased office tables and chairs and other furniture and fixtures to AMB
Trading amounting to P60 000 paying only half of the amount and issued a
promissory note for the balance.
11. Rendered services to a various clients and received P30,000 cash.
13. Received P25 000 cash to Happy land company for the services rendered.
15. Paid the salary of the Office Assistant.
18. Paid AMB P10 000 on April 9 transaction
20. Rendered services to Mrs. Cruz for P2O 000 receiving 50% down payment
and the balance is on account.
22. Paid internet, water and electric bills amounting to P6 000
24. Purchascd additional printer P8 500 cash.
25. Paid in full AMB Trading from April 9 transaction.
27. Received 10 000 from Mrs. Cruz for April 20 transactions.
Fundamentals of Accountancy Business and Management 1

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