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Assessment of Learning

Neil Saletrero started a business and completed several transactions in April 2012. These included: 1) Investing cash and buying equipment and a vehicle, partially on credit. 2) Receiving cash from customers for services, paying expenses like rent and supplies, and withdrawing cash for personal use. 3) Recording the transactions increased assets like cash and equipment, liabilities like accounts payable, and the owner's equity through investments, revenues and expenses.

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Ricca Hertez
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4K views1 page

Assessment of Learning

Neil Saletrero started a business and completed several transactions in April 2012. These included: 1) Investing cash and buying equipment and a vehicle, partially on credit. 2) Receiving cash from customers for services, paying expenses like rent and supplies, and withdrawing cash for personal use. 3) Recording the transactions increased assets like cash and equipment, liabilities like accounts payable, and the owner's equity through investments, revenues and expenses.

Uploaded by

Ricca Hertez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 1

Assessment of Learning

Recording Transactions in a Financial Transaction Worksheet

Neil Saletrero started Saletrero Industrial Spray Service on Apr. 1, 2012. During April, Saletrero completed the following transaction.
a Invested cash in the business, P60,000.
b Bought a service vehicle from Cebu Motors for P112,500, paying P22,500 in cash, with the remainder due in thirty days.
c Bought spray equipment on account from San Jose Company, P18,000.
d Paid rent for the month, P5,600.
e Paid cash for insurance on service vehicle for the year, P5,760.
f Received cash for spray services done on a building, P21,750.
g Bought supplies for cash, P5,730.
h Billed customers on account for services performed, P4,440.
i Paid cash for utilities, P960.
j Received bill for gasoline used by the service vehicle during the month, P3,270.
k Receipts from cash customers, P16,420.
l Saletrero withdrew cash for personal use, P10,500.
m Paid salaries to employees, P20,400.

Required:
Record the transactions for the month of April 2012. Use the following accounts: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Spray Equipment; Service Vehicle;
Accounts Payable; and Saletrero, Capital. If the ower's equity account is affected by a transaction, identify it if is revenue, expense, investment, or withdrawal

ASSETS = LIABILITIES + EQUITY Type of Equity


Cash Accounts Receivable Supplies Prepaid Insurance Spray Equipment Service Vehicle = Accounts Payable + Capital Transaction
1 60,000 = + 60,000.00 Investment
2 -22,500 112,500 = 90,000 + Expense
3 18,000 = 18,000 + Expense
4 -5,600 = + -5,600 Expense
5 -5,760 5,760 = + Expense
6 21,750 = + 21,750 Revenue
7 -5,730 5,730 = + Expense
8 4,440 = + 4,440 Revenue
9 -960 = + -960 Expense
10 = 3,270 + -3,270 Expense
11 16,420 = + 16,420 Revenue
12 -10,500 = + -10,500 Withdrawal
13 -20,400 = + -20,400 Expense
Sub 26,720 4,440 5,730 5,760 18,000 112,500 = 111,270 + 61,880
OA Total 173,150 = 173,150

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