Problem #1 Recording transactions in a Financial Transaction

Worksheet

On December 25, 2014, Theodore Calaguas, M.D., established the

Calaguas Sports Rehab Clinic. Transaction business Transactions.

a. Calaguas deposited P250,000 in a bank account in the name of the

business on December 28.

b. Paid rent for the month, P11,000 on December 29.

c. Bought supplies on account from Shaw company, P11,700 on January 2.

d. Bought professional equipment on account from Rizal company,

P58,000 on January 3.

e. Bought office equipment on account from Marikina Company, P8,640 on

January 4.

f. Performed professional services for cash, P48,200 on January 6.

g. Settled a portion of the accounts with Rizal company, P18,500 on

January 8.

h. Received and paid bill for utilities, P3,820 on January 8.

i. Paid salaries of assistants, P11,500 on January 15.

j. Rendered professional services for cash, P38,000 on January 21.

k. Calaguas withdrew cash for personal use, P16,000 on January 26.

Required: Record the transactions using a financial transaction worksheet.

FINANCIAL TRANSACTION WORKSHEET (Answer Key)

ASSETS LIABILITIES OWNER’S EQUITY

Date Cash Account
Receivable
Office Equipment Accounts Calaguas,Capital
Supplies
Payable
12/28 250,000K 250,000K
12/29 (11,000K) (11,000K)

1/2 (11,770K) 11,770K

1/3 58,000K
1/4 8,640K
1/6 48,200K 48,200K
1/8 (18,500K) (18,500K)
1/8 (3,820K) (3,820K)
1/15 (11,500K) (11,500K)
1/21 38,000K 38,000K
1/26 (16,000K) (16,000K)
Balance 275,380K 0 11,700K 66,640K 59,840K 293,880K

Final 353,540K
Total
FINANCIAL TRANSACTION WORKSHEET (Answer Sheet)

ASSETS LIABILITIES OWNER’S EQUITY

Date Cash Account
Receivable
Office Equipment Accounts Calaguas,Capital
Supplies
Payable
3/1

3/5

3/9

3/11

3/16

3/17

3/20

3/20

3/21

3/27

3/31

BALANCE

FINAL
TOTAL
Problem #2 Recording transactions in a Financial Transaction Worksheet

During March 2019, the first month of operations, various transactions

took place.

a. March 1. Medina started his new business by depositing P350,000 in a

bank account in the name of Medina Graphics Design at BPI Poblacion
Branch.

b. March 5. Computer equipment costing P145,000 is acquired on cash basis.

c. March 9. Computer Supplies in the amount of P25,000 are purchased on

account.

d. March 11. Medina Graphics Design collected P88,000 cash for designing
interactive websites for two exporters inside Davao Ecozone.

e. March 16. Medina paid P18.900 to Bills Express, a one-stop bills

f. March 17. The entity has service agreements with several Netpreneurs to
maintain and update their web sites weekly. Medina billed these clients
P35,000 for services already rendered during the month.

g. March 20. Medina made a partial payment of P17,000 for the March 9
purchase on account.

h. March 20. Checks totaling P25,000 were received from clients for
billings dated March 17.

i. March 21. Medina withdrew P20,000 from the business for his personal
use.

j. March 27. Loqueloque Publishing submitted a bill to Medina for P8,000

worth of newspaper advertisements for this month. Medina will pay this
bill next month.

k. March 31. Medina paid his assistant designer salaries of P15,000 for
the month.

Required: Record the transactions using a financial transaction worksheet.

FINANCIAL TRANSACTION WORKSHEET (Answer Key)

DATE ASSETS LIABILITIES OWNER

EQUITY

Cash Account Comp. Comp. Account OE

Receive Supply Eqpmt Payable

3/1 350K 350K

3/5 (145K) 145K

3/9 25K 25K

3/11 88K 88K

3/16 (18K) (18K)

3/17 35K 35K

3/20 (17K) (17K)

3/20 25K (25K)

3/21 (20K) (20K)

3/27 8K (8K)

3/31 (15K) (15K)

BALANCE 248K 10K 25K 145K 16K 412K

FINAL 428K 16K 412K

TOTAL

NOTE: () means deduction

FINANCIAL TRANSACTION WORKSHEET (Answer Sheet)

DATE ASSETS LIABILITIES OWNER

EQUITY

Cash Account Comp. Comp. Account OE

Receive Supply Eqpmt Payable

3/1

3/5

3/9

3/11

3/16

3/17

3/20

3/20

3/21

3/27

3/31

TOTAL

FINAL
TOTAL
Problem #3 Recording transactions in a Financial Transaction Worksheet

On June 1, 2023, Teofila Albay, Optometrist, established the Albay Eye

Clinic.
Transactions completed during the month are as follows:

a. Albay deposited P200,000 in a bank account in the name of the

business.

b. Paid office rent for the month, P8,400.

c. Bought supplies for cash, P7,750.

d. Bought office equipment on account from Dagupan Equipment, P91,800.

e. Bought a computer from Del Rosario Office Outfitters, P18,400,

paying P6,000 in cash and the balance on account.

f. Performed professional services for cash, P24,210.

g. Paid accounts to Del Rosario Office Outfitters, P9,000.

h. Received and paid the bill for utilities, P2,430.

i. Paid salaries of the part-time assistants, P9,900.

j. Performed professional services for cash, P25,150.

k. Albay withdrew cash for personal use, P12,500.

Required:
Record the transactions for the month of June 2023 using a financial
transaction worksheet. Use the following accounts: Cash; Accounts
Receivable; Office Equipment;
Accounts Payable; and Albay, Capital. If the owner's equity account
is affected by a transaction, identify it as revenue, expense,
investment or with .
FINANCIAL TRANSACTION WORKSHEET (Answer Key)

DATE ASSETS LIABILITIES OWNER

EQUITY

Cash Account Receive Office Account OE

Eqpmt Payable

200,000K 200,000K

(8,400K) (8,400K)

(7,750K) (7,750K)

91,800K 91,800K

(6,000K) (6,000K)

24,210K 24,210K

(9,000K) (9,000K)

(2,430K) (2,430K)

(9,900K) (9,900K)

25,150K 25,150K

(12,500K) (12,500K)

169,170K 24,210K 91,800K 74,370K 210,810K

FINAL 285,180K
TOTAL
FINANCIAL TRANSACTION WORKSHEET (Answer Sheet)

DATE ASSETS LIABILITIES OWNER

EQUITY

Cash Account Receive Office Account OE

Eqpmt Payable

TOTAL

FINAL
TOTAL
Problem #4 Recording transactions in a Financial Transaction Worksheet

On Mar. 1, 2021, Froilan Labausa established Labausa Catering Service.

Transactions completed during the month are as follows:

a. Labausa deposited P165,000 in a bank account in the name of the business.

b. Bought a service vehicle from Elpidio Motors for P194,900, paying P25,000 in
cash and placing the balance on account.

c. Bought catering equipment on account from Quirino Equipment, P28,500.

d. Paid rent for the month, P6,200.

e. Rendered catering services for cash for the first half of the month,
P24,200.

f. Bought supplies for cash, P1,800.

g. Bought insurance for the service vehicle for one year, P4,000.

h. Received and paid the utilities bill, P6,040.

i. Received a bill from Manila Gas for gas and oil used by the service vehicle
for the month, P6,080.

j. Rendered catering services on account, P28,240.

k. Performed catering services for cash for the remainder of the month,
P25,200.

I. Paid salaries of the part-time assistants, P11,200.

m. Labausa withdrew cash for personal use, P15,500.

Required:
Record the transactions for the month of March 2021 using a financial transaction
worksheet. Use the following accounts: Cash; Accounts Receivable; Prepaid
Insurance;
Service Vehicle; Equipment; Accounts Payable; and Labausa, Capital. If the
owner's equity account is affected by a transaction, identify it as revenue,
expense, investment or withdrawal.
FINANCIAL TRANSACTION WORKSHEET (Answer Key))

DATE ASSETS LIABILITIES OWNER

EQUITY

Cash Account Prepaid Service Equipment Account Capital

Receive Insurance Vehicle Payable

TOTAL

FINAL
TOTAL
FINANCIAL TRANSACTION WORKSHEET (Answer Sheet)

DATE ASSETS LIABILITIES OWNER

EQUITY

Cash Account Prepaid Service Equipment Account Capital

Receive Insurance Vehicle Payable

TOTAL

FINAL
TOTAL
Problem #5 Recording transactions in a Financial Transaction Worksheet

On July 1, 2012, Ma. Concepcion Manalo established the Manalo Rehab Transactions
completed during the month of July follow:

a. Manalo deposited P150,000 in a bank account in the name of the business.

b. Paid office rent for the month, P11,000.

c. Bought supplies for cash, P2,750.

d. Bought professional equipment on account from J. Perez Equipment Company

P142,000

e. Bought office equipment from S. Lacorte Computers, P18,700, paying P8,700 in c

and the balance on account.

f. Performed professional services for cash, P32,800.

g. Paid accounts to S. Lacorte Computers, P5,000.

h. Received and paid the bill for utilities, P2,830.

i. Paid salaries of the part-time assistants, P10,000.

j. Performed professional services for cash, P37,250.

k. Manalo withdrew cash for personal use, P16,000.

Required:
Record the transactions for the month of July 2012 using a financial transaction
worksheet. Use the following accounts: Cash; Accounts Receivable; Professional
Equipment; Office Equipment; Accounts Payable; and Manalo, Capital. If the
owner's equity account is affected by a transaction, identify it as revenue,
expense, investment or withdrawal.
Ang
FINANCIAL TRANSACTION WORKSHEET (Answer Key)

DATE ASSETS LIABILITIES OWNER

EQUITY

Cash Account Pro Office Account Manalo

Receive Eqpmt Eqpmt Payable Capital

TOTAL

FINAL
TOTAL
FINANCIAL TRANSACTION WORKSHEET (Answer Sheet)

DATE ASSETS LIABILITIES OWNER

EQUITY

Cash Account Pro Office Account Manalo

Receive Eqpmt Eqpmt Payable Capital

TOTAL

FINAL
TOTAL