Documente Academic
Documente Profesional
Documente Cultură
Name:
Subject / Section:
P5-1.
In the spaces provided below, refer to the same transactions for Rose
Restaurant given in Problem 4-3 on page 273 and indicate the effect of
each transaction on the accounting equation elements and performance
elements in terms of debits and credits. The number of each transaction is
given to the left of the space provided for the transaction.
ASSETS
Ex. 1.
2.
3.
4.
5.
6.
7.
8.
P5-2.
Score:
Professor:
LIABILITIES
Debit
Debit Credit
Debit Credit
Credit
Credit
Credit
INVESTMENT
EQUITY
WITHDRAWAL
REVENUE
S
Credit
Credit
Credit
Debit
Debit
Debit
Debit
Credit
Credit
EXPENSES
Debit
Debit
Now correctly debit and credit the balance sheet and performance
elements with the actual amounts of the transactions of Rose Restaurant
in the spaces provided below. Determine the balance of the accounts.
Does the balance sheet equation balance for the month?
ASSETS
Ex. 1. 10,000
2. 5,000 4,000
3. 8,000 4,000
4.
1,000
5.
1,500
6.
1,000
7.
8.
1,000
Totals 23,000 12,500
Bal.
10,500
LIABILITIES
INVESTMENT
EQUITY
WITHDRAWAL
REVENUE
S
EXPENSES
10,000
1,000
8,000
4,000
1,000
1,500
1,000
300
1,000
1,000 1,300
300
300
10,000
1,000
8,000
6,800
31
5-1
Name:
Subject / Section:
Score:
Professor:
32
P5-3.
Cash
(1)10,000
(2) 500
(7) 3,000
(3) 1,000
(11)
800
(4) 4,000
(6)
500
(8) 1,000
(9) 1,000
Accounts Receivable
(5)7,000
(7) 3,000
(11)
800
(2)
Supplies
500
(12)
150
(4)
Food Inventory
4,000
(10) 4,000
Accounts Payable
(9) 1,000
(3) 2,000
(6)
Rent Expense
500
(3)
Fixtures
3,000
Supplies Expense
(12)150
5-2
ACCOUNT DEBITED
Type
Effect
ACCOUNT CREDITED
Type
Effect
1.
Owners investment.
Asset
Increase
Owners
Equity
Increase
2.
Asset
Increase
Asset
Decrease
Asset
Increase
Asset
Liability
Decrease
Increase
4.
Asset
Increase
Asset
Decrease
5.
Asset
Increase
Revenue
Increase
6.
Expense
Increase
Asset
Decrease
7.
Asset
Increase
Asset
Decrease
8.
Withdrawal
Increase
Asset
Decrease
9.
Liability
Decrease
Asset
Decrease
Expense
Increase
Asset
Decrease
Asset
Increase
Asset
Decrease
Expense
Increase
Asset
Decrease
3.
Name:
Subject / Section:
P5-4.
Score:
Professor:
In the space provided below, determine the balance of the accounts for
Jessicas Restaurant in Problem 5-3 for the month of June. Does the
34
5-3
accounting equation balance for the month? What was the net income of
the store for the month?
Cash
10,000
3,000
800
500
1,000
4,000
500
1,000
1,000
Accounts Receivable
7,000
3,000
800
Supplies
500
150
Food Inventory
4,000
4,000
Fixtures
3,000
12,350 Assets
Accounts Payable
1,000
2,000
Rent Expense
500
1,000 Liabilities
Supplies Expense
150
5,800
3,200
0
35
5-4
4. Supplies
5. Fixtures
6. Accounts Payable
7. Jessica Reyes, Capital
8. Jessica Reyes, Drawing
9. Food Sales Revenue
10.Cost of Food Sales
11.Rent Expense
12.Supplies Expense
350
3,000
1,000
10,000
1,000
7,000
4,000
500
150
=
=
P
Liabilities
1,000
2,350
Owner's Equity
11,350
(7,000 4,650)
Name:
Subject / Section:
P5-5.
+
+
Score:
Professor:
The following accounts show the transaction of Karl's Inn for the month.
The number of each transaction is given to the left of each entry.
Cash
(1)50,000
(3) 7,000
(4) 50,000
(6) 5,000
(9)
Accounts Payable
2,500
(2) 5,000
(7)
Karl, Drawing
1,000
36
5-5
(7)
(9)
1,000
2,500
Accounts Receivable
(5)60,000
(11) 35,000
(10) 4,000
Supplies Inventory
(2) 5,000
(8) 1,000
(6)
Notes Payable
5,000
(4) 50,000
Karl, Capital
(1) 50,000
Revenue
(5) 60,000
(10) 4,000
(3)
Rent Expense
7,000
Supplies Expense
(8)1,000
Effect on
Account Credited
37
5-7
5-6
1.
increase asset
increase equity
2.
increase asset
increase liability
3.
decrease equity
decrease asset
4.
increase asset
increase liability
5.
increase asset
increase equity
6.
decrease liability
decrease asset
7.
decrease equity
decrease asset
8.
decrease equity
decrease asset
9.
decrease equity
decrease asset
increase asset
increase equity
increase asset
decrease asset
Name:
Subject / Section:
P5-6.
Score:
Professor:
6. Accounts Payable
7. Karen Cabrera, Capital
8. Karen Cabrera, Drawing
38
4. Catering Equipment
5. Accumulated DepreciationOffice Equipment
9. Revenues
10. Expenses
Accounts Accounts
Debited Credited
Transactions
Example: Owner invested P10,000 cash in business
3
10
6
1
2
8
9
1
1
6
1
10
2
1
10
39
5-8
Name:
Subject / Section:
P5-7.
Score:
Professor:
g.
h.
i.
j.
k.
Required:
1. Record the above transactions in the provided T-accounts.
2. Calculate ending account balances.
LIABILITIES
Notes Payable
REVENUES
Catering Service
(b) 12,000
Revenue
(e) 7,500
(f) 9,000
Accounts Payable
(i) 900
(j) 500
(k) 6,500
(d) 9,000
EXPENSES
Rent Expense
(g) 2,500
Accounts Receivable
EQUITY
Common Stock
(f) 9,000
Utilities Expense
Food Supplies
Inventory
Dividends
Wages Expense
41
5-9
(j)
500
Supplies Inventory
(c)
(i)
900
Cost of Food
Sales
500
(k) 6,500
Equipment
(d) 11,000
Requirement (2)
Balance of the accounts for Keyman Catering Services:
Cash
Accounts Receivable
Food Supplies Inventory
Supplies Inventory
Equipment
Notes Payable
Accounts Payable
P16,100
9,000
0
500
11,000
12,000
9,000
Name:
Subject / Section:
P5-8.
Common Stock
Dividends
Catering Service Revenue
Rent Expense
Utilities Expense
Wages Expense
Cost of Food Sales
P10,000
500
16,500
2,500
500
900
6,500
Score:
Professor:
510
Notes Payable
(a)400,000 (c)150,000
(d) 58,000(e) 5,000
(g) 32,500(h) 70,750
(i) 11,000
Service Revenue
(c)100,000
(d) 58,000
(f) 70,000
Accounts Payable
Accounts Receivable
Rent Expense
(h) 24,000
Office Supplies
Annie, Capital
(f) 8,750
Utilities Expense
Equipment
(c)250,000
(i) 11,000
(h) 33,000
P 253,750
37,500
8,750
250,000
100,000
3,750
400,000
11,000
128,000
24,000
13,750
33,000
43
511
Name:
Subject / Section:
P5-9.
Score:
Professor:
Using the information from Problem 5-8, list the T-account balances in the
table below. Then, total the debit and credit columns to see if debits equal
credits.
Accounts
Accounts Payable
Accounts Receivable
Annie, Withdrawals
Annie, Capital
Cash
Equipment
Notes Payable
Office Supplies
Rent Expense
Service Revenue
Utilities Expense
Wages Expense
Do Debits = Credits?
DEBIT
Balances
CREDIT
Balances
P
3,750
37,500
11,000
400,000
253,750
250,000
100,000
8,750
24,000
128,000
13,750
33,000
44
512
TOTALS
631,750
631,750
P128,000
P 24,000
13,750
33,000
70,750
P 57,250
P400,000
57,250
P457,250
11,000
P446,250
Less: Withdrawals
Capital, October 31
Balance Sheet
October 31, 2001
Assets
Cash
Accounts receivable
Office supplies
Equipment
Total Assets
P253,750
37,500
8,750
250,000
P550,000
Liabilities and Owners Equity
Accounts payable
P 3,750
45
513
100,000
446,250
P550,000
46
514