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2nd Activity

1. The law office began with P20,000 cash and a P30,000 law library for total initial assets of P50,000. Expenses in the month included P2,000 rent, P6,000 for equipment and supplies, P3,250 salary, and P750 telephone bill. Fees collected included P4,000, P1,500 and P15,000 for a total of P20,500.

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408 views2 pages

2nd Activity

1. The law office began with P20,000 cash and a P30,000 law library for total initial assets of P50,000. Expenses in the month included P2,000 rent, P6,000 for equipment and supplies, P3,250 salary, and P750 telephone bill. Fees collected included P4,000, P1,500 and P15,000 for a total of P20,500.

Uploaded by

Resaa
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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State the value affected (increased and decreased)

1.Bought equipment from E and E Trading on credit, P15,000.


2.Purchased from NBS Bookstore office supplies worth, P1,000 cash.
3.Billed XYZ Corp, for P12,200 for legal services rendered
4.Completed legal work for R. Ricketts and collected P9,500
5.Paid P5,000 to E and E Trading as partial payment of tis account
6.Paid P7,500 cash for legal books ordered and received.
7.Received in cash professional fees of P17,000 from various clients.
8.XYZ Corp paid one-half of its account
9.Paid the telephone bill for the month, P500
10.Paid the secretary’s salary P4,500
11.Paid the rent of the office space, P6.000
12.Received P5,000 from a client for legal service rendered.

Assets Liabilities Owner’s Equity


1. Increase in the form of Increase in the form of accounts 0
equipment 15,000 payable
April 2021
1 Atty. G. Concepcion began the practice of law by investing P20,000 in cash and a law library or P30,000
3 Paid the monthly rental of the office space P2,000
5 Purchased office equipment, P5,000 and office supplies , P1,000 for cash
7 Completed legal work for S. Cuneta and collected P 4,000 cash
10 Purchased additional office equipment from M. Soriano on credit, P5,500
15 Paid the semi-monthly salary of the office secretary, P3,250
17 Completed legal work for J. de Belen on credit, P1,500
20 Paid one –half of the amount due to M. Soriano
20 J. De Belen paid her account in full
22 Withdrew P1,000 from the practice for personal expenses
23 Completed legal work for Security Bank on credit, P15,000
25 Paid the monthly telephone bill, P750
28 Paid in full the account due to M.Soriano
30 Security Bank paid its account in full
30 Purchased additional office supplies for cash, P1,000

Date Assets Liabilities Owner’s Equity

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