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Accounting Basics for Students

This document contains financial information for a photography business, including its assets, liabilities, and owner's equity as of July 31, 2015. It lists the business's assets as totaling $387,380, which includes cash, accounts receivable, accumulated depreciation on a building, land, and equipment. Liabilities total $197,000, consisting of accounts payable, a mortgage, and notes payable. Owner's equity is $88,980. The document also provides journal entries recording various financial transactions of the business throughout July, including revenue from photography services, payments of expenses, and collection of receivables.

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sarah macatangay
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1K views12 pages

Accounting Basics for Students

This document contains financial information for a photography business, including its assets, liabilities, and owner's equity as of July 31, 2015. It lists the business's assets as totaling $387,380, which includes cash, accounts receivable, accumulated depreciation on a building, land, and equipment. Liabilities total $197,000, consisting of accounts payable, a mortgage, and notes payable. Owner's equity is $88,980. The document also provides journal entries recording various financial transactions of the business throughout July, including revenue from photography services, payments of expenses, and collection of receivables.

Uploaded by

sarah macatangay
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 12

SARAH JANE B.

MACATANGAY
11- ABM

INTERVENTION IN FABM 1

Problem Solving.
Situation Assets Liabilities Owner’s Equity
A PHP 120,000 PHP 85,000 PHP 35,000
B PHP 210,000 PHP 15,000 PHP 195,000
C PHP 107,000 PHP 65,000 PHP 42,000
D PHP 250,000 PHP 70,000 PHP 180,000
E PHP 170,000 PHP 50,000 PHP 120,000

22.

ASSETS
Cash 37,700
Accounts Receivables 52,400
Accumulated Depression- Building 18,000
Building 200,000
Interest Receivable 1,680
Land 50,000
Notes Receivables 14,000
Office Supplies 13,600
TOTAL ASSETS 387,380

LIABILITIES
Accounts Payable 25,600
Mortgage Payable 151,600
Notes Payable 19,800
TOTAL LIABILITIES 197,000

OWNER’S EQUITY
Interest Income 1,680
Depreciation Expense 18,000
Supplies Expense 9,900
Taxes and Licenses 22,800
Utilities Expense 36,600
TOTAL OWNER’S EQUITY 88,980
23.

General Journal
Date Account Title Ref Debit Credit
7/1/15 Cash 300,000
Arnina, Capital 412,000
Photography Supplies 14,000
Office Equipment 28,000
Photography equipment 70,000
To record the investments of the
owner

General Journal
Date Account Title Ref Debit Credit
7/4/15 Prepaid Rent 30,000
Cash 30,000
To record the advance payment for
rental

General Journal
Date Account Title Ref Debit Credit
7/6/15 Advertising Expense 5,500
Accounts Payable 5,500
To record the statement of account
from Brian News

General Journal
Date Account Title Ref Debit Credit
7/8/15 Photography equipment 40,000
Cash 12,000
Accounts Payable 28,000
To record the payment for photo
enhancing and editing equipment
 July 12, 2015
Entry: No entry. This is not a financial transaction.

General Journal
Date Account Title Ref Debit Credit
7/13/15 Cash 45,000
Accounts Receivables 135,000
Photography Services Revenue 180,000
To record the photography services
rendered

General Journal
Date Account Title Ref Debit Credit
7/14/15 Furniture and Fixtures 30,000
Accounts Payable 30,000
To record the purchased of office
sofa set from Renzo Design

General Journal
Date Account Title Ref Debit Credit
7/15/15 Representation Expense 4,000
Utilities Expense 29,000
Repairs Expense 2,500
Cash 35,500
To record the payment for various
operating expense this month

General Journal
Date Account Title Ref Debit Credit
7/18/15 Notes Receivable 45,000
Accounts Receivable 135,000
Photography Services Revenue 180,000
To record the photography services
rendered
General Journal
Date Account Title Ref Debit Credit
7/20/15 Cash 60,000
Advances from Clients 60,000
To record the received
photography advances

General Journal
Date Account Title Ref Debit Credit
7/22/15 Cash 121,500
Accounts Receivables 121,500
To record the 90％ of the
outstanding receivable from July 13
transaction

General Journal
Date Account Title Ref Debit Credit
7/24/15 Accounts payable 5,500
Cash 5,500

To record the payment in full


statement of account

General Journal
Date Account Title Ref Debit Credit
7/26/15 Accounts Payable 28,000
Cash 22,400
Notes Payable 5,600
To record the 80％ outstanding
obligation to Mirzi Outlet
General Journal
Date Account Title Ref Debit Credit
7/28/15 Accounts Payable 15,000
Cash 15,000
To record half of the outstanding
obligation of Renzo Designs

General Journal
Date Account Title Ref Debit Credit
7/31/15 Salaries Expense 3,097
Cash 3,097
To record the payment of the salary
of the office assistant fro 16 days

General Ledger
Accounts: Cash Account No:
Date Item Ref Debit Credit Balance
7/1/15 Investment of Owner 300,000 300,000
7/4/15 Rent to Cyrene Commercial 30,000 270,000
Complex
7/8/15 Photo enhancing and editing 12,000 258,000
equipment
7/13/15 Photography services rendered 45,000 303,400
7/15/15 Various operating expense 35,500 267,500
7/20/15 Photography Advances 60,000 327,500
7/22/15 Outstanding receivable 121,500 449,000
7/24/15 Payment in full statement account 5,500 443,500
7/26/15 Outstanding obligation to Mirzi 22,400 421,100
Outlet
7/28/15 Outstanding obligation to Renzo 15,000 406,100
Design
7/31/15 Payment of the office assistant for 3,097 403,003
16 days

General Ledger
Accounts: Accounts Receivable Account No:
Date Item Ref Debit Credit Balance
7/13/15 Photography Services Rendered 135,000 135,000
7/18/15 Photography Services Rendered 135,000 270,000
7/22/15 Outstanding receivable 121,500 148,500
General Ledger
Accounts: Photography Equipment Account No:
Date Item Ref Debit Credit Balance
7/1/15 Photography Equipment 70,000 70,000
7/8/15 Photo enhancing and editing 40,000 110,000
equipment

General Ledger
Accounts: Office Equipment Account No:
Date Item Ref Debit Credit Balance
7/1/15 Office Equipment 28,000 28,000

General Ledger
Accounts: Photography Supplies Account No:
Date Item Ref Debit Credit Balance
7/1/15 Photography Supplies 14,000 14,000

General Ledger
Accounts: Prepaid Rent Account No:
Date Item Ref Debit Credit Balance
7/4/15 Prepaid Rent 30,000 30,000

General Ledger
Accounts: Furniture and Fixtures Account No:
Date Item Ref Debit Credit Balance
7/14/15 Office Sofa Set 30,000 30,000

General Ledger
Accounts: Arnina, Capital Account No:
Date Item Ref Debit Credit Balance
7/1/15 Arnina, Capital 424,000 424,000
General Ledger
Accounts: Accounts Payable Account No:
Date Item Ref Debit Credit Balance
7/6/15 Statement of Account 5,500 5,500
7/8/15 Photo enhancing and editing 28,000 33,500
equipment
7/14/15 Purchased of office sofa set 30,000 63,500
7/24/15 Payment of full statement of 5,500 58,000
account
7/26/15 Payment of outstanding obigation to 28,000 30,000
Mirzi Outlet
7/28/15 Payment pf the half outstanding 15,000 15,000
obligation

General Ledger
Accounts: Photography Services Revenue Account No:
Date Item Ref Debit Credit Balance
7/13/15 Photography Services Revenue 180,000 180,000
7/18/15 Photography Services Revenue 180,000 360,000

General Ledger
Accounts: Advertising Expense Account No:
Date Item Ref Debit Credit Balance
7/6/15 Advertising Expense 5,500 5,500

General Ledger
Accounts: Representation Expense Account No:
Date Item Ref Debit Credit Balance
7/15/15 Representation Expense 4,000 4,000

General Ledger
Accounts: Utilities Expense Account No:
Date Item Ref Debit Credit Balance
7/15/15 Utilities Expense 29,000 29,000

General Ledger
Accounts: Repairs Expense Account No:
Date Item Ref Debit Credit Balance
7/15/15 Repairs Expense 2,500 2,500
General Ledger
Accounts: Notes Receivable Account No:
Date Item Ref Debit Credit Balance
7/18/15 Interest Bearing Note 45,000 45,000

General Ledger
Accounts: Advances From Clients Account No:
Date Item Ref Debit Credit Balance
7/20/15 Advances from Clients 60,000 60,000

General Ledger
Accounts: Notes Payable Account No:
Date Item Ref Debit Credit Balance
7/26/15 Interest Bearing Note 5,600 5,600

General Ledger
Accounts: Salaries Expense Account No:
Date Item Ref Debit Credit Balance
7/31/15 Payment of the Salary of the Office 3,097 3,097
Assistant for 16 days
ARNANI PHOTOGRAPHY
Unadjusted Trial balance
JULY 31, 2015
Account Title Debit Credit
Balance Sheet Accounts

Cash 403,003
Accounts Receivable 148,500
Photography Supplies 14,000
Furniture and Fixtures 30,000
Notes Receivable 45,500
Photography equipment 110,000
Office Equipment 28,000
Prepaid Rent 30,000
Notes Payable 5,600
Accounts Payable 15,000
Advances From Clients 60,000
Arnina, Capital 412,000

Income Statement

Photography Services Revenue 360,000


Repairs Expense 2,500
Advertising Expense 5,500
Salaries Expense 3,097
Representation Expense 4,000
Utilities Expense 29,000

852,600 852,600
24.
Alvaro Printing Press
Statement of Comprehensive Income
For the month ended of December 31, 2015

Revenues
Printing Revenues 380,000
Interest Income 18,000
598,000

Expenses
Salaries Expense 260,000
Supplies Expense 12,000
Rent Expense 48,000
Insurance Expense 12,000
Utilities Expense 27,500
Depreciation Expense 19,500
Doubtful Account Expense 5,000
Interest Expense 3,600
TOTAL 387,600
Profit 210,400

Alvaro Printing Press


Statement of Changes in Owner’s Equity
For the month ended of December 31, 2015
Alvaro, Owner’s Equity, 12/1/2015 300,000
Add: Additional Investments by Diaz PO
Profit 210,400 210,400
Total 510,400
Less: Alvaro, Drawing 30,000
Alvaro, Owner’s Equity, 12/31/2015 480,000
Alvaro Printing Press
Balance Sheet
December 31, 2015

ASSETS
Current Assets
Cash PHP 120,000
Accounts Receivable 82,000
Less: Allowance for Doubtful Accounts 5000
Accounts Receivable (Net) 77,000
Notes Receivable - due in 6 months 150,000
Interest Receivable 18,000
Office Supplies 8,000
Printing Supplies 25,000
Investment in Trading Securities 20,000
Total Current Assets PHP 468,000
Non- Current Assets
Property and Equipment (Net)
Office Equipment 20,000
Less: Accumulated Depreciation - 2,250 17,750
Office Equipment
Furniture and Fixture 10,000
Less: Accumulated Depreciation - 10,000 8,000
Furniture and Fixture
Pressing Machine 40,500
Less: Accumulated Depreciation - 6,250 34,250
Pressing Machine
Printing Machine 55,000
Less: Accumulated Depreciation - 10,000 45,000 106,000
Printing Machine
TOTAL ASSETS PHP 574,000
LIABILITIES
Current Liabilities
Accounts Payable 35,000
Salaries Payable 10,000
Interest Payable 3,600
Mortagage Payable 15,000
Total Current Liabilities PHP 63,600
Non- Current Liabilities
Notes Payable - due in 2 years 30,000
TOTAL LIABILITIES PHP 53,600
OWNER’S EQUITY
Alvaro, Capital, 12/31/2015 480,400
TOTAL LIABILITIES AND OWNER’S EQUITY PHP 574,000

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