Scribd
Upload
10K views6 pages

Business Transactions:: Problem #1 Recording Transactions in A Financial Transaction Worksheet

Theodore Calaguas established the Calaguas Sports Rehab Clinic on March 1, 2014 and various financial transactions were recorded throughout the month, including deposits, payments for rent, supplies, equipment, services, salaries, and withdrawals. A financial transaction worksheet was created to record the cash, accounts receivable, supplies, equipment, accounts payable, and capital balances resulting from these transactions. The total assets and liabilities/capital were ₱353,720 at the end of March after all transactions were recorded.

Uploaded by

Marvin Almaria
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
10K views6 pages

Business Transactions:: Problem #1 Recording Transactions in A Financial Transaction Worksheet

Theodore Calaguas established the Calaguas Sports Rehab Clinic on March 1, 2014 and various financial transactions were recorded throughout the month, including deposits, payments for rent, supplies, equipment, services, salaries, and withdrawals. A financial transaction worksheet was created to record the cash, accounts receivable, supplies, equipment, accounts payable, and capital balances resulting from these transactions. The total assets and liabilities/capital were ₱353,720 at the end of March after all transactions were recorded.

Uploaded by

Marvin Almaria
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 6

Problem #1 Recording transactions in a Financial Transaction Worksheet

On March 1, 2014, Theodore Calaguas, M.D., established the Calaguas Sports Rehab Clinic. Transactions completed during the
Business Transactions:
a. Calaguas deposited P250,000 in a bank account in the name of the business.

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

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

d. Bought professional equipment on account from Rizal company, P58,000.

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

f. Performed professional services for cash, P48,200.

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

h. Received and paid bill for utilities, P3,820.

i. Paid salaries of assistants, P11,500

j. Rendered professional services for cash, P38,000

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

FINANCIAL TRANSACTION WORKSHEET

Assets
Date Cash Accounts Receivable Office Supplies Equipment
a. ₱250,000
b. (₱11,000)
c. ₱11,700
d. ₱58,000
e. ₱8,640
f. ₱48,200
g. (₱18,500)
h. (₱3,820)
i. (₱11,500)
j. ₱38,000
k. (₱16,000)
Balances ₱275,380 ₱0 ₱11,700 ₱66,640
Total ₱353,720
Transactions completed during the month of march are as follows:

Capital (income &


Liabilities expenses)
Accounts Payable Calaguas, Capital
₱250,000
(₱11,000)
₱11,700
₱58,000
₱8,640
₱48,200
(₱18,500)
(₱3,820)
(₱11,500)
₱38,000
(₱16,000)
₱59,840 ₱293,880
₱353,720
Problem #2 Recording transactions in a Financial Transaction Worksheet
On Dec. 1, 2021 Ludivinia Victorino opened a videotape rental store, Cavite Video, by investing P250,000 cash from her personal savings account. During the month of December, the following transactions took place:

Dec. 1 Acquired supplies on account, P67,000

4 Acquired videotapes costing P235,000, on account.

5 Paid P85,000 to creditors

8 Received P78,000 cash from ACA video for rental fees.

11 Billed Video city for video rentals, P105,000.

16 Paid salaries, P65,000.

17 Collected P77,000 from Video City.

23 Victorino withdrew P47,000 from the business.

24 Paid rent for the month, P17,500

30 Paid utilities bill for the month, P17,500.

FINANCIAL TRANSACTION WORKSHEET

Assets Liabilities Capital (income &


expenses)
Date Cash Accounts Receivable Supplies Videotapes/Equipment Accounts Payable Victorino, Capital
Dec. 1 ₱250,000 ₱250,000
1 ₱67,000 ₱67,000
4 ₱235,000 ₱235,000
5 (₱85,000) (₱85,000)
8 ₱78,000 ₱78,000
11 (₱105,000) (₱105,000)
16 (₱65,000) (₱65,000)
17 ₱77,000 ₱77,000
23 (₱47,000) (₱47,000)
24 (₱17,500) (₱17,500)
30 (₱17,500) (₱17,500)
Balances ₱173,000 (₱105,000) ₱302,000 ₱0 ₱217,000 ₱153,000
Total ₱370,000 ₱370,000

You might also like