PAMANTASAN NG LUNGSOD NG VALENZUELA 18 – Collected the account of Ruth Roxas in full, plus P50 tip.

College of Accountancy 18 – Home services rendered during the wedding of the daughter of Luz Herrera,
on account, P2,500.
FINANCIAL ACCOUNTING AND REPORTING (FAR1)
Assignment 02: Financial Transaction Worksheet 19 – Paid the telephone bill for the month, P950.
21 – Cash service income, including tips, P8,500.
Name: Course Year-Section:
23 – Elsa Kalaw withdrew P24,000 cash from the business, for her personal use.
The following are the transactions of Lovely Lady Beauty Salon for May of the current 25 – Paid the bill of Purity Sanitary Laundry for laundry services, P750.
year.
25 – Paid the light and water bills, P3,450.
1 – Elsa Kalaw invested P60,000 cash in beauty parlor, under the registered name
25 – Home services rendered to Ruth Roxas, on account, P1,200.
of Lovely Lady Beauty Salon.
26 – Collected the account of Luz Herrera in full, plus P100 tip.
3 – Paid rent for the month of P13,400.
28 – Cash service income, including tips, P7,500.
4 – Bought parlor equipment, P25,750.
30 – Paid the salary of the parlor assistant for the second half of May, P3,800.
5 – Bought parlor supplies from Realistic Shop, on credit, P8,500.
6 – Purchased furniture and fixtures, for cash, P14,100. Requirement:
1. Arrange the following asset, liability and equity titles in a financial transaction
7 – Paid P3,500 for sign installed in front of the salon.
worksheet: Cash, Accounts Receivable, Parlor Supplies, Furniture and Fixtures,
7 – Income for the week, coming from services rendered, including tips, P11,750. Equipment, Accounts Payable, Kalaw, Capital, Kalaw, Drawings, Revenue,
9 – Elsa Kalaw increased her investment as follows: cash, P20,000, and additional Expenses.
parlor equipment, P4,280. 2. Show the effects of each given transaction on the items in the financial
transaction worksheet. The additional investment will be shown as addition
10 – Home services rendered to Ruth Roxas, on account, P1,500. under the Capital account. Show new balances every after three transactions.
11 – Paid Purity Sanitary Laundry for laundry services, P800. 3. If the transaction involves an expense account, identify the specific account title
that should be used.
11 – Paid Realistic Shop in full.
4. Prepare a schedule to show the computation of the net income during the current
12 – Bought additional parlor supplies from Aguinaldo Shop, P2,750, term: 30 month.
days. 5. Prepare a schedule to show the computation of the changes in owner’s equity.
14 – Cash service income for the week, including tips, P10,880.
16 – Paid the salary of the parlor assistant, for the first half of May, P3,800.

FAR1: Assignment 02 – Financial Transaction Worksheet (2018-2019 - 1st Semester) jvacpa Page 1 of 2
Portgas D. Ace owns a business named Ace Rent-A-Truck. As of the beginning of the 2. Show the effects of each given transaction on the items in the accounting
current month, his business has the following balances in the accounts: equation. The expenses will be shown as deductions under the Income column.
Use parentheses to indicate deductions. Show new balances after each
Cash P 45,275 Notes payable P 300,000 transaction.
Accounts receivable 35,755 Ace, Capital 700,000
3. If the transaction involves an expense account, identify the specific account title
Unused supplies 35,750 Ace, Drawing 120,000
that should be used.
Delivery truck 875,000 Income (Expenses) 57,460
Accounts payable 54,320 4. Prepare a schedule to show the computation of the net income during the current
month.
During the month of August 2018, the following transactions were completed. 5. Prepare a schedule to show the computation of the changes in owner’s equity.
a. Collected from customers, to apply on account, P25,000.
b. Rented out the delivery truck to customers, P34,500. Term: cash.
c. Paid the rent of the garage for the current month, P5,000.
d. Paid interest due on the notes payable, P3,000.
e. Paid P25,000 of the accounts payable.
f. Portgas D. Ace withdrew additional P15,000, for his family’s use.
g. Rented out the delivery truck to customers, P19,500. Term: on account.
h. Consumed 40% of the balance of the unused supplies.
i. Paid P3,000 for the repair and maintenance of the truck.
j. Paid the wages of the part-time mechanic, P8,000.
k. Bought additional supplies, on account, P5,200.
l. Portgas D. Ace brought home some supplies worth P1,250, for his family’s use.

Required:
1. Arrange the following asset, liability and equity titles in a financial transaction
worksheet: Cash, Accounts receivable, Unused supplies, Furniture and
Equipment, Accounts payable, Ace,Capital, Ace,Drawing, Income (Expenses).
Provide one money column for each item.

FAR1: Assignment 02 – Financial Transaction Worksheet (2018-2019 - 1st Semester) jvacpa Page 2 of 2