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    Exercise # 5

    Uploaded by

    Mara Shaira Siega
    1. The document provides an accounting exercise identifying various account titles as assets, liabilities, owner's equity, income or expenses. It also identifies the normal balance (debit or credit) of each account title. 2. The second part provides various business transactions conducted by an accounting firm throughout the month of December. Students are asked to identify which accounts should be debited and credited for each transaction, as well as the classification of each account title. 3. Example transactions include depositing cash into the business bank account, purchasing supplies, paying expenses, rendering and collecting payment for services, obtaining a business loan, and making withdrawals for personal use.

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    Exercise # 5

    Uploaded by

    Mara Shaira Siega
    318 views1 page
    1. The document provides an accounting exercise identifying various account titles as assets, liabilities, owner's equity, income or expenses. It also identifies the normal balance (debit or credit) of each account title. 2. The second part provides various business transactions conducted by an accounting firm throughout the month of December. Students are asked to identify which accounts should be debited and credited for each transaction, as well as the classification of each account title. 3. Example transactions include depositing cash into the business bank account, purchasing supplies, paying expenses, rendering and collecting payment for services, obtaining a business loan, and making withdrawals for personal use.

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    Fundamentals of Accounting

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    1. The document provides an accounting exercise identifying various account titles as assets, liabilities, owner's equity, income or expenses. It also identifies the normal balance (debit or credit) of each account title. 2. The second part provides various business transactions conducted by an accounting firm throughout the month of December. Students are asked to identify which accounts should be debited and credited for each transaction, as well as the classification of each account title. 3. Example transactions include depositing cash into the business bank account, purchasing supplies, paying expenses, rendering and collecting payment for services, obtaining a business loan, and making withdrawals for personal use.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    318 views1 page

    Exercise # 5

    Uploaded by

    Mara Shaira Siega
    1. The document provides an accounting exercise identifying various account titles as assets, liabilities, owner's equity, income or expenses. It also identifies the normal balance (debit or credit) of each account title. 2. The second part provides various business transactions conducted by an accounting firm throughout the month of December. Students are asked to identify which accounts should be debited and credited for each transaction, as well as the classification of each account title. 3. Example transactions include depositing cash into the business bank account, purchasing supplies, paying expenses, rendering and collecting payment for services, obtaining a business loan, and making withdrawals for personal use.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Name: Course & Year: Score:

    Acctg 1 - Exercise # 5

    I. Identify the following account titles as to Assets, Liabilities and Owner’s Equity and their corresponding normal balance. Place a
    check mark (✓) on the space provided for.

    Owner’s
    Account Title Asset Liabilities Income Expense Dr. Cr.
    Equity
    1. Cash in bank
    2. Bad Debts Expense
    3. Unearned Revenue
    4. Service Revenue
    5. Accrued Salaries Expense
    6. Unused Office Supplies
    7. Accrued Rental Income
    8. Building
    9. Sales
    10. Purchases
    11. Notes Receivable
    12. Loans Payable
    13. Estimated Uncollectible Accounts
    14. Accumulated Depreciation
    15. Seokjin Kim, Drawing

    II. Identify what account title should be debited and credit for each transaction. Also, identify the classification of each account title,
    whether Asset, Liabilities, Owner’s Equity, Income or Expense.

    Mr. Seokjin Kim, CPA opened a current account with Development Bank of the Philippines and deposited ₱150,000 to start with his
    public practice.

    Dec 2 Mr. Kim deposited₱150,000 to the bank account of the business as investment.
    4 Bought various office stationeries and supplies on account, ₱15,000.
    9 Paid ₱2,500 for transportation expense in visiting a client in Davao City.
    10 Rendered professional service on account, ₱10,000
    12 Received cash, ₱6,000 from Cebu Golden Plaza but professional service has yet to be rendered.
    13 Paid taxes and business permits for cash, ₱4,500
    16 Collected in full the account of a client on December 10.
    17 Partial payment of account on December 4, ₱3,000.
    18 Bought steel cabinets on account from Sungold, Inc. ₱25,000.
    21 Mr. Kim made a withdrawal from his bank account of ₱25,000 for his personal use.
    27 Took a loan from Cebu Accountant’s Multi-Purpose Cooperative, ₱47,000, net of interest payable six months after.
    30 Full payment of account with Sungold, Inc.
    30 Rendered professional service to Cebu Golden Plaza, paying out the advanced payment received on December 12.
    30 Full payment of December 4 account.
    30 Received cash from a client for professional services rendered ₱8,000

    December Debit Account Classification Credit Account Classification


    2
    4
    9
    10
    12
    13
    16
    17
    18
    21
    27
    30
    30
    30
    30

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