Nelson Daganta formed the Liceo Sign on October 1, 2014.

Transactions completed during the month follow:

Nelson Daganta Cash

Oct 1 Daganta deposited P250,000 in a bank account in the name of the business. 250,000

2 Acquired a service vehicle in the amount of P195,000 on account.

3 Acquired supplies for cash, P57,000.

57,000
9 Received P87,500 cash for signs painted. 87,500

10 Paid the month's rent, P25,000.

25,000

11 Painted signs for Cagayan Company on account, P170,000.

12 Paid P55,000 on account from Oct. 2.

55,000
16 Withdrew P25,000 for personal use. 25,000

23 Collected P35,000 from Cagayan Company. 35,000

27 Paid salaries of P57,000 for the month.

57,000

30 Paid BayanTel P7,500 for communications services for the month.

7,500

31 Paid a bill from AdAsia for P5,500 of advertising for the month.
5,500
Total 190,500

Assets 667,500
Liabilities 195,000
Equity 472,500
Capital 250,000
Drawings 25,000
Income 122,500
Expenses 265,000
 Income 122,500
Expenses 265,000
Profit/Loss - 142,500

Analysis of Equity
Beginning
Ending
Change
 Accounts Office Service Accounts Daganta, Daganta,
Supplies Revenues
receivable equipment Vehicle Payable Capital Withdrawals

250,000
195,000
195,000
57,000

87,500

170,000

55,000

25,000

35,000

225,000 57,000 195,000 195,000 250,000 25,000 122,500

Office Rent Communications Advertising Salaries Account Account
expense expense expense expense Debited Credited
Cash
Daganta, Capital
Service Vehicle
Accounts Payable
Supplies
Cash
Cash
Revenues
25,000 Office Rent
Cash
Accounts
Receivable
170,000 Revenues
Accounts
Receivable
Cash
Cash
Daganta withdrawals
Cash
Revenues

57,000 Salaries Expense

Cash

Communications
7,500 Expense
Cash
Advertising
5,500 Expense
Cash
195,000 7,500 5,500 57,000
 Dr Cr

250,000
aganta, Capital 250,000
195,000
ccounts Payable 195,000
57,000
57,000
87,500
87,500
25,000
25,000

170,000
170,000

55,000
55,000
25,000
aganta withdrawals 25,000
35,000
35,000

57,000
57,000

7,500
7,500

5,500
5,500
969,500 969,500
On March 1, 2014, Theodore Calaguas established the Calaguas Sports Rehab Clinic.
Transactions completed during the month follow:
Theodore Calaguas Cash

a Calaguas deposited P250,000 in a bank account in the name of the business. 250,000

b Paid the month's rent, P11,000.

11,000
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 Company, P8,640.

f Performed professional services for cash, P48,200. 48,200

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

18,500

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

3,820

i Paid salaries of assistants, P11,500.

11,500
j Rendered professional services for cash, P38,000. 38,000

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

16,000
275,380

Assets 372,220
Liabilities 78,340
Equity 293,880
Capital 250,000
Drawings 16,000
Income 86,200
Expenses 26,320

Income 86,200
 Expenses 26,320
Profit/Loss 59,880

Analysis of Equity
Beginning
Ending
Change
 Accounts Office Professional Accounts Calaguas, Calaguas,
Supplies Revenues
receivable equipment Equipment Payable Capital Withdrawals

250,000

11,700
11,700

58,000
58,000

8,640
8,640

48,200

18,500

38,000

16,000

18,500 11,700 8,640 58,000 78,340 250,000 16,000 86,200

Office Rent Utilities Salaries Account Account
Dr
expense expense expense Debited Credited
Cash 250,000
Calaguas Capital
11,000 Office rent 11,000
Cash
Supplies 11,700
Accounts Payable
Professional
Equipment 58,000
Accounts Payable
Office
Equipment 8,640
Accounts Payable
Cash 48,200
Revenues
Accounts
Receivable 18,500
Cash

3,820 Utilities expense 3,820

Cash

11,500 Salaries Expense 11,500

Cash
Cash 38,000
Revenues
Calaguas
withdrawals 16,000
Cash
11,000 3,820 11,500 475,360
Cr

250,000

11,000

11,700

58,000

8,640

48,200

18,500

3,820

11,500

38,000

16,000
475,360