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Basic Accounting: Activity 01

This document shows a basic accounting activity with transactions that affect assets, liabilities, equity, revenues, and expenses over 20 periods. Key transactions include the purchase of equipment using accounts payable, an increase in cash from a note payable, recording revenues and expenses, and adjustments to various asset and liability accounts. The effects of each transaction are explained in terms of how different elements of the accounting equation are impacted.

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Sol Luna
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23 views3 pages

Basic Accounting: Activity 01

This document shows a basic accounting activity with transactions that affect assets, liabilities, equity, revenues, and expenses over 20 periods. Key transactions include the purchase of equipment using accounts payable, an increase in cash from a note payable, recording revenues and expenses, and adjustments to various asset and liability accounts. The effects of each transaction are explained in terms of how different elements of the accounting equation are impacted.

Uploaded by

Sol Luna
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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BASIC ACCOUNTING

Activity 01
ASSET = LIAB+ EQUITY+ REV -EXP
CASH ARECEIV SUPPLIE EQUIPMEN APAYABL NPAYABL OEQUITY (OD) REV (EXP)
. S T E E
0 P800,000 P800,000
1 (P5,000) P5,000
2 (P60,000) P60,000
3 (P112,500 P225,000 P112,500
)
4 (P15,000) P15,000
5 P495,000 P495,000
6 P1,000 P1,000
7 P2,000 2,000
8 (P5,000) P5,000
9 (P112,500 (P112,500
) )
10 P2,000 (P2,000)
11 (12,000) 12,000
12 P1,500 1,500
13 (P56,000) P56,000
14 (P80,000) P80,000
15 P12,000 P12,000
16 (P12,000) P12,000
17 P2,500 P2,500
18 P2,500 (P2,500)
19 (12,000) (12,000)
20 (P5,000) P5,000
P825,500 P1,500 P20,000 P305,000 P495,000 P800,000 P56,000 P7,000 P94,000
P 1,152,000 P 1,152,000
EFFECTS:

1. The expense (permit and licenses) Increases P 5,000 and asset ( cash) decrease P 5,000.
2. Expense (rent expense) Increases P 60,000 and asset (cash) decrease P 60,000.
3. Liabilities (accounts payable) increases,Asset (equipment) increases P 112,5000and Asset
(cash) decrease P 118,500.
4. Asset (supplies) increases P 15,000 and Revenue ( service) increase P 15,000.
5. Asset (Cash) increases P 495,000 and Liabilities (notes payable) increase P 495,000
6. Asset (cash) increases P 1,000 and revenue (service) increase P 1,000
7. Asset (accounts receivable) increases P 2,000 and Revenue (service) increase P 2,000.
8. Asset (supplies) increases P5,000and Asset (cash) decrease P 5,000.
9. Asset (cash) decreases and liabilities (accounts payable) decrease.
10. Asset( cash) increases and asset (accounts payable) decrease.
11. Expense (salary expense) increases and Asset (cash) decrease.
12. Asset (accounts receivable) increases and revenue ( service) increase.
13. Equity (owners drawiings) decreases and asset (cash) decrease.
14. Asset ( equipment) increases and asset (cash) decrease.
15. Asset (supplies) increases and liabilities (accounts payable) increase.
16. Asset (supplies) decreases and expense (unused supplies) decrease.
17. Asset (Accounts receivable) increases and revenue (service) increase.
18. Asset ( cash) increases and asset ( accounts receivable) decrease.
19. Asset (cash) decreases and liabilities (accounts payable) decrease.
20. Asset ( cash) decrease and expense (maintenance expense) increase.

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