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Accounting-ABM Worksheet

The document shows the transactions from March 1-31 for a business, including initial investment, revenue earned, expenses paid, and assets and liabilities acquired on account. It records cash flows and entries to various accounts like accounts receivable, furniture and fixtures, prepaid insurance, and liability accounts like accounts payable and mortgage payable. The net effect of the transactions is an increase in cash, accounts receivable, and assets, with a decrease in the owner's capital contribution.

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Princess Alonto
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82 views5 pages

Accounting-ABM Worksheet

The document shows the transactions from March 1-31 for a business, including initial investment, revenue earned, expenses paid, and assets and liabilities acquired on account. It records cash flows and entries to various accounts like accounts receivable, furniture and fixtures, prepaid insurance, and liability accounts like accounts payable and mortgage payable. The net effect of the transactions is an increase in cash, accounts receivable, and assets, with a decrease in the owner's capital contribution.

Uploaded by

Princess Alonto
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
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Date Particulars Cash Accounts Receivable

Mar-1 Initial investment 800,000


2 Mortgage for cash 200,000
3 Acquired office supplies (4,000)
4 Paid business licenses and other fees (3,000)
5 Office equipment acquired on account
6 Hired employee (no entry)
10 Acquired furniture and fixture on account (30,000)
12 Revenue earned 58,000
15 Accounts payable partially settled (3,000)
16 Revenue earned 47500 47500
18 Paid rent of office space (10,000)
20 Paid advetising expenses (2,000)
21 Accounts receivable partially settled 20,000 (20,000)
22 Commission revenue 3,000
25 Utilities expenses incurred and paid (5,500)
25 Paid salaries (12,000)
28 Withdrawal of cash by owner (2,000)
29 Acquired furniture and fixture (20,000)
30 Paid insurance for equipment (5,000)
31 Revenue earned 18,000 20,000
1,050,000 47,500

PRINCESS ALONTO BSHM2E


Office Supplies Prepaid Insurance Office Equipment Furniture & Fixtures =

4,000

8,500

75,000

20,000
5,000

4,000 5,000 8,500 95,000.00

1,210,000
Accounts Payable Notes Payable Mortgage Payable Jam, Capital
800,000 Investment
200,000

(3,000) License fee


8,500

45,000
58,000 Service Revenue
(3,000)
95,000 Service Revenue
(10,000) Rent expenses
(2,000) Advetising expenses

3,000 Commison Revenue


(5,500) Utilities expenses
(12,000) Salaries expenses
(2,000) Jam, withdrawal

38,000 Service revenue


5,500.00 45,000.00 200,000.00 959,500.00

1,210,000.00
Date Particulars Debit Credit
Mar 01 Cash 800,000
Jam, Capital 800,000
To record investment

2 Cash 200,000
Mortgage Payable 200,000
To record mortgage for cash

3 Office Supplies 4,000


Cash 4,000
To record office supplies acquired

4 License Fees 3,000


Cash 3,000
To record license and other fees

5 Office equipment 8,500


Accounts payable 8,500
To record office equipment acquired on account

6 NO ENTRY

10 Furniture and Fixtures 75,000


Cash 30,000
Notes payable 45,000
To record furniture and fixture acquired on account

12 Cash 58,000
Service revenue 58,000
To record service revenue

15 Accounts payable 3,000


Cash 3,000
To record accounts payable partially settled

16 Cash 47,500
Accounts receivable 47,500
Service Revenue 95,000
To record service revenue

18 Rent expenses 10,000


Cash 10,000
To record rent expenses

20 Advertising expenses 2,000


Cash 2,000
To record advertising expenses

21 Cash 20,000
Accounts receivable 20,000
To record revenue collected

22 Cash 3,000
Commission Revenue 3,000
To record commission revenue

25 Utilities expenses 5,500


Cash 5,500
To record utilities incurred and paid

25 Salaries expenses 12,000


Cash 12,000
To record salaries paid

28 Jam, Withdrawal 2,000


Cash 2,000
To record withdrawal of cash by owner

29 Furniture and Fixtures 20,000


Cash 20,000
To record furniture and fixture acquired

30 Prepaid insurance 5,000


Cash 5,000
To record insurance for equipments

31 Cash 18,000
Accounts receivable 20,000
Service revenue 38,000

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