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1) Modesto started a graphics design business and deposited P350,000 in a bank account. 2) She acquired P145,000 in computer equipment and purchased P25,000 in supplies on account. 3) She billed clients P88,000 and P35,000 for work and collected P25,000 in payments. 4) Various expenses were paid, such as utilities, advertising, salaries, and rent, leaving Modesto's capital at P251,000 at the end of March.

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Venus Palmenco
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91 views10 pages

FTW

1) Modesto started a graphics design business and deposited P350,000 in a bank account. 2) She acquired P145,000 in computer equipment and purchased P25,000 in supplies on account. 3) She billed clients P88,000 and P35,000 for work and collected P25,000 in payments. 4) Various expenses were paid, such as utilities, advertising, salaries, and rent, leaving Modesto's capital at P251,000 at the end of March.

Uploaded by

Venus Palmenco
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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Mar.

1 Modesto started her new business by depositing P350,000 in a bank account in the name o

Modesto Graphics Design


Financial Transaction Worksheet
Month of March 2020

Assets = Liabilities + Owner's Equity


Cash Modesto, Capital
350,000` 350,000

Mar. 5 Computer equipment costing P145,000 is acquired on cash basis. The effect of the transac

Modesto Graphics Design


Financial Transaction Worksheet
Month of March 2020

Assets = Liabilities + Owner's Equity


Cash CE
-145,000 145,000

Mar. 9 Computer supplies in the amount of P25,000 are purchased on account.

Modesto Graphics Design


Financial Transaction Worksheet
Month of March 2020

Assets = Liabilities + Owner's Equity


CS A/P
25,000 = 25,000

Mar. 11 Modesto Graphics Design collected P88,000 in cash for designing interactive websites for tw
Modesto Graphics Design
Financial Transaction Worksheet
Month of March 2020

Assets = Liabilities + Owner's Equity


Cash Modesto, Capital
88,000 88,000
Mar. 16 Modesto paid P18,000 to MVP Bills Express, a one-stop bills payment service company, for
Modesto Graphics Design
Financial Transaction Worksheet
Month of March 2020

Assets = Liabilities + Owner's Equity


Cash Modesto, Capital
-88,000 -88,000

Mar. 17 The entity has service agreements with several Netpreneurs to maintain and update their w
Modesto billed these clients P35,000 for services already rendered during the month
Modesto Graphics Design
Financial Transaction Worksheet
Month of March 2020

Assets = Liabilities + Owner's Equity


Accounts Receivable Modesto, Capital
35,000 35,000

Mar. 19 Modesto made a partial payment of P17,000 for the Mar. 9 purchase on account.
Modesto Graphics Design
Financial Transaction Worksheet
Month of March 2020

Assets = Liabilities + Owner's Equity


Cash
-17,000 -17,000

Mar. 20 Checks totaling P25,000 were received from clients for billings dated Mar. 17.
Modesto Graphics Design
Financial Transaction Worksheet
Month of March 2020

Assets = Liabilities + Owner's Equity


Cash Accounts Receivable
25,000 -25,000

Mar. 21 Modesto withdrew P20,000 from the business for her personal use.
Modesto Graphics Design
Financial Transaction Worksheet
Month of March 2020

Assets = Liabilities + Owner's Equity


Cash Modesto, Capital
-20,000 -20,000

Mar. 27 Allessandra Publishing submitted a bill to Modesto for P8,000 worth of newspaper advertis
Modesto will pay this bill next month.
Modesto Graphics Design
Financial Transaction Worksheet
Month of March 2020

Assets = Liabilities + Owner's Equity


Accounts Payable Modesto, Capital
8,000 -8,000

Mar. 31 Modesto paid her assistant designer salaries of P15,000 for the month.
Modesto Graphics Design
Financial Transaction Worksheet
Month of March 2020

Assets = Liabilities + Owner's Equity


Cash Modesto, Capital
-15,000 -15,000
ank account in the name of Modesto Graphics Design at BPU Poblacion Branch.

Cash Modesto, Capital


Dr Cr Dr
350,000

Owner's Equity
Modesto, Capital

s. The effect of the transaction on the basic equation is:

Owner's Equity

Owner's Equity

interactive websites for two exporters based insede ASEAN Ecozone.

Owner's Equity
Modesto, Capital
ment service company, for the semi-monthly utilities.

Owner's Equity
Modesto, Capital

maintain and update their websites weekly.


g the month

Owner's Equity
Modesto, Capital

hase on account.

Owner's Equity

ated Mar. 17.

Owner's Equity
Owner's Equity
Modesto, Capital

orth of newspaper advertisements for this month.

Owner's Equity
Modesto, Capital

Owner's Equity
Modesto, Capital
Modesto, Capital
Cr
350,000
Cash Modesto, Capital
Dr Cr Dr Cr
Mar-01 350,000 350,000 Mar-01
Mar-03 15,000 Mar-03 350,000
Mar-04 18,000
145,000 Mar-05 Modesto, Withdarwals
Mar-11 88,000 Dr Cr
18,000 Mar 16 Mar-21 20,000
17,000 Mar-19 end 20,000
Mar-20 25,000
20,000 Mar-21
15,000 Mar-31
481,000 230,000
end 251,000

Computer Equipment Notes Payable


Dr Cr Dr Cr
Mar-02 50,000 50,000 Mar-01
Mar-05 145,000 50,000 end
end 195,000

Unearned Revenue Prepaid Rent


Dr Cr Dr Cr
18,000 Mar-04 15,000 Mar-03
18,000 end 5,000 Mar-31
end 10,000

Computer Supplies Accpunts Payable


Dr Cr Dr Cr
Mar-09 25,000 25,000 Mar-09
end 25,000 Mar-19 17,000
8,000 Mar-27
17,000 33,000
16,000 end

Design Revenues Utitilies Expense


Dr Cr Dr Cr
88,000 Mar-11 Mar-16 18,000
35,000 Mar-17 end 18,000
123,000 end
Advertsing Expense
Salaries Expense Dr Cr
Dr Cr Mar-27 8,000
Mar-31 15,000 end 8,000
end 15,000
Rent Expense
Dr Cr
5,000
end 5,000
Accounts Receivable
Dr Cr
Mar-17 35,000
25,000 Mar-20
end 10,000

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