HW#6

Angel De Jesus, a business graduate student who was working as a mere employee in a company c
are the transactions for the

March 1 Angel started an internet shop called “Playnet.com” by investing her savings of P50,000 and the

What is the account name or

Discern the value: What is value title to be used for the value
received and value parted with? received and value parted with?

Value received money and a car cash and vehicle

implied promise to safeguard the
Value parted with propriety interest of Angel De De Jesus, Capital
Jesus

March 10 Lessor (owner) of the shop required her to pay two months

Discern the value: What is value What is the account name or

title to be used for the value
received and value parted with?
received and value parted with?

Value received use of the property of others for Rent Expense

two months
Value parted with money Cash

March 15 She paid cash of P8,000 for furniture bought from A

Discern the value: What is value What is the account name or

title to be used for the value
received and value parted with?
received and value parted with?

Value received furniture furniture and fixures

Value parted with money Cash
 March 18 She bought an aircon unit from Abbe Appliances for P45,000 promising

Discern the value: What is value What is the account name or

title to be used for the value
received and value parted with?
received and value parted with?

Value received aircon Furnitures and fixtures

Value parted with money Cash

March 20 She purchased supplies and paid cash o

What is the account name or

Discern the value: What is value title to be used for the value
received and value parted with?
received and value parted with?

Value received Supplies Supplies

Value parted with money Cash

March 25 The shop was ready for the installation of the computer units. Angel purchased 12 units of computer h
balance payable in 24 monthly installments starting April 25. Use

What is the account name or

Discern the value: What is value
title to be used for the value
received and value parted with? received and value parted with?

Value received computer units equipment

Value parted with balance notes payable
 orking as a mere employee in a company called Think Computer, decided to become an entrepreneur and put up an internet shop. The fo
are the transactions for the start up transactions for March

nvesting her savings of P50,000 and the proceeds from the sale of her car which amounted to P300,000.

What is the Accounting Element What is the effect to the What is measurement of the
Affected? Accounting Element? effect?

Asset Increase P350,000

Equity Increase P350,000

e shop required her to pay two months rent deposit in cash, P10,000.

What is the Accounting Element What is the effect to the What is measurement of the
Affected? Accounting Element? effect?

Equity Decrease P10,000

Asset Decrease P10,000

h of P8,000 for furniture bought from Alexis Furniture Store.

What is the Accounting Element What is the effect to the What is measurement of the
Affected? Accounting Element? effect?

Asset increase P8000

Asset Decrease P8000
Abbe Appliances for P45,000 promising to pay the account within three months.

What is the Accounting Element What is the effect to the What is measurement of the
Affected? Accounting Element? effect?

Asset Increase P45,000

Asset Decrease P45,000

She purchased supplies and paid cash of P1,500.

What is the Accounting Element What is the effect to the What is measurement of the
Affected? Accounting Element? effect?

Asset Increase P1,500

Asset Decrease P1,500

Angel purchased 12 units of computer hardware from Think PC. She paid 50% cash P125,000 and a note for the
nthly installments starting April 25. Use the title notes payable.

What is the Accounting Element What is the effect to the What is measurement of the
Affected? Accounting Element? effect?

Asset Increase P62,500

liabilities Increase P62,500
an internet shop. The following

ASSET = LIABILITIES + EQUITY

cash De Jesus, Capital

₱ 350,000.00 ₱ 350,000.00

ASSET = LIABILITIES + EQUITY

cash Rent Expense

-₱ 10,000.00 -₱ 10,000.00

ASSET = LIABILITIES + EQUITY

cash
₱ 8,000.00

cash
-₱ 8,000.00
 ASSET = LIABILITIES + EQUITY

furniture
₱ 45,000.00

cash
-₱ 45,000.00

ASSET = LIABILITIES + EQUITY

supplies
₱ 1,500.00

cash
-₱ 1,500.00

ASSET = LIABILITIES + EQUITY

equipment notes payable

₱ 62,500.00 ₱ 62,500.00
 Is the financial position (Assets, Liabilities, or Equity) of the business
changed?

Yes, because the asset and the equity has changed.

 Is the financial position (Assets, Liabilities, or Equity) of the business

changed?

Yes, because the asset and the equity has changed.

 Is the financial position (Assets, Liabilities, or Equity) of the business

changed?

Yes, because the asset has changed.

 Is the financial position (Assets, Liabilities, or Equity) of the business
changed?

Yes, because the asset has changed.

 Is the financial position (Assets, Liabilities, or Equity) of the business

changed?

Yes, because the asset has changed.

 Is the financial position (Assets, Liabilities, or Equity) of the business

changed?

Yes, because the asset and liabilities has changed.