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Describing The Business Transaction (20 Items X 2 Points) : Property of STI

Atty. Mac N. Chiz opened a law office and analyzed 20 business transactions involving cash, accounts receivable, office equipment, office supplies, accounts payable, and notes payable. The transactions included purchasing office equipment and supplies, receiving cash from clients, paying bills, and taking out a loan. After all the transactions, Atty. Chiz had cash of $10,000, accounts receivable of $33,000, office equipment of $90,000, office supplies of $6,000, accounts payable of $77,500, and notes payable of $60,000.

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551 views

Describing The Business Transaction (20 Items X 2 Points) : Property of STI

Atty. Mac N. Chiz opened a law office and analyzed 20 business transactions involving cash, accounts receivable, office equipment, office supplies, accounts payable, and notes payable. The transactions included purchasing office equipment and supplies, receiving cash from clients, paying bills, and taking out a loan. After all the transactions, Atty. Chiz had cash of $10,000, accounts receivable of $33,000, office equipment of $90,000, office supplies of $6,000, accounts payable of $77,500, and notes payable of $60,000.

Uploaded by

new genshin
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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BM1705

DESCRIBING THE BUSINESS TRANSACTION (20 items x 2 points)


Describe the business transactions analyzed using the accounting equation, assuming that the owner did not
make any withdrawal during the period.

Given is the analysis of the transactions of Atty. Mac N. Chiz, who just opened his law office.

Accounts Office Office Accounts Notes


Cash Receivable Equipment Supplies = Payable Payable Capital
1 + 200,000 + 200,000
2 - 5,000 + 5,000
3 + 20,000 + 20,000
4 + 40,000 + 40,000
5 - 6,000 - 6,000
6 - 2,000 + 2,000
7 + 50,000 + 50,000
8 + 10,000 - 10,000
9 + 7,500 - 7,500
10 - 30,000 - 30,000
11 + 10,000 + 10,000
12 + 5,000 + 5,000
13 + 10,000 - 10,000
14 - 10,000 - 10,000
15 - 1,000 - 1,000
16 + 5,000 - 5,000
17 - 5,000 - 5,000
18 + 8,000 + 8,000
19 - 50,000 - 50,000
20 + 10,000 + 10,000

01 Activity 2 *Property of STI


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