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    T Account

    Uploaded by

    jamesmakarioslabrusca
    1) Juan Cruz invested 50,000 pesos to start his repair shop business. 2) He purchased office supplies for 7,500 pesos and office equipment for 25,600 pesos, paying some in cash and some on account. 3) He borrowed 20,000 pesos from the bank with a 6-month non-interest bearing note.

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    T Account

    Uploaded by

    jamesmakarioslabrusca
    15 views5 pages
    1) Juan Cruz invested 50,000 pesos to start his repair shop business. 2) He purchased office supplies for 7,500 pesos and office equipment for 25,600 pesos, paying some in cash and some on account. 3) He borrowed 20,000 pesos from the bank with a 6-month non-interest bearing note.

    Original Description:

    T account example

    Original Title

    T-account

    Copyright

    © © All Rights Reserved

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    1) Juan Cruz invested 50,000 pesos to start his repair shop business. 2) He purchased office supplies for 7,500 pesos and office equipment for 25,600 pesos, paying some in cash and some on account. 3) He borrowed 20,000 pesos from the bank with a 6-month non-interest bearing note.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    15 views5 pages

    T Account

    Uploaded by

    jamesmakarioslabrusca
    1) Juan Cruz invested 50,000 pesos to start his repair shop business. 2) He purchased office supplies for 7,500 pesos and office equipment for 25,600 pesos, paying some in cash and some on account. 3) He borrowed 20,000 pesos from the bank with a 6-month non-interest bearing note.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 5

    Instructions: Analyze the following transactions using the T-account

    Assets = Liabilities + Capital

    CASH ACCOUNTS PAYABLE J. CRUZ, CAP


    Debit Credit Debit Credit Debit
    Date Date Date Date Date
    2 50,000.00 4 7,500.00 10 12,800.00 6 25,600.00
    8 20,000.00 10 12,800.00
    17 6,000.00 13 3,000.00 ₱ 12,800.00
    76,000.00 24 3,000.00
    27 4,800.00
    31,100.00
    ₱ 44,900.00

    ACCOUNTS RECEIVABLE NOTES PAYABLE


    Debit Credit Debit Credit
    Date Date Date Date
    21 ₱ 10,500.00 8 ₱ 20,000.00

    OFFICE SUPPLIES
    Debit Credit
    Date Date
    4 ₱ 7,500.00

    OFFICE EQUIPMENT
    Debit Credit
    Date Date
    6 ₱ 25,600.00
    Capital - Drawing + Revenue

    J. CRUZ, CAPITAL J. CRUZ, DRAWING SERVICE REVENUE


    Debit Credit Debit Credit Debit Credit
    Date Date Date Date Date
    2 ₱ 50,000.00 13 ₱ 3,000.00 17
    21

    Name of Business: Juan Cruz Repair Shop


    Owner: Juan Cruz
    Business transactions for the month of May of the current year

    2 Mr. Juan Cruz invested P50,000 cash to start his own repair shop.
    4 Purchased office supplies for P7,500 paying cash.
    6 Purchased office equipment on account for P25,600.
    8 Borrowed money from bank by giving a 6-month, non-interest bearing note for P20,000.
    10 Paid P12,800 for the equipment purchased on account.
    13 The owner withdrew P3,000 cash for his personal use.
    17 Rendered services to customers, receiving cash, P6,000.
    21 Rendered services to customers on account, P10,500.
    24 Paid rent for store space for the month, P3,000.
    27 27 Paid salaries of helpers, P4,800.

    Expanded Accounting Equation:


    Assets = Liabilities + Capital - Drawing + Revenue - Expenses

    Assets ₱ 88,500.00
    Liabilities ₱ 32,800.00
    Capital ₱ 55,700.00
    88,500.00
    Revenue - Expenses

    RVICE REVENUE RENT EXPENSE


    Credit Debit Credit
    Date Date
    6,000.00 24 ₱ 3,000.00
    10,500.00

    ₱ 16,500.00

    SALARIES EXPENSE
    Debit Credit
    Date Date
    24 ₱ 4,800.00

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