Name:______________________________ Date: _________________ Batch: _______

I. Give the value received and the value parted with in the following transactions:

Transactions Value received Value parted with

1 Purchased store equipment for cash.

2 Purchased store equipment on credit.

3 Borrowed money from the bank.

4 Deposited money at the bank.

5 Gave a partial payment of the money borrowed

from the bank.

6 Sold merchandise for cash.

7 Sold merchandise on credit.

8 Received merchandise from a customer who

originally bought on cash.

9 Received merchandise from a customer who

originally bought on credit.

10 Collected a claim from a customer.

14 Purchased merchandise for cash.

15 Returned to the supplier merchandise originally

bought for cash.

Answer key:
Transactions Value received Value parted with

1 Purchased store equipment for cash. Store equipment Cash

2 Purchased store equipment on credit. Store equipment A/P
3 Borrowed money from the bank. Cash Loans payable
4 Deposited money at the bank. Cash in Bank Cash on hand
5 Gave a partial payment of the money borrowed Loans payable Cash
from the bank.
6 Sold merchandise for cash. Cash Sales
7 Sold merchandise on credit. A/R Sales
8 Received merchandise from a customer who Sales returns and allow. Cash
originally bought on cash.
9 Received merchandise from a customer who Sales returns and allow. A/R
originally bought on credit.
10 Collected a claim from a customer. Cash A/R
14 Purchased merchandise for cash. Purchases Cash
15 Returned to the supplier merchandise originally Cash Purchase returns and allow.
bought for cash.

Ref: Accounting Principles 1, 4th Ed. Y Amelia M. Arganda & Teresa Cardenas-Atis
page 18
Name: _________________________________ Date: ______________ Batch: _______________

I. State the value received and the value parted with in the following transactions:
DEBIT
Value Received
Account/s Amount

1 Bought equipment from E & E Trading on credit, P15,000.

2 Purchased frm NBS Bookstore office supplies worth P1,000 cash.

3 Billed XYZ Corp. for P12,200 for legal services rendered.

4 Completed legal work for R. Rickets and collected P9,500.

5 Paid P5,000 to E & E Trading as partial payment of its accout.

6 Paid P7,500 cash for legal books ordered and received.

7 Received in cash professional fees of P17,000 from various clients.

8 XYZ Corporation paid one-half of its account.

9 Paid the telephone bill for the month, P500.

10 Paid the secretary's salary, P4,500.

11 Paid the rent of the office space, P6,000.

12 Received P5,000 from a client for legal service rendered.

 Value Received
Accounts Amount
Answer key:
1 Bought equipment from E & E Trading on credit, P15,000. Equipment 15,000
2 Purchased frm NBS Bookstore office supplies worth P1,000 cash. Office supplies 1,000
3 Billed XYZ Corp. for P12,200 for legal services rendered. A/R - XYZ Corp. 12,200
4 Completed legal work for R. Rickets and collected P9,500. Cash 9,500
5 Paid P5,000 to E & E Trading as partial payment of its accout. A/P - E&E Trading 5,000
6 Paid P7,500 cash for legal books ordered and received. Legal books 7,500
7 Received in cash professional fees of P17,000 from various clients. Cash 17,000
8 XYZ Corporation paid one-haf of its account. Cash 6,100
9 Paid the telephone bill for the month, P500. Telephone Expense 500
10 Paid the secretary's salary, P4,500. Salary Expense 4,500
11 Paid the rent of the office space, P6,000. Rent expense 6,000
12 Received P5,000 from a client for legal service rendered. Cash 5,000
 CREDIT DEBIT CREDIT
Value Parted With Value Received Value Parted With
Account/s Amount Accounts Amount Accounts

Eqpt. 15000 A/P

Office Supplies 1000 Cash

A/R-XYZ corp. 12200 Service Income

Cash 9500 Service Income

A/P-E&Etrading 5000 Cash

Legal Books 7500 Cash

Cash 17000 Service Income

Cash 6100 A/R-XYZ

Telephone Exp. 500 Cash

Salaries Exp. 4500 Cash

Rent Expense 6000 Cash

Cash 5000 Service Income

 Value Parted With Value Received Value Parted With
Accounts Amount Accounts Amount Accounts

A/P - E&E Trading 15,000 Equipment 15,000 A/P - E&E Trading

Cash 1,000 Office supplies 1,000 Cash
Legal service income 12,200 A/R - XYZ Corp. 12,200 Legal service income
Legal service income 9,500 Cash 9,500 Legal service income
Cash 5,000 A/P - E&E Trading 5,000 Cash
Cash 7,500 Legal books 7,500 Cash
Prof. fees 17,000 Cash 17,000 Prof. fees
A/R - XYZ Corp. 6,100 Cash 6,100 A/R - XYZ Corp.
Cash 500 Telephone Expense 500 Cash
Cash 4,500 Salary Expense 4,500 Cash
Cash 6,000 Rent expense 6,000 Cash
Legal service income 5,000 Cash 5,000 Legal service income
DIT
ted With
Amount

15000

1000

12200

9500

5000

7500

17000

6100

500

4500

6000

5000
ted With
Amount

15,000
1,000
12,200
9,500
5,000
7,500
17,000
6,100
500
4,500
6,000
5,000
Transactions:

During the month of January, Rona Co DEBIT

Account Amount
5 Invested Php4,000 to open her Dress Shop.

12 Bought supplies (stationery, forms, pencils, etc.) for cash, Php300.

13 Bought office furniture from BLIMS Fine furniture

on account, php2,000.

16 Received Php2,500 in fees earned during the month.

20 Paid office rent for January, Php500.

25 Paid salary for part-time help, Php250.

25 Paid Php1,200 to BLIMS Fine Furniture

30 Withdrew Php400 for personal use.

31 After taking an inventory at the end of the month, Rona Co found

that she had used Php200 worth of supplies.
 CREDIT
Account Amount
Name: ________________________________ Date: _______________ Batch: _______________

I. Prepare the entries and state the effects of the following transactions on the assets, liabilities,
and capital by placing a (+) sign and a minus (-) sign on the spaces provided for.

Transactions Debit Credit

1 Invested cash and equipment

2 Collected cash from a customer

3 Purchased additional equipment

on credit

4 Paid the assistant's salary.

5 Billed a customer for services

rendered.

6 Paid the telephone bill.

7 Paid the account due in number 3.

8 Purchased supplies for cash.

9 Received payment from customer in

number 5.

10 Withdrew cash from the business for

personal use.

II. State the effects of the following transactions on the assets, liabilities, and capital.Write the
answers on the spaces provided for.

Transactions Debit Credit

1 Purchased repair supplies for cash, P7,200.

2 Purchased repair supplies on credit

from A. Fuentes, P10,000.

3 Paid the rent of the shop space, P4,000.

4 Purchased a service truck for cash, P270,000.

5 Completed repair work for S. Roces on credit, P6,500.

6 Paid one-half of the account due to A. Fuentes on credit

7 Collected P1,500 from S. Roces.

8 Paid gas and oil placed in the truck during the month,
P2,500.

9 Purchased additional repair supplies

from A. Fuentes on credit, P2,750.

10 Completed repair work for S. Valdez on credit, P9,000.

Name: _____________________________ Date: ___________ Batch:_________

Req'd: For each transaction, indicate whether the assets (A), liabilities (L) or owner's equity (OE)
increased (+), decreased (-) or no change (O) by placing the appropriate sign in the column.
I.
Debit Credit
No. Transaction
Account Effect Account
1 Bought equipment paying cash.
2 Paid the monthly rent expense.
3 Purchased supplies on credit.
4 Made an additional investment in the company.
5 Charged customers for services provided on account.
6 Paid creditor on account.
7 Received payment from customers on account.
8 Received cash for services rendered today.
9 Reduced his investment in the business by taking out cash.
10 Paid salaries for the week.
11 Acquired equipment, paying 50% down, the balance due
in 30 days.
12 Paid balance on outstanding account on the equipment.

II.
Debit Credit
No. Transaction
Account Effect Account
1 Received cash as additional investment.
2 Rendered services to cash customers.
3 Rendered services to customers on account.
4 Paid cash for rent on building.
5 Purchased supplies for cash.
6 Collected in full a receivable.
7 Bought furniture on account.
8 Paid cash to owner for personal use.
9 Paid cash to settle account.
Credit
IS BS
Effect

Credit
IS BS
Effect