Accounting Equation Transactions: Accounting Equation Transactions:

A. Jerome Garcia started a new business and completed these transactions during A. Jerome Garcia started a new business and completed these transactions during
August: August:
Aug. 1 Garcia invested PHP48,000 cash in the business. Aug. 1 Garcia invested PHP48,000 cash in the business.
1 Rented office space and paid PHP800 cash for the August rent. 1 Rented office space and paid PHP800 cash for the August rent.
3 Purchased exploration equipment for PHP22,000 by paying PHP12,000 3 Purchased exploration equipment for PHP22,000 by paying PHP12,000
cash and agreeing to pay the balance in 3 months. cash and agreeing to pay the balance in 3 months.
5 Purchased office supplies by paying PHP1,500 cash. 5 Purchased office supplies by paying PHP1,500 cash.
6 Completed exploration work and immediately collected PHP420 cash for 6 Completed exploration work and immediately collected PHP420 cash for
the work. the work.
8 Purchased PHP1,350 of office equipment on credit. 8 Purchased PHP1,350 of office equipment on credit.
15 Completed exploration work on credit in the amount of PHP8,000. 15 Completed exploration work on credit in the amount of PHP8,000.
18 Purchased PHP700 of office supplies on credit. 18 Purchased PHP700 of office supplies on credit.
20 Paid cash for the office equipment purchased on August 8. 20 Paid cash for the office equipment purchased on August 8.
24 Billed a client PHP2,400 for work completed; the balance is due in 30 24 Billed a client PHP2,400 for work completed; the balance is due in 30
days. days.
28 Received PHP5,000 cash for the work completed on August 15. 28 Received PHP5,000 cash for the work completed on August 15.
30 Paid the assistant’s salary of PHP1,100 cash for this month. 30 Paid the assistant’s salary of PHP1,100 cash for this month.
30 Paid PHP340 cash for this month’s utility bill. 30 Paid PHP340 cash for this month’s utility bill.
30 Garcia withdrew PHP1,050 cash from the business for personal use. 30 Garcia withdrew PHP1,050 cash from the business for personal use.

Accounting Equation Transactions: Accounting Equation Transactions:

A. Jerome Garcia started a new business and completed these transactions during A. Jerome Garcia started a new business and completed these transactions during
August: August:
Aug. 1 Garcia invested PHP48,000 cash in the business. Aug. 1 Garcia invested PHP48,000 cash in the business.
1 Rented office space and paid PHP800 cash for the August rent. 1 Rented office space and paid PHP800 cash for the August rent.
3 Purchased exploration equipment for PHP22,000 by paying PHP12,000 3 Purchased exploration equipment for PHP22,000 by paying PHP12,000
cash and agreeing to pay the balance in 3 months. cash and agreeing to pay the balance in 3 months.
5 Purchased office supplies by paying PHP1,500 cash. 5 Purchased office supplies by paying PHP1,500 cash.
6 Completed exploration work and immediately collected PHP420 cash for 6 Completed exploration work and immediately collected PHP420 cash for
the work. the work.
8 Purchased PHP1,350 of office equipment on credit. 8 Purchased PHP1,350 of office equipment on credit.
15 Completed exploration work on credit in the amount of PHP8,000. 15 Completed exploration work on credit in the amount of PHP8,000.
18 Purchased PHP700 of office supplies on credit. 18 Purchased PHP700 of office supplies on credit.
20 Paid cash for the office equipment purchased on August 8. 20 Paid cash for the office equipment purchased on August 8.
24 Billed a client PHP2,400 for work completed; the balance is due in 30 24 Billed a client PHP2,400 for work completed; the balance is due in 30
days. days.
28 Received PHP5,000 cash for the work completed on August 15. 28 Received PHP5,000 cash for the work completed on August 15.
30 Paid the assistant’s salary of PHP1,100 cash for this month. 30 Paid the assistant’s salary of PHP1,100 cash for this month.
30 Paid PHP340 cash for this month’s utility bill. 30 Paid PHP340 cash for this month’s utility bill.
30 Garcia withdrew PHP1,050 cash from the business for personal use. 30 Garcia withdrew PHP1,050 cash from the business for personal use.
 Record the following Record the following
1. San Diego invested for an IT business in cash 150,000 1. San Diego invested for an IT business in cash 150,000
2. Purchased computer in cash 30,000 2. Purchased computer in cash 30,000
3. Purchased supplies on account 5,000 3. Purchased supplies on account 5,000
4. Purchased printer in account 7,500 4. Purchased printer in account 7,500
5. Paid partial to accounts payable on supplies 3,000 5. Paid partial to accounts payable on supplies 3,000
6. Sold payroll program on account 50,000 6. Sold payroll program on account 50,000
7. Did service repairs to computer for cash 20,000 7. Did service repairs to computer for cash 20,000
8. Partial collection of accounts receivable 25,000 8. Partial collection of accounts receivable 25,000
9. Paid electric bill in cash 3,000 9. Paid electric bill in cash 3,000
10. Paid rental space for the month 15,000 10. Paid rental space for the month 15,000
11. Paid payable to suppliers on supplies 2,000 11. Paid payable to suppliers on supplies 2,000
12. Paid salaries to employees 25,000 12. Paid salaries to employees 25,000
13. Paid telephone bills 5,000 13. Paid telephone bills 5,000
14. Acquire loan from the bank payable in 1 year 50,000 14. Acquire loan from the bank payable in 1 year 50,000
15. Owner withdraw cash 10,000 15. Owner withdraw cash 10,000
16. Made partial payment to bank loan 5,000 16. Made partial payment to bank loan 5,000

Record the following Record the following

1. San Diego invested for an IT business in cash 150,000 1. San Diego invested for an IT business in cash 150,000
2. Purchased computer in cash 30,000 2. Purchased computer in cash 30,000
3. Purchased supplies on account 5,000 3. Purchased supplies on account 5,000
4. Purchased printer in account 7,500 4. Purchased printer in account 7,500
5. Paid partial to accounts payable on supplies 3,000 5. Paid partial to accounts payable on supplies 3,000
6. Sold payroll program on account 50,000 6. Sold payroll program on account 50,000
7. Did service repairs to computer for cash 20,000 7. Did service repairs to computer for cash 20,000
8. Partial collection of accounts receivable 25,000 8. Partial collection of accounts receivable 25,000
9. Paid electric bill in cash 3,000 9. Paid electric bill in cash 3,000
10. Paid rental space for the month 15,000 10. Paid rental space for the month 15,000
11. Paid payable to suppliers on supplies 2,000 11. Paid payable to suppliers on supplies 2,000
12. Paid salaries to employees 25,000 12. Paid salaries to employees 25,000
13. Paid telephone bills 5,000 13. Paid telephone bills 5,000
14. Acquire loan from the bank payable in 1 year 50,000 14. Acquire loan from the bank payable in 1 year 50,000
15. Owner withdraw cash 10,000 15. Owner withdraw cash 10,000
16. Made partial payment to bank loan 5,000 16. Made partial payment to bank loan 5,000