Course Code: ACC 102

Module #3

Name: _____________________________________ Class number: _________________

Section: _________ Schedule: _________________ Date: ________________________

Lesson title: Accounting Equation and the Double-Entry System Materials:

and Analyzing and Journalizing Business Transactions of a
Service Business Module #3

Lesson Objectives:

1. Distinguish the basic financial statements of a business Reference:

organization.
2. Identify the basic elements of different financial Fundamentals of Financial
statements. Accounting and Reporting by
3. Differentiate the measurement bases of financial Win Ballada
statements’ element
4. Properly analyze and record business transactions.

Productivity Tip:
Remain engaged throughout the whole course.
 Prepare and review for every lesson, attend in person/virtual class sessions and take active
notes.
 Analyze all returned quizzes and tests as well as any instructor feedback and develop a plan
for improvement.
 Ask questions to your instructors or peers if needed. Your fellow online students are a great
resource to discover even more tips for online learning success.

A. LESSON PREVIEW/REVIEW
1) Introduction (2 mins)

The key product or the end product of the accounting process is a set of documents called financial
statements comprised of the following:

 Statement of Financial Position or Balance Sheet - shows the financial condition/position of

a business as of a given period.
 Income Statement - shows the result of operations for a given period.

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 Statement of Changes in Owner’s Equity - shows the changes in the capital of owner’s equity as a
result of additional investment or withdrawals by the owner, plus or minus the net income or net loss for
the year.
 Statement of Cash Flows - summarizes the cash receipts and cash disbursements for the accounting
period.

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Section: _________ Schedule: _________________ Date: ________________________

2) Activity 1: What I Know Chart, part 1 (3 mins)

Try answering the questions below by writing your ideas under the What I Know column. You may use
key words or phrases that you think are related to the questions. Answer the What I learned section
after reading the Concept notes

What I Know Questions: What I Learned

What are the basic financial

statements of a business
organization?

What is the composition of basic

accounting equation?

What is realizable value?

B. MAIN LESSON
1) Activity 2: Pre-Printed Content Notes (13 mins)

ELEMENTS OF FINANCIAL STATEMENTS

Financial Position
 Assets - these are economic resources owned by the business expected for future gain. They are
property and rights of value owned by the business.
 Liabilities - these include debts, obligations to pay, and claims of the creditors on the assets of the
business.
 Owner’s Equity or capital - the residual interest in the assets of the entity after deducting all
its liabilities.

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Financial Performance
 Income - increases in economic benefits during the accounting period in the form of inflows
or enhancements of assets or decreases of liabilities that result in increases in equity, other than those
resulting to equity participants.
 Expenses - decreases in assets or increases in liabilities arising from business operations during an
accounting period that result to the decrease in owner’s equity.

MEASUREMENT BASES OF ELEMENTS OF FINANCIAL STATEMENTS

 Measurement is the process of determining the monetary amounts at which the elements of
the financial statements are to be recognized and carried in the balance sheet or income statement.
 Historical Cost - assets are recorded at the amount of cash or cash equivalents paid or the fair
value of the consideration given to acquire them at the time of their acquisition. Liabilities are recorded
at the amount of proceeds received in exchange for the obligations.
 Current Cost - assets are carried at the amount of cash or cash equivalents that would have to be paid
if the same or an equivalent asset was acquired currently. Liabilities are carried at the undiscounted
amount of cash or cash equivalents that would be required to settle the obligation currently.
 Realizable Value - assets are carried at the amount of cash or cash equivalents that could currently be
obtained by selling an asset in an orderly disposal.
 Settlement Value - liabilities are carried at the undiscounted amounts of cash or cash equivalents
expected to be paid to satisfy the liabilities in the normal course of business.
 Present Value - assets are carried at the present discounted value of the future net cash inflows that
the item is expected to generate in the normal course of business. Liabilities are carried at the present
discounted value of the future net cash outflows that are expected to be required to settle the liabilities
in the normal course of business.

THE ELEMENTS OF FINANCIAL STATEMENTS AND ITS ACCOUNT TITLE

Account titles are identifications or brief descriptions of items that fall under the same kind, class
or nature. In recording business transactions, the elements of financial statements are to
be assigned with account titles under each.

Statement of Financial Position Account titles (Permanent Accounts)

Assets
Current Assets- refer to all assets that are expected to be realized, sold or consumed within the
enterprise’s normal operating cycle.
 Cash- the account title to describe money, either in paper or in coins and money substitutes
like check, postal money orders, bank drafts and treasury warrants. When cash is within the
premise of the business, the account title is Cash on Hand and Cash in Bank if deposited in
the bank.

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 Petty Cash Fund- the account title for money placed and set aside for petty or
small expenses. This exists when business used the impress system of keeping cash.
 Cash Equivalents - PAS No. 22 defines cash equivalents as short-term, highly
liquid instruments that are readily convertible into cash and they present insignificant risk
of changes in values because of changes in interest rates.
 Notes Receivable- this is a promissory note that is received by the business from
the customer arising from rendering of services, sale of merchandise, etc.
 Accounts Receivable- the account title for amounts collectible arising services rendered to
at customer or client on credit. This constitutes an oral or verbal promise to pay by a
customer or client.
 Allowance for Uncollectible Accounts- this is an asset offset or a contra-asset account. It
provides for possible losses from uncollected accounts. Although this is not actually an asset,
it is classified as such because it is shown as a deduction from the Accounts Receivable
which is a Current Asset Account.
 Accrued Income- the amount of income earned but not yet collected.
 Advances to Employees- the account title for amounts collectible from employees for
allowing them to make cash advances which are deductible against their salaries or wages.
 Prepaid Expenses- account title for expenses that are paid in advance but are not yet
incurred or have not yet expired such as Prepaid Rental, Prepaid Insurance, Prepaid
Interest, Prepaid Advertising, etc.
 Unused Supplies- an account title for cost of stationery and other supplies purchased for
use left on hand and still unused.

Non-Current Asset- “all other asset not classified as current should be classified as noncurrent
assets”.
 Property Plant and Equipment - these are tangible assets which are held by an enterprise for use in
production or supply of goods and services, for rental to others, or for administrative purposes, and are
expected to be used during more than one period, such as:
 Land - an account title for the site where the building used as office or store is constructed.
 Building - account title for a finished construction owned by the business where operations and
transactions took place.
 Machinery and Equipment - includes calculators, typewriters, adding machines, computers, steel filing
cabinets and the like.
 Furniture and Fixtures- includes chairs, tables, counters, display cases and the like.
 Accumulated Depreciation- this is an asset offset or contra-asset account. This is called a Valuation
Account which is shown as a deduction from property and equipment.

These assets that are classified as Property & Equipment or Fixed Assets are called Depreciable Assets
and are subject to Depreciation except “land”. Land is not subject to depreciation because it is expected to
be useful to the business enterprises for an indefinite period of time.

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 Intangible Assets- these are identifiable non-monetary assets without physical existence. Examples
are patents, copyright, franchise, trademarks, etc.

Liabilities
Current Liabilities- are financial obligations of the enterprise which are (a) expected to be settled
in the normal course of the operating cycle; (b) due to be settled within one year from the balance
sheet date.
 Account Payable- an account title for a financial obligation of an enterprise that constitutes
an oral or verbal promise to pay.
 Notes Payable (short-term)- same as Accounts Payable in nature but only the obligation is
evidenced by a promissory note. The enterprise is the one who issued the note.
 Accrued Expenses- these are expenses incurred by the enterprise but are not yet paid. This
normally occurs when the accounting period ended, such as rent, salaries, interest, taxes
payable, etc.
 Unearned Income- this is an account title for an income collected or received in advance
and is not yet considered as “earned”.

Non-current Liabilities- are financial long term obligations of the enterprise which are due and
payable for more than one year. This usually occurs in a corporate form of business organization.
 Notes Payable (long term)- same nature with that of Notes Payable (short-term)but only,
this requires payment for more than one year.
 Mortgage Payable- a financial obligation of the enterprise which requires a fixed or tangible
property to be pledged as collateral to ensure payment. This s usually found in a corporate
business organization.

Owner’s Equity or Capital - It is the residual interest in the assets of the enterprise after deducting all its
liabilities. It is expressed in the equation as Assets less Liabilities equals Owner’s Equity or Capital. It
is increased when there is Profit or additional contributions by the owner and decreased when there is Loss or
withdrawal by the owner. In layman’s language, Owner’s Equity or Capital is the amount of money or value of
property put by the proprietor into the business to start with the operation.

The owner’s capital be given a title by indicating the last name, with the word capital written after the
last name which is separated by a “comma”. Thus, if the owner’s name is Aerith Gainsburough, the
title for her capital account is: “Gainsburough, Capital”

Withdrawal- The owner’s withdrawal is likewise indicated by the use of the owner’s last name with
the word Drawing or Withdrawal written after the name which is separated by a comma. Thus, if the
owner is Aerith Gainsburough who made withdrawal, the title for her drawing account is:
“Gainsburough, Withdrawal” or “Gainsburough, Drawing”

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Income & Expense Summary- this is a temporary account created at the end of the accounting
period where Income and Expenses are temporarily closed to this account.

Income Statement Accounts (Temporary Accounts)

Income
 Service Income- In general, this is the account title used for all types of income derived from
rendering of services. Sometimes the account title used is Service Revenue
 Professional Income- the account title generally used by professionals for income earned
from the practice of their profession or may be specified as Accounting or Auditing Fees
Income for Accountants, Legal Fees Income for Lawyers, Dental Fees Income for Dentists,
Medical Fees Income for Doctors, etc.
 Rental Income- for income earned on buildings, space or other properties owned and rented
out by the business as the main line of its activity.
 Interest Income- for income received by the business arising from an amount of money
borrowed by a customer and is usually covered by a promissory note.

Expenses
 Supplies Expense- this represents cost of supplies that were used and consumed that
bears specific titles as office supplies expense, store supplies expense, shop supplies
expense, etc.
 Rent Expense- for the amount paid or incurred for use of property, usually premises.
 Repairs and Maintenance-for expenses incurred in repairing or servicing the buildings,
machineries, vehicles, equipment, etc., which are owned by the business.
 Salaries Expense- for compensation given to employees of a business.
 Uncollectible Accounts- for the anticipated loss that the business may incur arising from
uncollectible accounts.
 Depreciation Expense- for the portion of the cost of property and equipment or fixed assets
that has expired based on rational and systematic allocation procedure.
 Taxes and Licenses- for the amount paid for business permits, licenses and
other government dues except the Income Tax paid which is not allowable by law as
a deduction.
 Insurance Expense- account title for the expired portion of the insurance premium paid.
 Utilities Expense- the account title for telephone, light and water bills. Also included are
gasoline, lubricants and oil.

THE ACCOUNTING EQUATION

Financial statements tell us how a business is performing. They are the final products of the accounting
process. But how do we arrive at the items and amounts that make up the financial statements? The most
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basic tool of accounting is the accounting equation. This equation presents the resources controlled by the
enterprise, the present obligations of the enterprise and the residual interest in the assets. It states that assets
must always equal liabilities and owner’s equity.

The basic accounting model is:

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Note that the assets are on the left side of the equation opposite the liabilities and owner’s equity. This explains
why increases are recorded in the opposite manner (“mirror image”) as liabilities and owner’s equity are
recorded. The equation also explains why liabilities and owner’s equity follow the same rules of debit and
credit.

Transactions may require additions to both sides (left and right sides), subtractions from both sides (left and
right sides), or an addition and subtraction on the same side (left or right side), but in all cases the equality
must be maintained.

Illustration:
July 1 Modesto started his new business by depositing P350,000 in a bank account in the name of Modesto
Graphics Design at BDO Paco Roman Branch.

Modesto Graphics Design

Financial Transaction Worksheet
Month of July 2021

Assets = Liabilities + Owner's Equity

(1) Cash = Modesto, Capital
350,000 = 350,000

The financial transaction can be analyzed as follows:

 An entity separate and distinct from Modesto’s personal financial affairs was created.
 An economic resource-cash of P350,000 was invested in the business entity. The source of this asset
is the contribution made by the owner, which represents owner’s equity. The owner’s equity account is
Modesto, Capital.
 The dual nature of the transaction is that cash was invested and owner’s equity was created. The
effects on the accounting equation area as follows: increase in asset-cash from zero to P350,000 and
increase in owner’s equity from zero to P350,000.
 At this point, the entity has no liabilities, and assets equal owner’s equity.

July 5 Computer equipment costing P145,000 is acquired on cash basis. The effect of the transaction on the
basic equation is:
Assets = Liabilities + Owner's Equity
Cash + Computer = Modesto, Capital
Equipment
Bal. P350,00 = P350,000
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0
(145,000
(5) ) P145,000 =
P205,00
Bal. 0 + P145,000 = P350,000
P350,000 = P350,000

This transaction did not change the total assets but it did change the composition of the assets- it decreased
one asset-cash and increased another asset-computer equipment by P145,000. Note that the sums of the
balances on both sides of the equation are equal. This equality must always exist.

July 9 Computer supplies in the amount of P25,000 are purchased on account.

Owner's
Assets = Liabilities + Equity
Computer Computer Accounts Modesto,
Cash + + = +
Supplies Equipment Payable Capital
Bal. 205,000 145,000 = 350,000
(9) 25,000 = 25,000
Bal. 205,000 + 25,000 + 145,000 = 25,000 + 350,000
375,000 = 375,000

Assets don’t have to be purchased in cash. It can also be purchased on credit. Acquiring the computer
supplies with a promise to pay the amount due later id called buying on account. This transaction increases
both the assets and the liabilities of the business. The asset affected is computer supplies and the liability
created is an accounts payable.

July 11 Modesto Graphics collected P88,000 in cash for designing interactive web sites for two exporters
based inside the Davao Ecozone.

Owner's
Assets = Liabilities + Equity
Computer Computer Accounts Modesto,
Cash + + = +
Supplies Equipment Payable Capital
Bal. 205,000 25,000 145,000 = 25,000 350,000
(11) 88,000 = 88,000
Bal. 293,000 + 25,000 + 145,000 = 25,000 + 438,000
463,000 = 463,000

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The entity earned service income by designing web sites for clients. Modesto rendered his professional
services and collected revenues in cash. The effect on the accounting equation is an increase in the asset-
cash and an increase in owner’s equity. Income increases owner’s equity. This transaction caused the
business to grow, as shown by the increase in total assets from P375,000 to P463,000.

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July 16 Modesto paid P18,000 to Bills Express, a one-stop bills payment service company, for the semi-
monthly utilities.

Owner's
Assets = Liabilities + Equity
Computer Computer Accounts Modesto,
Cash + + = +
Supplies Equipment Payable Capital
Bal. 293,000 25,000 145,000 = 25,000 438,000
(16) (18,000) = (18,000)
Bal. 275,000 + 25,000 + 145,000 = 25,000 + 420,000
445,000 = 445,000

Expenses are recorded when they are incurred. Expenses can be paid in cash when they occur, or they can be
paid later. The payment for utilities is an expense for the month of July. It represented an outflow of resources
and a reduction of owner’s equity. Expenses have the opposite effect of income; they cause the business to
shrink as shown by the amount of total assets of P445,000.

July 17 The entity has service agreements with several Netpreneurs to maintain and update their web sites
weekly. Modesto billed these clients P35,000 for services rendered during the month.

Owner's
Assets = Liabilities + Equity
Accounts Computer Computer Accounts Modesto,
Cash + + + = +
Receivable Supplies Equipment Payable Capital
Bal. 275,000 25,000 145,000 = 25,000 420,000
(17) 35,000 = 35,000
Bal. 275,000 + 35,000 + 25,000 + 145,000 = 25,000 + 455,000
480,000 = 480,000

The entity has performed services to clients so income should already be recognized. Modesto is entitled to
receive payment for these but the clients did not pay immediately. Performing the services creates an
economic resource, the client’s promise to pay the amount which is called accounts receivable. This
transaction resulted to an increase in an asset-accounts receivable and an increase in owner’s equity of
P35,000.

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July 19 Modesto made a partial payment of P17,000 for the July 9 purchase on account.
Owner's
Assets = Liabilities + Equity
Accounts Computer Computer Accounts Modesto,
Cash + + + = +
Receivable Supplies Equipment Payable Capital
Bal. 275,000 35,000 25,000 145,000 = 25,000 455,000
(19) (17,000) = (17,000)
Bal. 258,000 + 35,000 + 25,000 + 145,000 = 8,000 + 455,000
463,000 = 463,000

This transaction is a payment on account. The effect on the accounting equation is a decrease in the asset-
cash and a decrease in the liability-accounts payable. The payment of cash on account has no effect on the
asset-computer supplies because the payment does not increase or decrease the supplies available to the
business.

July 20 Checks totaling P25,000 were received from clients for billings dated July. 17.
Owner's
Assets = Liabilities + Equity
Accounts Computer Computer Accounts Modesto,
Cash + + + = +
Receivable Supplies Equipment Payable Capital
Bal. 258,000 35,000 25,000 145,000 = 8,000 455,000
(20) 25,000 (25,000) =
Bal. 283,000 + 10,000 + 25,000 + 145,000 = 8,000 + 455,000
463,000 = 463,000

Last July 17, Modesto billed clients for services already rendered. On July 20, the entity was able to collect
P25,000 form them. The asset-cash is increased by P25,000. The business should not record service income
on July 20 since it has already recorded the income last July 17. Total assets are unchanged. The business
merely reduced one asset-accounts receivable and increased another-cash.

July 21 Modesto withdrew P20,000 from the business for his personal use.
Owner's
Assets = Liabilities + Equity
Accounts Computer Computer Accounts Modesto,
Cash + + + = +
Receivable Supplies Equipment Payable Capital
Bal. 283,000 10,000 25,000 145,000 = 8,000 455,000
(21) (20,000) = (20,000)
Bal. 263,000 + 10,000 + 25,000 + 145,000 = 8,000 + 435,000
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443,000 = 443,000
Withdrawal of cash or other assets for personal use is the way by which owner of the entity receives advance
distribution of the profits. On July 1, Modesto invested P350,000; both cash and owner’s equity increased. The
transaction was an investment by the owner and not an income-generating activity. Modesto simply transferred
funds from his personal account to the business. A cash withdrawal is exactly the opposite. The P20,000 cash
withdrawal transaction resulted to a reduction in both cash and owner’s equity.

July 27 Resultay Publishing submitted a bill to Modesto for P8,000 worth of newspaper advertisements for this
month. Modesto will pay this bill next month.
Owner's
Assets = Liabilities + Equity
Accounts Computer Computer Accounts Modesto,
Cash + + + = +
Receivable Supplies Equipment Payable Capital
Bal. 263,000 10,000 25,000 145,000 = 8,000 435,000
(27) = 8,000 (8,000)
Bal. 263,000 + 10,000 + 25,000 + 145,000 = 16,000 + 427,000
443,000 = 443,000

Resultay rendered services on account. Modesto Graphics Design has incurred an expense in the amount of
P8,000 by availing of Resultay’s services. There was no payment during the month. This advertising expense
resulted to a decrease in owner’s equity and an increase in the liability account.

July. 31. Modesto paid his assistant designer salaries of P15,000 for the month.

Owner's
Assets = Liabilities + Equity
Accounts Computer Computer Accounts Modesto,
Cash + + + = +
Receivable Supplies Equipment Payable Capital
Bal. 263,000 10,000 25,000 145,000 = 16,000 427,000
(27) (15,000) = (15,000)
Bal. 248,000 + 10,000 + 25,000 + 145,000 = 16,000 + 412,000
428,000 = 428,000

This transaction resulted to a reduction in owner’s equity as well as reduction in cash. By providing his services
to Modesto for the month, the assistant designer has created for the business an expense-salaries expense.

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DEBITS AND CREDITS- THE DOUBLE ENTRY SYSTEM

 Accounting is based on a double-entry system which means that the dual effect of a
business transaction is recorded.
 A debit side entry must have a corresponding credit side entry.
 Each transaction affects at least two accounts.
 The total debits for a transaction must always equal the total credits.
 An account is debited when an amount is entered on the left side of the account and credited when an
amount is entered on the right side. The abbreviations for debit and credit are Dr. and Cr.,
respectively.

THE ACCOUNT
 The basic summary device of accounting is the account.
 A separate account is maintained for each element that appears in the balance sheet (assets, liabilities
and equity) and in the income statement (income and expenses).
 The simplest form of account is known as the “T” account because of its similarity to the letter “T”. The
account has three part as shown below:

Account Title

Left side or Debit Right side or Credit

Side Side

2) Activity 3: Skill-building Activities (with answer key) (18 mins + 2 mins checking)

Directions: With the aid of T-accounts, record the transactions listed below. Determine the balances of the
T-accounts. Use the template for easy recording of transactions.

Danielle is an experienced events planner. The transactions and accounts for the business are as follows:

a. Invested P100,000 in cash to start his own business.

b. Paid P5,000 for one month’s rent.
c. Bought office furniture for P15,000 in cash.
d. Received delivery of laptop computer, P54,000. Paid 50% down, balance due in 30 days.
e. Performed services for P12,000 in cash.
f. Performed services for P10,800 on credit.
g. Received P5,400 from clients on account.
h. Paid P10,000 for salaries.
i. Received P7,000 in cash for services performed.
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j. Performed services for P12,000 on credit.

k. Paid P1,350 for the monthly telephone bill.
l. Paid P2,400 for the electric and water bills.
m. Collected P2,000 from clients on account.
n. Danielle withdrew P7,000 in cash for personal expenses.

Cash Accounts Receivable Office Furniture

Office Equipment Accounts Payable Danielle, Capital

Danielle, Withdrawal Consulting Revenue Salaries Expense

Rent Expense Utilities Expense

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3) Activity 4: What I Know Chart, part 2 (2 mins)

Now, I really would like to discover What You Know NOW by referring to the third column of the
Chart contained in your Activity 1.

4) Activity 5: Check for Understanding (5 mins)

Direction: For each transaction, indicate whether the assets (A), liabilities (L) or owner’s equity
(OE) increased (+), decreased (-) or did not change (0) by placing the appropriate sign in the
appropriate column.

Transaction A L OE
Ex. Payment of cash to suppliers. - - 0
1 Receipt of long outstanding receivables.
2 Additional cash investment by the sole proprietor.
3 Purchase of equipment on account.
4 Owners cash withdrawal for personal use.
5 Received cash for service rendered.
6 Paid cash for salaries expense.
7 Receipt of cash loan from the bank.
8 Performed services to client on account.
9 Purchased furniture with cash.
10 Made cash distributions to owners.

A. LESSON WRAP-UP
1) Activity 6: Thinking about Learning (5 mins)
Congratulations for finishing this module! Shade the number of this module that you have finished.

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b) Think about your learning by filling up your “My Learning Tracker” below. Write your learning targets,
your scores, and learning experience for this session and deliberately plan for our next learning
session.

Date Learning Target/Topic Scores Action Plan

What module# did you

What were your What contributed to the quality of your
What’s the do? What were the
scores in the performance today? What will you do next session
date today? learning targets? What
activities? to maintain your performance or improve it?
activities did you do?

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