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    Example of Accounting Transaction

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    Mylen Noel Elgincolin Manlapaz
    Paolo Reyes started a delivery service on July 1, 2013, investing PHP800,000 in cash and PHP200,000 for cars. Throughout July, Reyes purchased equipment and supplies for the business, provided delivery services to customers who paid in cash or on credit, took out a business loan, and withdrew some cash for personal use. The document provides examples of accounting transactions for Reyes' new delivery business during its first month of operation.

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    Example of Accounting Transaction

    Uploaded by

    Mylen Noel Elgincolin Manlapaz
    1K views3 pages
    Paolo Reyes started a delivery service on July 1, 2013, investing PHP800,000 in cash and PHP200,000 for cars. Throughout July, Reyes purchased equipment and supplies for the business, provided delivery services to customers who paid in cash or on credit, took out a business loan, and withdrew some cash for personal use. The document provides examples of accounting transactions for Reyes' new delivery business during its first month of operation.

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    Example-of-Accounting-Transaction-Lecture.docx

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    Paolo Reyes started a delivery service on July 1, 2013, investing PHP800,000 in cash and PHP200,000 for cars. Throughout July, Reyes purchased equipment and supplies for the business, provided delivery services to customers who paid in cash or on credit, took out a business loan, and withdrew some cash for personal use. The document provides examples of accounting transactions for Reyes' new delivery business during its first month of operation.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    1K views3 pages

    Example of Accounting Transaction

    Uploaded by

    Mylen Noel Elgincolin Manlapaz
    Paolo Reyes started a delivery service on July 1, 2013, investing PHP800,000 in cash and PHP200,000 for cars. Throughout July, Reyes purchased equipment and supplies for the business, provided delivery services to customers who paid in cash or on credit, took out a business loan, and withdrew some cash for personal use. The document provides examples of accounting transactions for Reyes' new delivery business during its first month of operation.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Example of Accounting Transaction

    Example #1
    July 1 Paolo Reyes started a delivery service on July 1, 2013. The following transactions occurred during the month of July. He invested
    PHP800,000 cash and Cars amounting to PHP200,000
    July 2 Reyes borrowed PHP100,000 cash from PNB for use in his business.
    July 7 Bought tables and chairs from Orocan and paid PHP45,000 cash
    July 15 Various equipment were purchased on account from Fortune for PHP55,000
    July 18 Reyes made a cash withdrawal of PHP5,000 for personal use
    July 20 The account due to Fortune was paid in cash
    Date ASSETS = LIABILITIES + OWNERS EQUITY
    Example #2
    July 21 A customer hired the services of Reyes. Cash of PHP15,000 was received from the customers.
    July 22 Cash was paid for the following : gas and oil, PHP500 and car repairs, PHP1,000.
    July 24 Another customer hired the services of Reyes and promised to pay PHP16,000 on July 31.
    July 25 Paid PHP500 for telephone bill.
    July 27 Another customer hired the services of Reyes. A bill was issued to them for PHP20,000, 50% of which was collected
    July 30 The customer on July 24 paid 50% of his account in cash.
    July 31 Paid PHP10,000 for rental of office space, and salaries of PHP9,000
    Date ASSETS = LIABILITIES + OWNERS EQUITY
    Exercise #1
    June 10 The owner invested cash of PHP150,000 or the business earned PHP150,000 cash
    from providing services.
    June 11 Purchased equipment at PHP20,000 for cash.
    June 12 The owner withdrew cash of PHP112,500 or the business incurred PHP112,500
    expenses and paid in cash.
    June 16 The company purchased supplies on account.
    June 18 The owner withdrew cash of PHP15,000 or the business incurred PHP15,000
    expenses and paid in cash.
    June 19 Paid liabilities worth PHP53,000.
    June 20 The owner withdrew supplies worth PHP8,000 or the business used supplies worth
    PHP8,000.
    Exercise #2
    Jerome Garcia started a new business and completed these transactions during August:
    Aug. 1 Garcia invested PHP48,000 cash in the business.
    1 Rented office space and paid PHP800 cash for the August rent.
    2 Purchased exploration equipment for PHP22,000 by paying PHP12,000 cash and
    agreeing to pay the balance in 3 months.
    5 Purchased office supplies by paying PHP1,500 cash.
    6 Completed exploration work and immediately collected PHP420 cash for the work.
    8 Purchased PHP1,350 of office equipment on credit.
    15 Completed exploration work on credit in the amount of PHP8,000.
    18 Purchased PHP700 of office supplies on credit.
    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 days.
    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 PHP340 cash for this month’s utility bill.
    30 Garcia withdrew PHP1,050 cash from the business for personal us

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