: Identifying and Analyzing of Business Transactions
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50 Terms
The owner invested ₱100,000 in the business.
Dr Cash ₱100,000
Cr Owner’s Capital ₱100,000
Bought office supplies for ₱5,000 and paid in cash
Dr Office Supplies ₱5,000
Cr Cash ₱5,000
Paid ₱10,000 for one-month rent.
Dr Rent Expense ₱10,000
Cr Cash ₱10,000
Provided services worth ₱15,000 on account
Dr Accounts Receivable ₱15,000
Cr Service Revenue ₱15,000
5 Received ₱20,000 from a client for services to be performed next month.
Dr Cash ₱20,000
Cr Unearned Revenue ₱20,000
6Paid employee salaries of ₱12,000.
Dr Salaries Expense ₱12,000
Cr Cash ₱12,000
Collected ₱8,000 from a customer previously billed.
Dr Cash ₱8,000
Cr Accounts Receivable ₱8,000
Purchased furniture worth ₱30,000 on account.
Dr Furniture ₱30,000
Cr Accounts Payable ₱30,000
Paid ₱10,000 of outstanding supplier debt.
Dr Accounts Payable ₱10,000
Cr Cash ₱10,000
Adjusting Entry: Recognized depreciation of equipment worth ₱2,000.
Dr Depreciation Expense ₱2,000
Cr Accumulated Depreciation ₱2,000
Borrowed ₱50,000 from a bank.
Dr Cash ₱50,000
Cr Bank Loan Payable ₱50,000
Purchased inventory worth ₱25,000 on account.
Dr Inventory ₱25,000
Cr Accounts Payable ₱25,000
Sold inventory for ₱35,000, received full payment. (Cost ₱22,000)
Dr Cash ₱35,000 Cr Sales Revenue ₱35,000
Dr Cost of Goods Sold ₱22,000 Cr Inventory ₱22,000
Received a utility bill of ₱3,000, to be paid next month.
Dr Utilities Expense ₱3,000
Cr Utilities Payable ₱3,000
Paid half of the utility bill (₱1,500).
Dr Utilities Payable ₱1,500
Cr Cash ₱1,500
Received ₱5,000 interest income from bank savings.
Dr Cash ₱5,000
Cr Interest Income ₱5,000
Purchased a computer worth ₱40,000, paid 50% in cash and the rest on credit.
Dr Computer Equipment ₱40,000
Cr Cash ₱20,000
Cr Accounts Payable ₱20,000
Customer paid ₱12,000 in advance for a two-month contract.
Dr Cash ₱12,000
Cr Unearned Revenue ₱12,000
End of month: Recognized revenue earned from unearned amount above (₱6,000 for 1st month).
Dr Unearned Revenue ₱6,000
Cr Service Revenue ₱6,000
Adjusting Entry: Accrued service revenue of ₱4,000 not yet billed. The services has already been performed.
Dr Accrued Revenue ₱4,000
Cr Service Revenue ₱4,000
Paid advertising expense of ₱7,000 in cash.
Dr Advertising Expense ₱7,000
Cr Cash ₱7,000
Owner withdrew ₱15,000 cash for personal use.
Dr Owner’s Drawings ₱15,000
Cr Cash ₱15,000
Purchased prepaid insurance for one year, ₱12,000.
Dr Prepaid Insurance ₱12,000
Cr Cash ₱12,000
End of month: Insurance expired by ₱1,000.
Dr Insurance Expense ₱1,000
Cr Prepaid Insurance ₱1,000
Purchased a delivery van for ₱300,000, paid in full with cash.
Dr Delivery Van ₱300,000
Cr Cash ₱300,000
Paid ₱6,000 for repair and maintenance of equipment.
Dr Repairs and Maintenance Expense ₱6,000
Cr Cash ₱6,000
Received billing for phone services used, ₱2,500, not yet paid.
Dr Telephone Expense ₱2,500
Cr Accounts Payable ₱2,500
Paid the full phone bill received earlier.
Dr Accounts Payable ₱2,500
Cr Cash ₱2,500
Accrued salaries at month-end, ₱10,000 not yet paid.
Dr Salaries Expense ₱10,000
Cr Salaries Payable ₱10,000
Paid the accrued salaries from previous entry.
Dr Salaries Payable ₱10,000 Cr Cash ₱10,000
The business rendered services worth ₱12,000 on account.
Dr. Accounts Receivable ₱12,000
Cr. Service Revenue ₱12,000
Received ₱12,000 cash from a customer who previously owed for services rendered.
Dr. Cash ₱12,000
Cr. Accounts Receivable ₱12,000
Paid ₱5,000 for advertising expense.
Dr. Advertising Expense ₱5,000
Cr. Cash ₱5,000
Owner withdrew ₱3,000 cash for personal use.
Dr. Drawing ₱3,000
Cr. Cash ₱3,000
Business paid ₱2,000 for rent expense in advance for next month.
Dr. Prepaid Rent ₱2,000
Cr. Cash ₱2,000
Purchased supplies worth ₱1,500 on credit.
Dr. Supplies ₱1,500
Cr. Accounts Payable ₱1,500
Paid ₱1,500 to supplier for previously purchased supplies.
Dr. Accounts Payable ₱1,500
Cr. Cash ₱1,500
Accrued salaries of ₱4,000 to be paid next month.
Dr. Salaries Expense ₱4,000
Cr. Salaries Payable ₱4,000
Services have already been performed for clients, have been billed, but payment has not yet been collected — ₱5,000.
Dr. Accounts Receivable ₱5,000
Cr. Service Revenue ₱5,000
Received ₱3,000 in advance for future services.
Dr. Cash ₱3,000
Cr. Unearned Revenue ₱3,000
The business received ₱15,000 from a customer for services that will be performed next month.
Dr. Cash ₱15,000
Cr. Unearned Revenue ₱15,000
Paid ₱8,000 for utility bills incurred this month.
Dr. Utilities Expense ₱8,000
Cr. Cash ₱8,000
Purchased supplies worth ₱5,000 on account.
Dr. Supplies ₱5,000
Cr. Accounts Payable ₱5,000
Paid ₱5,000 for supplies purchased in Transaction #43.
Dr. Accounts Payable ₱5,000
Cr. Cash ₱5,000
Earned ₱6,000 revenue that was previously unearned.
Dr. Unearned Revenue ₱6,000
Cr. Service Revenue ₱6,000
Provided services worth ₱10,000 and received full payment in cash.
Dr. Cash ₱10,000
Cr. Service Revenue ₱10,000
Owner withdrew ₱7,000 in cash for personal use.
Dr. Drawing ₱7,000
Cr. Cash ₱7,000
Recorded monthly depreciation of ₱2,500 on equipment.
Dr. Depreciation Expense ₱2,500
Cr. Accumulated Depreciation ₱2,500
Accrued ₱4,000 salaries for employees not yet paid.
Dr. Salaries Expense ₱4,000
Cr. Salaries Payable ₱4,000
Accrued service revenue of ₱3,500 not yet collected, but already billed them.
Dr. Accounts Receivable ₱3,500
Cr. Service Revenue ₱3,500