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    Activity 2 - FABM1

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    Mary Arlene C. Dionisio
    The document contains two activities. The first activity provides a table with assets, liabilities, and owner's equity amounts for five different businesses. It asks to fill in the missing items by using the accounting equation that assets must equal liabilities plus owner's equity. The second activity lists nine transactions undertaken by a new business and asks to record them in a t-account format table to show the changes to the business's cash, supplies, equipment, accounts payable, capital, revenue, and expenses.

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    Activity 2 - FABM1

    Uploaded by

    Mary Arlene C. Dionisio
    68 views2 pages
    The document contains two activities. The first activity provides a table with assets, liabilities, and owner's equity amounts for five different businesses. It asks to fill in the missing items by using the accounting equation that assets must equal liabilities plus owner's equity. The second activity lists nine transactions undertaken by a new business and asks to record them in a t-account format table to show the changes to the business's cash, supplies, equipment, accounts payable, capital, revenue, and expenses.

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    Activity-2-_-FABM1 (1)

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    The document contains two activities. The first activity provides a table with assets, liabilities, and owner's equity amounts for five different businesses. It asks to fill in the missing items by using the accounting equation that assets must equal liabilities plus owner's equity. The second activity lists nine transactions undertaken by a new business and asks to record them in a t-account format table to show the changes to the business's cash, supplies, equipment, accounts payable, capital, revenue, and expenses.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    68 views2 pages

    Activity 2 - FABM1

    Uploaded by

    Mary Arlene C. Dionisio
    The document contains two activities. The first activity provides a table with assets, liabilities, and owner's equity amounts for five different businesses. It asks to fill in the missing items by using the accounting equation that assets must equal liabilities plus owner's equity. The second activity lists nine transactions undertaken by a new business and asks to record them in a t-account format table to show the changes to the business's cash, supplies, equipment, accounts payable, capital, revenue, and expenses.

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    © All Rights Reserved
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    of 2

    Activity 2

    I. Supply the missing item. Show your complete solutions.

    Assets Liabilities Owner’s Equity

    A ₱62,500 ₱12,500 ₱50,000


    B ₱225,550 ₱40,550 ₱185,000
    C ₱150,125 ₱40,550 ₱109,575
    D ₱572,000 ₱286,000 ₱286,000
    E ₱225,000 ₱150,000 ₱75,000
    Assets = Liabilities + Owner’s Equity
    A. A = L + C
    A = 12,500 + 50,000
    A = 62,500
    B. A = L + C
    225,550 = L +185,000
    225,550 - 185,000 = L
    40,550 = L
    C. 150,125 = 40,550 + C
    150125 - 40,550 = C
    109,575 = C
    D. 572,000 = L + 286,000
    572,000 - 286,000 = L
    286,000 = L
    E. A = L + C
    A = 150,000 + 75,000
    A = 225,000
    II. Directions:. Record Transactions in the table provided below.

    During the month of November, 2020, Jack Water Refilling Station had the
    following transactions:
    1. Jack invested ₱300,000 cash into the newly formed business.
    2. Paid rent amounting to ₱20,000.
    3. Bought water distilling equipment worth ₱150,000. Paid ₱25,000 cash
    and the rest on account.
    4. Purchased ₱21,800 worth of supplies.
    5. Paid ₱3,000 for business permits and other fees.
    6. Received ₱45,000 for distilled water sold to clients.
    7. Paid ₱25,000 as partial payment for water distilling equipment.
    8. Paid salary of two helpers ₱12,000.
    9. Paid Utility bill for the month ₱5,500.
    Assets Liabilities Owner’s Equity
    Cash Supplies Equipment Accounts Capital Revenue Expenses
    Payable
    300,000 300,000
    - 20,000 - 20,000
    - 25,000 125,000 125,000 - 25,000
    21,800 21,800
    - 3,000 - 3,000
    45,000 45,000
    - 25,000 - 25,000
    - 12,000 - 12,000
    - 5,500 - 5,500
    254,500 21,800 125,000 100,000 300,000 45,000 - 43,700
    401,300 401,300

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