Exercise # 5
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Mara Shaira SiegaExercise # 5
Uploaded by
Mara Shaira SiegaName: Course & Year: Score:
Acctg 1 - Exercise # 5
I. Identify the following account titles as to Assets, Liabilities and Owner’s Equity and their corresponding normal balance. Place a
check mark (✓) on the space provided for.
Owner’s
Account Title Asset Liabilities Income Expense Dr. Cr.
Equity
1. Cash in bank
2. Bad Debts Expense
3. Unearned Revenue
4. Service Revenue
5. Accrued Salaries Expense
6. Unused Office Supplies
7. Accrued Rental Income
8. Building
9. Sales
10. Purchases
11. Notes Receivable
12. Loans Payable
13. Estimated Uncollectible Accounts
14. Accumulated Depreciation
15. Seokjin Kim, Drawing
II. Identify what account title should be debited and credit for each transaction. Also, identify the classification of each account title,
whether Asset, Liabilities, Owner’s Equity, Income or Expense.
Mr. Seokjin Kim, CPA opened a current account with Development Bank of the Philippines and deposited ₱150,000 to start with his
public practice.
Dec 2 Mr. Kim deposited₱150,000 to the bank account of the business as investment.
4 Bought various office stationeries and supplies on account, ₱15,000.
9 Paid ₱2,500 for transportation expense in visiting a client in Davao City.
10 Rendered professional service on account, ₱10,000
12 Received cash, ₱6,000 from Cebu Golden Plaza but professional service has yet to be rendered.
13 Paid taxes and business permits for cash, ₱4,500
16 Collected in full the account of a client on December 10.
17 Partial payment of account on December 4, ₱3,000.
18 Bought steel cabinets on account from Sungold, Inc. ₱25,000.
21 Mr. Kim made a withdrawal from his bank account of ₱25,000 for his personal use.
27 Took a loan from Cebu Accountant’s Multi-Purpose Cooperative, ₱47,000, net of interest payable six months after.
30 Full payment of account with Sungold, Inc.
30 Rendered professional service to Cebu Golden Plaza, paying out the advanced payment received on December 12.
30 Full payment of December 4 account.
30 Received cash from a client for professional services rendered ₱8,000
December Debit Account Classification Credit Account Classification
2
4
9
10
12
13
16
17
18
21
27
30
30
30
30