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Activity 1 Recording Transactions

The document provides two problems involving recording financial transactions in a worksheet. The first problem involves transactions for a video rental store. The second problem involves transactions for a law office. For each problem, the document lists the transactions and accounts to use in the financial transaction worksheet.

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Aira Mae Mendoza
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33 views1 page

Activity 1 Recording Transactions

The document provides two problems involving recording financial transactions in a worksheet. The first problem involves transactions for a video rental store. The second problem involves transactions for a law office. For each problem, the document lists the transactions and accounts to use in the financial transaction worksheet.

Uploaded by

Aira Mae Mendoza
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Financial Accounting and Reporting 1

Activity 1

FINANCIAL TRANSACTION WORKSHEET

Instructions: Provide the requirements needed for each problem. Make a financial transaction
worksheet.

Problem 1:
Recording Transactions in a Financial Transaction Worksheet

On December 1, 2021, Lucy Mendoza opened a videotape rental store, Cavite Video, by investing
P250,000 cash from her personal savings account. During the month of December, the following
transactions took place:

Dec. 1 Acquired supplies on account, P67,000.


4 Acquired videotapes costing P235,000, on account.
5 Paid P85,000 to creditors.
8 Received P78,000 cash from ACA Video for rental fees.
11 Billed Video City for video rentals, P105,000.
16 Paid salaries, P65,000.
17 Collected P77,000 from Video City.
23 Mendoza withdrew P47,000 from the business.
24 Paid rent for the month, P41,500.
30 Paid utilities bill for the month, P17,500.

Required:
Record the transactions for the month of December 2021 using a financial transaction worksheet. Use
the following accounts: Cash, Accounts Receivable; Supplies; Videotapes; Accounts Payable and
Mendoza, Capital.

Problem 2:
Recording Transactions in a Financial Transaction Worksheet

Mira Cruz, Attorney-at-Law, opened his office on September 1, 2021. The following transactions were
completed during the month.

a Deposited P210,000 in the bank in the name of the business.


b Bought office equipment on account from Daraga Company, P147,000.
c Invested his personal law library into the business, P57,000.
d Paid office rent for the month, P7,600.
e Bought office supplies for cash, P8,850.
f Paid the premium for a one-year fire insurance policy on the equipment and the library,
P1,860.
g Received professional fees for services rendered, P24,600.
h Received and paid bill for the use of a landline, P2,280.
i Paid salaries of two part-time legal researchers, P9,600.
j Paid car rental expense, P2,880.
k Received professional fees for services rendered, P21,200.
l Paid Daraga Company a portion of the amount owed for the acquisition of the office
equipment recorded earlier, P15,000.
m Cruz withdrew cash for personal use, P20,750.

Required:
Record the transactions for the month of September 2021 using a financial transaction worksheet. Use
the following accounts: Cash, Accounts Receivable; Office Supplies; Prepaid Insurance; Office
Equipment; Professional Library; Accounts Payable; and Cruz, Capital. If the owner’s equity account is
affected by a transaction, identify it as revenue, expense, investment or withdrawal.

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