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    Fundamentals of Accountancy, Business and Management (Fabm 1)

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    Reese Gerald Roberts
    The document summarizes 15 transactions of JL Manpower Services and indicates the effect of each transaction on the company's balance sheet accounts - assets, liabilities, and capital. For each transaction, it is indicated whether the account increased, decreased, or had no change, as well as the amount of increase or decrease. The transactions include opening a bank account, paying taxes and expenses, purchasing assets using various payment methods, hiring employees, returning supplies, making investments and withdrawals, and generating revenue.

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    Fundamentals of Accountancy, Business and Management (Fabm 1)

    Uploaded by

    Reese Gerald Roberts
    631 views2 pages
    The document summarizes 15 transactions of JL Manpower Services and indicates the effect of each transaction on the company's balance sheet accounts - assets, liabilities, and capital. For each transaction, it is indicated whether the account increased, decreased, or had no change, as well as the amount of increase or decrease. The transactions include opening a bank account, paying taxes and expenses, purchasing assets using various payment methods, hiring employees, returning supplies, making investments and withdrawals, and generating revenue.

    Original Title

    FABM-Quiz-No.-7

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    The document summarizes 15 transactions of JL Manpower Services and indicates the effect of each transaction on the company's balance sheet accounts - assets, liabilities, and capital. For each transaction, it is indicated whether the account increased, decreased, or had no change, as well as the amount of increase or decrease. The transactions include opening a bank account, paying taxes and expenses, purchasing assets using various payment methods, hiring employees, returning supplies, making investments and withdrawals, and generating revenue.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    631 views2 pages

    Fundamentals of Accountancy, Business and Management (Fabm 1)

    Uploaded by

    Reese Gerald Roberts
    The document summarizes 15 transactions of JL Manpower Services and indicates the effect of each transaction on the company's balance sheet accounts - assets, liabilities, and capital. For each transaction, it is indicated whether the account increased, decreased, or had no change, as well as the amount of increase or decrease. The transactions include opening a bank account, paying taxes and expenses, purchasing assets using various payment methods, hiring employees, returning supplies, making investments and withdrawals, and generating revenue.

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    FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT (FABM 1)

    Espinosa, France Charles


    Grade 11- ABM
    Quiz # 7

    Selected transaction of JL Manpower Services are listed below. Give the effect on the three elements of
    the balance sheet by INC if the account has increased, DC if the account as decreased, and NC if there is
    no change in the account. Indicate the amount of increase the amount or decrease for each account.

    ASSETS LIABILITY CAPITAL


    1. Joey Lao opened an account with INC – 900,000 NC INC -900,000
    Union Bank under JL Manpower
    Services business name in the
    amount Php 900,000.
    2. Paid municipal taxes of Php 4,300 DEC – 4,300 DEC – 4,300 NC
    including his licenses to operate.
    3. Bought a Php 1,200,000 INC – CONDO – INC – 700,000 NC
    condominium for his office paying 1,200,000
    Php 500,000 down and Signing a DEC – CASH –
    mortgage with Union Bank payable 500,000
    in 20 years for the balance
    4. Hired a secretary, messenger, and DEC – CASH – NC DEC – EO – 21,000
    janitor with salaries of Php 9,000, 21,000
    Php 7,000 and Php 5,000
    respectively.
    5. Bought furniture on credit Php INC – FURNITURE INC – ACCOUNT NC
    25,000 – 25,000 PAYABLES -
    25,000
    6. Returned Php 3,000 worth of INC – ACCOUNTS NC INC – EO – 3,000
    furniture bought due to wrong RECEIVABLE –
    specifications 3,000
    7. Bought cash register Php 17,000 INC – NC NC
    cash EQUIPMENT-
    17,000
    DEC – CASH –
    17,000
    8. Bought Php 2,600 supplies for cash INC – SUPPLIES – NC NC
    2,600
    DEC – CASH –
    2,600
    9. Paid Furniture and Fixture DEC – CASH DEC – ACCOUNTS NC
    purchased on account PAYABLE
    10. Bought a Php 675,000 van from INC – EQUIPMENT INC – ACCOUNT NC
    swiss motors for use in business. – 675,000 PAYABLES –
    Terms 20% cash, 30% thru 10 day 675,000
    2% note and the balance on
    account
    11. Made an additional investment of INC CASH – NC INC – EO -
    Php 800,000 and a computer worth 800,000 850,000
    Php 50,000 INC EQUIPMENTS
    – 50,000
    12. Returned damage supplies worth INC – ACCOUNTS NC INC – EO - 300
    Php 300 RECEIVABLE – 300
    13. Withdrew Php 100,000 and supplies DEC CASH – NC DEC OWNERS
    worth Php 800 for personal use. 100,800 EQUITY – 100,800
    14. Paid the note issued to Swiss INC – CASH INC – NOTES NC
    Motors PAYABLE
    15. Rendered manpower services on INC – CASH – NC INC – SERVICE
    account Php 320,000 320,000 REVENUE –
    320,000

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