FABM1 '21-'22 WEEK 4 TASK Learning Competency The learners shall be able to ilustrate the accounting equation (ABM_FABM11-lb-c-8); • Perform operations involving simple cases with the use of the accounting equation (ABM_FABM11-Ib-C-9) WEEK 4- LEARNING TASK 3 PAGE 21 Learning Task 3: The following transactions were made during the first month of a single proprietor's business operation. 1. Mr. Y started a grocery store. He invested P 200,00 as initial investment. 2. He registered his business paying P 1,500 for registration. 3. He paid P 20,000 for store rent applicable for one year. 4. He incurred and paid P25,.000 for the repair of the grocery store. 5. He purchased merchandise for sale amounting to P 300,000, paying P 200,000 with the balance to be paid after 60 days. 6. He paid P2,000 for the transportation of the merchandise purchased. 7. He hired a saleslady for a contract of P 5,000 per month salary. 8. He sold P100,000 worth of merchandise for P160,000 for cash. 9. He sold P20,000 worth of merchandise for P35,000 on credit. 10. He paid business taxes and licenses amounting to P5,000 during the month. 11. He paid P3,000 electricity expense during the month. 12. He paid the salary of his saleslady. 13. He paid 50% of his obligation to his supplier. a. Required: 14. Determine what accounting element is affected by the business transactions including their amounts 15. How much is the total assets, labilities, and owner's equity at the end of the month
FABM1 '21-'22 WEEK 4 TASK Learning Competency The learners shall be able to ilustrate the accounting equation (ABM_FABM11-lb-c-8); • Perform operations involving simple cases with the use of the accounting equation (ABM_FABM11-Ib-C-9) WEEK 4- LEARNING TASK 3 PAGE 21 Learning Task 3: The following transactions were made during the first month of a single proprietor's business operation. 1. Mr. Y started a grocery store. He invested P 200,00 as initial investment. 2. He registered his business paying P 1,500 for registration. 3. He paid P 20,000 for store rent applicable for one year. 4. He incurred and paid P25,.000 for the repair of the grocery store. 5. He purchased merchandise for sale amounting to P 300,000, paying P 200,000 with the balance to be paid after 60 days. 6. He paid P2,000 for the transportation of the merchandise purchased. 7. He hired a saleslady for a contract of P 5,000 per month salary. 8. He sold P100,000 worth of merchandise for P160,000 for cash. 9. He sold P20,000 worth of merchandise for P35,000 on credit. 10. He paid business taxes and licenses amounting to P5,000 during the month. 11. He paid P3,000 electricity expense during the month. 12. He paid the salary of his saleslady. 13. He paid 50% of his obligation to his supplier. a. Required: 14. Determine what accounting element is affected by the business transactions including their amounts 15. How much is the total assets, labilities, and owner's equity at the end of the month
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:NTEGRATE
FABM1 21-22 WEEK 4 TASK
Learning Competency
• The learners shall be able to illustrate the accounting equation (ABM_FABM11-llb-c-8);
Perform operations involving simple cases with the use of the accounting equation (ABM_FABM11-Illb-c-9)
S.Y. 2021-2022
ARISTOTLE
PARMENIDES
EPICURUS
WEEK 4- LEARNING TASK 3 PAGE 21
Learning Task 3: The following transactions were made during the first month of a single
proprietor's business operation.
1. Mr. Y started a grocery store. He invested P 200,00 as initial investment.
2. He registered his business paying P 1,500 for registration.
3. He paid P 20,000 for store rent applicable for one year.
4. He incurred and paid P25,000 for the repair of the grocery store.
5. He purchased merchandise for sale amounting to P 300,000, paying P
200,000 with the balance to be paid after 60 days.
6. He paid P2,000 for the transportation of the merchandise purchased.
7. He hired a saleslady for a contract of P 5,000 per month salary.
8. He sold P100,000 worth of merchandise for P160,000 for cash.
9. He sold P20,000 worth of merchandise for P35,000 on credit.
10. He paid business taxes and licenses amounting to P5,000 during the month.
11. He paid P3,000, electricity expense during the month.
12. He paid the salary of his saleslady.
13. He paid 50% of his obligation to his supplier.
a. Required:
14. Determine what accounting element is affected by the business transactions
including their amounts
15. How much is the total assets, liabilities, and owner's equity at the end of the
a. month.
FABM1
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