The document provides a summary of financial transactions for Kim, the owner of Chinita Girl Spa Services, for the month of June 2020. Students are asked to record the transactions in a financial transaction worksheet to track changes in assets, liabilities, and owner's equity. The worksheet shows investments, revenues, expenses, and payments affecting the accounting equation for the business over the month.
The document provides a summary of financial transactions for Kim, the owner of Chinita Girl Spa Services, for the month of June 2020. Students are asked to record the transactions in a financial transaction worksheet to track changes in assets, liabilities, and owner's equity. The worksheet shows investments, revenues, expenses, and payments affecting the accounting equation for the business over the month.
The document provides a summary of financial transactions for Kim, the owner of Chinita Girl Spa Services, for the month of June 2020. Students are asked to record the transactions in a financial transaction worksheet to track changes in assets, liabilities, and owner's equity. The worksheet shows investments, revenues, expenses, and payments affecting the accounting equation for the business over the month.
The document provides a summary of financial transactions for Kim, the owner of Chinita Girl Spa Services, for the month of June 2020. Students are asked to record the transactions in a financial transaction worksheet to track changes in assets, liabilities, and owner's equity. The worksheet shows investments, revenues, expenses, and payments affecting the accounting equation for the business over the month.
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Republic of the Philippines
Department of Education Caraga Region Division of Surigao City CARAGA REGIONAL SCIENCE HIGH SCHOOL SENIOR HIGH SCHOOL DEPARTMENT ____________________________________________________________________________________________________
FUNDAMENTALS OF ABM1 SUMMATIVE QUIZ –Part 2 of Week 3 (Accounting Equation)
Name : Joana Jean B. Suyman
Year/Strand & Section : 11-ABM JOBS Date : 10/21/2021
Directions: Analyze the transactions of Kim as the owner of Chinita Girl Spa Services. Record the transactions using a financial transaction worksheet indicated on the next page.
June 1 Kim invested Php 500,000.00 cash and equipment
amounting to Php100,000.00 to open Chinita Girl Spa.
2 She borrowed Php 50,000.00 cash from Bamba Bank to be
used for her business.
7 She bought tables and chairs from Maginhawa Furnitures and
paid Php 20,000.00 cash.
15 Various equipment were purchased on account from
Beauty Shoppy for Php 50,000.00.
18 She made a withdrawal of Php 10,000.00 for her personal use.
20 The account due to Beauty Shoppy was paid in cash.
21 Chinita Girl Spa Services was hired. The cash of Php 10,000.00 was received from the customer.
22 Gas and oil worth Php 1,000.00 and equipment repairs worth Php 1,000.00 were paid in a cash transaction.
24 Service was hired again by a customer for Php 15,000.00 but
this time the customer was only able to pay Kim 50% on that day and she made a promise to pay the other 50% on June 30.
25 She paid Php 1,000.00 for the telephone bill.
27 Another customer hired the services of Chinita Girl Spa
Services. A bill was issued to them for Php 30,000.00 and 50% of it was collected.
30 The remaining balance on the transaction last June 24 was
paid in cash.
30 She paid Php 5,000.00 for the office rental space and Php 4,000.00 for employees’ salaries. Chinita Girl Spa Services Financial Transaction Worksheet Month of June, 2020
Date ASSETS LIABILITIES OWNER’S
EQUITY June Cash Accounts Loans Accounts Kim, Other Furnitures Equipment Receivable Payable Payable Capital Account Title 1 500,000 100,000 600,000 2 50,000 50,000 7 (20,000) 20,000 15 50,000 50,000 18 (10,000) (10,000) Kim’s Drawings 20 (50,000) (50,000) 21 10,000 10,000 Service revenue 22 (1,000) (1,000) Gas and oil (1,000) (1000) Equipment Repair 24 7,500 7,500 15,000 Service Revenue 25 (1,000) (1,000) Telephone expenses 27 15,000 15,000 30,000 Service Revenue 30 7,500 (7,500) 30 (5,000) (5,000) Rent Expense (4,000) (4,000) Salaries Expense Bal. 498,000.00 20,000.00 150,000.00 15,000.00 50,000.00 0.00 633,000.00 Total 683,000.00 683,000.00 Balanc es
