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    Exercise 2-1 Exercise 2-2 Exercise 2-3

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    denise ng
    The document contains a series of exercises related to accounting concepts like the balance sheet, assets and liabilities, and current vs non-current accounts. It provides tables to categorize different accounts as assets, liabilities, or owner's equity and indicates whether they are current or non-current. The exercises also include journal entries, financial statements, and notes to financial statements for a tailoring shop.

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    Exercise 2-1 Exercise 2-2 Exercise 2-3

    Uploaded by

    denise ng
    61 views11 pages
    The document contains a series of exercises related to accounting concepts like the balance sheet, assets and liabilities, and current vs non-current accounts. It provides tables to categorize different accounts as assets, liabilities, or owner's equity and indicates whether they are current or non-current. The exercises also include journal entries, financial statements, and notes to financial statements for a tailoring shop.

    Original Description:

    Unit 2 accounting 2

    Original Title

    unit 2

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    The document contains a series of exercises related to accounting concepts like the balance sheet, assets and liabilities, and current vs non-current accounts. It provides tables to categorize different accounts as assets, liabilities, or owner's equity and indicates whether they are current or non-current. The exercises also include journal entries, financial statements, and notes to financial statements for a tailoring shop.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    61 views11 pages

    Exercise 2-1 Exercise 2-2 Exercise 2-3

    Uploaded by

    denise ng
    The document contains a series of exercises related to accounting concepts like the balance sheet, assets and liabilities, and current vs non-current accounts. It provides tables to categorize different accounts as assets, liabilities, or owner's equity and indicates whether they are current or non-current. The exercises also include journal entries, financial statements, and notes to financial statements for a tailoring shop.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 11

    Exercise 2-1 Exercise 2-2 Exercise 2-3

    1 Balance Sheet 1 E 1 Non-Current


    2 Account Form 2 I 2 Current
    3 Capital 3 A 3 Non-Current
    4 Assets = Liabilities + Owner's Equity 4 B 4 Current
    5 Accounts Payable 5 J 5 Current
    6 Investments in Trading Securities 6 D 6 Current
    7 Mortgage 7 C 7 Non-Current
    8 Assets 8 H 8 Non-Current
    9 Capital 9 F 9 Non-Current
    10 Dual Concept 10 G 10 Current
    Exercise 2-4 Exercise 2-5 Exercise 2-6 Exercise 2-10
    1 F 1 Non-Current 1 A 1 1
    2 C 2 Current 2 C 2 1
    3 A 3 Non-Current 3 E 3 1
    4 H 4 Current 4 D 4 1
    5 B 5 Current 5 A/C 5 1
    6 G 6 Current 6 F 6 0
    7 E 7 Non-Current 7 G 7 0
    8 D 8 Current 8 B 8 0
    9 I 9 Current 9 G 9 0
    10 J 10 Current 10 A 10 0
    Office Furniture & Office Accounts Notes
    Cash Supplies Fixtures Equipment Payable Payable
    a) (+) (o) (o) (o) (o) (o)
    b) (-) (o) (+) (o) (+) (o)
    c) (-) (o) (o) (o) (o) (o)
    d) (o) (+) (o) (o) (+) (o)
    e) (-) (o) (o) (+) (o) (+)
    Capital
    (+)
    (o)
    (-)
    (o)
    (o)
    a)
    b)
    c)
    d)
    e)
    Initial investment of P500,000.00.
    Bought office supplies: Paid P2,500.00 in cash and the remaining balance of P500.00 on account.
    Cash advance worth P1,500.00.
    Bought office equipment: Paid P10,000.00 in cash and issued a note for the remaining balance of P40,000.00.
    The owner withdrew cash worth P5,000.00 for personal use.
    ASSETS LIABILITIES
    1 I Cash NE -- I
    2 I Office Supplies I Accounts Payable NE
    3 I Office Equipment I Notes Payable NE
    D Cash I Accounts Payable
    4 I Cash I Notes Payable NE
    5 I Furniture & Fixtures NE -- I
    6 I Transportation Equipment I Mortgage Payable NE
    D Cash
    7 D Office Supplies D Accounts Payable NE
    8 D Cash NE -- D
    9 D Office Supplies NE -- D
    10 NE -- NE -- I
    D
    OWNER'S EQUITY
    Owner's Capital
    --
    --

    --
    Owner's Capital
    --

    --
    Owner's Capital
    Owner's Capital
    Owner's Capital
    Utilities Expense
    MARY DE JESUS TAILORING SHOP
    Statement of Financial Position
    September 30, 2011

    ASSETS Notes
    Current Assets
    Cash P 20,000.00
    Investment in Trading Securities 30,500.00
    Trade and Other Receivables 1 42,500.00
    Prepaid Expenses 2 22,000.00
    Total Current Assets P

    Non-Current Assets
    Property, Plant, and Equipment 3
    TOTAL ASSETS P

    LIABILITIES AND OWNER'S EQUITY


    Current Liabilities
    Trade and Other Payables 4 P

    Non-Current Liabilities
    Mortgage Payable P 50,000.00
    Notes Payable (due in 2014) 14,000.00
    Total Non-Current Liabilities
    TOTAL LIABILITIES P

    Owner's Equity
    Mary de Jesus, Capital
    TOTAL LIABILITIES AND OWNER'S EQUITY P
    Notes to Financial Statements

    Note 1 - Trade and Other Receivables


    Accounts Receivable P 25,000.00
    Less: Allowance for Doubtful Accounts 2,000.00 P
    Notes Receivable
    Accrued Interest Income
    Total Trade and Other Receivables P

    Note 2 - Prepaid Expenses


    115,000.00 Office Supplies P
    Prepaid Insurance
    Total Prepaid Expenses P
    157,500.00
    272,500.00 Note 3 - Property, Plant, and Equipment
    Office Equipment P 110,000.00
    Less: Accumulated Depreciation 15,000.00 P
    Office Furniture and Fixtures P 70,500.00
    24,650.00 Less: Accumulated Depreciation 8,000.00
    Total Carrying Value P

    Note 4 - Trade and Other Payables


    Accounts Payable P
    64,000.00 Accrued Utilities Expense
    88,650.00 Salaries Payable
    Withholding Tax Payable
    Total Trade and Other Payables P
    183,850.00
    272,500.00
    23,000.00
    18,000.00
    1,500.00
    42,500.00

    7,800.00
    14,200.00
    22,000.00

    95,000.00

    62,500.00
    157,500.00

    10,000.00
    4,700.00
    2,550.00
    7,400.00
    24,650.00

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