Financial Transaction Worksheet The assets, liabilities and owner's equity of Deogracia Corpuz who operates a repair shop are expressed in equation form below. Corpuz completed the following transactions: Assets Liabilities OE Cash + Supplies + Land = Accounts + Corpuz, Payable Capital 1. Organized a repair shop and deposited P500,000 cash in the bank for use by the business. (1) 2. Purchased P20,000 of supplies on account. (2) Bal Purchased land for future repair site for P140,000 cash. (3) Bal. 4. Paid P18,000 to creditors. (4) Bal. 5 . Withdrew P25,000 for personal use. (5 ) Bal. 6. Paid P28,000 for site and equipment rent for the month. (6) Bal. 7. During the month, P10,000 expenses were incurred on account by (7) the business. Bal. 8. During the month, Corpuz invested another P100,000 of personal funds in the business. (8) Bal. 9. Received P5,000 for a cash service call. (9) Bal. 10. Corpuz used P6,000 worth of supplies. (10)Transactions in a Completed Worksheet Nine transactions are reflected in the October transaction worksheet of the Teresita Galang Financial Planner presented below: Teresita Galang Financial Planner Financial Transaction Worksheet Month of October 2018 A OE Cash + Accounts + Supplies + Office = Accounts + Galang, Receivable Equipment Payable Capital Bal. P 15,000 P 17,500 P 4,500 P 153,000 P 60,000 P 130,000 7,000 (7,000) 2 (5,000) 5,000 25,000 11 25,000 24,500 24,500 = 16,000 (16,000) 10 00 VOI UT A W I (6,500) (6,500) 3,700 3, 700 (2,500) 11 11 11 11 11 (2,500) (5,000) (5,000) P 3,000 + P 35,000 + P 13,200 + P 178,000 P 98,200 + P 131,000 P 229,200 P 229,200 Required: 1. Describe each of the above transactions. The last transaction is the only transaction affecting the capital account that does not affect profit. 2. What was the change in the Cash account for the month? In Galang, Capital?Recording Transactions in a Financial Transaction Worksheet Stephanie Calamba is the owner of the Calamba Repairs Specialist. On Jan. 1, 2019, the assets, liabilities and proprietor's capital of the business were: Cash, P25,000; Accounts Receivable, P4,000; Supplies, P5,000; Equipment, P60,000; Accounts Payable, P9,000; Calamba, Capital, P85,000. The transactions for the month of January were as follows: Accounts Accounts Calamba, Cash + Receivable + Supplies + Equipment = Payable Capital Jan. 1 Balance P25,000 + P4,000 + P5,000 + P60,000 = P9,000 + P85,000 a b C. d. e. h . i a. Paid P3,000 of the outstanding accounts payable. b. Received P1,000 on account (part payment) from customers. C . Purchased P2,500 worth of supplies on account (on credit). d. Returned a defective piece of equipment that was purchased last month and received a cash refund of P12,000. e. Borrowed P10,000 from a supplier, to repay the loan in 30 days. f . Paid creditor P2,000 on account (part payment). g. Purchased equipment for P10,000, giving P2,000 cash and promising to pay the balance in 60 days. h . Bought supplies, paying P1,650 cash. Received a P2,500 check from customer on account. Required: Record the transactions using a financial transaction worksheet.The Accounting Equation and the Double Entry System | 101 Required: on each of the numbered lines, show by addition or subtraction the effect of each of the transactions on the equation. For each transaction, identify the changes in owner's equity by placing the letter I (income), E (expense), W (withdrawal), or INV (investment) at the right of each increase or decrease in owner's equity. On the lines labeled "Bal." (i.e. Balance) show the new equation resulting from the transaction