FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT I FINAL OUTPUT I. Give the effect of the following transactions on the assets, liabilities and the owner's equity: (20 pts.) ASSETS LIABILITIES OWNER'S EQUITY 1. Owner invested cash 2. Owner purchased furniture using cash. 3. Owner withdrew cash for personal use. 4. Owner returned defective supplies bought in cash. 5. Purchase of supplies on credit. II. Selected transactions from Peppers Skin Clinic are presented below. Give the effect of the following transactions on the three elements of the balance sheet. Give the accounts affected and the amount of increase or decrease. The first one is done for you. (60 pts.) 1. Dr. Dy invested P200,000 cash in the business. Answer: Cash-increase, P200,000 Dy Capital-increase, P200,000 2. Purchased P20,000 worth of furniture from ACE on account. 3. Dr. Dy withdrew P15,000 cash for personal use. 4. Bought computer costing P65,000 using cash. 5. Paid P2,000 interest on bank loan. 6. Returned defective furniture to Ace, P7,000. 7. Invested a truck costing P360,000 for office use. 8. Partner Dr. Hao invested P150.000 cash in the business. 9. Bought P1,800 worth of supplies for office use on account. 10. Borrowed money from Tako Rural Bank, P500,000. 11. Paid messenger's salary, P6,000 12. Paid Ace in full, P13,000. 13. Received P8,000 note from customer as payment for facial services. 14. Rendered services for cash, P4,50015. Purchased P800 worth of supplies on account. 16. Paid P25,000 interest to Jako Rural Bank. 17. Paid utilities for the month, P7,899 18. Received Meralco bill, P8,600 19. Dr. Dy withdrea P1,200 worth of supplies 20. Rendered professional services on account, P5,600. III. Ms. Maria Ligaya, owner of Ligaya Accounting Services, found the following balances in the ledger accounts of Makiling Co. as of November 2020: Prepare a TRIAL BALANCE. (20 pts.) Equipment P43,400 Furniture & Fixture 52,100 Accounts Payable 26,000 Notes Payable 6,000 Makiling, Capital 105,000 Cash 17,000 Accounts Receivable 23,500 Office Supplies 1,000