Required:

A. Analyze the following transactions based on the expanded accounting equation. (Oral)

B. Journalize the transactions. Use the general journal and follow the formalities in journalizing.

C. Post the transactions. Use T-accounts in posting.

Exercise 3

2021

Mar 2 Migo Cruz opened a TV Repair Shop by Investing P2,000 in the business.

4 Purchased shop supplies for cash P480.

6 Purchased additional supplies P250 and shop equipment P750 on credit

from Electronic Supplies Inc.

8 Repaired the TV set of Karl Reyes and collected P150 cash.

10 Paid electronic Supplies Inc P500 partial settlement of account due.

14 Repaired the TV set of John Rex on credit P180.

18 Paid the monthly utility bill P190.

22 Received P800 from various walk-in customers for repair services.

24 Withdrew P500 from business for personal use