Assignment 1:

Prepare a T-account of the business transactions

1. MicroHard, invests P200,000 to start a computer software developer.

2. MicroHard buys equipment on credit, P100,000.

3. MicroHard bought Office Supplies for cash, P62,000

4. Paid partial on equipment bought on account, P60,000

5. MicroHard received a bank loan for business use, P100,000

6. Customers pay cash for service rendered, P25,000

7. Services rendered on account, P50,000

8. Paid’s a month’s rent P10,000

9. MicroHard collects partial from customers’ account, P30,000

10. MicroHard pays the salaries and wages for employees, P15,000

11. Billed a customer, P6,000; P2,000 was partially received.

12. Supplies purchased, P15,000 and P5,000 was partially paid.

13. Office Supplies used and paid, P18,000

14. Withdrew P20,000 for personal use.

Assignment 2:

Complete the sentence by writing either DEBIT or CREDIT:

1. DEBIT accounts receivable when you render service on accounts.

2. __________accounts payable when you pay your account.

3. __________cash when you pay expenses.

4. __________cash in bank when you deposit money in the bank.

5. __________capital when the owner makes an investment.

6. __________drawing when the owner withdraws money from the business.

7. __________salaries expenses when employees are paid their salaries.

8. __________cash on hand when you render services for cash.

9. __________accounts payable when you buy equipment on account.

10. _________notes receivable when you receive note for services rendered.

11. _________notes receivable when it is paid.

12. _________capital when the owner makes an additional investment.

13. _________service income when you render service for cash.

14. _________service income when you render service on account.

15. _________accounts receivable when you collect an account.

16. _________salaries payable when you pay the salaries unpaid last month.

17. _________due from customers when you render service on account.

18. _________advances to employees when the employees make vales.

19. _________advances to employees when their vales are deducted from their salaries at the end of the month.

20. _________accounts payable when you return defective furniture to the seller.