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    Seatwork - 1. Which of The Following Does Not Affect The Owner's Equity?

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    Rochelle Joyce Cosme
    This document provides an accounting worksheet on the accounting equation for a University of Pangasinan course. It includes multiple choice and fill-in-the-blank questions testing understanding of the accounting equation concepts of assets, liabilities, and owner's equity. It also includes transactional exercises to practice applying changes to the accounting equation accounts.

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    Seatwork - 1. Which of The Following Does Not Affect The Owner's Equity?

    Uploaded by

    Rochelle Joyce Cosme
    891 views4 pages
    This document provides an accounting worksheet on the accounting equation for a University of Pangasinan course. It includes multiple choice and fill-in-the-blank questions testing understanding of the accounting equation concepts of assets, liabilities, and owner's equity. It also includes transactional exercises to practice applying changes to the accounting equation accounts.

    Original Title

    Quiz #2 & SW #2 A

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    This document provides an accounting worksheet on the accounting equation for a University of Pangasinan course. It includes multiple choice and fill-in-the-blank questions testing understanding of the accounting equation concepts of assets, liabilities, and owner's equity. It also includes transactional exercises to practice applying changes to the accounting equation accounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    891 views4 pages

    Seatwork - 1. Which of The Following Does Not Affect The Owner's Equity?

    Uploaded by

    Rochelle Joyce Cosme
    This document provides an accounting worksheet on the accounting equation for a University of Pangasinan course. It includes multiple choice and fill-in-the-blank questions testing understanding of the accounting equation concepts of assets, liabilities, and owner's equity. It also includes transactional exercises to practice applying changes to the accounting equation accounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    UNIVERSITY OF PANGASINAN

    PHINMA EDUCATION NETWORK

    Fundamentals of Accounting and Financial Statement Analysis


    (ACC 104)

    Name: ______________________________
    Block/Section: _______________________

    THE ACCOUNTING EQUATION

    SEATWORK

    ___ 1. Which of the following does not affect the owner’s equity?
    a. Revenue
    b. Withdrawals
    c. Investment
    d. None of these
    ___ 2. If the total assets of the business is P 170,000 and its total liabilities is P 70,000, the total
    equities of the business is:
    a. P 100,000
    b. P 170,000
    c. P 70,000
    d. None of these
    ___ 3. If the business has P 450,750 worth of assets and P 150,000 worth of liabilities, the
    proprietor’s capital would be:
    a. P 300,000
    b. P 300,750
    c. P 450,750
    d. None of these
    ___ 4. If the business has only two classes of assets: Current Assets of P 200,000 and Property
    Plant and Equipment of P 475,000, what is the amount of total equities?
    a. P 675,000
    b. P 475,000
    c. P 200,000
    d. None of these
    ___ 5. Refer to number 4 above. If the total capital or owner’s equity is P 500,000, what is
    the total obligation of business to outsiders?
    a. P 175,000
    b. P 300,000
    c. P 250,000
    d. None of these

    COMPUTE FOR THE MISSING AMOUNTS. (6-10)


    INVESTMENTS
    Assets Liabilities Original Additional Revenues Expenses Withdrawal

    (6) 25,000 80,000 15,000 20,000 8,000 2,000


    97,000 10,000 (7) 0 25,000 10,000 3,000
    140,000 (8) 100,000 20,000 50,000 28,000 2,000
    170,000 20,000 90,000 10,000 (9) 33,000 2,000
    229,000 30,000 185,000 20,000 80,000 (10) 1,000

    6. __________
    7. __________
    8. __________
    9. __________
    10. _________

    QUIZ

    GANDA KA established her own business called HALA SANA MABALANCE KOmpany.
    Give the effects of the following transactions on assets, liabilities and proprietorship of the
    business. Fill in the missing amounts.

    TRANSACTIONS ASSETS LIABILITIES PROPRIETORSHIP


    Increase Increase Increase (Decrease)
    (Decrease) (Decrease)
    1. Establish HALA SANA
    MABALANCE
    KOmpany with cash P 210,000
    contribution from owner
    of P 210,000.
    2. Paid SANA TAMA
    NUMBER ONE
    Graphics for advertising,
    P 20,000. (The bill was
    not previously recorded.)
    3. During the month,
    GANDA KA invested
    another P 120,000 of
    personal funds in the
    business.
    4. Billed customer for audit
    services on account, P
    21,000.
    5. Received cash for audit
    services, P 12,000.
    6. Bought office equipment
    on account from NH 421
    Company, P 21,000.
    7. GANDA KA withdrew P
    12,000 for personal use.
    8. Paid NH 421 Company
    P11,000 as part payment (11,000)
    on the office equipment
    bought in transaction 6.
    9. Cash of P4,500 is
    received as income of the
    business.
    10. Purchased supplies for P
    10,000, giving P2,000
    cash and a note for the
    remaining P8,000.
    BALANCES
    P 341,500

    PREPARED BY:

    Rochelle Joyce C. Cosme

    PROVERBS 16:3
    Commit to the Lord whatever you do, and your plans will succeed.

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