Introduction to Accounting

Atty. Jayson P. Lopez, CPA

Assignment No. 3
The following are transactions of Ms. Jelai Ong, an interior decorator in her first month of business operation.
September

1
3
9
11
12
15
16
17
18
20
21
22
23
28
30

Invested P1,000,000 cash in business

Bought a used car for P250,000 in cash to be used in business
Purchased supplies on account, P7,000
Billed customers for services rendered, P75,000
Received a check from a customer for services rendered for cash, P10,500
Paid P2,500 cash for advertisement
Invested additional P100,000 cash in the business.
Purchased equipment worth P50,000 by issuing a promissory note
Issued check in payment for supplies purchased on September 9.
Received P15,000 cash for customers billed on September 11.
Purchased additional office supplies on account, P5,000.
Issued check in payment of the promissory note issued on September 17
Paid creditor on account, P3,500
Withdrew P5,200 cash for personal use.
Paid salaries of assistant, P12,000, rent of P15,000 and utilities amounting to P8,000

Required:
Prepare in good form the following:
a.
b.
c.
d.

Expanded accounting equation recording the transactions

Income statement for the month of September, 2015
Statement of changes in owners equity for the month of September, 2015
Balance sheet as of September 30, 2015

Reference: Basic Accounting for Non-Accountants (c) 2014