1.

Accounting Accounts Receivable

2. RA 9298 16,666.67
3. Sole Proprietorship
4. Merchandising 6/25 Tan, Drawings 80,000
5. Entity Concept Cash 80,000
6. Going Concern
7. Accrual Accounting 6/26 Accounts Payable 6,000
8. Periodicity Concept Cash 6,000
9. Objectivity
10. Consistency 6/28 Advertising Expense 2,000
Cash 2,000
6/1 Cash 500,000
Furniture & Fixtures 200,000 6/29 Rent Expense 20,000
Equipment 400,000 Cash 20,000
Tan, Capital
1,100,000 6/30 Cash 33,333.33
Accounts Receivable
6/3 Furniture & Fixtures 12,000 33,333.33
Accounts Payable 12,000

6/5 Office Supplies 20,500

Cash 20,500

6/8 Prepaid Insurance 20,000

Cash 20,000

6/10 Accounts Receivable 50,000

Service Revenue 50,000

6/11 Accounts Payable 6,000

Cash 6,000

6/15 Salaries Expense 20,000

Cash 20,000

6/18 Equipment 40,000

Cash 20,000
Accounts Payable 20,000

6/20 Cash 500,000

Notes Payable
500,000

6/22 Utilities Expense 10,000

Cash 10,000

6/23 Cash 16,666.67

Accounting
AAA
ASC
AICPA

RA 9298
Phil. Accountancy Act of 2004

Forms of Business Organizations

Sole Proprietorship
Partnership
Corporation

Activities in Business Organizations

Financing
Investing
Operating

Concepts and Principles

Entity Concept
Periodicity Concept
Stable Monetary Unit Concept
Objectivity
Historical Cost
Accrual Accounting
Adequate Disclosure
Materiality
Consistency

Underlying Assumption
Going Concern