FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Angela de Dios, a business graduate student who was working in Think Computer, a company selling all
kinds of computers, decided to become an entrepreneur and put up an internet shop. The following are the
transactions for the month of March:
1 - Angela started an internet shop called “ Playnet.com” by investing her savings of ₱ 50,000
and the proceeds from the sale of her car of ₱ 300,000
5 - Angela hired two workers to assist her in the shop.
10 - Two month rent deposit was paid in cash, ₱10,000
15 - Paid ₱15,000 for building materials to fix the shop, ₱8,000 for furniture, ₱ 45,000 for one
unit of aircon and two units of electric fan.
20 - Purchased supplies for cash, ₱1,500
25 - The shop was ready for the installation of the computer units. Angela purchased 12 units of
computer hardware from Think PC. She paid 50% in cash for ₱ 125,000 and a note for the balance
payable in 24 monthly installments starting April 20.
The transactions using the following accounts for asset and liabilities. Cash, Supplies, Rent Deposit,
Furniture and Fixture, Equipment, Leasehold Improvements, Notes Payable, and De Dios, Capital.
Required :
1. What is the owner’s net worth? Prepare an interim
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