Please complete the following. Preferably typewritten.


  1. Analyze the following transactions based on the expanded accounting equation. (Oral)
  2. Journalize the transactions. Use the general journal and follow the formalities in journalizing.
  3. Post the transactions. Use T-accounts in posting.

Exercise 2


Feb 1 Ivy Santos invested P5,000 cash in Flawless Beauty Shop.

3 Bought manicure sets and other toiletries for shop use P1,500 cash.

5 Bought display cases, chairs and tables and standing mirror on account from Real

Beauty Supplies, P5,000.

6 Paid taxes and license for P300 cash.

12 Rendered services for cash P1,800.

15 Paid rent for the month P200 cash.

18 Rendered services on account to Access worth P2,000.

21 Bought additional dryers on account from Bree’s Beauty Shop for P2,000.

23 Paid the Philippine Inquirer P400 for advertisement.

25 Paid Real Beauty partially P1,000.

26 Collected from Access P500 to apply on account.

27 The owner, Ms. Ivy Santos withdrew P400 cash for personal use.

28 Paid the salaries and wages of employees for P500 cash.

Public Answer

X56U0Y The First Answerer