FUNDAMENTALS OF ACCOUNTANCY, BUSINESS, AND MANAGEMENT 1

Quarter 2

Name: Pilapil, Apple Jane M. Week No.: 6

Grade and Section: 11A1-Weber Module/Lesson No.: 6

TRY THIS!
1. TRUE
2. TRUE
3. FALSE
4. FALSE
5. TRUE
6. TRUE
7. TRUE
8. TRUE
9. TRUE
10. TRUE

DO THIS!
Task 1.
General Journal
December 31, 2018
Balances
Account Titles and Explanation
Debit Credit
Salaries Expense ₱12,000
Salaries Payable/Accrued Salaries Expense ₱12,000
To record unpaid salaries at the year end

Supplies Expense ₱2,200

Supplies ₱2,200
To record used supplies for the year

Doubtful Accounts Expense ₱29,500

Allowance for Doubtful Accounts ₱29,500
To record estimated uncollectible accounts

Advertising Expense ₱5,000

Prepaid Advertising ₱5,000
To record used advertising subscription for the year

Depreciation Expense ₱1,000

Accumulated Depreciation — Equipment ₱1,000
To record depreciation expense for the machinery

Task 2.
Glidder Company
General Journal
December 31
Balances
Account Titles and Explanation
Debit Credit
Unearned Rent ₱198,000
Rent Income ₱198,000
To record rent earned for the year

Supplies Expense ₱13,500

Supplies ₱13,500
To record used supplies for the year

Doubtful Accounts Expense ₱3,760

Allowance for Doubtful Accounts ₱3,760

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 To record estimated uncollectible accounts

Utilities Expense ₱3,888

Utilities Payable/Accrued Utilities Expense ₱3,888
To record unpaid utilities bill at the year end

Interest Expense ₱57,000

Interest Payable/Accrued Interest Expense ₱57,000
To record unpaid interest at the year end

KEEP THIS IN MIND

Task 3.

1. What is a worksheet?
A worksheet is a multiple-column form that is used as a temporary and optional
accounting record, specifically for the adjustment process and in preparing financial statements.
2. What is the purpose of a worksheet?
The worksheet’s purpose is to make the preparation of adjusting entries and financial
statements easier.

APPLY WHAT YOU HAVE LEARNED

Task 4.
Adjusting Entries
General Journal
Date
Account Titles and Explanation Ref. Debit Credit
2019
Dec. 31 a. Depreciation Expense – Delivery Equipment ₱18,000
Accumulated Depreciation – Delivery Equipment ₱18,000
Dec. 31 b. Depreciation Expense – Furniture and Fixtures ₱22,500
Accumulated Depreciation – Furniture and Fixtures ₱22,500
Dec. 31 c. Insurance Expense ₱6,000
Prepaid Insurance ₱6,000
Dec. 31 d. Commission Expense ₱66,000
Commission Payable/Accrued Commission ₱66,000
Expense
Dec. 31 e. Merchandise Inventory ₱450,000
Income Summary ₱450,000
Dec. 31 f. Salaries Expense ₱54,000
Salaries Payable/Accrued Salaries Expense ₱54,000
Dec. 31 g. Bad Debts Expense ₱13,500
Allowance for Bad Debts ₱13,500

Maringuran Company
Worksheet
For Year Ended December 31, 2019
N
o Account Title Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
.
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash ₱237,000 ₱237,000 ₱237,000
Accounts
59,400 59,400 59,400
Receivable
Notes Receivable 39,600 39,600 39,600
Merchandise e.
247,500 697,500 697,500
Inventory ₱450,000
Office Supplies 30,000 30,000 30,000
Prepaid Insurance 12,000 c. ₱6,000 6,000 6,000
Delivery
225,000 225,000 225,000
Equipment
Accumulated
Depreciation –
₱54,000 a. 18,000 ₱72,000 ₱72,000
Delivery
Equipment
Furniture and
180,000 180,000 180,000
Fixtures
Accumulated
Depreciation –
45,000 b. 22,500 67,500 67,500
Furniture and
Fixtures
Accounts Payable 45,000 45,000 45,000

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 Notes Payable 105,000 105,000 105,000
Maringuran,
324,000 324,000 324,000
Capital
Maringuran,
50,000 50,000 ₱50,000
Drawing
Sales 2,300,000 2,300,000 ₱2,300,000
Sales Returns and
195,000 195,000 195,000
Allowances
Purchases 1,125,000 1,125,000 1,125,000
Freight-In 12,000 12,000 12,000
Purchase Returns
90,000 90,000 90,000
and Allowances
Rent Expense 170,000 170,000 170,000
Utilities Expense 37,500 37,500 37,500
Office Supplies
25,000 25,000 25,000
Expense
Delivery Expense 18,000 18,000 18,000
Commission
300,000 d. 66,000 366,000 366,000
Expense
Totals ₱2,963,000 ₱2,963,000
Depreciation
Expense –
a. 18,000 18,000 18,000
Delivery
Equipment
Depreciation
Expense –
b. 22,500 22,500 22,500
Furniture and
Fixtures
Insurance
c. 6,000 6,000 6,000
Expense
Commission
d. 66,000 66,000 66,000
Payable
Income Summary e. 450,000 450,000 450,000
Salaries Expense f. 54,000 54,000 54,000
Salaries Payable f. 54,000 54,000 54,000
Bad Debts
g. 13,500 13,500 13,500
Expense
Allowance for Bad
g. 13,500 13,500 13,500
Debts
2,112,500 747,000
Net Income 2,840,000 1,474,500
₱630,000 ₱630,000 ₱3,587,000 ₱3,587,000 727,500 727,500
Totals
₱2,840,000 ₱2,840,000 ₱1,474,500 ₱1,474,500

Task 5: (Individual/Pair/Group Work)

Adjusting Entries
General Journal
Date
Account Titles and Explanation Ref. Debit Credit
2019
Dec. 31 a. Depreciation Expense – Store Equipment ₱1,200
Accumulated Depreciation – Store Equipment ₱1,200
Dec. 31 b. Depreciation Expense – Furniture and Fixtures ₱1,500
Accumulated Depreciation – Furniture and Fixtures ₱1,500
Dec. 31 c. Supplies Expense ₱1,000
Office Supplies ₱1,000
Dec. 31 d. Insurance Expense ₱200
Prepaid Insurance ₱200
Dec. 31 e. Income Summary ₱10,000
Merchandise Inventory ₱10,000
Dec. 31 f. Doubtful Accounts Expense ₱800
Allowance for Doubtful Accounts ₱800
Dec. 31 g. Utilities Expense ₱24,000
Utilities Payable/Accrued Utilities Expense ₱24,000

Dave Company
Worksheet
For Year Ended December 31, 2019
N
o Account Title Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
.
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash ₱16,800 ₱16,800 ₱16,800
Accounts
6,600 6,600 6,600
Receivable
Merchandise
16,500 e. ₱10,000 6,500 6,500
Inventory
Office Supplies 2,000 c. 1,000 1,000 1,000
Prepaid Insurance 800 d. 200 600 600

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 Store Equipment 15,000 15,000 15,000
Accumulated
Depreciation – ₱3,600 a. 1,200 ₱4,800 ₱4,800
Store Equipment
Furniture and
12,000 12,000 12,000
Fixtures
Accumulated
Depreciation –
3,000 b. 1,500 4,500 4,500
Furniture and
Fixtures
Accounts Payable 10,000 10,000 10,000
Dave, Capital 26,600 26,600 26,600
Dave, Drawing 5,000 5,000 ₱5,000
Sales 150,000 150,000 ₱150,000
Sales Returns and
13,000 13,000 13,000
Allowances
Purchases 75,000 75,000 75,000
Freight-In 800 800 800
Purchase Returns
4,500 4,500 4,500
and Allowances
Purchase Discount 1,500 1,500 1,500
Rent Expense 20,000 20,000 20,000
Utilities Expense 2,500 g. ₱24,000 26,500 26,500
Freight Out 1,200 1,200 1,200
Salaries Expense 12,000 12,000 12,000
Totals ₱199,200 ₱199,200
Depreciation
Expense – Store a. ₱1,200 1,200 1,200
Equipment
Depreciation
Expense –
b. 1,500 1,500 1,500
Furniture and
Fixtures
Supplies Expense c. 1,000 1,000 1,000
Insurance
d. 200 200 200
Expense
Income Summary e. 10,000 10,000 10,000
Doubtful
f. 800 800 800
Accounts Expense
Allowance for
Doubtful f. 800 800 800
Accounts
Utilities Payable g. 24,000 24,000 24,000
156,000 58,500
Net Loss 168,200 70,700
₱38,700 ₱38,700 ₱226,700 ₱226,700 12,200 12,200
Totals
₱168,200 ₱168,200 ₱70,700 ₱70,700

REFLECT
Task 6: Lessons Learned!

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