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FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 1

Name of Learner _________________________________________________Section________________

Grade Level _________________________________________________ Date
________________

LEARNERS’ ACTIVITY SHEET 1

Preparation of Closing Entries

This activity is designed to assess your learning on the preparation of closing entries.

Learning Competencies:

The learners can prepare closing entries

Activity 1:

Direction: Classify the accounts listed below as permanent or temporary, and indicate whether or not
each account is closed. Also, indicate the financial statement in which each account will appear.

Account Title Permanent Temporary Closed Balance Income

Yes No Sheet Statement
Example: Building X x x
1. Rent Expense
2. Prepaid Insurance
3. Accounts Receivable
4. Supplies Expense
5. Accumulated
Depreciation –
Furniture & Fixture
6. Interest Payable
7. Service Revenues
8. Notes Payable
9. Depreciation Expense
Activity 2:

Presented below is the adjusted Trial Balance of the Moises Dondoyano Information Systems for the
year ended December 31, 2016:

Dr Cr
Cash 45,000.00
Notes Payable 360,000.00
Accounts Receivable 156,000.00
Office Supplies 21,000.00
Land 300,000.00
Building 1,590,000.00
Accumulated Depreciation-Bldg 292,000.00
Equipment 2,150,000.00
Accumulated Depreciation-Equipt 735,000.00
Accounts Payable 213,000.00
Salaries Payable 14,000.00
Unearned Consultation Revenues 300,000.00
Dondoyano, capital 1/1/2016 2,655,000.00
Dondoyano, Withdrawals 600,000.00
Consulting Revenues 2,258,000.00
Salaries Expense 889,000.00
Depreciation Expense 161,000.00
Supplies Expense 42,000.00
Repairs Expense 116,000.00
Miscellaneous Expense 37,000.00
TOTAL 6,467,000.00 6,467,000.00

Required:

Prepare the closing entries for December, 31, 2016.

In a nutshell

I hope that the tasks served as your scaffoldings in your study of preparation of closing
we entries. Now, to conclude your learning in this lesson, write your reflection and conclusion
by c by completing the graphic organizer below. If you’re done, get another trophy below!

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I am certain that I learned I think there is a need to I could apply what I

about… … learned by…

Congratulations on completing the lesson Preparation of closing entries. Here’s

a trophy for you!

References:

Ballada, W.(2017). Fundamentals of Accountancy, Business and Management 1 Made Easy. Prof. Win
Ballada, Philippines

K to 12 Most Essential Learning Competencies