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Quarter4 Accounting1 Week6

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Learning Activity Sheet

specialized-ACAD-ABM

G11
Regional Office No. VIII - Eastern Visayas
Department of Education
Schools Division Office of Biliran
Larrazabal, Naval, Biliran
SENIOR HIGH SCHOOL

Fundamentals
of ABM 1
(Q3-Week
4 6)
1)

LE
SA

Name: __________________________
OR
TF

Grade & Section: _______________


NO

Date: ___________________________
LESSON 1: Prepares a trial balance

LC: Prepares a trial balance (ABM_FABM11- IVe-j -38 )

Instructions. Write your answer on the line provided.

__________________1. Detailed records of the cost of each item are maintained, and the
cost of each item sold is determined from records when the sale occurs.
__________________2. Cost of goods sold is determined only at the end of an accounting
period.
__________________3. Reported when earned in accordance with the revenue recognition
principle, and in a merchandising company, revenues are earned when the goods are
transferred from seller to buyer.
__________________4. Credited only for sales of goods held for resale. Sales of assets not
held for resale (such as equipment, buildings, land, etc.) are credited directly to the asset
account.

Preparing an Unaudited Trial Balance Preparing an Adjusted Trial Balance

Once all transactions for the year The unadjusted trial balance
have been posted to their respective ledgers generated, however, does not contain all the correct
accounts, its totality is checked by using what we information as adjusting entries, which are generally
call an unadjusted trial balance. A trial balance is a made at the end of the year, have not been
listing of general ledger accounts together with their incorporated. We first journalize adjusting entry
respective debit and credit balances. Thus it items such as prepayments, accruals, and deferrals.
provides evidence that the total debits = total These adjustments are then inputted into the
credits. If these two are not equal, errors have worksheet to introduce the changes and ultimately
occurred in the recording and/or posting of the arrive at the adjusted trial balance which has
journal entries. updated account values as per the year-end amounts.
Step 4 & 5– Prepare the unadjusted trial balance, and preparation of worksheet. The balances in the
general ledger for each account will be extended to the first two money columns of the worksheet. The
unadjusted trial of Agila is: (refer to week 5 module)

AGILA MERCHANDISING

Worksheet

For the month ending January 30, 2019


ACCOUNT TITLE
Unadjusted Trial Balance

DEBIT CREDIT

Balance Sheet Accounts

Cash 149,429

Accounts Receivable 28,433

Merchandise Inventory 0-

Transportation Equipment 150,000

Accum. Deprn-Off Eqpt 0

Accounts Payable 231,190

Agila, Capital 500,000

Income Statement Accounts

Sales 83,562

Sales Discounts 1,410

Purchases 459,750

Purchase Discount 8,560

Salaries Expense 14,000

Supplies Expense 5,490

Advertising Expense 4,800

Rental Expense 10,000

Depreciation Expense 0

823,312 823,312
LET’S
ASSESS
Exercise:
Smash It is the leading sports store in the region. It was built and operated by
Matthew, its sole proprietor. At the beginning of the month of November, the general ledger of
Smas It contained the following balances: Cash – 25 000, Inventory – P25 000, A/R – P15 000, and
Matthew, Capital – P65 000. Transactions that occurred are as follows:

November 3 Purchased merchandise inventory on account from Sofia Apparel. Total cost was
P24 500. Terms: FOB Destination, 3/10, net 45. The
purchase is recorded net of discount.
November 05 Goods ordered last November 3 arrived at the Smash It warehouse.
November 08 Full payment to Sofia Apparel was made.
November 14 Sold merchandise to Dan Balls and equipment worth P5 000 were sold for P12 300.
Cash was received upon payment.
November 17 Sold inventory costing P10 000 to See Corporation on account. Mark-up on the
inventory amounted to 75% of the cost of inventory
sold.
November 18 25% of the merchandise sold last November 17 were defective. These were returned.
Credit memo was issued by Smash It.
November 23 Received full payment in settlement of obligation incurred by See Corporation last
November 17.

Requirement:

1. Journalize the transactions in the general journal. Use perpetual inventory system.

2. Prepare an unadjusted trial balance as of November 30, 2020.


Sales Account 4.
Revenues 3.
Periodic System 2.
Perpetua System 1.

Task 1 (Let’s Try This)

Task 2 (Let’s Assess) 94,800


94,800
__________
November 3 Inventory 23,765 4,375 Sales Return
Accounts Payable 23,765 12,500 Cost of Goods Sold
29,800
8 Accounts Payable 23,765 Sales
Cash 23,765 65,000
Matthew, Capital
14 Cash 12,300 15,000 Accounts Receivable
Sales 36,265 12,300 Inventory
26,660 Cash
Cost of Goods Sold 5,000
Inventory 5,000
November 30,2018
Unadjusted Trial Balance
17 Accounts Receivable 17,500 Smash It
Sales 17,500

Cost of Goods Sold 10,000


Inventory 10,000

18 Sales Return 4,375


Accounts Receivable 4,375

Inventory 2,500
Cost of Goods Sold 2,500

23 Cash 13,125
Account Receivable 13,125
Exercise:
Keith Ltd. is the leading sports store in the region. It was built and operated by
Aaron, its sole proprietor. At the beginning of the month of November, the general ledger of Keith
Ltd. contained the following balances: Cash – 15 000, Inventory – P15 000, A/R – P10 000, and
Aaron, Capital – P55 000 (40,000). Transactions that occurred are as follows:

November 3 Purchased merchandise inventory on account from Sofia Apparel. Total cost was
P27 500. Terms: FOB Destination, 3/10, net 45. The
purchase is recorded net of discount.
November 05 Goods ordered last November 3 arrived at the Keith Ltd. warehouse.
November 08 Full payment to Sofia Apparel was made.
November 14 Sold merchandise to Ike Balls and equipment worth P7 000 were sold for P15 300.
Cash was received upon payment.
November 17 Sold inventory costing P12 000 to Ara Corporation on account. Mark-up on the
inventory amounted to 75% of the cost of inventory
sold.
November 18 25% of the merchandise sold last November 17 were defective. These were returned.
Credit memo was issued by Keith Ltd.
November 23 Received full payment in settlement of obligation incurred by Ara Corporation last
November 17.

Requirement:

1. Journalize the transactions in the general journal. Use perpetual inventory system.

2. Prepare an unadjusted trial balance as of November 30, 2020.


What new information have I learned from these lessons and how will I
apply these knowledge in the real world?
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DISCLAIMER

This Learning Activity Sheet (LAS) was


developed by the Senior High School teachers and
passed the Quality Assurance processes of the Schools
Division Office of Biliran with the paramount objective
of preparing and addressing the new normal. The
contents of the LAS were based on the Department of • Accounting Theory (n.d.) Retrieved from
Education’s Most Essential Learning Competencies
ttp://accountingtheory.weebly. com/nature-and-
(MELC) and SDO-Biliran’s Budget of Lessons (BOL).
The borrowed materials (i.e., stories, articles, photos,
scope-of—accounting
brand names, trademarks, etc.) included in this LAS are • Andres, C.S., et al.(2016) “Teaching Guide for
owned by the respective copyright holders. This is a Senior High School Fundamentals of
supplementary material to be used by all Senior High Accountancy, Business and Management 1” –
School learners (Grade 11 and 12) of SDO-Biliran. Published by Commission on Higher Education in
collaboration with the Philippine Normal
Republic Act 8293, Section 176 states University
that: No copyright shall subsist in any work of the • Ferrer R.C. et.al. (2017). Fundamentals of
Government of the Philippines. However, prior approval Accountancy, Business and Management part 1,
of the Government agency or office wherein the work is Bandolin Enterprise, (Publishing and Printing)
created shall be necessary for exploitation of such work
Bakekang Sur, Baguio City
for profit. Such agency or office may, among other
things, impose as a condition the payment of royalties.
• Rabo, Joy S. et.al. (2019). Fundamentals of
Accountancy, Business and Management 1 (K to
Thus, the teachers who wrote, created, 12 Revised Edition), Vibal Publishing, Manila
compiled, and collected the information herein do not • Valencia, E. and Roxas, G. (2009). Basic
represent nor claim ownership over them. We highly Accounting, 3rd ed. Valencia Education Supply
encourage comments, feedbacks, suggestions and • Valix, Conrado T. et.al. (2015). Financial
recommendations. Accounting, Vol. 1, First part. GIC Enterprises &
Co. Inc
SY 2020-2021 • Weygandt, J. et. al. (2012) Accounting
MARICEL R. CORPIN, T-II Principles 10th ed. John Wiley & Sons (Asia) Pte.
Writer, Cabucgayan NHS Ltd

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