Name and course:

ETEEAP - Customized Mini Practice Set

COMPLETE ACCOUNTING CYCLE
1) La Vista Grandia Hotel
Trial Balance
November 30 of current year
Acct # Account Title Debit Acct # Account Title
101 Cash ₱1,179,900 151 Accum Depr'n - Building
105 Accounts Receivable 245,800 153 Accum Depr'n - Equipment
110 Inventory - Food & beverage 364,000 201 Accounts Payable
119 Supplies 120,000 202 Salaries Payable
125 Prepaid Insurance 24,000 203 Accrued Expense Payable
126 Prepaid Advertising - 210 Note Payable
140 Land 2,400,000 211 Mortgage Payable
150 Building 3,800,000 301 Grande, Capital
152 Equipment 1,540,000 302 Diaz, Capital
303 Grande, Withdrawals 1,320,000 310 Income Summary
304 Diaz, Withdrawals 1,320,000 401 Sales - Food and Beverage
501 Cost of Food Sold 6,380,000 402 Room Sales
601 Salaries Expense 935,000 405 Service Income
602 Utilities Expense 528,000
603 Advertising Expense 45,000
604 Insurance Expense 33,000
605 Depreciation Expense-Bldg -
606 Depreciation Expense-Equip 252,000
607 Supplies Expense -
608 Repairs and Maintenance 133,100
609 Housekeeping Expenses 2,035,000
Total ₱22,654,800 Total
La Vista Grandia Hotel is a company that caters food, rooms and other services in the city proper of Bacolod.
Owned and managed by two partners, Grande and Diaz and have agreed to divide the profit and loss equally.
The following are the transactions during the month of December of the current year:
Date TRANSACTIONS
Dec 1 Ms. R. Grande and J. Diaz invest additional capital for Grande
the expansion of their hotel business, amounting Diaz
2 Received proceeds of bank loan, payable in 3 years at 12% interest per year
3 Paid advance advertising for 5 months at P15,000 per month.
4 Purchased food and beverage inventory for cash, amounting
12 Paid a one-year fire insurance policy, amounting
13 Purchased the adjacent land with a fair market value amounting . . . . . . . . . . .
paid a down payment of . . . . . . . . . . . . . . . . . ...... ..............
and signed a two-year mortgage note for the balance. (Interest charge is waived)
15 Total food and beverage sales during the month, amounting
of these amount of sales, the cash sales is ...... ...... .................
and the credit sales is . . . . . . . . . . . . . . . . . . . . . . . . ...... .................
15 Food inventories were consumed in making the above sales, amounting
18 Received and paid telephone and water bills consumed during the month
 20 Charged and billed customers for labor and service fee of catering services,
21 Collected and received cash from customers in payment of their accounts.
22 Received electricity bill for the month of December to be paid early next month.
24 Paid salaries and wages of personnel during the month, amounting
26 Incurred and paid minor repairs of equipment and facilities, amounting
28 Made partial payment to suppliers or creditors during the month
29 Total room sales for cash during the month amounting
30 Paid housekeeping expenses during the month, amounting
31 Each partner withdrew cash for personal use, amounting
REQUIRED: 1) Journalize the foregoing transactions in a two column General Journal.

Name and course: ___________________________________________________ Score: ___ R

2) Additional Data for Adjustement as at December 31 of the current year:

a) No record of depreciation of the Building since the start of the year. The building has estimated salvage
value of P380,000 after 10 years of its useful life.
b) Consumed a one month advertising during the month of December.
c) Balance of supplies on hand after the physical inventory count is estimated at P46,000.
d) The company pays its casual employees every Saturday at P36,000 for 6-day work. December 31 falls on
Tuesday. The bookkeeper failed to record the unpaid salaries during the period.
e) Accrual of interest for one month on loan borrowed from bank last Dec. 2 is to be adjusted and recorded.
f) Prepaid expense is an insurance to be amortized over 12 months. It is the policy of the company that a
monthly expense is to be recognized regardless as to when it was paid.
g) Depreciation for equipment of P21,000 was not recorded during the month.
h) Each partner withdraw 50% of their profit share after determining the results of business operation.

REQUIRED: Prepare Adjusting Journal Entries in a separate two-column General Journal.

3) REQUIREMENTS
1) JOURNALIZE the transactions above in two-column General Journal. Provide brief explanation.
2) POST the entries in the general ledger accounts. Make appropriate posting references.
3) PREPARE trial balance as of December 31 of the current year.
4) JOURNALIZE the foregoing additional data as Adjusting Entries in the General Journal and
POST them in their respective accounts in the general ledger.
5) PREPARE and COMPLETE the 10-column worksheet.
6) PREPARE Financial Statements: Income Statement, Balance Sheet, SCPE, Cash Flow Statement
7) PREPARE Closing Entries as at December 31 of the current year.
8) PREPARE Post Closing Trial Balance as of December 31 of the current year.
9) WRITE your learnings in this subject area 7 (Acctg ) in one sheet of paper.
10) Print and compile your answers in a fastened long folder following the sequence of arrangement:
Label your name, course and the date.
Item No. Item/.Sheets (top to bottom)
1 Write-ups about your learning
2 Post Closing Trial Balance
3 Balance Sheet
4 Income Statement & Statement of Changes in Owner's Equity
 5 Cash Flow Statement
6 Worksheet and Adjusting journal entries
7 Trial Balance
8 General ledgers
9 General Journal
10 Given Data
11 Sample forms of accounting documents, (like: OR, CV, DR
bills, SOA, CRT, invoice, deposit slip, JV, PO, tickets, etc)
11) ACCOMPLISH the above requirements (1-11) before September 29, 2018

GOODLUCK!!! By: Acct Joel T. Balidio, CPA, MBA, AAT - Professor

Batch92018

Credit
₱450,000
502,000
388,000
-
-
1,060,000
-
3,508,800
3,300,700
-
8,802,200
4,510,000
133,100

₱22,654,800

Amount
₱ 400,000
500,000
1,000,000
75,000
584,000
48,000
2,000,000
500,000
1,500,000
995,000
935,000
60,000
480,000
14,500
 12,800
82,400
47,900
85,400
14,200
118,800
420,000
185,000
100,000
Page 1
Batch92018

core: ___ Rating____

Materials

Print out
 Print out

photocopies
10 samples

Page 2
Name: LITO G. ESTEMBER BSBA MM
La Vista Grandia Hotel
General Journal
December 31, 2018

Date Account Title PR Debit

2018
Dec 1 Cash 101 900,000
Grande, Capital 301
Diaz, Capital 302
Additional capital

2 Cash 101 1,000,000

Note Payable 210
Loan borrowing

3 Prepaid Advertising 126 75,000

Cash 101
Ads

4 Inventory - Food & beverage 110 584,000

Cash 101
Purchases

12 Prepaid Insurance 125 48,000

Cash 101
One year Insurance

13 Land 140 2,000,000

Cash 101
Mortgage Payable 211
Acquisition

15 Cash 101 935,000

Account Receivable 105 60,000
Sales - Food and Beverage 401
Monthly Sales

15 Cost of Food Sold 501 480,000

Inventory - Food & beverage 110
Food Costing
18 Utilities Expense 602 14,500
Cash 101
Telephone and Water Bills

20 Accounts Receivable 105 12,800

Service Income 405
Catering Service

21 Cash 101 82,400

Accounts Receivable 105
Collection

22 Utilities Expense 602 47,900

Accrued Expense Payable
Electricity Bill

24 Salaries Expense 601 85,400

Cash 101
Payroll

26 Repairs and Maintenance 608 14,200

Cash 101
Minor Rapair

28 Accounts Payable 201 118,800

Cash 101
Payments

29 Cash 101 420,000

Room Sales 402
Total Room Sales

30 Housekeeping Expenses 609 185,000

Cash 101
Cost of Housekeeping

31 Grande, Withdrawalas 303 100,000

Diaz, Withdrawalas 304 100,000
Cash 101
Withdrawals for Personal Use

7,263,000
3
Batch92018

Page 1

Credit PR - Post reference

400,000
500,000

1,000,000

75,000

584,000

48,000

500,000
1,500,000

995,000

480,000
 14,500

12,800

82,400 -

47,900

85,400

14,200

118,800

420,000

185,000

200,000
-

7,263,000
-
-

- -
-
Name: DOER JOHN GARCIA Batch92018

Account Title: Cash Acct. No. 101

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning GJ-12 1,179,900
Dec 1 Additional capital GJ-12 900,000
2 Loan borrowing GJ-12 1,000,000
3 Ads GJ-12 75,000
4 Purchases GJ-12 584,000
12 One year Insurance GJ-12 48,000
13 Acquisition GJ-12 500,000
15 Monthly Sales GJ-12 935,000
18 Telephone and Water Bills GJ-12 14,500
21 Collection GJ-12 82,400
24 Payroll GJ-12 85,400
26 Minor Rapair GJ-12 14,200
28 Payments GJ-12 118800
29 Total Room Sales GJ-12 420,000
30 Cost of Housekeeping GJ-12 185,000
31 Withdrawals for Personal Use GJ-12 200,000
3,337,400 1,824,900 2,692,400

Account Title: Accounts Receivable Acct. No. 105

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 245,800
Dec 15 Monthly Sales 60,000
Dec 20 Catering Service 12,800
Dec 21 Collection 82,400
72,800 82,400

Account Title: Inventory - Food & beverage Acct. No. 110

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 364,000
Dec 4 Purchases 584,000
Dec 15 Food Costing 480,000

584,000 480,000

Account Title: Supplies Acct. No. 119

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 120,000
Dec
Dec
Dec

Account Title: Prepaid Insurance Acct. No. 125

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 24,000
Dec 12 One year Insurance 48,000

Account Title: Pepaid Advertising Acct. No. 126

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning -
Dec 3 Ads 75,000

Account Title: Land Acct. No. 140

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 2,400,000
13 Acquisition 2,000,000

Account Title: Building Acct. No. 150

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 3,800,000

Account Title: Accum Depr'n - Building Acct. No. 151

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 450,000

Account Title: Equipment Acct. No. 152

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 1,540,000
Account Title: Accum Depr'n - Equipment Acct. No. 153
Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 502,000

Account Title: Accounts Payable Acct. No. 201

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 388,000
Dec 28 Payments 118,800

Account Title: Salaries Payable Acct No. 202

Date Item/Explanation PR Debit Credit Balance
0

Account Title: Accrued Expense Payable Acct No. 203

Date Item/Explanation PR Debit Credit Balance
Dec 22 Electricity Bill 47,900

Account Title: Notes Payable Acct. No. 210

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 1,060,000
Dec 2 Loan borrowing 1,000,000

Account Title: Mortgage Payable Acct. No. 211

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning -
Dec 13 Acquisition 1,500,000
Account Title: Grande, Capital Acct. No. 301
Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 3,508,800
Dec 1 Additional capital 400,000

Account Title: Diaz, Capital Acct. No. 302

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 3,300,700
Dec 1 Additional capital 500,000

Account Title: Grande, Withdrawals Acct. No. 303

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 1,320,000
Dec 31 Withdrawals for Personal Use 100,000
Dec
Dec

Account Ttle: Diaz, Withdrawals Acct. No. 304

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 1,320,000
Dec 31 Withdrawals for Personal Use 100,000

Account Ttle: Income Summary Acct. No. 310

Date Item/Explanation PR Debit Credit Balance

Account Title: Sales - Food and Beverage Acct. No. 401

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 8,802,200
Dec 15 Monthly Sales 995,000
Account Title: Room Sales Acct. No. 402
Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 4,510,000
Dec 29 Total Room Sales 420,000
Dec
Dec
Dec

Account Title: Service Income Acct. No. 405

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 133,100
Dec 20 Catering Service 12,800

Account Title: Cost of Food Sold Acct. No. 501

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 6,380,000
Dec 15 Food Costing 480,000

Account Title: Salaries Expense Acct. No. 601

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 935,000
Dec 24 Payroll 85,400

Account Title: Utilities Expense Acct. No. 602

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 528,000
Dec 18 Telephone and Water Bills 14,500
Dec 22 Electricity Bill 47,900
62,400
Account Title: Advertising Expense Acct. No. 603
Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 45,000

Account Title: Insurance Expense Acct. No. 604

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 33,000

Account Title: Depreciation Expense-Bldg Acct. No. 605

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning -

Account Title: Depreciation Expense-Equip Debit Acct. No. 606

Date Item/Explanation PR Credit Balance
Nov 30, 2018 Balance, beginning 252,000

Account Title: Supplies Expense Acct. No. 607

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 0

Account Title: Repairs and Maintenance Acct. No. 608

Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 133,100
Dec 26 Minor Rapair 14,200

Account Title: Housekeeping Expenses Acct. No. 609

 Date Item/Explanation PR Debit Credit Balance
Nov 30, 2018 Balance, beginning 2,035,000
Dec 30 Cost of Housekeeping 185,000
Dec
Dec

Account Title: Debit Acct. No.

Date Item/Explanation PR Credit Balance
Dec
Dec
Dec
Dec

Account Title: Debit Acct. No.

Date Item/Explanation PR Credit Balance
Dec
Dec
Dec
Dec
 Operating
Investing
Financing

2,692,400
Name: LITO G. ESTEMBER Batch92018

La Vista Grandia Hotel

TRIAL BALANCE
As of December 31, 2018

Acct # Account Title Debit Credit

101 Cash 1,612,500
105 Accounts Receivable 9,600
110 Inventory - Food & beverage 104,000
125 Prepaid Insurance 48,000
126 Pepaid Advertising 75,000
140 Land 2,000,000
201 Accounts Payable 118,800
203 Accrued Expense Payable 47,900
210 Notes Payable 1000000
211 Mortgage Payable 1,500,000
301 Grande, Capital 400,000
302 Diaz, Capital 500,000
303 Grande, Withdrawals 50,000
304 Diaz, Withdrawals 50,000
401 Sales - Food and Beverage 995,000
402 Room Sales 420,000
405 Service Income 12,800
501 Cost of Food Sold 480,000
601 Salaries Expense 85,400
602 Utilities Expense 62,400
608 Repairs and Maintenance 14,200
609 Housekeeping Expenses 185,000

Total ₱ 4,885,300 ₱ 4,885,300

-
Name: La Vista Grandia Hotel Batch92018
Worksheet Cost Assets Liab
December 31, 2018 expenses revenues wwal capital
Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Acct. No. Account Title
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash

current
assets

non
current
assets

current
liabilities

non current
liabilities

Captial accts
Net Profit

-
Name: Batch92018
La Vista Grandia Hotel
General Journal - Adjustments
December 31, 2017

Date Account Title PR Debit Credit

Reference
Name: 0 Batch92018

La Vista Grandia Hotel

Cash Flow Statement
For the Month Ended December 31, 2018
(Direct Method)

Cash flows from Operating Activities:

Payment of the following:

Net Cash Provided by Operating Activities

Cash flows from Investing Activities:

Cash flows from Financing Activities

Net Cash Provided by Financing Activities

Increase in Cash
Cash Balance, beginning
CASH BALANCE ENDING
Name: Batch92018

La Vista Grandia Hotel

Closing Entries
December 31, 2018

Date Account Title PR Debit Credit

Dec. 31 a)

b)

c)

d)
Name: Master Batch92018

La Vista Grandia Hotel

POST CLOSING TRIAL BALANCE
As of December 31, 2018

Acct Code Account Title Debit Credit

All account balances from balance sheet