Joan M.

Parmis

12 – ICT

Entrepreneurship

Quarter 2 – Module 10

Bookkeeping

PRE – TEST

1. C
2. D
3. A
4. D
5. A
6. B
7. A
8. B
9. B
10. A

ACTIVITY 1

A.

1. Sari-sari store
2. Copra buy and sell
3. PisoWifi business

B.

1. Monthly.
2. Into journal and also in accounts.
3. Gather the source documents, including cheque records, deposit records, bills from vendors and
receipt for purchases and invoices issued costumers.
4. Every month.
5. At the end of the month, I reconcile the all the documents.
6. Yes, because I need one to help me manage my financial transactions.
7. Gather relevant information. This includes identifying courses of action, identifying alternatives
and researching both.
WHAT I HAVE LEARNED

1. Bookkeeper
2. General Journal
3. General Ledger
4. T – Account
5. Account Payable Ledger
6. Subsidiary Ledger
7. Debit
8. Credit
9. Trial balance
10. Assets

ACTIVITY 2: POSTING JOURNAL ENTRIES TO THE LEDGER USING T- ACCOUNTS

JNC Computer Repair Services

General Journal Entries
July 2020

GENERAL JOURNAL
Date Account Title and Ref Debit Credit
Explanation

1.July 14, 2020 Cash 200,000

JC Neri, Capital 200,000

2.July 15, 2020 Computer Equipment 25,000

Cash 25,000

3.July 16, 2020 No Entry

4.July 17, 2020 Cash 10,000

Service Revenue 10,000

5.July 18, 2020 Accounts Receivable 15,000

Service Revenue 15,000

6.July 19, 2020 Office Supplies 5,000

Accounts Payable 5,000

7.July 25, 2020 Salaries Expense 4,000

cash 4,000
 TOTAL Php 259,000 259,000

ACTIVITY 3: TRIAL BALANCE OPERATION

JCN Computer Repair Services

Trial Balance Report
July 31, 2020
DR CR
Cash 181,000
Accounts Receivable 15,000
Computer Equipment 25,000
Office Supplies 5,000
Accounts Payable 5,000
JC Neri, Capital 200,000
Service Revenue 25,000
Salaries and Wages 4,000
TOTAL 230,000 230,000

ACTIVITY 4: COMPUTATION FOR ACCRUED AND DEFFERED ACCOUNTS AND ADJUSTING JOURNAL
ENTRY PREPARATION

Activity 4.1 – Compute for Depreciation (* (5 yrs x 12 mos. = 60 months)

P 400 = (P 25,000 – P 1,000) 60 months*

GENERAL JOURNAL PAGE 1

DATE PARTICULARS POST.REF. DEBIT CREDIT

1 JUNE 30 Depreciation expense 400,000
2 Accumulated depreciation - JNC 400,000
Computer Repair Services
3 To record the allocation of
depreciation expense
ACTIVITY 4.2: DEFFERED EXPENSES OR PREPAID EXPENSES

Office supplies purchased P15,000

Less: Office Supplies – Unused 5,000
- - - - - -- - - - - - -
Total office supplies – used 10,000

Adjusting entry:

GENERAL JOURNAL PAGE 1

DATE PARTICULARS POST.REF. DEBIT CREDIT

1 June 30 Supplies expense 10,000
2 Supplies 10,000
3 To set up the value of used
supplies

ACTIVITY 4.3: DEFFERED INCOME OF UNEARNED INCOME

Journal entry:

GENERAL JOURNAL PAGE 1

DATE PARTICULARS POST.REF. DEBIT CREDIT

1 FEB 15 Cash 40,000
Unearned service revenue
2 Service Income 40,000
3 To record receipt of full
payment for the – month
service contact with Makisig
Adjustin Entry:
g
DATE PARTICULARS POST.REF. DEBIT CREDIT
4 FEB 29 Unearned service revenue 10,000
5 Service Revenue 10,000
6 To record service income
earned from Feb 15-29,
2016: P40,000 X (1/2 month
/2 months)
ACTIVITY 4.4: ACCRUED INCOME OR ACCRUED ASSETS

Adjusting entry:

GENERAL JOURNAL PAGE 1

DATE PARTICULARS POST.REF. DEBIT CREDIT

1 FEB 29 Accounts Receivable 15,000
2 Service Income 15,000
3 To record accrued income for
the services already rendered
during the month of February

ASSESSMENT

1. Assets
2. Trial Balance
3. Credit
4. Debit
5. Subsidiary Ledger
6. Account Payable Ledger
7. T – Account
8. General Ledger
9. General Journal
10. Bookkeeper

LESSON 2

ACTIVITY 1

1. P315,000
2. P255,000
3. P262,000
4. P53,000 Net Income

WHAT I HAVE LEARNED

 It is the fourth account of the five major accounts which refer to money brought into a company
by its business activities. Revenue were commonly known as service income or fees, sales, and
sales discount. The revenue number is the income a company generates before any expenses
are taken out. Therefore, when a company has “top-line growth”, the company is experiencing
in gross sales or revenue.
  It is the fifth and last account of the five major accounts which refer to the cost of operations
that a company incurs to generate revenue. Common expenses include payments to suppliers,
employee wages, factory leases, and equipment depreciation.
 Generally speaking, the salaries, wages, commissions, and bonuses you have paid to the
employees of your small business are tax deductible expense if they deemed to be ordinary and
necessary, reasonable in amount, paid for services actually provided, and paid for incurred in
the current year.
 Revenue is the total amount of income generated by the sale of goods or services related to the
company’s primary operations. Income or net income is company’s total earnings or profit. Both
revenue and net income are useful in determining the financial strength of a company, but they
are not interchangeable.
 Your net income or net loss equals your total revenues minus your total expenses for an
accounting period, if your revenues are greater that expenses you have a net loss. Net income
or loss is represented on the income statement and statement of owner’s equality in year end
or quarterly financial statements.

WHAT I CAN DO

ACTIVITY 3

A. P170,000
B. P142,000
C. Net Loss P26,300

ASSESSMENT

1. A
2. D
3. B
4. C
5. D
6. A
7. A
8. C
9. D
10. A