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
[Link] 14, 2020 Cash 200,000
JC Neri, Capital 200,000
[Link] 15, 2020 Computer Equipment 25,000
Cash 25,000
[Link] 16, 2020 No Entry
[Link] 17, 2020 Cash 10,000
Service Revenue 10,000
[Link] 18, 2020 Accounts Receivable 15,000
Service Revenue 15,000
[Link] 19, 2020 Office Supplies 5,000
Accounts Payable 5,000
[Link] 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 [Link]. 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 [Link]. 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 [Link]. 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 [Link]. 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 [Link]. 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
