ANSWERS IN

FUNDAMENTALS OF
ACCOUNTANCY,
BUSINESS AND
MANAGEMENT 1
Name:
Grade and section: 11 ABM
Teacher:
 WEEK 1 AND 2
LEARNING TASK 1 (pg. 8)
1. C
2. D
3. A
4. B
5. F
6. E
LEARNING TASK 2 (pg. 9)
1. True
2. True
3. True
4. False
5. True
LEARNING TASK 3 (pg. 9)
1. D
2. C
3. D
4. A
5. B
LEARNING TASK 1 (pg. 12-13)
1. D
2. C
3. D
4. B
5. C
LEARNING TASK 2 (pg. 13)
Case 1
- No business acquisition should be recorded at fair market
value. Instead, it should be recorded at the historical cost.
Case 2
- The assets and liabilities of the business are distinct from
those of the owner. The owner's personal expenses and
assets should be used to reduce the business's equity.
LEARNING TASK 3 (pg. 13-14)
1. B
2. D
3. A
4. F
5. E
6. C
LEARNING TASK 4 (pg. 14)
1. Seperate entity violated
2. Historical cost concept is violated3
3.verifiability is violated
4. Time period is violated
5. Actual basis of accounting is violated
6. Consistency concept is violated
7. Free from error and understandability is violated
8.materiality is violated
9. Reliability assumptions is violated
10. Prudence or conservatism is violated
 WEEK 3-5
LEARNING TASK 1 (pg. 20)

Current Assets
- 110 Cash
- 120 Accounts Receivables
- 130 Notes Receivable
- 140 Inventory
- 150 Prepayments
Non- Current Assets
- 125 Allow for bad debts
- 160 Building
- 165 Accum-Deprn Bldg
Current Liabilities
- 210 Accounts Payable
- 220 Notes Payable
- 230 Interest Payable
- 260 Unearned Income
Non- Current Liabilities
- 240 Salaries Payable
- 250 Utilities Payable
Sales
- 410 Service Fees
- 420 Sales
- 430 Interest Income
- 440 Gains
Expenses
- 510 Cost of Sales
- 515 Freight-out
- 520 Salaries Expense
- 530 Utilities Expense
- 540 Bad Debts
- 545 Depreciation
 - 550 Advertising Expense
- 560 Taxes and Licenses
- 570 Interest Expense
- 580 Miscellaneous Expense
Net Income (Loss)
- 590 Losses

LEARNING TASK 2 (pg. 20)

ASSETS
DEBIT CREDIT
Cash
200,000
Cash 200,000
Equipment 40,000
Accounts Payable 20,000
Equipment 60,000
140,000 140,000

LEARNING TASK 3 (pg. 21)

ASSET LIABILITIES CAPITAL REVENUE EXPENSES

S
1. 200,000
200,000
2. 500 1,000
3. 20,000
20,000
4. 25,000
25,000
5.
200,000
150,000 50, 000
6. 2,000
7.5,000 5,000
8. 100,000
100,000
160,000 160,000
9.
20,000
35,000 35,000
10.
5,000 5,000
11.3,000 3,000
12.3,000 3,000
13.
25,000 25,000
950,000 75,000 205,000 195,000 157,000

LEARNING TASK 1 (pg. 25)

1. True
2. False
3. True
4. False
5. True
6. False
7. True
 8. False
9. False
10. True

LEARNING TASK 2 (pg. 25-26)

1. A
2. C
3. B
4. B
5. B
6. A
7. A
8. B
9. A
10. B
 WEEK 6-8
LEARNING TASK 1
1. Inventory - Increase;Cash - Decrease
2. Inventory - Increase;Account - Decrease
3. Cash - Decrease;Accounts payable - Decrease
4. Sales -Increase;Account - Increase
5. Accounts Receivable - Decrease; Cash - Increase
6. Accounts payable - Decrease; Cash Increase
7. Drawings - Increase; Cash - Decrease
8. Cash - Decrease; Rent - Increase
9. Supplies Expense - Increase; Cash - Decrease
10. Accounts Payable - Increase; Cash - Decrease

LEARNING TASK 2
Journal Entry
Date DESCRIPTION P DEBIT CREDIT
R

May 1 Cash 210 0 0 0-

Buddy Bungal, Capital 210 000-
2 Repair Equipment 30 0 0 0 -

Check Issued 18 0 0 0 -

Accounts Payable 12 0 0 0 -

8 Cash 5 0 0 0 -

Customer's Computers 5 0 0 0 -

10 Accounts Receivable 1 7 5 0 -

Cash 7 0 4 0 -
 Repair Income 8 8 0 0 -

12 Accounts Receivable 3 0 0 0 -

Accounts Payable 3 0 0 0 -

13 Repair Supplies 3 0 0 0 -

Check 3 0 0 0 -

14 Cash 8 0 0 0 -

Accounts Receivable 8 0 0 0 -

18 Salaries Expense 5 0 0 0 -

Cash 5 0 0 0 -

19 Partial Payment 9 0 0 0 -

Cash 9 0 0 0 -

20 Repaired Customer's 6 0 0 0 -
Computer

Income 6 0 0 0 -

25 Received Electric Bill 1 5 0 0 -

Cash 1 5 0 0 -

30 Buddy Bungal, Capital 5 0 0 0 -

Cash 5 0 0 0 -

TOTAL 294,300 294,300

 WEEK 9
LEARNING TASK 1

Laboy Tayo Travel and Tours

Trial Balance
December 31, 2023
ACCOUNTS DEBIT CREDIT
Cash P 280,000
Accounts Receivable 100,000
Building 2,000,000
Equipment 1,800,000
Land 1,000,000
Prepaid Supplies 20,000
Accumulated 600,000
depreciation-Building
Allowance for bad 20,000
debts
Accumulated 200,000
depreciation-Equipme
nt
Accounts Payable 300,000
Salaries Payable 60,000
Utilities Payable 20,000
Owner's Capital 2,000,000
Owner's Drawing 40,000
Miscellaneous 2,000
Expense
Bad debts expense 10,000
Depreciation expense 100,000
Salaries Expense 630,000
Advertising Expense 35,000
Service Fees 3,000,000
Supplies Expense 30,000
Taxes and licenses 60,000
Transportation and 70,000
travel expenses
Utilities expense 23,000
Utilities payable 20,000
Total 6,200,000 6,200,000

LEARNING TASK 2
A. Journal Entries

Date Description P Debit Credit

R

Feb 1 Cash 300 0 0 0 -

Initial Investment 300 0 0 0 -

2 Cash 200 0 0 0 -

Acquired Furniture 200 0 0 0 -

4 Cash 30 0 0 0 -
 Purchased Supplies 30 0 0 0 -

5 Cash 20 0 0 0 -

Rendered Supplies 20 0 0 0 -

7 Cash 10 0 0 0 -

Employee's Salaries 10 0 0 0 -

Total 570,000 570,000

B. Post the entries to the ledger (use t-accounts)

Account Title : Cash

Debit Credit
300,000
200,000
30,000
20,000
10,000
320,000 240,000
Balance: 80,000

Account Title: Furniture

Debit Credit
200,000
200,000
200,000 200,000
 Account Title: Supplies
Debit Credit
30,000
30,000
30,000 30,000

Account Title: Services

Debit Credit
20,00
20,000
20,000 20,000

Account Title: Salaries

Debit Credit
10,000
10,000
10,000 10,000

C. Unadjusted Trial Balance

Gupitan Shop
Trial Balance
 February 1, 2023
Account Titles Debit Credit
Cash 80,000
Furniture and Fixture 200,000
Supplies 30,000
Capital 300,000
Service Income 20,000
Salary Expense 10,000
P320,000 P320,000