Good Day.

For those who did not participate in their respected group subject performance task, please passed this
activity on or before Friday Jan 7, 2022, 5PM, using the following format

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Submit it on our Schoology Organization and Management Course Under the Folder Subject Peta

Activity

A. Answer the following questions as briefly as possible.

a. Explain double entry bookkeeping
b. State the rules of debit and credit
c. What order is usually followed in arranging accounts in the general ledger?
d. What is a cross-reference?
e. What is a trial-balance? What is its purpose?
B. Complete the Matrix by entering either debit or credit in each cell

ITEMS Increase Decrease

ASSETS
LIABILITIES
EQUITY
REVENUE
EXPENSES

C. State whether the following have debit or credit balance

a. Interest income
b. Allowance for bad debts
c. Accumulated depreciation
d. Depreciation expense
e. Bad debts
f. Rent payable
g. Salary expense
h. Notes receivable
i. Accounts payable
j. OBARRA, Capital
k. Building
D. Analyze the transaction, record using T-account and prepare the Trial Balance

Marcie’s Computer and Celfone Clinic was opened by Marcie Castillo on May 1 2021, with a cash
investment of P200,000 and furniture worth of P5,000. Additional transactions for the month as
follows.
 a. May 3- Signed a contract of lease and made a deposit of P15,000
b. May 4 - Paid for the construction of display counters, P25,000
c. May 5 - Bought repair supplies for cash, P7,500
d. May 6 - Bought and paid for furniture and fixtures, P45,000
e. May 8 - Bought repair equipment worth P15,000 from ABC Co. for use in the store. Paid
50% with the balance to be paid within 30 days
f. May 9 - Collected P1,500 for cellphone repair service
g. May 10 - Billed Madison Corp P3,500 for computer repair service rendered
h. May 13 - Paid for salaries of clerks, P5,000
i. May 14 - Summary of cash received P4,000 and a promissory note for P2,000 for
computer repair service
j. May 15 - Signed a contract with Telecom System for the repair work to be done on their
computers, P15,000
k. May 16 - Paid for Telephone, light and water, P3,800
l. May 17 – Collected P1,500 from Madison
m. May 18 – Sent Bill to Telecom System for repair work done
n. May 22 – Total cellphone repair work collected in cash, P8,500
o. May 25 – Repair supplies used amounted to P2,200
p. May 30 – Payment for Salaries, P5,000; Rent, P5,000
q. May 31 – Marcie Castillo made a personal cash payment of P2,500 to ABC Co,

You may use the following Account Titles for your Trial Balances

a. Cash
b. Accounts Receivable
c. Notes Receivable
d. Repair Supplies
e. Office Furniture
f. Repair Equipment
g. Deposit for rent
h. Accounts Payable
i. Castillo, Capital
j. Castillo, Personal
k. Repair Fees Revenue
l. Repair Supplies Used
m. Rent expense
n. Salaries Expense
o. Utilities Expense

GOOD LUCK 😊