Margaret Nichole S. Ecot Margaret Nichole S.

Ecot
11 - Alocasia 11 - Alocasia
FABM 1 PERFORMANCE TASK FABM 1 PERFORMANCE TASK

Step 1 & 2 Understanding and Journalizing the transaStep 3 - Posting to the General Ledger.

MagentaTech MagentaTech
PURCHASE JOURNAL GENERAL LEDGER
Descriptio Descriptio
Date n Debit ($) Date n Debit ($) Credit ($)

Laboratory Laboratory
Jul 2, 23 $10,000 Jul 2, 23 $10,000
Equipment Equipment

Accounts Accounts
Jul 2, 23 Jul 2, 23 $10,000
Payable Payable

Software Software
Jul 5, 23 $2,500 Jul 5, 23 $2,500
Licenses Licenses

Jul 5, 23 Cash Jul 5, 23 Cash $2,500

Jul 7, 23 3D Printer $3,000 Jul 7, 23 3D Printer $3,000

Accounts Accounts
Jul 7, 23 Jul 7, 23 $3,000
Payable Payable
Raw Raw
Jul 10, 23 $7,500 Jul 10, 23 $7,500
Materials Materials

Jul 10, 23 Cash Jul 10, 23 Cash $7,500

Prototype Prototype
Jul 15, 23 Developm $2,500 Jul 15, 23 Developm $2,500
ent Kit ent Kit

Jul 15, 23 Cash Jul 15, 23 Cash $2,500

Marketing Marketing
Jul 18, 23 & Promo $1,000 Jul 18, 23 & Promo $1,000
Materials Materials
 Accounts Accounts
Jul 18, 23 Jul 18, 23 $1,000
Payable Payable

Office Office
Jul 20, 23 Furniture $4,000 Jul 20, 23 Furniture $4,000
& Fixtures & Fixtures

Accounts Accounts
Jul 20, 23 Jul 20, 23 $4,000
Payable Payable

High- High-
Jul 23, 23 Performan $6,000 Jul 23, 23 Performan $6,000
ce Server ce Server

Accounts Accounts
Jul 23, 23 Jul 23, 23 $6,000
Payable Payable

Safety Safety
Jul 28, 23 $1,500 Jul 28, 23 $1,500
Equipment Equipment

Jul 28, 23 Cash Jul 28, 23 Cash $1,500

Sales
Total Jul 1, 23 Eva $2,500
Revenue
$38,000
 Sales
Jul 5, 23 Yolo $4,000
Revenue

Sales
Jul 8, 23 Alex $1,200
Revenue

Sales
Jul 12, 23 John $3,500
Revenue

CASH RECEIPT JOURNAL

Account Sales
Jul 17, 23 Patrick $2,000
Date Customer Debited Revenue
Sales
Jul 1, 23 Eva TOTAL $51,000 $51,000
Revenue
Sales Accounts
Jul 5, 23 Yolo Jul 3, 23 $12,000
Revenue Payable
Sales
Jul 8, 23 Alex Jul 3, 23 Cash $12,000
Revenue
Sales
Jul 12, 23 John TOTAL
Revenue $ 63,000 $ 63,000
Sales
Jul 17, 23 Patrick
Revenue
TOTAL
Step 7- Preparation of Financial Statements
MagentaTech

Debit Credit
(Income (Income Debit Credit
Account Statement Statement (Balance (Balance
Title Debit ($) Credit ($) ) ) Sheet) Sheet)
Balance
Sheet
Accounts

Cash $191,061 $191,061

Accounts
$28,510 $28,510
Receivable
Merchandi
se $435,000 $435,000
Inventory
Prepaid
$10,000 $10,000
Expenses

Transporta
tion $210,000 $210,000
Equipment

Accum.
Depn.-
$1,750 $1,750
Office
Equipt.
Accounts
$260,000 $260,000
Payable

Accrued
$2,180 $2,180
Expenses

Margaret,
$600,000 $600,000
Capital

Income
Statement
Accounts

Sales $89,246 $89,246

Sales
$365 $365
Discounts

Purchases $488,000 $488,000

Purchase
$8,000 $8,000
Discount
Salaries
$9,000 $9,000
Expense
Supplies
$5,110 $5,110
Expense

Advertisin
$5,200 $5,200
g Expense

Rental
$10,000 $10,000
Expense
Depreciati
on $1,750 $1,750
Expense
Net
$10,641
Income
Total $961,176 $961,176 $532,246 $532,246 $874,571 $874,571
Step 4 & 5 -Prepare the Unadjusted Trial Balance and preparation of Step 6-Preparing adjusting entries.
Worksheet.
MagentaTech MagentaTech
Worksheet
Account Depreciation Expense:
Title Debit ($) Credit ($) Assuming a straight-line depreciation method with an estimate
Laboratory Equipment and 10 years for the Office Furniture &
we can calculate the monthly
depreciation expense.
Cash $26,000
Laboratory Equipment:
Depreciation Expense = Cost of Laboratory Equipment / Usefu
Depreciation Expense = $10,000 / (5 years * 12 months/year)
Accounts Depreciation Expense = $10,000 / 60 Depreciation Expense = $
Receivable
Office Furniture & Fixtures:
Depreciation Expense = Cost of Office Furniture & Fixtures / U
Laboratory Depreciation Expense = $4,000 / (10 years * 12 months/year)
Equipment
$10,000 Depreciation Expense = $4,000 / 120 Depreciation Expense = $

Deferred or Prepaid Expenses:

Assuming the Software Licenses are valid for 1 year and were f
allocate the prepaid expense over the months remaining in the
Software
$2,500
Licenses Deferred Expense = Cost of Software Licenses / Remaining mo
Deferred Expense = $2,500 / 6
Deferred Expense = $416.67
3D Printer $3,000
Accrued Expenses:
Accounts Assuming there is an accrued expense of $1,000 for Marketing
$36,000 of July, we need to recognize this expense in the period.
Payable
Raw Adjusting Entries:
$7,500
Materials Depreciation Expense:
Debit: Depreciation Expense - Laboratory Equipment ($166.67
Prototype Credit: Accumulated Depreciation - Laboratory Equipment ($1
Developm $2,500 Debit: Depreciation Expense - Office Furniture & Fixtures ($33
ent Kit Credit: Accumulated Depreciation - Office Furniture & Fixtures

Marketing Deferred or Prepaid Expenses:

& Promo $1,000 Debit: Deferred Expense - Software Licenses ($416.67)
Credit: Prepaid Expenses - Software Licenses ($416.67)
Materials
Accrued Expenses:
Debit: Marketing & Promo Expenses ($1,000)
Office Credit: Accrued Expenses - Marketing & Promo Materials ($1,0
 
Furniture $4,000
& Fixtures

High-
Performan $6,000
ce Server
 Safety
$1,500
Equipment

Sales
$13,200
Revenue

Total $37,500 $75,200

Step 8- Closing Entries
MagentaTech

Account
Title Debit ($) Credit ($)

Sales
$89,246
Revenue

Income
$89,246
Summary

Purchases $488,000
Purchase
$8,000
Discount

Salaries
$9,000
Expense

Supplies
$5,110
Expense

Advertisin
$5,200
g Expense

Rental
$10,000
Expense
Depreciati
on $1,750
Expense
Fuel
$2,180
Expense

Income
$120,526
Summary

Retained
Earnings
$120,526
(or
Capital)

Dividends
(if
applicable)

Retained
Earnings
(or
Capital)

Dividends

Total $219,776 $219,776

Account
Title Debit ($) Credit ($)
Income
$10,641
Summary
Margaret,
$10,641
Capital
eparing adjusting entries.

MagentaTech

ation method with an estimated useful life of 5 years for the

ears for the Office Furniture & Fixtures, and no salvage value,
Debit Credit
(Adjusted (Adjusted
Account Trial Trial
Laboratory Equipment / Useful Life in months Title Debit ($) Credit ($) Balance) Balance)
/ (5 years * 12 months/year)
/ 60 Depreciation Expense = $166.67 Cash $26,000 $26,000

Office Furniture & Fixtures / Useful Life in months

(10 years * 12 months/year) Accounts
120 Depreciation Expense = $33.33 Receivable

are valid for 1 year and were fully paid on July 5, 23, we can
er the months remaining in the year (6 months).
Laboratory
$10,000 $10,000
ware Licenses / Remaining months in the year Equipment

Software
$2,500 $2,500
Licenses
pense of $1,000 for Marketing & Promo Materials at the end
s expense in the period. 3D Printer $3,000 $3,000

Accounts
$36,000 $36,000
Payable
boratory Equipment ($166.67)
on - Laboratory Equipment ($166.67) Raw
ffice Furniture & Fixtures ($33.33) $7,500 $7,500
Materials
on - Office Furniture & Fixtures ($33.33)

Prototype
are Licenses ($416.67) Developm $2,500 $2,500
are Licenses ($416.67)
ent Kit
nses ($1,000)
eting & Promo Materials ($1,000) Marketing
& Promo $1,000 $1,000
Materials

Office
Furniture $4,000 $4,000
& Fixtures
High-
Performan $6,000 $6,000
ce Server

Safety
$1,500 $1,500
Equipment

Sales
$13,200 $13,200
Revenue

Depreciati
on
Expense - $166.67 $166.67
Laboratory
Equipment

Accumulat
ed
Depreciati
$166.67 $166.67
on -
Laboratory
Equipment

Depreciati
on
Expense -
$33.33 $33.33
Office
Furniture
& Fixtures

Accumulat
ed
Depreciati
$33.33 $33.33
on - Office
Furniture
& Fixtures

Deferred
Expense -
$416.67 $416.67
Software
Licenses
Prepaid
Expenses -
$416.67 $416.67
Software
Licenses

Marketing
& Promo $1,000 $1,000
Expenses

Accrued
Expenses -
Marketing $1,000
& Promo
Materials
Christopher Arold Arroyo
11 ALOCASIA
PERFORMANCE TASK IN FABM1

Step 1 & 2 Understanding and Journalizing the transactions Purchases Step 3 - Posting to the General Ledger.
TechSolutions TechSolutions

Date Description Debit ($) Credit ($) Account Debit ($)

Computer
hardware
and Computer
5-Jan-22 peripherals 10,000 Hardware 10,000
Accounts
Payable 10,000 Peripherals

Software Accounts
10-Jan-22 licenses 5,000 Payable 10,000

Cash 5,000 Cash

Office
furniture Software
15-Jan-22 and fixtures 7,500 Licenses 5,000

Accounts Office
Payable 7,500 Furniture 7,500

Professio
nal
20-Jan-22 services 2,000 Fixtures

Accounts
Cash 2,000 Payable 7,500

Raw Professional
25-Jan-22 materials 15,000 Services

Accounts
Payable 15,000 Cash 2,000

Raw
Total 39,500 39,500 Materials 15,000
Accounts
Payable 15,000
 Total 40,500

CASH RECEIPT JOURNAL

Cash
Account Received
Date Customer Debited ($)
Sales
2-Jan-22 Nichole 2,000
Revenue
Sales
7-Jan-22 Christine 3,500
Revenue
Sales
12-Jan-22 Ysa 1,800
Revenue
Sales
18-Jan-22 Bella 4,200
Revenue
Sales
23-Jan-22 Dylan 2,000
Revenue
Total 13,500

Step 7- Preparation of Financial Statements Step 8- Closing Entries

TechSolutions TechSolutions

Income Statement Balance Sheet

Account Amount ($) Account Amount ($) Account TitDebit ($) Credit ($)
Sales Reve - Assets Sales Reve - $50,000
Cost of Go - Cash 5,000 Cost of Go $30,000 -
Gross Profi- Accounts R- Operating $10,000 -
Depreciati 3,500 Computer 7,000 Income Su - $10,000
Insurance 500 Accumulate -3,500 Dividends ( $2,000 -
Salaries E 3,000 Office Furn 7,500 Capital - $2,000
Total Oper 7,000 Accumulate -1,500 Total $42,000 $42,000
Net Incom - Software L 5,000
Prepaid In 6,000
Total Asset 26,500
Liabilities
Accounts P 27,500
Salaries Pa-
Total Liabil 27,500
Owner's Equity
Capital -1,000
Total Liabil 26,500
osting to the General Ledger. Step 4 & 5 -Prepare the Unadjusted Trial Balance and preparation of
TechSolutions Worksheet.
TechSolutions

Credit ($) Account Debit ($) Credit ($)

Computer
Hardware 10,000

10,000 Peripherals 10,000

Accounts
Payable 17,500

5,000 Cash 7,000

Software
Licenses 5,000

Office
Furniture 7,500

7,500 Fixtures 7,500

Professional
Services 2,000

2,000 Raw Materi 15,000

Total 35,000 26,500

24,500
Step 6-Preparing adjusting entries.
TechSolutions

Account
To prepare the adjusting entries, we need to consider the following: Title

Cash

Accounts
Depreciation Expense for Computer Receivable

Computer
Hardware
Hardware and Office Furniture:

Accumulated
Depreciation
- Hardware
Assuming the computer hardware

Office
Furniture
and office furniture have a useful life

Accumulated
Depreciation
- Furniture
of 5 years and are depreciated using

Software
Licenses
the straight-line method.
Prepaid
Insurance

Accounts
Payable
Deferred or Prepaid Expenses: Assuming
Salaries
TechSolutions paid $6,000 for insurance Payable

Capital
coverage for the entire year on January 1, 2022.
Sales
Revenue
 Cost of
Goods
Accrued Expenses: Assuming TechSolutions owes Sold
Depreciati
on
Expense -
$3,000 in salaries for the last week of January. Hardware
Depreciati
on
Expense -
Furniture
Insurance
Let's create the adjusting entries: Expense
Salaries
Expense

Adjusting Entries:

Depreciation Expense:

Debit: Depreciation Expense - Computer Hardware $2,000

Credit: Accumulated Depreciation - Computer Hardware $2,000

Debit: Depreciation Expense - Office Furniture $1,500

Credit: Accumulated Depreciation - Office Furniture $1,500

Deferred or Prepaid Expenses:

Debit: Insurance Expense $500

Credit: Prepaid Insurance $500

Accrued Expenses:

Debit: Salaries Expense $3,000

Credit: Salaries Payable $3,000
Debit ($) Credit ($)

5,000

10,000

7,500

5,000

6,000

27,500

1,000
 2,000

1,500

500

3,000

Total Total