Matching Type

Step 1. Identify financial statement

Step 2. Prepare a journal entry
Step 3. Posting in the general ledger
Step 4. Prepare and review trial balance
Step 5. Make adjusting journal entries
Step 6. Review adjusted trial balance
Step 7. Prepare Financial statements
Step 8. Closing nominal accounts
Step 9. Review post-closing trial balance
Step 10. Record reversing entries

Cause and Effect (5 items x 3 points)

1.
Particulars Debit Credit
Cash P200,000
Owner’s Equity P200,000

2.
Particulars Debit Credit
Rent Expense P120,000
Cash P120,000

3.
Particulars Debit Credit
Cash P75,000
Revenue P75,000
Accounts Receivable P55,000
Sales P55,000

4.
Particulars Debit Credit
Linen Supplies P37,000
Cash P37,000

5.
Particulars Debit Credit
Supplies Expense P95,000
Beauty Supplies P95,000