Abm Fabm1 Airs LM q4-m9

SHS
SHS
Fundamentals of Accountancy,
Business and Management 1
Module 9
ABM-FABM1
Grade 11: Module 9
First Edition, 2021
Copyright © 2021
La Union Schools Division
Region I
All rights reserved. No part of this module may be reproduced in any form
without written permission from the copyright owners.
Development Team of the Module
Author: Joselito O. Dumocmat, MT II
Editor: SDO La Union, Learning Resource Quality Assurance Team
Illustrator: Ernesto F. Ramos Jr., P II
Management Team:
Atty. Donato D. Balderas, Jr.

Schools Division Superintendent
Vivian Luz S. Pagatpatan, Ph.D

Assistant Schools Division Superintendent
German E. Flora, Ph.D, CID Chief
Virgilio C. Boado, Ph.D, EPS in Charge of LRMS
Lorna O. Gaspar, EPS in Charge of ABM
Michael Jason D. Morales, PDO II

Claire P. Toluyen, Librarian II
Target
International Accounting Standards 8 stated that Accounting Policies,

Changes in Accounting Estimates and Errors is applied in selecting and applying
accounting policies, accounting for changes in estimates and reflecting corrections of
prior period errors.
The Matching Principle Concept also stated that income and their related
expenses must be recognized in the same accounting period. The purpose of which
is to avoid misstating the reported income and expenses.
Adjusting entries are the last step in the accounting cycle before the
preparation of the financial statements. It is also called the correcting entries.
Adjusting or correcting entries are entries made to correct an already existing entry
of the journal or ledger in terms of account and/or amount. The purpose of which is
to properly separates the earned portion of the amount recorded from the liability
portion in the case of income, and expenses portion of the prepaid asset in the case
of expenses.
This learning material enables you to:
1. prepare adjusting entries of a service activity (ABM_FABM11- IVa-d -33);
2. complete the accounting cycle of a service activity (ABM_FABM11- IVa-d -34);
3. prepare adjusting entries of a merchandising business (ABM_FABM11- IVe-j -39);
and,
4. completes the accounting cycle of a merchandising business (ABM_FABM11- IVe-
j -40).
1
Jumpstart
For you to be understand the lesson well, do the following activities.

Have fun and good luck!
Pretest
Direction: Select the letter of the best answer. Use a separate bond paper.
1. What kind of entry is use to correct an unrecorded amount at the end of the
calendar year?
A. Adjusting entry B. Closing entry
C. Journal entry D. Reversing entry
2. What kind of entry is use to revert back to the old accounting practice after
the preparation of the adjusting entries?
3. What kind of entry is use to add or deduct the income (loss) to the Owner’s
Equity?
4. Which of the following entry is considered historical in nature?
A. Entry made B. Adjusting entry
C. Reversing entry D. Should be entry
5. The bookkeeper of ABC Merchandising made this journal entry.
Purchases 25,000
Accounts payable 25,000
The amount listed on the voucher was 52,000. What is the adjusting entry?
A. Accounts payable 25,000
Purchases 25,000
B. Purchases 25,000
C. Accounts payable 27,000
Purchases 27,000
D. Purchases 27,000
6. MNO Computer Shop collected a total computer rent of PHP2,340 for the day
on December 31, 2019 but was not recorded in the book. If the book was
closed on the same day, what will be the adjusting entry?
A. Cash 2,340
Rental Income 2,340
B. Cash 2,340
Income (loss) Summary 2,340
C. Cash 2,340
MNO Capital 2,340
D. Income (loss) Summary 2,340
2
Cash 2,340
on December 31, 2019 but was not recorded in the book. If the book is still
open on January 1, 2020, what will be the adjusting entry?
A. Cash 3,250
Rental Income 3,250
B. Cash 3,250
C. Cash 3,250
MNO Capital 3,250
Cash 3,250
8. A bookkeeper recorded a salary expense by debiting a salary expense of 5,000
and crediting cash of the same amount. What is the adjusting entry if the
amount of salary is overstated by 1,250?
A. Salary expense 1,250
Cash 1,250
B. Cash 1,250
Salary expense 1,240
C. Salary expense 6,250
Cash 6,250
D. Cash 6,250
9. A bookkeeper recorded a salary paid by debiting a salary expense of 5,000

amount of salary is understated by 1,250?
Cash 1,250
B. Cash 1,250
Cash 3,750
D. Cash 3,750
10. You recorded the payment of utility expense amounting, PHP1,450 in the
general journal twice. Assuming that your entries were: Debit – Utility
expense 1,450; Credit – Cash 1,450. What is the adjusting entry?
A. Utility expense 1,450
Cash 1,450
B. Cash 1,450
Utility expense 1,440
C. Utility expense 2,880
Cash 2,880
D. Cash 2,880
Activity 1: Read me! Understand me!
Directions: Read and understand the notes below. The topics here are
applicable for both service oriented and merchandising business. It is
3
divided into, a.) Adjusting Entry, b.) Financial Statements, c.) Closing entry,
and d.) Reversing entry. 15 minutes.
A. Adjusting Entry
Your performance on Adjusting entry topic depends on how you will
understand and analyze these three journal entries.
Entry made:
This is the entry made to record the transactions. This could be the
entry in the General Journal, Cash Receipts Journal, Cash Disbursement
Journal, Purchase Journal or Sales Journal. It may be a correct entry or
wrong entry.
Example. Purchase a life insurance, PHP12,000. The company is the
beneficiary of the insurance.
March 1, 2019 Insurance expense 14,000
Cash 14,000
To record the insurance paid in cash
Should be Entry:
This entry is the correct entry. Correct entry is correct as to the
account title used and amount.
Example:
December 31, 2019 Insurance expense 12,000
Cash 12,000
To record the correct amount, purchase last
3/1/2019
Adjusting or Correcting Entry:
This entry is use to correct the wrong entry made. If the error pertains
to the account title, the account title use will be debited or credited to correct
the account title and write the correct one.
If the entry made contains the correct account title but contain an
error in the amount, the amount is either added or subtracted to arrive to
the correct amount.
Adjusting entry:
December 31, 2019 Cash 2,000
Insurance expense 2,000
To record the adjusting entry computed as follows:
Insurance expense recorded 14,000
Correct amount 12,000
----------
Adjustment 2,000
=======
Notes:
1. Cash is debited to bring back the over deduction of 2,000 while
insurance expense is credited to lessen the over recording of 2,000.
B. Financial Statements
Financial statements are written records that conveys to the financial
statements users the results of operation and financial standing of the company.
The term comprises three statements, Statement of Financial Position, Statement
4
of Comprehensive Income and Statement of Cash Flows. These statements are
prepared for both the merchandising and service-oriented businesses.
Statement of Comprehensive Income (SCI) is a statement prepared for a
specific period while the Statement of Financial Position is a statement prepared as
of a certain date.
The following steps are followed in preparing the Statement of
Comprehensive income and the Statement of Financial Position:
a. Journalize the transactions = this is the recording of transactions by
means of journal entries.
b. Posting = classifying the transactions by putting together the same
transactions in the same account. Included in this stage is the footing
to determine the balance per account.
c. Prepare Unadjusted Trial Balance = prepare the unadjusted trial
balance in a worksheet. Compute the totals then double rule.
d. Prepare Adjusting Entries = prepare the necessary adjusting entries
at year end. Double rule the totals.
e. Prepare Adjusted Trial Balance = add or deduct the adjustments to
arrive at the adjusted trial balance. Double rule the totals.
f. Prepare Statement of Comprehensive Income = from the Adjusted
Trial Balance, forward all nominal accounts to these columns then
foot. A greater amount on the credit side shows a net income while a
greater amount on the debit side shows a net loss. Make an account
for the difference as Net Income (Loss). The net income (loss) is
forwarded to Statement of Financial Position. Foot the totals then
double rule.
g. Prepare Statement of Financial Position = the real accounts from the
Adjusted Trial Balance are forwarded to the Statement of Financial
Position. Foot and double rule the totals.
The Statement of Comprehensive Income (SCI) and Statement of Financial
Position (SFP) can be prepared in a separate sheet of bond paper to make it formal.
The Statement of Cash Flows can be prepared using the Statement of
Comprehensive Income (SCI) and Statement of Financial Position (SFP). This topic
is thoroughly discussed in the previous quarter.
Closing Entries
These entries are prepared before the preparation of the financial

statements. There are two instances where a closing entry could be made. These
are, a.) the books are not yet close, and b.) the books are already close.
A. Books not yet closed

Nominal accounts are close to Income (Loss) Summary Account. These
accounts are considered temporary accounts because these will be closed to the
Income (Loss) Summary Account at the end of the calendar year. It just like
transferring all the expenses in the debit side of a T-account and the income on the
credit side of the same account. This is the one considered in FABM 1 and 2. The
Income (Loss) Summary Account will also be closed to the Owner’s Equity.
B. Books already closed

Book is considered closed after the Accountant have prepared the financial
statements for the calendar year. In this case, the nominal accounts are then close
5
to the Owner’s Equity. This practice will be discussed later in higher accounting
subjects.
Reversing Entry
These entries are made to deal with real accounts due to the adjusting
entries made. It has the effect of making the balance of these accounts to zero.
This can be done by simply debiting what was credit or crediting what was
debited. This practice is in accordance with the Consistency Principle which
states that a company cannot just jump from one accounting practice to another
accounting practice.
Discover
To better understand adjusting entries, it is important to note that

the financial statements use Accrual Method in recording transactions. This
method dictates that expenses are recorded when incurred regardless of when
paid and income is also recognized when earned regardless of when received.
Accrual accounting uses terms that are exclusively for Accountants. These
terms are enumerated and defined below for your ready references.
Depreciation
It is a method of allocating the cost of the fixed assets over its useful life.
There are different methods of computing depreciation but this learning
material focuses only on the straight-line method. The other methods will be
discussed in the higher accounting subjects. The formula in computing
annual depreciation using the straight-line method is presented below:
𝐶𝑜𝑠𝑡−𝑆𝑐𝑟𝑎𝑝 𝑉𝑎𝑙𝑢𝑒
𝐴𝑛𝑛𝑢𝑎𝑙 𝐷𝑒𝑝𝑟𝑒𝑐𝑖𝑎𝑡𝑖𝑜𝑛 =
𝐸𝑠𝑡𝑖𝑚𝑎𝑡𝑒𝑑 𝑙𝑖𝑓𝑒
where: Cost – is the purchase price plus any incidental expenses to put
the asset in use
Scrap value – is the estimated amount the fixed asset can be
purchased after its useful life
Estimated life – is the number of years the fixed asset can be of
valuable use.
Example:
6
ABC Merchandise purchased a delivery truck worth PHP300,000. An
amount of PHP5,000 is needed to process the transfer to the asset to the
name of the company. The delivery truck is estimated to be of service to the
company for 15 years after which it can be sold for PHP5,000. What is the
annual depreciation?
𝐶𝑜𝑠𝑡 − 𝑆𝑐𝑟𝑎𝑝 𝑉𝑎𝑙𝑢𝑒
𝐴𝑛𝑛𝑢𝑎𝑙 𝐷𝑒𝑝𝑟𝑒𝑐𝑖𝑎𝑡𝑖𝑜𝑛 =
𝐸𝑠𝑡𝑖𝑚𝑎𝑡𝑒𝑑 𝑙𝑖𝑓𝑒
305,000−5,000
𝐴𝑛𝑛𝑢𝑎𝑙 𝐷𝑒𝑝𝑟𝑒𝑐𝑖𝑎𝑡𝑖𝑜𝑛 = = 20,000
15 𝑦𝑒𝑎𝑟𝑠
The annual depreciation is recorded as:

Depreciation expense 20,000
Accumulated depreciation – Delivery truck 20,000
Adjustment in the depreciation is caused by a mistake in the estimated
life or error in the computation. If the case is due to error in the
computation (Assume that the computed Annual Depreciation is
PHP20,333.33), here is the adjusting entry:
Entry Made:
Depreciation expense 23,333.33
Accumulated depreciation – Delivery truck 23,333.33
Should be entry:
Accumulated depreciation – Delivery truck 20,000
Adjusting entry:
Accumulated depreciation – Delivery truck 3,333.33
Depreciation expense 3,333.33
Deferred Expenses
These are expenses already incurred but not yet paid. This account is a
liability account.
Example:
ABC Computer Shop pay its rent every 15 th day of the month amounting
to PHP10,000. The November 16 to December 15, 2019 rent was paid last
December 15, 2019 while December 16, 2019 – January 15, 2020 is still
outstanding as of the end of December 31, 2019. The bookkeeper recorded
the unpaid rent as:
Rent expense 10,000
Rent payable 10,000
What is the adjusting entry?
Entry made:
Rent expense 10,000
Rent payable 10,000
Should be entry:
Rent expense 5,000
Deferred rent expense 5,000
Adjusting entry:
Rent payable 5,000
Rent expense 5,000
7
Note: Only ½ of the monthly rate of PHP10,000 was incurred but not yet
paid. This liability is recognized by the Deferred rent expense entry.
Deferred Income
An income already received but not yet earned. This is a liability
account.
Example:
Lito Jose owns an apartment that he leases to different tenants. The
contract of lease specifies that tenants will pay in advance. Dina Maganda
started leasing the apartment last December 16, 2019 for the amount of
PHP30,000 per month. Lito Jose records the transaction last December as
debit to Cash 30,000 and credit Rent Income 30,000. What is the adjusting
entry at the end of the year?
Entry made:
Cash 30,000
Rent Income 30,000
Should be entry:
Cash 30,000
Rent Income 15,000
Deferred Rent Income 15,000
Adjusting Entry:
Rent Income 15,000
Note: The rent income recorded upon collection of the lease contract is
overstated at the end of the calendar year. It must be adjusted by
PHP15,000 as a Deferred Rent Income.
Prepaid Expenses
These are expenses already paid but not yet incurred. This is an asset
account.
Example:
TXT Computer Shop purchase a coupon bonds worth PHP10,000 on
December 1, 2019. At the end of the calendar year, actual inventory showed
that only ¼ of the entire amount were used. What is the adjusting entry at
the end of the calendar year if the transaction was recorded as debited to
Prepaid Supplies 10,000 and credit to Cash 10,000?
Entry made:
Prepaid Supplies 10,000
Cash 10,000
Should be entry:
Supplies expense (1/4 x 10,000) 2,500
Prepaid supplies 2,500
Adjusting entry:
Supplies expense (1/4 x 10,000) 2,500
8
Prepaid supplies 2,500
Note: The Prepaid Supplies was overstated by PHP2,500 at the end of the
calendar year. The used portion is accounted as Supplies Expense.
Accrued Income
Are income already earned but not yet received. This is an asset
account.
Example:
YOU is engaged in a lending business. The interest rate is 3% per
month and the whole amount including the interest will be paid at the end of
every 3 months. ME borrowed PHP10,000 last November 1, 2019. YOU
recorded the transaction as follows:
Interest receivable (3% x 10,000 x 3) 900
Loan receivable 10,000
Cash 10,000
Interest Income 900
What is the adjusting entry?
Entry made:
Interest receivable (3% x 10,000 x 3) 900
Cash 10,000
Interest Income 900
Should be entry:
Interest receivable 900
Cash 10,000
Interest Income 900
Adjusting entry:
Accrued Interest receivable 600
Interest Income 300
Interest receivable 900
Note: The interest income is overstated by PHP300 representing the interest

for the month of January in the following year that is why it is debited to
arrive at the correct amount of PHP300. The interest receivable is also an
error as of the end of calendar year that is the reason why it is credited with
the whole amount of PHP900. To counter balance the effect on the debit side
Accrued Interest receivable is debited.
Explore
Now that you have learned the basic concepts of Adjusting Entries,
solve the activities for you to explore the different possibilities.
9
Activity 1
.
Direction: Select the letter of the best answer. Use a bond paper to write
your answer. 25 minutes.
1. A desktop computer was purchased by XYZ Merchandising Company
amounting to PHP25,000 last July 1, 2019. The computer is estimated to
have a useful life 5 years. The straight-line method was used to compute the
depreciation. The bookkeeper made this entry last December 31, 2019:
Accumulated depreciation – computer 5,000
What is the adjusting entry at the end of the calendar year December 31,
2019?
A. Accumulated Depreciation – computer 2,500
Depreciation Expense 2,500
B. Accumulated Depreciation – computer 5,000
Depreciation Expense 5,000
C. Depreciation expense 5,000
Accumulated Depreciation – computer 5,000
D. Depreciation expense 2,500
Accumulated Depreciation – computer 2,500
2. Lito Jose, a sole proprietor bought an insurance for the computers used in
his business, PHP12,000 last October 1, 2019. The bookkeeper made this
entry:
Prepaid Insurance 12,000
Cash 12,000
What is the insurance expense at the end of the year?

A. PHP3,000 B. PHP5,000
C. PHP6,000 D. PHP9,000
3. Loida Regular, a sole proprietor bought an insurance for the inventory of his
business, PHP24,000 last October 1, 2019. The bookkeeper made this entry:
Prepaid Insurance 24,000
Cash 24,000
What is the adjusting entry at the end of the year?
A. Prepaid Insurance 6,000
B. Insurance expense 6,000
Prepaid insurance 6,000
C. Prepaid Insurance 24,000
D. Insurance expense 24,000
Prepaid insurance 24,000
4.Jessica Jose owns an apartment that he leases to different tenants. The
PHP30,000 per month. Jessica Jose recorded the transaction last
December as debit to Cash 30,000 and credit Deferred Rent Income
30,000. What is the correct rent income for the year 2019?
A. PHP7,500 B. PHP15,000
C. PHP22,500 D. PHP30,000
10
5.Julie Jose owns an apartment that he leases to different tenants. The
PHP30,000 per month. Jessica Jose recorded the transaction last
December as debit to Cash 30,000 and credit Deferred Rent Income
30,000. What is the adjusting entry at the end of the year?
A. Deferred Rent Income 7,500
Rent Income 7,500
B. Rent Income 7,500
C. Deferred Rent Income 15,000
Rent Income 15,000
D. Rent Income 15,000
Now that you have mastered the lesson, are you ready to summarize?
Deepen
The Trial Balance of Jesus Jose Mini Mart & General Merchandise is prepared
by the bookkeeper last December 31, 2019. (60 minutes)
Debit Credit
Cash in bank 75,000
Accounts Receivable 100,000
Notes Receivable 200,000
Merchandise Inventory 50,000
Delivery Truck 300,000
Display Cabinets 100,000
Accounts Payable 45,000
Notes Payable 150,000
Jesus Jose Capital 223,000
Sales 500,000
Sales discounts 1,000
Salaries and wages 50,000
Store supplies expense 7,000
Maintenance expense 15,000
Utilities expenses 20,000
------------ -------------
Totals 918,000 918,000
======= ========
Notes for adjustment (First: Assume the books are still open; Second: assume
that the books are closed)
1. The delivery truck is not provided with depreciation. It was purchased last
April 1, 2019. The estimated life is 20 years with no residual value. It is the
policy of the company to depreciate its assets using the straight-line method.
2. The display cabinet was purchase January 1, 2019. Estimated life is 5 years.
Straight line method is to be used.
11
3. Cash sales amounting to PHP56,000 last December 31, 2019 was
unrecorded.
4. Salaries and wages are overstated by PHP10,000.
5. Monthly amortization on the notes payable amounting to PHP10,000 was
paid by check during December but not yet recorded.
Direction: Answer the following questions in a separate bond paper. Show the
entry made, should be entry and adjusting entry.
1. What is the adjusting entry for delivery truck?
2. What is the adjusting entry for display cabinet?
3. What is the adjusting entry for the unrecorded sales?
4. What is the adjusting entry for overstated salaries and wages?
5. What is the adjusting entry for the unrecorded monthly amortization
payment?
Great job. You are almost done with this module. Keep it up.
Gauge
Direction: Select the letter of the best answer. Use a separate bond
paper. (20 minutes)
on December 31, 2019 but was not recorded in the book. If the book was
closed on the same day, what will be the adjusting entry?
A. Cash 2,340
Rental Income 2,340
B. Cash 2,340
C. Cash 2,340
MNO Capital 2,340
Cash 2,340
2. MNO Computer Shop collected a total computer rent of PHP3,250 for the
day on December 31, 2019 but was not recorded in the book. If the book
is still open on January 1, 2020, what will be the adjusting entry?
A. Cash 3,250
Rental Income 3,250
B. Cash 3,250
C. Cash 3,250
MNO Capital 3,250
Cash 3,250
3. A bookkeeper recorded a salary expense by debiting a salary expense of
5,000 and crediting cash of the same amount. What is the adjusting entry
if the amount of salary is overstated by 1,250?
12
Cash 1,250
B. Cash 1,250
Cash 6,250
D. Cash 6,250
4. A bookkeeper recorded a salary paid by debiting a salary expense of 5,000
amount of salary is understated by 1,250?
Cash 1,250
B. Cash 1,250
Cash 3,750
D. Cash 3,750
5. You recorded the payment of utility expense amounting, PHP1,450 in the

general journal twice. Assuming that your entries were: Debit – Utility
expense 1,450; Credit – Cash 1,450. What is the adjusting entry?
A. Utility expense 1,450
Cash 1,450
B. Cash 1,450
C. Utility expense 2,880
Cash 2,880
D. Cash 2,880
6.What kind of entry is use to correct an unrecorded amount at the end of the
calendar year?
7.What kind of entry is use to revert back to the old accounting practice after the
preparation of the adjusting entries?
8.What kind of entry is use to add or deduct the income (loss) to the Owner’s
Equity?
9.Which of the following entry is considered historical in nature?
A. Entry made B. Adjusting entry
C. Reversing entry D. Should be entry
10.The bookkeeper of ABC Merchandising made this journal entry.
Purchases 25,000
The amount listed on the voucher was 52,000. What is the adjusting entry?
A. Accounts payable 25,000
Purchases 25,000
B. Purchases 25,000
13
C. Accounts payable 27,000
Purchases 27,000
D. Purchases 27,000
References
Printed Materials:
Department of Education. (2016). Fundamentals of Accountancy, Business and

Management 1, Teacher’s Guide for Senior High School. Quezon City, Philippines.
Websites:
https://www.iasplus.com/en/standards/ias/ias8
14
Answer Key
Pre Test Gauge

1. A 1. C
2. D 2. A or B
3. B 3. B
4. A 4. A
5. D 5. B
6. C 6. A
7. A or B 7. D
8. B 8. B
9. A 9. A
10. B 10. D
11.
Deepen
Books are still open
1. 1.Entry Made: None
Should be entry:
Accumulated depreciation – delivery truck 11,250
Adjusting entry:
2.Entry made: None

Should be entry:
Accumulated depreciation-display cabinet 20,000
Adjusting entry:
3.Entry made: None

Should be entry:
Cash in bank 56,000
Sales 56,000
Adjusting entry:
Cash in bank 56,000
Sales 56,000
4. Entry made:
Cash in bank 10,000
Should be entry:
None
Adjusting entry:
Cash in bank 10,000
5. Entry made: None

Should be entry:
Notes payable 10,000
Cash in bank 10,000
Adjusting entry:
Cash in bank 10,000
15
Deepen
Books are closed
2. 1.Entry Made: None
Should be entry:
Adjusting entry:
2.Entry made: None

Should be entry:
Adjusting entry:
3.Entry made: None

Should be entry:
Cash in bank 56,000
Adjusting entry:
Cash in bank 56,000
4. Entry made:
Cash in bank 10,000
Should be entry:
None
Adjusting entry:
Cash in bank 10,000
5. Entry made: None

Should be entry:
Cash in bank 10,000
Adjusting entry:
Cash in bank 10,000
16

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SHS

Development Team of the Module

Author: Joselito O. Dumocmat, MT II

Editor: SDO La Union, Learning Resource Quality Assurance Team

Illustrator: Ernesto F. Ramos Jr., P II

Atty. Donato D. Balderas, Jr.

Vivian Luz S. Pagatpatan, Ph.D

German E. Flora, Ph.D, CID Chief

Virgilio C. Boado, Ph.D, EPS in Charge of LRMS

Lorna O. Gaspar, EPS in Charge of ABM

Michael Jason D. Morales, PDO II

International Accounting Standards 8 stated that Accounting Policies,

For you to be understand the lesson well, do the following activities.

9. A bookkeeper recorded a salary paid by debiting a salary expense of 5,000

Activity 1: Read me! Understand me!

These entries are prepared before the preparation of the financial

A. Books not yet closed

B. Books already closed

To better understand adjusting entries, it is important to note that

The annual depreciation is recorded as:

Note: The interest income is overstated by PHP300 representing the interest

What is the insurance expense at the end of the year?

5. You recorded the payment of utility expense amounting, PHP1,450 in the

Department of Education. (2016). Fundamentals of Accountancy, Business and

Pre Test Gauge

2.Entry made: None

3.Entry made: None

5. Entry made: None

2.Entry made: None

3.Entry made: None

5. Entry made: None

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