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    Abm 1 Evaluation Q2 Week 3 and 4

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    Christel Fermia Rosimo
    1. Winnie Villanueva invested cash and equipment into her new painting business. She recorded various revenue, expense, and asset/liability transactions throughout the month. 2. Journal entries were made to record the transactions and posted to ledger accounts for cash, accounts receivable, supplies, insurance, equipment, vehicle, notes payable, accounts payable, capital, withdrawals, revenue, wages expense, and maintenance expense. 3. A trial balance was prepared showing equal debits and credits, indicating the accounting records were in balance.

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    © All Rights Reserved
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    Abm 1 Evaluation Q2 Week 3 and 4

    Uploaded by

    Christel Fermia Rosimo
    68 views4 pages
    1. Winnie Villanueva invested cash and equipment into her new painting business. She recorded various revenue, expense, and asset/liability transactions throughout the month. 2. Journal entries were made to record the transactions and posted to ledger accounts for cash, accounts receivable, supplies, insurance, equipment, vehicle, notes payable, accounts payable, capital, withdrawals, revenue, wages expense, and maintenance expense. 3. A trial balance was prepared showing equal debits and credits, indicating the accounting records were in balance.

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    ABM 1 EVALUATION Q2 WEEK 3 AND 4

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    1. Winnie Villanueva invested cash and equipment into her new painting business. She recorded various revenue, expense, and asset/liability transactions throughout the month. 2. Journal entries were made to record the transactions and posted to ledger accounts for cash, accounts receivable, supplies, insurance, equipment, vehicle, notes payable, accounts payable, capital, withdrawals, revenue, wages expense, and maintenance expense. 3. A trial balance was prepared showing equal debits and credits, indicating the accounting records were in balance.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    68 views4 pages

    Abm 1 Evaluation Q2 Week 3 and 4

    Uploaded by

    Christel Fermia Rosimo
    1. Winnie Villanueva invested cash and equipment into her new painting business. She recorded various revenue, expense, and asset/liability transactions throughout the month. 2. Journal entries were made to record the transactions and posted to ledger accounts for cash, accounts receivable, supplies, insurance, equipment, vehicle, notes payable, accounts payable, capital, withdrawals, revenue, wages expense, and maintenance expense. 3. A trial balance was prepared showing equal debits and credits, indicating the accounting records were in balance.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    Sta.

    Cruz Institute
    Sta. Cruz, Ilocos Sur
    S.Y. 2021-2022

    GRADE LEVEL: GRADE 11


    SUBJECT: FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 1
    QUARTER: Second Quarter Week 3 and 4
    LESSON TITLE: ACCOUNTING CYCLE (POSTING TO THE LEDGER AND PREPARATION OF
    TRIAL BALANCE)

    NAME: GRADE AND SECTION:

    EVALUATION:

    I. TRUE OR FALSE. Write True if the statements is correct and False if the statement is
    incorrect. Write your answer before the number.

    1. A recording error caused by the erroneous rearrangement of digits, such as writing P627 as
    P672, is called transposition.
    2. A trial balance may be balance but may not be correct.
    3. A transposition error means a posting of a journal entry to the wrong ledger account.
    4. A trial balance with equal debit and credit totals proves that all transaction have been correctly
    journalized and posted to the proper ledger accounts.
    5. A group of accounts in the ledger is called chart of accounts.
    6. A listing of the accounts in a ledger is called a chart of accounts.
    7. In a trial balance, all debits are listed before all credits.
    8. A trial balance is normally prepared at the end of the day.
    9. When the columns in the trial balance are equal, no errors have occurred in recording and
    posting the transaction.
    10. Transactions are recorded in chronological order in the ledger.
    II. Problem Solving. Prepare a trial balance

    The accounts of Aristotle Go Advertising Agency Follow with their normal balances as at Dec. 31,
    2021:

    NAMES BALANCES NORMAL BALANCE


    Go, capital P254,700
    Insurance expense 9,600
    Accounts payable 26,400
    Service revenues 258,000
    Land 87,000
    Cash 21,000
    Salaries expense 75,000
    Building 375,000
    Equipment rentals expense 15,000
    Go, withdrawals 18,000
    Utilities expense 30,000
    Accounts receivable 28,500
    Notes payable 135,000
    Supplies expense 15,000

    Required: fill in the column 3 what is the normal balance of the accounts. Just write whether it is
    DEBIT or CREDIT. And lastly, prepare the Trial Balance using the given balances of the accounts.

    ENRICH

    1. A trial balance is a list showing all account titles in the general ledger and the total debits and
    total credits in each account. Is this statement true? Why or why not?
    2. Cite some errors that will cause the debits and credits of the trial balance not to balance.
    Sta. Cruz Institute
    Sta. Cruz, Ilocos Sur
    S.Y. 2021-2022

    QUARTER: Second Quarter


    LESSON TITLE: ACCOUNTING CYCLE (POSTING TO THE LEDGER AND PREPARATION OF TRIAL BALANCE)

    NAME: GRADE AND SECTION:

    WORKSHEET/MINITASK 2

    EXECUTE:

    Winnie Villanueva is a painting contractor. During the month of April, she completed the following
    transaction:

    April 2 invested in the business painting equipment valued at P12,300 and placed P71,000 in a
    business checking account.

    3 Acquired a service vehicle costing P80,000. Paid P50,000 cash and signed a note for the
    balance.

    4 Purchased painting supplies on account for P3,200.

    5 Completed a painting job and billed the customer P4,800.

    7 received P1,500 cash for painting an apartment room.

    10 Purchased painting supplies for P1,600 cash.

    11 Received a P4,800 check from the customer billed on April 5.

    12 Paid P4,000 for an insurance policy for a one-year coverage.

    13 Billed a customer P6,200 for painting job.

    14 Paid the assistant P1,500 for 25hrs. work.

    15 Paid P400 for tune-up of the service vehicle.


    18 Paid for the painting supplies purchased on April 4.

    20 Purchased a new ladder for P6,000 and painting supplies P2,900 on account.

    22 Received a telephone bill P600, due next month.

    23 Received P3,300 in cash from the customer billed on April 13.

    24 Transferred P3,000 to a personal checking account.

    25 Received P3,600 in cash for painting a two-room apartment.

    27 Paid P2,000 on the note signed for the service vehicle

    29 Paid the assistant P1,800 for the 30Hrs. work.

    Required:

    1. Prepare the journal entries to record the April transactions.


    2. Set-up the FF. ledger accounts and post all the journal entries: Cash; Accounts Receivable;
    Painting Supplies; Prepaid Insurance; Painting Equipment; Service Vehicle; Noted Payable;
    Accounts Payable; Villanueva, Capital; Villanueva, Withdrawals; Painting Revenue; Wages
    expense; Utilities Expense; and Maintenance Expense.
    3. Prepare a Trial Balance.

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