Objectives

1. Post the journal entries in the general ledger

2. Familiarize oneself with the chart of accounts

3. Define a trial balance

4. Prepare a trial balance and appreciate its use

5. Define adjusting journal entries and recognize their importance

Directions: A. Presented below are the transactions of Lagay Tax Services owned by Ms. Ligaya Tek. Journalize the transactions and post them to the T-accounts. Prepare a trial balance. 2017

Sept.

1 Ms. Tek invested P125,000 in the business

7 Purchased equipment from X Co.: P35,000 on account

9 Bought supplies for the office P1,000 on credit.

16 Paid X Co. in full

20 Ms. Tek withdrew P5,000 cash for personal use

27 Paid secretary's salary for the month, P8,000

29 Paid utilities for the month, P2,300

B. Problem Solving

1. On July 31, 2020, Plush Co. paid P49,200 amount of advanced office rentals for 6 months. Give the adjusting journal entry on December 31, 2020.

2. On May 1, Dr. Ma received P8,100 for medical fees to be rendered in the next 9 months. Give the adjusting journal entry at the end of July.

3. Workers' salaries for the six-day week is P4,800, payable every Saturday, December 31 is a Thursday. Prepare the adjusting journal entry.

4. On November 15, Moringa Co. issued a 90-day, P120,000, 10% note. Record the interest due on the note at the end of December 31. Prepare the adjusting journal entry.

5. Accounts receivable has a balance of P78,000. It is estimated that 3% of this will be uncollectible. Prepare the adjusting journal entry

C. Depreciation Expense. Given the following cases, prepare the adjusting journal entries on December 31, 2021. Presented below are the non-current assets of Snoopy Company

D. Identification: Identify the accounting term that best suits each statement.

1. Income received in advance although services have not been rendered to the client.

2. Income that gradually increases with the passage of time

3. Income or expenses which have accumulated but not yet recorded in the books.

4.A contra-asset account deducted from the related assets account

5. Expenses incurred in the current period but will be paid in the next accounting period

6. Necessary or required entries at the end of the accounting period to record internal transactions and update accounts of the ledger.

7. Expenses already paid but not yet incurred or used.

8. Expenses which have been consumed but remain unpaid or unrecorded at the end of the accounting period.

9. Acquisition cost less salvage value 10. Income already received but not yet earned

11. Losses due to uncollectible accounts

12. Expenses already incurred or used, but not yet paid

13. The term of unrecorded income

14. The periodic expiration of all plant assets except land

15. The entries to match cost and expenses with revenue

16. It is the book of final entry.

17. Depreciable cost divided by estimated useful life

18. The recognition of the loss in value of plant or fixed assets over its useful life less

19. Services or goods acquired that have not been consumed at the end of the accounting period

20. The necessity for each transaction to have equal debits and credits

Worksheets - Week 3&4 (Second Semester-Finals) Objectives 1. Post the journal entries in the general ledger 2. Familiarize oneself with the chart of accounts 3. Define a trial balance 4. Prepare a trial balance and appreciate its use 5. Define adjusting journal entries and recognize their importance Directions: A. Presented below are the transactions of Lagay Tax Services owned by Ms. Ligaya Tek. Journalize the transactions and post them to the T-accounts. Prepare a trial balance. 2017 Sept. 1 Ms. Tek invested P125,000 in the business 7 Purchased equipment from X Co.; P35,000 on account 9 Bought supplies for the office P1,000 on credit. 16 Paid X Co. in full 20 Ms. Tek withdrew P5,000 cash for personal use 27 Paid secretary's salary for the month, P8,000 29 Paid utilities for the month, P2,300 B. Problem Solving 1. On July 31, 2020, Plush Co. paid P49,200 amount of advanced office rentals for 6 months. Give the adjusting journal entry on December 31, 2020. 2. On May 1, Dr. Ma received P8,100 for medical fees to be rendered in the next 9 months. Give the adjusting journal entry at the end of July. 3. Workers' salaries for the six-day week is P4,800, payable every Saturday. December 31 is a Thursday. Prepare the adjusting journal entry. 4. On November 15, Moringa Co. issued a 90-day, P120,000, 10% note. Record the interest due on the note at the end of December 31. Prepare the adjusting journal entry. 5. Accounts receivable has a balance of P78,000. It is estimated that 3% of this will be uncollectible. Prepare the adjusting journal entry. C. Depreciation Expense. Given the following cases, prepare the adjusting journal entries on December 31, 2021. Presented below are the non-current assets of Snoopy Company. Acquisition Date Oct 31,2010 June 15, 2012 Property Building Furniture Cost (P) 20,000,000 51,000 Salvage Value (P) 1,500,000 3,000 Estimated Life 20 years 12 years 1. Income received in advance although services have not been rendered to the client. 2. Income that gradually increases with the passage of time O nitaibs site 3. Income or expenses which have accumulated but not yet recorded in the books. enciana 4.A contra-asset account deducted from the related assets account 5. Expenses incurred in the current period but will be paid in the next accounting period 6. Necessary or required entries at the end of the accounting period to record internal transactions and update accounts of the ledger. _7. Expenses already paid but not yet incurred or used. 8. Expenses which have been consumed but remain unpaid or unrecorded at the end of the accounting period. 000 89 dition as of 1522 715) bis S 9. Acquisition cost less salvage value 00359 com 101 bis 9 10. Income already received but not yet earned 11. Losses due to uncollectible accounts gmivoamaldor 12. Expenses already incurred or used, but not yet paid 13. The term of unrecorded income thuomt oos.eng bica. neuloSOS DE yuton 14. The periodic expiration of all plant assets except land OSOS E tedman yang 15. The entries to match cost and expenses with revenue 16. It is the book of final entry. b91bmas VISOS TOTOOT 89 bavi9097M 10 tysMnos viut to bras 17. Depreciable cost divided by estimated useful life 18. The recognition of the loss in value of plant or fixed assets over its useful life see who W.E 19. Services or goods acquired that have not been consumed at the end of the accounting period _20. The necessity for each transaction to have equal debits and credits DODOX9.5-es bouza So. 2 sdmsvotno in Ismolaanbaar 1999 medansa