Scribd Logo
Upload

Welcome to Scribd!

  • 72 views

    Exercise No 3 Analyzing Transactions To Start A Business Bookkeeping For A Service Provider (Posting To The Ledger)

    Uploaded by

    Maria Aries Poliquit
    Analyzing Transactions to Start a Business Bookkeeping for a Service Provider (Posting to the Ledger)

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Exercise No 3 Analyzing Transactions To Start A Business Bookkeeping For A Service Provider (Posting To The Ledger)

    Uploaded by

    Maria Aries Poliquit
    72 views6 pages
    Analyzing Transactions to Start a Business Bookkeeping for a Service Provider (Posting to the Ledger)

    Original Title

    Exercise No 3 Analyzing Transactions to Start a Business Bookkeeping for a Service Provider (Posting to the Ledger)

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Analyzing Transactions to Start a Business Bookkeeping for a Service Provider (Posting to the Ledger)

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    72 views6 pages

    Exercise No 3 Analyzing Transactions To Start A Business Bookkeeping For A Service Provider (Posting To The Ledger)

    Uploaded by

    Maria Aries Poliquit
    Analyzing Transactions to Start a Business Bookkeeping for a Service Provider (Posting to the Ledger)

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 6

    Exercise No.

    3: Analyzing
    Transactions to Start a Business
    Bookkeeping for a Service
    Provider (Posting to the Ledger)
    Introduction
    The third step in the accounting cycle involves classifying and posting from the journal, the book
    of original entry to another book called the ledger, the book of final entry. Each ledger carries a
    particular account. These ledgers are filed in a book called a general ledger. If there are 20
    accounts then there will be also 20 ledgers to be complied in the general ledger. The process of
    transferring the debit and the credits from the journal to the ledger is called posting.

    Learning Outcomes
    1. Post from journal to the ledger.
    2. Be able to extract the correct balances from the ledger.
    3. Prepare the trial balance

    Materials
    Online: Laptop or a cellphone, calculator
    Modular: Black Ballpen answer sheet provided, calculator
    Procedure

    Haydee Carpio opened a beach resort called the Blue Lagoon I Nasugbu Batangas by investing
    cash Php. 100,000 and furniture Php. 20,000 on April 1. She signed a contract of lease on the
    property for ten years promising to pay Php. 25,000 monthly. The following are the additional
    transactions for April,

    April
    5 Paid cash for the purchase of advertising billboards, Php.
    15,000
    10 Paid Php. 75,000 for the construction of 5 cottages, 10 huts
    and an office. Issued a note payable.
    11 Total cash receipts for the week, Php. 150,000
    18 Billed Fortune Company for use of resort, Php. 28,000
    20 Paid Php. 50,000 for the note
    25 Utility bills paid amounted to Php. 18,000
    26 Fortune Company paid its account in full
    27 Total cash receipts amounted to Php. 122,500
    28 Paid salaries of clerks and helpers, Php. 82,000
    29 Paid for the monthly rental of the property plus advertising
    of Php. 20,000
    Prepare Journal Entries:

    Date Accounts and Explanation F Debit Credit


    Post to T-accounts. Date your postings. Extract balances and prepare a trial balance.

    Cash Accounts Receivable

    Leasehold Improvement Furniture &Fixtures

    Office Equipment Notes Payable

    Carpio, Capital Beach Resort Fees Revenue


    Advertising Expense Salaries Expense

    Rent Expense Utilities Expense

    TRIAL BALANCE

    Accounts Debit Credit


    Guide questions and instructions on how to prepare and submit
    the laboratory
    Submit outputs thru the VSUEE Student Portal saved in PDF File with the following filename
    SURNAME_OfferingNum_Output Number Example: POLIQUIT_MGMT101aD034_Output No_1

    References and Additional Resources

    De Jesus, P.A et.al (2018), Fundamentals of Accounting. De Jesus et. al

    Vera Cruz-Manuel (2018), Basic Concepts and Procedures International Edition 2018.Vera Cruz-
    Manuel

    You might also like