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Title: Accounting Cycle (Step 1 to 9)
Description: Accounting Cycle of the subject Fundamentals of Accountancy, Business, and Management 1 This includes a definition of terms and examples that will expand and create an enormous understanding of how to do the accounting cycle effectively from analyzing to post-closing trial balance..
Description: Accounting Cycle of the subject Fundamentals of Accountancy, Business, and Management 1 This includes a definition of terms and examples that will expand and create an enormous understanding of how to do the accounting cycle effectively from analyzing to post-closing trial balance..
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ACCOUNTING CYCLE
Fundamentals of Accountancy, Business, and Management 1
Senior High School of Panabo City
STEP 1: ANALYZING
Assets= Liabilities + Owner's Equity
ASSETS
CASH
100,000
-25,000
F&F
LIABILITIES
INVENTORIES
OWNER'S EQUITY
A/R
OE
100,000
REVENUE
25,000
20,000
5,000
5,000
15,000
15,000
8,000
8,000
-4,000
5,000
-25,000
10,000
-4,000
-5,000
-25,000
10,000
56,000
25,000
25,000
3,000
-24,000
110,000
109,000
23,000
109,000
STEP 2: JOURNALIZING
Dr
...
King, Capital
Investment by owner
Office Equipment
Cash
Accounts payable
1
0
Debit
0 0 0
Credit
0
0
1
2
0
0
0
0
0
0
0
0
0
1
5
5
0
0
0
0
0
0
0
0
Bought equipment on
account
7
15
21
30
Dr
...
King, Capital
1,000,000 5,000
70,000
6,000
1,000,000 81,000
919,000
5-Jul
7-Jul
21-Jul
1,000,000
0 1,000,000
1,000,000
Dr
...
King Medical Clinic
Unadjusted Trial Balance
30-Jul
Muriel's Fresh Wash Laundry Service
Chart of Accounts
Account No
...
King, Capital
Dr
...
It is estimated that 8% of this is uncollectible
...
Bad debts expense
Allowance for bad debts
To record estimated uncollectible
accocunts
8,000
8,000
Cash
Notes Receivable
Accounts Receivable
Allowance for Doubtful
Account
Interest Receivable
P100,000 x 0
...
00
360,000
...
00
₱
24,000
...
Accumulated Depreciationbldg
...
00
21000
...
Depreciation- Bldg
...
00
1,590,000
...
00
292,000
Accum
...
735,000
...
00
112,500
...
26, 2016
...
Depreciation ExpenseEquip
...
00
2,655,000
...
00
2445500
...
00
889000
...
00
7,800
...
00
38,000
...
00
Miscellaneous Expense
Total
37,000
...
00
₱ 6,498,800
...
Depreciation- Bldg
...
Depreciation- Equip
...
00
360,000
...
00
63,000
...
00
1,590,000
...
00
c
42,000
...
00
360,000
...
00
21,000
...
00
1,590,000
...
00
213,000
...
00
123,000
...
00 337,500
...
00
₱
292,000
...
00
735,000
...
00
735,000
...
00
112,500
...
00
112,500
...
00
600,000
...
00
875,000
...
00
37,000
...
00
360,000
...
00
21,000
...
00
1,590,000
...
00
600,000
...
00
2,150,000
...
Depreciation Expense- Equip
...
00
600,000
...
00
2,445,500
...
00
889,000
...
00
37,000
...
00
116,000
...
00
42,000
...
00
123,000
...
00
38,000
...
00
42,000
...
00
123,000
...
00 ₱6,292,000
...
00
24,000
...
00
14,000
...
00
24,000
...
00
24,000
...
00
7,800
...
00
24,000
...
00
7,800
...
00
₱586,300
...
00 ₱6,498,800
...
00 ₱1,252,800
...
00 ₱5,246,000
...
00
Total
₱2,469,500
...
00
₱2,469,500
...
00
STEP 7: FINANCIAL STATEMENTS
JAY CESAR SYSTEM DEVELOPER
Income Statement
For the period ended December 31, 2019
JAY CESAR SYSTEM DEVELOPER
Statement of Changes in Owner's Equity
For the period ended December 31, 2019
Revenues
Service Revenues
Inerest Revenue
Less- Operating Expenses
Salaries Expense
₱ 2,445,500
...
00
₱
Repairs Expense
Doubtful Account Expense
Office Supplies Expense
Depreciation Expense- Bldg
...
Miscellaneous Expense
889,000
...
00
7,800
...
00
38,000
...
00
-₱
600,000
...
00
₱ 3,271,700
...
00
37,000
...
00
(1,216,700)
Net Income
REVENUE > EXPENSES = NET INCOME
REVENUE < EXPENSES= NET LOSS
OWNER'S EQUITY:
( CAPITAL + INVESTMENTS/NET INCOME) - DRAWING
JAY CESAR SYSTEM DEVELOPER
Balance Sheet
As of December 31, 2019
CAPITAL - (DRAWING + NET LOSS)
BALANCE SHEET:
ASSETS + LIABILITIES AND OE
Assets
Current Assets
Cash
Notes Receivable
Accounts Receivable
Allowance for Doubtful Account
Interest Receivable
Non-current Assets
Office Supplies
Land
Building
₱
45,000
...
00
156,000
...
00
₱
24,000
...
00
₱
21,000
...
00
1,590,000
...
00
₱5,246,000
...
Depreciation- Bldg
...
DepreciationEquip
...
00
-735,000
...
00
₱
3,611,200
...
00
112,500
...
00 339,500
...
00
-₱
600,000
...
00
Total Liabilities and Owner's Equity
3,271,700
...
00
STEP 8: CLOSING ENTRIES
Date
2019
Dec
Account Title
CLOSING ENTRIES
31 Service Revenues
Interest Revenue
Debit
₱
2,445,500
...
00
₱
2,469,500
...
00
₱
889,000
...
00
37,000
...
00
38,000
...
00
7,800
...
Depreciation Expense- Equip
...
00
1,216,700
...
00
600,000
...
Depreciation- Bldg
...
Depreciation- Equip
...
00
360,000
...
00
24,000
...
00
300,000
...
00
To get the capital:
(Capital + net income/investments) - drawing
(Drawing + net loss) - capital
₱
292,000
...
00
735,000
...
00
213,000
...
00
112,500
...
00
₱
4,646,000
...
00
Title: Accounting Cycle (Step 1 to 9)
Description: Accounting Cycle of the subject Fundamentals of Accountancy, Business, and Management 1 This includes a definition of terms and examples that will expand and create an enormous understanding of how to do the accounting cycle effectively from analyzing to post-closing trial balance..
Description: Accounting Cycle of the subject Fundamentals of Accountancy, Business, and Management 1 This includes a definition of terms and examples that will expand and create an enormous understanding of how to do the accounting cycle effectively from analyzing to post-closing trial balance..