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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
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..