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Handout 012 Mini-Practice Set on the Accounting Process Please use this handout for Lessons 012 Analysis of Business Transactions through Tabular Analysis in the Accounting Equation 014 Journalizing 015 Posting 016 Trial Balance 022 Adjusting Entries 6 – Adjusting Entries for the Sample Problem 023 Ten-column Worksheet 024 Financial Statements 025 Closing Procedures 026 Reversing Entries YouTube Links
Miss Yoon Se-Ri*, a Korean living in the Philippines, established a
travel and tours agency business in the Philippines which she called
LANDING ON YOU TRAVEL SERVICES COMPANY , a company
that promises safe travel with no crash landing***.
The company started pre-operational activities on April 1, 2020 and
rendered their first travel services on April 9, 2020.
The business offers travel and tours services to local Philippine
destinations such as Batanes, Sagada, Cebu, Camarines Sur, and
Palawan, international Asian destinations such as South Korea,
Japan, Thailand, Singapore, and Hong Kong, and other travel
services such as VISA assistance and flight booking assistance.
______________________________________________________
***** A foreigner cannot form a solely owned business in the Philippines without a heavy investment. Hence, this example is for illustration purposes only, making the example relatable to students. ****,***** Yoon Se-Ri is the lead female character of the 2019 Korean Drama “Crash Landing On You” featuring Korean Actress Son Ye-Jin. The example is not, in any way, related to actress Son Ye-Jin.
Handout 012 Mini-Practice Set on the Accounting Process Please use this handout for Lessons 012 Analysis of Business Transactions through Tabular Analysis in the Accounting Equation 014 Journalizing 015 Posting 016 Trial Balance 022 Adjusting Entries 6 – Adjusting Entries for the Sample Problem 023 Ten-column Worksheet 024 Financial Statements 025 Closing Procedures 026 Reversing Entries YouTube Links CHART OF ACCOUNTS
ASSETS
101 Cash
102 Accounts Receivable
103 Office Supplies
104 Prepaid Rent
105 A Automobile
105B Accumulated Depreciation – Automobile
106 A Office Equipment
106B Accumulated Depreciation – Office Equipment
107 A Furniture and Fixtures
107 B Accumulated Depreciation – Furniture and Fixtures
LIABILITIES
201 Accounts Payable
202 Notes Payable
203 Unearned Local Travel Fees
204 Unearned International Travel Fees
205 Interest Payable
CAPITAL
301 Yoon, Capital
302 Yoon, Drawing
303 Profit or Loss Summary
REVENUE
401 Local Travel Fees Earned
402 International Travel Fees Earned
403 Travel Assistance Fees Earned
EXPENSES
501 Salaries Expense
502 Utilities Expense
503 Rent Expense
504 Repairs and Maintenance Expense
505 Organization Expense
506 Office Supplies Expense
507 Interest Expense
508 Depreciation Expense – Automobile
509 Depreciation Expense – Office Equipment
510 Depreciation Expense – Furniture and Fixtures
511 Gas and Oil Expense
Handout 012 Mini-Practice Set on the Accounting Process Please use this handout for Lessons 012 Analysis of Business Transactions through Tabular Analysis in the Accounting Equation 014 Journalizing 015 Posting 016 Trial Balance 022 Adjusting Entries 6 – Adjusting Entries for the Sample Problem 023 Ten-column Worksheet 024 Financial Statements 025 Closing Procedures 026 Reversing Entries YouTube Links
15 (Transaction^ #^9 )^ Paid salaries of employees, total of^ P95,000^ in cash.
(Transaction # 10 ) Rendered travel services to customers with the following details:
Destination Wonderful Seoul 5 days 4 nights
+ Gyeonggido Day Tour
Number of persons 5 persons
Price per person P 38 , 888
Payment terms Payable in one month (on account)
19 (Transaction^ #^11 )^ Paid P7,000 for minor repairs of automobile, cash payment.
(Transaction # 12 ) Received advanced payment for the following travels:
Destination Splendid Cebu 4 days 3 nights
May 3 - 6, 2020
Number of persons 8 persons
Price per person P6,
Payment terms Advanced payment
Destination Japan, Japan, Sagot Sa Kasiyahan
5 days 4 nights
April 25-30, 2020
Number of persons 10 persons
Price per person P63,
Payment terms Advanced payment
(Transaction # 13 ) Received payment from three (3) customers of the Wonderful Seoul 5 days 4 nights
+ Gyeonggido Day Tour who went to South Korea on April 18, 2020.
(Transaction # 14 ) The owner, Miss Yoon Se-Ri, had an emergency and has withdrawn P30,000 cash
for personal use.
Handout 012 Mini-Practice Set on the Accounting Process Please use this handout for Lessons 012 Analysis of Business Transactions through Tabular Analysis in the Accounting Equation 014 Journalizing 015 Posting 016 Trial Balance 022 Adjusting Entries 6 – Adjusting Entries for the Sample Problem 023 Ten-column Worksheet 024 Financial Statements 025 Closing Procedures 026 Reversing Entries YouTube Links
30 (Transaction^ #^15 )^ Paid^ the following: salaries, P95,000, utilities, P12,000, gas and oil, P10,000.
Data for adjustments: a. Interest accrued for the note payable for one month. b. Depreciation of automobile, ten-year useful life, P100, 000 estimated residual value per vehicle. c. Depreciation of office equipment, five-year useful life, 10% estimated residual value per set. d. Depreciation of furniture and fixtures, five-year useful life, no residual value. e. P35,000 worth of office supplies were used. f. One month of rent was expired. g. Earned the Japan travel service in full on April 30. As the accountant of LANDING ON YOU TRAVEL SERVICES COMPANY, do the following for April 2020:
1. Analyze the transactions of the firm through a financial transaction tabular analysis. **(Lesson 012)
- Journalize the transactions in a journal. (Lesson 01 4)
- Post the journal entries in a ledger. (Lesson 01 5)
- Prepare the initial, unadjusted trial balance. (Lesson 01 6)
- Create a summary of adjusting entries. (Lesson 0 22)
- Prepare the company’s ten-column worksheet. (Lesson 0 23)
- Prepare the company’s Statement of Comprehensive Income. (Lesson 0 24)
- Prepare the company’s Statement of Changes in Equity. (Lesson 0 24)
- Prepare the company’s Statement of Financial Position. (Lesson 0 24)
- Journalize and post all adjusting entries and check if the ledger corresponds to the** **adjusted trial balance columns of the worksheet. (Lesson 025)
- Journalize and post all closing entries. (Lesson 02 5)
- Prepare a post-closing trial balance. (Lesson 02 5)
- Journalize reversing entries for May 1, 2020. (Lesson 02 6)**
Handout 012 Mini-Practice Set on the Accounting Process Please use this handout for Lessons 012 Analysis of Business Transactions through Tabular Analysis in the Accounting Equation 014 Journalizing 015 Posting 016 Trial Balance 022 Adjusting Entries 6 – Adjusting Entries for the Sample Problem 023 Ten-column Worksheet 024 Financial Statements 025 Closing Procedures 026 Reversing Entries YouTube Links General Journal Page 1 Date Description PR Debit Credit
Handout 012 Mini-Practice Set on the Accounting Process Please use this handout for Lessons 012 Analysis of Business Transactions through Tabular Analysis in the Accounting Equation 014 Journalizing 015 Posting 016 Trial Balance 022 Adjusting Entries 6 – Adjusting Entries for the Sample Problem 023 Ten-column Worksheet 024 Financial Statements 025 Closing Procedures 026 Reversing Entries YouTube Links General Journal Page 2 Date Description PR Debit Credit
Handout 012 Mini-Practice Set on the Accounting Process Please use this handout for Lessons 012 Analysis of Business Transactions through Tabular Analysis in the Accounting Equation 014 Journalizing 015 Posting 016 Trial Balance 022 Adjusting Entries 6 – Adjusting Entries for the Sample Problem 023 Ten-column Worksheet 024 Financial Statements 025 Closing Procedures 026 Reversing Entries YouTube Links General Journal Page 4 Date Description PR Debit Credit
Handout 012 Mini-Practice Set on the Accounting Process Please use this handout for Lessons 012 Analysis of Business Transactions through Tabular Analysis in the Accounting Equation 014 Journalizing 015 Posting 016 Trial Balance 022 Adjusting Entries 6 – Adjusting Entries for the Sample Problem 023 Ten-column Worksheet 024 Financial Statements 025 Closing Procedures 026 Reversing Entries YouTube Links General Journal Page 5 Date Description PR Debit Credit
Handout 012 Mini-Practice Set on the Accounting Process Please use this handout for Lessons 012 Analysis of Business Transactions through Tabular Analysis in the Accounting Equation 014 Journalizing 015 Posting 016 Trial Balance 022 Adjusting Entries 6 – Adjusting Entries for the Sample Problem 023 Ten-column Worksheet 024 Financial Statements 025 Closing Procedures 026 Reversing Entries YouTube Links
201 Accounts Payable 202 Notes Payable 203 Unearned LTF 204 Unearned ITF 205 Interest Payable
Handout 012 Mini-Practice Set on the Accounting Process Please use this handout for Lessons 012 Analysis of Business Transactions through Tabular Analysis in the Accounting Equation 014 Journalizing 015 Posting 016 Trial Balance 022 Adjusting Entries 6 – Adjusting Entries for the Sample Problem 023 Ten-column Worksheet 024 Financial Statements 025 Closing Procedures 026 Reversing Entries YouTube Links 301 Yoon, Capital 302 Yoon, Drawing 303 Profit or Loss Summary 401 Local Travel Fees Earned 402 Int. Travel Fees Earned 403 Travel Assist. Fees Earned
Handout 012 Mini-Practice Set on the Accounting Process Please use this handout for Lessons 012 Analysis of Business Transactions through Tabular Analysis in the Accounting Equation 014 Journalizing 015 Posting 016 Trial Balance 022 Adjusting Entries 6 – Adjusting Entries for the Sample Problem 023 Ten-column Worksheet 024 Financial Statements 025 Closing Procedures 026 Reversing Entries YouTube Links Landing On You Travel Services Company Trial Balance (Initial and Unadjusted) April 30, 2020 Account Title Debit Credit
Handout 012 Mini-Practice Set on the Accounting Process Please use this handout for Lessons 012 Analysis of Business Transactions through Tabular Analysis in the Accounting Equation 014 Journalizing 015 Posting 016 Trial Balance 022 Adjusting Entries 6 – Adjusting Entries for the Sample Problem 023 Ten-column Worksheet 024 Financial Statements 025 Closing Procedures 026 Reversing Entries YouTube Links Landing On You Travel Services Company Summary of Adjustements April 30, 2020 a. Interest accrued for the note payable for one month. b. Depreciation of automobile, ten-year useful life, P100, 000 estimated residual value per vehicle. c. Depreciation of office equipment, five-year useful life, 10% estimated residual value per set. d. Depreciation of furniture and fixtures, five-year useful life, no residual value. e. P35,000 worth of office supplies were used. f. One month of rent was expired. g. Earned the Japan travel service in full on April 30.
Handout 012 Mini-Practice Set on the Accounting Process Please use this handout for Lessons 012 Analysis of Business Transactions through Tabular Analysis in the Accounting Equation 014 Journalizing 015 Posting 016 Trial Balance 022 Adjusting Entries 6 – Adjusting Entries for the Sample Problem 023 Ten-column Worksheet 024 Financial Statements 025 Closing Procedures 026 Reversing Entries YouTube Links LANDING ON YOU TRAVEL SERVICES COMPANY Statement of Comprehensive Income For the month ended April 30, 2020
Handout 012 Mini-Practice Set on the Accounting Process Please use this handout for Lessons 012 Analysis of Business Transactions through Tabular Analysis in the Accounting Equation 014 Journalizing 015 Posting 016 Trial Balance 022 Adjusting Entries 6 – Adjusting Entries for the Sample Problem 023 Ten-column Worksheet 024 Financial Statements 025 Closing Procedures 026 Reversing Entries YouTube Links LANDING ON YOU TRAVEL SERVICES COMPANY Statement of Changes in Equity For the month ended April 30, 2020
