LEARNING ACTIVITY SHEETS IN

FUNDAMENTAL OF ACCOUNTANCY, BUSINESS, AND MANAGEMENT 1 ABM-11

Learning Area Fundamentals of Accountancy and Business Grade Level 11
W1-4 Quarter
Management 1
4th Quarter Week May 24-28, 2021
I. LESSON TITLE Posting Transactions in the Ledger and Trial Balance
II. MOST ESSENTIAL LEARNING 1. Post transactions in the ledger (ABM_FABM11-IVa-d -31)
COMPETENCIES (MELCs) 2. Prepare a trial balance (ABM_FABM11-IVa-d -32)
III. CONTENT/CORE CONTENT The Accounting Cycle of a Service Business
Resource : Fundamentals of Accountancy, Business and Management 1 - Grade 11 PIVOT IV-A Learner’s
Material Quarter 1 First Edition, 2020 pg. 34-39 Ref: Teachers Guide FABM, pages 97-118/ FABM1
Textbook, pages 70-124/ Quexhub PERC Learning Portal
Suggested
IV. LEARNING PHASES Learning Activities
Timeframe
A. Introduction 5 minuto After analyzing business transactions and journalizing, you can now post them in your general ledger
Panimula and eventually prepare the trial balance. If you find it easy in journalizing, it is more easier in posting
business transactions. All you have to do is transfer the amount of the account tiles to its respective ledger,
summarize, get the balance and prepare the trial balance. Trial balance has two type: Trial balance of total
and trial balance of balances. After going through this learning material, you are expected to posts
transactions in the ledger and prepares trial balance.

B. Development 40 minuto We are done discussing the first two steps in the accounting cycle. In this section, we will be discussing
Pagpapaunlad step 3 to 4.

1. Identifying and Analyzing * 6. Adjusted Trial Balance

2. Journalizing * 7. Financial Statements
3. Posting ** 8. Closing Entries
4. Unadjusted Trial Balance ** 9. Post-closing Trial Balance
5. Adjusting Entries 10. Reversing Entries
* Finished discussing **Current discussion 2

What is Posting?

Transferring the amounts from the general journal to appropriate accounts in the ledger.

Ledger—Grouping of accounts; Used to classify and summarize transactions and to prepare data for
basic financial statements. It is for this reason that a ledger is the so-called “book of final entry”. In
journalizing we have used a journal; in posting we will be using a ledger.

Ledger looks like a big letter T. The use of chart of accounts will help you open the accounts in the
general ledger. When you say opening the account in the general ledger you will name a particular ledger
to a particular account. Take a look at the diagram below; see the process of posting from a journal to
general ledger.

The posting will be done up to the last entry in the general journal. Below is the completed posting to the
general ledger of Automoto Repair Shop. The presentation of accounts is arranged in the following order:
asset, liability, equity, revenue, expenses

1
 LEARNING ACTIVITY SHEETS IN
FUNDAMENTAL OF ACCOUNTANCY, BUSINESS, AND MANAGEMENT 1 ABM-11
.

The difference between total debit and total credit will become the ending balance of an account depending
on its normal balances. Accounts with zero balances are considered closed accounts and they will not be
included in the trial balance. You are now ready for the 4th step of the accounting cycle, the preparation of
a trial balance.
The trial balance is a list of general ledger accounts and their ending balances. There are three types of
Trial balance.
1. Unadjusted trial balance – this is prepared before adjusting entries are made.
2. Adjusted trial balance – prepared after adjusting entries
3. Post-closing trial balance - prepared after the closing entries.
Steps on how to prepare a trial balance
1. Identify accounts that have ending balances.
2. The heading of the trial balance will consist of the following:
● Name of the business
● Title of the report
● Date of the report
3. Accounts in the trial
balance must be listed in
the following order:
● Assets
● Liabilities
● Equity
● Income
● Expenses
C. Engagement 30 minuto Learning Task 1. Review your answer from Learning Task 2 in Week 8. Post the entries to the ledger
Pakikipagpali han (use T-accounts) and prepare the unadjusted trial balance.
D. Assimilation 30 minuto Learning Task 2: Mr. Santos opened a barber shop called “Gupitan Shop” on February 1, 20X3. The
Paglalapat following were the transactions during the first week of operations:

February Transactions
1 Provided P300,000 cash as initial investment to the business.
2 Acquired furniture and fixture for P200,00 cash.
4 Purchased supplies for P30,000 cash.
5 Rendered services worth P20,000 on cash basis
7 Paid P10,000 salaries of employees
Requirement:
A. Provide the journal entries
B. Post the entries to the ledger (use T-accounts)
C. Prepare the unadjusted trial balance
V. ASSESSMENT
(Learning Activity Sheets for
Enrichment, Remediation or
Assessment to be given every
other week.)
VI. REFLECTION 10 minuto In your accounting journal, write your personal insights about the lesson using the
prompts below.
I understand that ___________________.
I realize that ________________________.
I need to learn more about __________.

2
 LEARNING ACTIVITY SHEETS IN
FUNDAMENTAL OF ACCOUNTANCY, BUSINESS, AND MANAGEMENT 1 ABM-11
Prepared by: RHEYJHEN M. CADAWAS Checked by: AMALIA A. DE GUZMAN
Balian INHS, Teacher II Head Teacher

3
 Learning Area Fundamentals of Accountancy and Business Grade Level 11
W2-4 Quarter
Management 1
4th Quarter Week May 31- June 4, 2021
I. LESSON TITLE Posting Transactions in the Ledger and Trial Balance
II. MOST ESSENTIAL LEARNING 1. Prepare adjusting entries of a service activity (ABM_FABM11- IVa-d -33);
COMPETENCIES (MELCs) 2. Complete the accounting cycle of a service activity (ABM_FABM11- IVa-d -34);
III. CONTENT/CORE CONTENT The Accounting Cycle of a Service Business
Ong, Flocer Lao (2016). Fundamentals of Accountancy, Business and Management 1 for Senior High
School. C & E Publishing Inc. / Teaching Guide for Senior High School. Fundamentals of Accountancy,
Business and Management 1. Published by Commission on Higher Education in collaboration with the
Philippine Normal University
Suggested
IV. LEARNING PHASES Learning Activities
Timeframe
A. Introduction 5 minuto International Accounting Standards 8 stated that Accounting Policies, Changes in Accounting
Panimula Estimates and Errors is applied in selecting and applying accounting policies, accounting for changes in
estimates and reflecting corrections of prior period errors. The Matching Principle Concept also stated that
income and their related expenses must be recognized in the same accounting period. The purpose of
which is to avoid misstating the reported income and expenses. Adjusting entries are the last step in the
accounting cycle before the preparation of the financial statements. It is also called the correcting entries.
Adjusting or correcting entries are entries made to correct an already existing entry of the journal or ledger
in terms of account and/or amount. The purpose of which is to properly separates the earned portion of the
amount recorded from the liability portion in the case of income, and expenses portion of the prepaid asset
in the case of expenses. This learning material enables you to:
1. prepare adjusting entries of a service activity (ABM_FABM11- IVa-d -33);
2. complete the accounting cycle of a service activity (ABM_FABM11- IVa-d -34);
B. Development 70 minuto Activity 1: Read me! Understand me! (35 Minuto)
Pagpapaunlad Adjusting entries are made at the end of each accounting period. Adjusting entries make it possible to
report correct amounts on the statement of financial position and on the income statement. All adjusting
entries affect at least one income statement account and one statement of financial position account. Thus,
an adjusting entry will always involve an income or an expense account and an asset or a liability account.
There are five basic sources of adjusting entries:
1. Depreciation expense
2. Deferred expenses or prepaid expenses
3. Deferred Income or unearned income
4. Accrued expenses or accrued liabilities
5. Accrued income or accrued assets
#1 Depreciation Depreciation is a method of allocating the cost of an asset to an expense over the
accounting periods that make up the asset’s useful life. Examples of assets subject to depreciation are:
Store, Office, Building, and Transportation equipment. These types of assets lose their ability to provide
useful service as time passes. Depreciation can also be referred to as the decrease in the usefulness of
these types of assets. Take note that Land is not subject to depreciation because the value of land mostly
increases as time passes

Exercise on Adjusting entries to record Depreciation. Recall that Matapang acquired office equipment on
February 15, 2016 for his repair shop business. The cost of the equipment is PHP25,000. It was estimated
to have a useful life of five years. It is estimated that after five years, the office equipment can be sold at a
scrap value of PHP1,000. The company uses the straight line method of depreciation. Depreciation is a
means of allocating the cost of an asset to an expense over the accounting period that will benefit the use
of the asset. In the exercise above, the equipment will be used by Matapang for five years. Proper
accounting procedures dictates that the cost of PHP25,000 should be spread over five years.

There are several methods or formulas to compute the amount of depreciation. The simplest is the straight
line method. The formula is: Annual Depreciation : (Acquisition Cost – Salvage or Residual Value) / Useful
Life.
Applying this formula to the exercise:
Annual Depreciation = (25,000-1,000) / 5 = PHP 4,800

If the accounting period being reported by Matapang is for the month ending February 29, 2016, the
adjusting entry to record this depreciation in the books of Matapang is:
#2 Deferred Expenses or Prepaid Expense. These are items that have been initially recorded as assets but
are expected to become expenses over time or through the operations of the business.
Exercise - Adjusting entries to record deferred expenses or prepaid expenses. Recall that on February 19,
2016 Matapang purchased PHP5,000 worth of office supplies on account. By the end of the month, PHP
2,000 worth of these supplies are still unused. The February 19, 2016 entry to record the purchase on the
account of office supplies was already posted to the general ledger and included in the balances, as shown
in the unadjusted trial balance above. The entry was shown only for illustration purposes.

#3 Deferred Incomes or Unearned Income. These are items that have been initially recorded as liabilities
but are expected to become income over time or through the operations of the business.

Exercise – Adjusting entries to record deferred or unearned income. On February 15, 2016 Matapang
entered into a contract with Makisig to maintain the computers of Makisig for two months starting on
February 15, 2016 up to April 15, 2016. On the same date, Makisig paid the total contract amount of
PHP40,000 in full. The entries to record and adjust the books are: In the February 29, 2016 entry above, as
of end of February 2016, Matapang has already earned the service revenue for the first 15 days, thus an
adjusting entry is recorded.

#4 Accrued Expenses or Accrued Liabilities.These are items of expenses that have been incurred but have
not been recorded and paid.

Exercise – Adjusting entries to record Accrued expenses or accrued liabilities. On February 29, 2016,
Matapang received the electric bill for the month of February amounting to PHP3,800. Matapang will pay
this bill on March 2016. The electric bill represents the cost of electricity used (or incurred) for February.
Although the said bill is still unpaid and thus was not recorded, the matching principle and accrual basis of
accounting dictates that the same should be recorded in February. Otherwise, your expense will be
understated and thus the company will be reporting an overstated income (or an erroneous income).
Needless to say, erroneous information may lead to wrong decisions. The entry to record the accrual of this
expense is:

#5 Accrued Income or Accrued Assets. These are income items that have been earned but have not been
recorded and paid by the customer. In short, these are receivables of the business.

Exercise – Adjusting entries to record accrued income or accrued assets. On February 28, 2016, Matapang
repaired the computer of Pedro for PHP15,000. Pedro was on an out- of-town trip so he could not pay
Matapang . He told Matapang that he will pay for their services on March 1, 2016. Matapang has already
earned the PHP15,000 but was not paid as of the end of February 2016. Therefore, an income should be
properly recognized in February 2016 for this transaction. The entry to record this is:

Activity 2: Read me! Understand me! (35 Minuto)

Financial statements are written records that conveys to the financial statements users the results of
operation and financial standing of the company. The term comprises three statements, Statement of
Financial Position, Statement of Comprehensive Income and Statement of Cash Flows. These statements
are prepared for both the merchandising and service-oriented businesses. Statement of Comprehensive
Income (SCI) is a statement prepared for a specific period while the Statement of Financial Position is a
statement prepared as of a certain date.
The following steps are followed in preparing the Statement of Comprehensive income and the Statement
of Financial Position:
a. Journalize the transactions = this is the recording of transactions by means of journal entries.
b. Posting = classifying the transactions by putting together the same transactions in the same account.
Included in this stage is the footing to determine the balance per account.
c. Prepare Unadjusted Trial Balance = prepare the unadjusted trial balance in a worksheet. Compute the
totals then double rule.
d. Prepare Adjusting Entries = prepare the necessary adjusting entries at year end. Double rule the totals.
e. Prepare Adjusted Trial Balance = add or deduct the adjustments to arrive at the adjusted trial balance.
Double rule the totals.
f. Prepare Statement of Comprehensive Income = from the Adjusted Trial Balance, forward all nominal
accounts to these columns then foot. A greater amount on the credit side shows a net income while a
greater amount on the debit side shows a net loss. Make an account for the difference as Net Income
(Loss). The net income (loss) is forwarded to Statement of Financial Position. Foot the totals then double
rule.
g. Prepare Statement of Financial Position = the real accounts from the Adjusted Trial Balance are
forwarded to the Statement of Financial Position. Foot and double rule the totals.

The Statement of Comprehensive Income (SCI) and Statement of Financial Position (SFP) can be
prepared in a separate sheet of bond paper to make it formal.

The Statement of Cash Flows can be prepared using the Statement of Comprehensive Income (SCI) and
Statement of Financial Position (SFP). This topic is thoroughly discussed in the previous quarter.
Closing Entries

These entries are prepared before the preparation of the financial statements. There are two instances
where a closing entry could be made. These are, a.) the books are not yet close, and b.) the books are
already close.

A. Books not yet closed

Nominal accounts are close to Income (Loss) Summary Account. These accounts are considered
temporary accounts because these will be closed to the Income (Loss) Summary Account at the end of the
calendar year. It just like transferring all the expenses in the debit side of a T-account and the income on
the credit side of the same account. This is the one considered in FABM 1 and 2. The Income (Loss)
Summary Account will also be closed to the Owner’s Equity.

B. Books already closed

Book is considered closed after the Accountant have prepared the financial statements for the calendar
year. In this case, the nominal accounts are then close to the Owner’s Equity. This practice will be
discussed later in higher accounting subjects. Reversing Entry These entries are made to deal with real
accounts due to the adjusting entries made. It has the effect of making the balance of these accounts to
zero. This can be done by simply debiting what was credit or crediting what was debited. This practice is in
accordance with the Consistency Principle which states that a company cannot just jump from one
accounting practice to another accounting practice.

The income, expense, withdrawal (equity) accounts are called temporary accounts or nominal
accounts. They are called temporary because they accumulate the transactions of only one accounting
period. At the end of this accounting period, the changes in owner’s equity accumulated in these temporary
accounts are transferred into the owner’s capital account. This process serves two purposes: (1) to update
the balance of the owner’s capital; and (2) it returns the balance of the temporary accounts to zero, so that
they are ready to measure the income, expenses and drawings of the next accounting period again. The
owner’s capital account and other statement of financial position accounts are referred to as permanent or
real accounts because their balances continue to exist beyond the current accounting period. Closing the
books is the process of transferring the balances of the temporary accounts to the owner’s permanent
capital account.

The closing journal entries should consist of the following:

• All of the nominal revenue accounts should be closed to the income summary account by a Debit to
revenue and a Credit to income summary.
• All of the nominal expense accounts should be closed to the income summary by a Credit to expense and
a Debit to income summary.
• The balance in the income summary account should now reflect the net income for the accounting period.
The next journal entry should close the income summary account to the equity or capital account. If there is
a net profit this entry will be a Debit to income summary and a Credit to owner’s capital account.
• Once the closing journal entries have been entered into the general journal, the information should be
posted to the general ledger. When this is accomplished, all of the nominal accounts in the general ledger
should have zero balances. To double check on this, we should prepare another trial balance based on the
new balances in the general ledger. If we have any nominal accounts with positive balances, a mistake
was made along the way and will need to be corrected before proceeding to the next accounting period.
 C. Engagement 45 minuto Kay Travel was organized on September 1, 2016. Assume that the accounts are closed and financial
Pakikipagpali han statements are prepared each month. The company occupies rented office space but owns office
equipment estimated to have a useful life of 10 years from date of acquisition, September 1, 2016. The
D. Assimilation unadjusted trial balance for Kay at November 30, 2016 is shown below:
Paglalapat

Additional Information: The rent expense amounting to PHP770 covers rental for the month of November
and December 2016
Instructions:
1. Prepare the adjusting entries necessary for the above problem
2. Prepare an adjusted trial balance
3. Prepare an income statement ending November 30, 2016
4. Prepare closing entries
V. ASSESSMENT Summative Test will be given by the teacher.
(Learning Activity Sheets for
Enrichment, Remediation or
Assessment to be given
every other week.)
VI. REFLECTION 10 minuto In your accounting journal, write your personal insights about the lesson using the
prompts below.
I understand that ___________________.
I realize that ________________________.
I need to learn more about __________.

Prepared by: RHEYJHEN M. CADAWAS Checked by: AMALIA A. DE GUZMAN

Balian INHS, Teacher II Head Teacher
 Learning Area Fundamentals of Accountancy and Business Grade Level 11
W3-4 Quarter
Management 1
4th Quarter Week June 7- June 11, 2021
I. LESSON TITLE The Accounting Cycle of a Merchandise Business
II. MOST ESSENTIAL LEARNING 1. Describe the nature of transactions in a merchandising business. (ABM_FABM11- IVe-j-35)
COMPETENCIES (MELCs) 2. Records transactions of a merchandising business in the general and special journals
III. CONTENT/CORE CONTENT ABM - FABM 1 Grade 11: Module 10 First Edition, 2021 Copyright © 2021 La Union Schools Division
Region I. Teaching Guide for Senior High School. Fundamentals of Accountancy, Business and
Management 1. Published by Commission on Higher Education in collaboration with the Philippine Normal
University
Suggested
IV. LEARNING PHASES Learning Activities
Timeframe
A. Introduction 5 minuto A Stairway to Accounting – GO, CPA!! We begin our study of Merchandising Business with the most
Panimula commonly accepted definition of it:

“Merchandising Business is an entity engaged in buying and selling finished products.” The accounting
cycle for a service business is the same with that of a merchandising business.

After going through this module you are expected to: 1. Describe the nature of transactions in a
merchandising business. (ABM_FABM11- IVe-j-35)
Subtasks: 1. Understands the different business types; 2. Explains the rationale and significance of a
record-keeping system ; 3. Identify what a General Journal (GJ) is; 4. Identify what Special Journals (SJ)
are; and 5. Record Merchandising Business transactions
B. Development 55 minuto Activity 1: Read me! Understand me! (35 Minuto)
Pagpapaunlad THE NATURE AND EXAMPLES OF MERCHANDISING
A merchandising company is an enterprise that buys and sells goods to earn a profit. Merchandise (or
merchandise inventory) refers to goods that are held for sale to customers in the normal course of
business. This includes goods held for resale.
For example:
• Candies, canned goods, noodles sold at a grocery stores
• Juice, biscuits sold in a grocery store
• Medicines sold in a pharmacy

If a grocery store decided to sell an old computer used in the office, this would not be merchandise
because grocery stores do not normally sell computers and the store is simply selling off old office
equipment. But a computer would be merchandise for a computer store who resells computer units.

Merchandise for one firm may be a fixed asset (or property and equipment) for another. In another
example, a pharmacy decided to sell a table used in their display area. This table is not merchandise of a
pharmacy. However, to a retail furniture store a table is merchandise because the business of a furniture
store involves the buying and selling of tables.

A merchandiser’s primary source of revenue is sales revenue or sales. Expenses for a merchandising
company are divided into two categories:

1. Cost of goods sold (COGS) – the total cost of merchandise sold during the period; and
2. Operating expenses (OP) - expenses incurred in the process of earning sales revenue that are deducted
from gross profit in the income statement. Examples are sales salaries and insurance expenses. Gross
profit (GP) is equal to Sales Revenue less the Cost of Goods Sold. Income measurement process for a
merchandiser follows as:

Sales – COGS = Gross Profit – Operating Expenses = Net Income/(Loss)

The Operating Cycles for a merchandiser: Merchandising Company operating cycle (cash to cash)
involves:
1. buy merchandise inventory
2. sell inventory
3. obtain Accounts Receivable
4. receive cash

A merchandising company may use special and general journals to record its transactions.

The General Journal

It is a chronological record of the entity’s transactions. A journal entry shows all the effects of a
business transaction in terms of Debits and Credits. Each transaction is initially recorded in a Journal rather
than directly in the Ledger. A General Journal (GJ) is called the book of original entry. The nature and
volume of business transactions determine the number and types of journals needed, where the General
Journal (GJ) is the simplest. Let us examine the foregoing transactions posted on the General Journal
simple proforma, as shown below.

Transaction Details: On January 02, 20XX, J. Reyes opened his business and invested the following
Assets: Cash – P 100,000.00; Accounts Receivable – P 400,000.00; Merchandise Inventory – P
250,000.00; and Prepaid Supplies – P 10,000.00.

SPECIAL JOURNALS Some businesses encounter voluminous quantities of similar and recurring
transactions, which may create congestion if these transactions are recorded repeatedly in a single day or
monthly in the general journal. The use of special journals will eliminate this problem.

The following are the commonly used special journals:

1. Cash Receipts Journal –used to record all cash that had been received. Let us examine the foregoing
transactions posted on the Cash Receipts Journal simple proforma, as shown below.

Transaction Details:
January 20XX
01 Jun Lee made cash investment, P 50,000.00
02 Borrowed from DBU of P 50,000.00 and issued a 90-day 18% note
06 Cash sales for the week, P 8,000.00
08 Collected P 5,000.00 from Reyes Trading
10 Collected in full from Champ Store, P 4,500.00

2. Cash Disbursements Journal –used to record all transactions involving cash payments. All cash
payments recorded in this journal include cash purchases of Merchandise and other Assets, payments of
accounts and other liabilities, payments of expenses, cash withdrawals of the owner, and cash refunds. Let
 us examine the foregoing transactions posted on the Cash Disbursements Journal simple proforma, as
shown below.

Transaction Details:
January 20XX
08 Received down payment from Lex Trading, P 2,000.00
10 Cash purchases from Sparrow, P 2,500.00
11 Lee withdrew P 500.00
15 Paid Lee Trading in full, P 9,000.00
20 Cash refund to Xian Tan, P 1,000.00

3. Sales Journal (Sales on Account Journal) –used to record all sales on credit (on account). Sales of
Merchandise are usually either paid in cash or on account basis. Cash Sales for retailers like in the
Department Stores run on Cash Register Tapes (CRTs) then, summarized in a Cash Summary Report, and
entered in the Sales Journal based on the total amount. Let us examine the foregoing transactions posted
on the Sales Journal simple proforma, as shown below.

Transaction Details:
January 20XX
02 Sold goods to LU Store, P 5,000.00
04 Sold goods to One Hour Trading, P 7,500.00
05 Sold goods to Champ Store, P 4,500.00
06 Cash sales for the week, P 8,000.00

4. Purchase Journal (Purchase on Account Journal) –used to record all purchases of inventory on credit (or
on account). Purchases of Merchandise are usually on cash or on account. Invoices given by the suppliers
support these. On the other hand, a Cash Voucher supports any cash payment. Let us examine the
foregoing transactions posted on the Purchases Journal simple proforma, as shown below.

Transaction Details:
January 20XX
05 Bought goods from Lee Trading on account, P 9,000.00
08 Bought goods from Von Trading on account, P 5,000.00
10 Bought goods from Sparrow Trading, P 2,500.00

C. Engagement 20 minuto My Online Business!

Pakikipagpali han Directions: Prepare the General Journal to journalize the transactions below. Use a separate sheet for
your answers. (15 points)
On January 02, 20XX, Ella Goody opened Surplus Cellphone Accessories. The business obtained the
necessary business permits and began to operate using social media. The business buys and sells
cellphone accessories, and successful transactions are coursed through authorized couriers in town due
 to COVID-19.

January 20XX
02 Ella Goody invested an initial capital of P 20,000.00.
04 Purchased accessories from Cell Supply, such as cellphone cases, headsets, chargers, batteries, and
screen protectors amounting to P 10,000.00.
06 Sold accessories to Princess Faye amounting to P 500.00, paid P 400.00 and recorded a remaining
balance of P 100.00.
07 Purchased accessories from Chinkee Lee Supply for P 5,000.00 on account. Paid its freight (LBC)
amounting to P 500.00.
11 Sold accessories to King Art amounting to P 5,000.00 on account.
12 Total cash sales for the day amounting to P 8,000.00.
13 Sold accessories to Princess Dianne amounting to P 2,000.00 on account.
16 Princess Faye settled her balances. Paid salaries of Store helper amounting to P 5,000.00.
19 Made partial payment to Chinkee Lee Supply amounting to P 2,500.00.
20 King Art made a partial payment of P 3,000.00.
22 Total cash sales for the day amounting to P 10,000.00.
25 Purchased accessories from Te-Qua Merchandise and paid P 10,000.00.
26 Total miscellaneous paid for the day amounting to P 6,000.00.
30 Grant a customer refund of P 120.00 due to defective headset.
31 Paid salaries of Store helper amounting to P 5,000.00, paid Internet fee of P 1,300.00 and paid utilities
amounting to P 600.00.

The Bookkeeper considers the following Account Titles: Cash on Hand; A/R – Princess Dianne, A/R –
King Art; Merchandise Inventory; A/P – Chinkee Lee Supply; Ella Goody, Capital; Sales; Sales Returns
and Allowances; Purchases; Freight-In; Salaries Expense; Miscellaneous Expense; Utilities Expense; and
Internet Expense.Posting Reference is optional.
D. Assimilation 20 minuto Activity 2. Special Journals Directions: Using the foregoing details of the online transactions in January
Paglalapat 20XX by Surplus Cellphone Accessories. Identify the nature of each transaction and post them using the
appropriate Special Journals below. Use a separate sheet to copy first the format for your answers. (20
points)

V. ASSESSMENT 15 minuto Summative Test will be distributed.

 (Learning Activity Sheets for
Enrichment, Remediation or
Assessment to be given
every other week.)
VI. REFLECTION 5 minuto In your accounting journal, write your personal insights about the lesson using the
prompts below.
I understand that ___________________.
I realize that ________________________.
I need to learn more about __________.

Prepared by: RHEYJHEN M. CADAWAS Checked by: AMALIA A. DE GUZMAN

Balian INHS, Teacher II Head Teacher
 Learning Area Fundamentals of Accountancy and Business Grade Level 11
W4- Quarter
Management 1
4th Quarter Week June 14-18, 2021
W5-4 June 24-25, 2021
I. LESSON TITLE The Accounting Cycle of a Merchandise Business
II. MOST ESSENTIAL LEARNING 1. Records transactions of a merchandising business in the general and special journals
COMPETENCIES (MELCs) (ABM_FABM11- IVe-j-36)
III. CONTENT/CORE CONTENT ABM - FABM 1 Grade 11: Module 10 First Edition, 2021 Copyright © 2021 La Union Schools Division
Region I. Teaching Guide for Senior High School. Fundamentals of Accountancy, Business and
Management 1. Published by Commission on Higher Education in collaboration with the Philippine Normal
University// Fundamentals of Accountancy, Business and Management 1 Quarter 4 – Self-Learning
Module: Pasig City
Suggested
IV. LEARNING PHASES Learning Activities
Timeframe
A. Introduction 10 minuto Activity 1. Directions: From the jumbled letters inside the boxes, re-arranged each box to complete the
Panimula thought. Use a separate sheet. (10 points)

After you familiarize and describe the nature of transactions in a merchandising business. Through this
module, you should be to:Record transactions of a Merchandising Business in the General and Special
Journals (ABM_FABM11-IVe-j-36)
Subtasks: 1. Understands the different business types; 2. Explains the rationale and significance of a
record-keeping system ; 3. Identify what a General Journal (GJ) is; 4. Identify what Special Journals (SJ)
are; and 5. Record Merchandising Business transactions
B. Development 110 minuto Activity 2: Read me! Understand me!
Pagpapaunlad Types of Merchandisers
 Wholesaler – one who buys in bulk or volume directly from manufacturer and sells the goods to
a retailer.
 Retailer – one who sells products to end users.

Merchandising Operations
Two main activities are involved in a merchandising business, namely BUYING and SELLING.
Therefore, there are two points of views considered in recording the business transactions of a
merchandising business. These are points of view of the buyer and the seller.

INVENTORY SYSTEMS
Maintaining inventory items is a unique set-up in a merchandising business. There are two methods of
accounting for inventory, namely: Perpetual Inventory System and Periodic Inventory System.

Merchandising entities may use either of the following inventory systems:

1. Periodic System ---is for business selling goods with different low-priced items. The sales transactions
resulting from the sale of these low-priced items are voluminous. Transactions related to the acquisition of
inventory are recorded accordingly as purchases, purchase discounts, purchase returns and purchase
allowances. Furthermore, related to sales inventory are recorded as sales, sales discount, sales returns
and allowances. Cost of transporting the goods shouldered by the buyer is recorded as freight-in, and if the
transporting of goods shouldered by the seller is recorded as freight-out or delivery expense. At the end of
the period, you must compute cost of goods sold (COGS):
1. Determine the cost of goods on hand at the beginning of the accounting period (Beginning
Inventory = BI),
2. Add it to the cost of goods purchased (COGP),
3. Subtract the cost of goods on hand at the end of the accounting period 4. (Ending Inventory = EI)
illustrated as follows:
 BI + COGP = Cost of goods available for sale - EI = COGS
2. Perpetual System — is for the business selling high-priced items. These sales are few and since the
amount per item is material, the cost of each item sold can be recorded as cost of good sold per sales
transactions. Thus, the running balance of inventory on hand and the cost of sales are shown continuously.
At the end of accounting period, the balance of ending inventory should be the same with the actual
physical count unless there is theft or spoilage of goods.
Detailed records of the cost of each item are maintained, and the cost of each item sold is determined from
records when the sale occurs.
For example, a car dealership has separate inventory records for each vehicle.
• Record purchase of Inventory.
• Record revenue and record cost of goods sold when the item is sold.
• At the end of the period, no entry is needed except to adjust inventory for losses, etc.

Note: Whatever inventory system a company chooses to us, either the periodic or perpetual system, it
should yield the same ending inventory and net income for the company.

JOURNALIZING THE TRANSACTIONS IN A MERCHANDISING BUSINESS

In step 1, transactions are identified and measured. At this stage, the documents used by the business are
analyzed to see whether these transactions have financial impact or effect. Recall the rule that only
financial transactions are recorded and that the amount can be measured. These two conditions must exist
in order for a particular transaction to be recognized or recorded. As defined, financial transactions are
those activities that change the value of an asset, liability or equity.

Step 2 is the Preparation of Journal Entries (Journalization)

RECORDING TRANSACTIONS UNDER PERIODIC SYSTEM

A. Discount is a reduction from a certain price or amount.

1. Trade Discount – is a deduction from the list price or catalogue price granted to customers to
encourage purchase of goods and merchandise in big quantities. This is not recorded in buyer’s
or seller’s books.

a. Illustrative Problem
ABC Co bought merchandise for cash with a list price of P 10,000 less 10% trade
discount.

List Price: P 10, 000

Less: 10% Trade Discount
10, 000 x 0.1 1,000
Purchase Price P 9, 000

Journal Entry:
Purchase 9,000
Cash 9,000
Purchased Merchandise for Cash

2. Cash Discount – is a deduction from the selling or purchase granted to customers to encourage
prompt payment of accounts. This is recorded or shown in buyer’s and seller’s books. It can be
purchase discount or sales discount. Example of different credit terms:
 3/15, 2/20, n/30 means that a 3% discount is granted to the buyer if account is paid
in 15 days from the date of purchase, 2% cash discount if account is paid within 20
days, purchase price less returns and allowances if any is payable within 30 days.
 1/10, n/60 means that a 1% cash discount is granted to the buyer if account is paid
within 10 days from the date of purchase, purchase price less returns and
allowances if any, is payable within 60 days.
 n/30 means that no discount is available to the buyer, purchase price less returns
and allowances if any is payable within 30 days.
 2/10 EOM, n/60 means that a 2% cash discount is granted to the buyer if account is
paid within 10 days after the end of the month. Purchase price less returns and
allowances if any, is payable within 60 days.
 1/EOM, n/30 means that a 1% cash discount is granted to the buyer if account is
paid until end of the month. Purchase price less returns and allowances if any is
payable within 30 days.
 EOM means that no cash discount is available. purchase price less returns and
allowances if any is payable at the end of the month.

b. Illustrative Problem
 On June 1, ABC Merchandising purchased goods for DEF Trading for P 70,000. Terms
1/10, n/30.

The terms 1/10, n/30 means a 1% discount will be given if a payment is made within 10
days. From June 1 and no discount will be given beyond 10 days.

June 1----------------June 11 with 1% Discount, June 12------------June 30 no discount

Puchase Price: P 70, 000

Less: 1% Trade Discount
70, 000 x 0.01 700
Payment within 10 days P 69,300

c. Illustrative Problem
Assuming the terms of ABC Merchandising purchase 3/10 EOM, n/60 and ABC
Merchandising paid on August 10.

The terms 3/10 eom, n/60 means a 3% discount will be given if a payment is made within
10 days after end of the month. From June 1 and no discount will be given beyond 10
days.

June 1----------------July 10 with 3% Discount, July 11------------July 31 no discount

Puchase Price: P 70, 000

Less: 3% Trade Discount
70, 000 x 0.03 2,100
Payment within discount period P 67,300

BUYER’S POINT OF VIEW

 Merchandise inventory are goods purchased by the company for sale normally at a profit.
Certain documents are preared by the buyer to complete purchase transactions.
a. Purchase Order
b. Receiving Report
c. Debit Memorandum

 Account Titles Used

a. Purchases
b. Purchase Returns and Allowances
c. Purchase Discount
d. Freight-In

SELLER’S POINT OF VIEW

It is one who offers merchandise for sale in exchange for monetary payment. Certain documents are
prepared by the SELLER to complete a purchase transaction.

1. Sales Invoice- contains the name and address of the buyer of the description of goods sold, credit
terms, unit price, quantities, total amount, and date of sale.
2. Official Receipt a written acknowledgment of money received by the seller evidencing payment of
the buyer for goods purchased.
3. Credit Memorandum a written notice from the seller signifying acknowledgment or acceptance of
the goods returned by the buyer.

Account Titles Used

1. Sales the proceeds from sales price of goods sold credited to the revenue account in the
accounting period when the sales were made.
2. Sales Returns and Allowances the accounts used to record returns acknowledge granted by
 the supplier to the buyer from the sales of goods.
3. Sales Discounts reduction from the sales price of the merchandise or goods sold granted by the
seller to customers.
4. Freight-Out or Delivery Expense the cost of transporting the merchandise or goods from the
seller’s place to the buyer’s place of business.

COMPARISON BETWEEN THE PERIOD SYSTEM AND PERPERTUAL SYSTEM IN RECORDING

TRANSACTION

C. Engagement 45 minuto Activity 3. Presented are transactions of Kathniel Electrical Supplies for the month of May. Record all
Pakikipagpali han transactions using the periodic inventory assuming credit terms extended to customers are 2/10, n/30.
May 4 Cash Purchases from Maldives Manufacturing, P 1,000,000.
8 Cash Sales to various customers, P 125,000.
9 Refunded P 11,000 for merchandise returns.
 10 Sold Merchandise to Heir Supply, P 55,000.
11 Granted 10% allowance to Heir Supply to wrong specifications.
12 Sold Merchandise to Viber Construction, P 300,000.
15 Cash sales to Architect Julia P 220,000.
16 Purchased Merchandised from James, P 100,000.
18 Heir Supply settled its account in full.
24 Viber constructions settled its account in full.
30 Settled account with James in full.
D. Assimilation 45 minuto Activity 4. BTS Company engaged in the following transactions for the month of June. Record the
Paglalapat transactions using the perpetual inventory system.

June 1 Purchased goods from SB19 Trading on credit. Terms 2/10, n/30, P 80, 000.
10 Returned 20% defective goods to SB19 Trading.
13 Cash Sales, P 46,000 (cost, P 27,000)
15 Purchased goods from MNL48 Co., P40,000, Terms: 25% DP, 3/15, n/30
17 Paid P 6,000 freight on goods purchased.
19 Sold goods to XLR8 on credit: Terms 2/10, n/30, P 100,000 (cost P 59,000)
23 Received returned goods from XLR8 P 40,000 (cost P 24,000)
25 Paid MNL48 in full.
26 XLR8 settled its account in full.
27 Settled June 1 account in full.
29 Cash purchases, P50, 000
V. ASSESSMENT 15 minuto Summative Test will be distributed.
(Learning Activity Sheets for
Enrichment, Remediation or
Assessment to be given
every other week.)
VI. REFLECTION 5 minuto In your accounting journal, write your personal insights about the lesson using the
prompts below.
I understand that ___________________.
I realize that ________________________.
I need to learn more about __________.

Prepared by: RHEYJHEN M. CADAWAS Checked by: AMALIA A. DE GUZMAN

Balian INHS, Teacher II Head Teacher

Learning Area Fundamentals of Accountancy and Business Grade Level 11

W6-4 Quarter
Management 1
4th Quarter Week June 28- July 2, 2021
I. LESSON TITLE The Accounting Cycle of a Merchandise Business
II. MOST ESSENTIAL LEARNING Post transactions in the general and subsidiary ledgers (ABM_FABM11- IVe-j-37)
COMPETENCIES (MELCs) Prepares a Trial Balance (ABM_FABM11-IVe-j-38), Prepared Adjusting Entries (ABM_FABM11-IVe-j-39)
III. CONTENT/CORE CONTENT ABM - FABM 1 Grade 11: Module 10 First Edition, 2021 Copyright © 2021 La Union Schools Division
Region I. Teaching Guide for Senior High School. Fundamentals of Accountancy, Business and
Management 1. Published by Commission on Higher Education in collaboration with the Philippine Normal
University/ Fundamentals of Accountancy, Business and Management 1 Quarter 4 – Self-Learning Module:
Pasig City
Suggested
IV. LEARNING PHASES Learning Activities
Timeframe
A. Introduction 5 minuto After you learned the proper recording in journalizing transactions in a merchandising business. Through
Panimula this module, you should be to: Post transactions in the general and subsidiary ledgers (ABM_FABM11-
IVe-j-37) and Prepares a Trial Balance (ABM_FABM11-IVe-j-38)
Subtasks: 1. Understands the different business types; 2. Explains the rationale and significance of a
record-keeping system ; 3. Identify what a General Journal (GJ) is; 4. Identify what Special Journals (SJ)
are; and 5. Record Merchandising Business transactions
B. Development 40 minuto Activity 2: Read me! Understand me!
Pagpapaunlad
Step 3. Posting – means transferring the amounts from the journal to the appropriate accounts in the
ledger. The steps in posting journal entries to the ledger as follows:
1. Transfer the date of the transaction from the journal to the ledger.
2. Transfer the page number from the journal to the journal reference column of the ledger.
3. Post the debit figure from the journal as debit figure in the ledger and the credit figure from the
journal as a credit figure in the ledger.
4. Enter the account number in the posting reference column of the journal once the figure has been
posted to the ledger.

Example: ABM Merchandising had the following transactions regarding sales. Record them in the sales
journal, Post the totals in the general ledger accounts and subsidiary ledger.
 January 03, 2020 sold merchandise on account to TVL Merchandising amounting to Php 5,
600.00. Invoice No. 1001.
 January 04, 2020 sold merchandise on account to STEM Company amounting to Php 3,
780.00. Invoice No. 1002
 January 05, 2020 sold merchandise on account to SPORTS Company amounting to
8,900.00. Invoice No. 1003.

Step 4 & 5– Prepare the unadjusted trial balance, and preparation of worksheet. The balances in the
general ledger for each account will be extended to the first two money columns of the worksheet.
Step 6 – Prepare adjusting entries.
Step 7 – Preparation of Financial Statements.

The Worksheet
 It is common tool and summary device used by accountants to gather on a sheet or paper all the
information needed for the preparations of the financial statements, adjusting entries, closing entries and
post-closing trial balance. In accounting cycle steps 4-7 you must know how to prepare worksheet.

STEPS IN PREPARING THE WORKSHEET

1. Enter the worksheet heading which consists of three lines: Name of the company, Worksheet
Period covered

2. Enter the column headings, providing the first two money columns for the trial balance, and the
next two columns for each of the following: Adjustments, Adjusted Trial Balance, Income
Statement, and Statement of Financial Position

3. Copy the account titles and the balances of the trial balance in the unadjusted trial balance
columns. Total the amounts to check their accuracy. Total debits should be equal to total credits.

Objectives of a Trial Balance

1. to check the arithmetical accuracy of the ledger accounts.
2. to locate the errors.
3. to facilitate the preparation of the final accounts.
Source: https://www.slideshare.net/srinivasmethuku/topic-8-trial-balance

Purposes of a Trial Balance

1. Trial Balance acts as the first step in the preparation of the financial statements.
2. Trial Balance ensures that the account balances are accurately extracted from the accounting ledgers.
3. Trial Balance assists in the identification and rectification of errors.
4. Trial Balance ensures that for every debit entry recorded, a corresponding credit entry has been
recorded in the books following the double entry concept of accounting.

4. Input data in adjustment column.

 5. Add or Deduct adjusting entry data to trial balance amounts and extend amounts to the Adjusted
Trial Balance columns. Add the Debit and Credit columns of the Adjusted Trial Balance
columnsof the worksheet to verify that the totals are equal.

6. Extend the adjusted trial balance amounts to the Income Statement columns and the Balance
Sheet columns.
7. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the
worksheet to determine the amount of net income or net loss for the period.
8. Enter the amount of net income or net loss for the period in the proper Income statement column
and Balance sheet column.
9. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the
worksheet to verify that the totals are equal.

C. Engagement 20 minuto Activity 2. ABM Merchandising had the following transactions regarding purchases of assets. Post it in a
Pakikipagpalihan general ledger by using the specified format and by using the following account codes: Furniture (1300),
Office Supplies (1500), Equipment (1600), Accounts Payable (2000) and Purchases (5100). Use a
 D. Assimilation separate sheet of paper for your answer. (5 points each ). You have 30 minutes to finish this activity 2.
Paglalapat
January 06, 2020, purchased merchandise on account from ABC Company, Php24,000.00.
January 07, 2020, purchased office supplies on account from DEF Bookstore, Php4,560.00
January 12, 2020, purchased merchandise on account from GHI Merchandising, Php15,000.00
January 17, 2020, purchased equipment on account from JKL Company, Php65,000.00
January 22, 2020, purchased furniture on account from MNO Home Center, Php12,500.00

V. ASSESSMENT 50 minuto – higit Activity 3. Prepare a 10-column worksheet.

(Learning Activity Sheets for pa
Enrichment, Remediation or
Assessment to be given
every other week.)

Additional Information:
a. Office supplies expense for the year is P 1,000.
b. Annual depreciation of store furniture and fixtures is P 2,500.
c. Store Insurance Expense for the year is P 8,000.
d. Unpaid Sales Salaries at year-end is P 17,000.
e. A physical count of the merchandise inventory at year end unsold merchandise amounting to P 60,
000.
VI. REFLECTION 5 minuto In your accounting journal, write your personal insights about the lesson using the
prompts below.
I understand that ___________________.
I realize that ________________________.
I need to learn more about __________.

Prepared by: RHEYJHEN M. CADAWAS Checked by: AMALIA A. DE GUZMAN

Balian INHS, Teacher II Head Teacher

Learning Area Fundamentals of Accountancy and Business Grade Level 11

Management 1
 July 5-9, 2021
W7-
Quarter 4th Quarter Week
July 12-16, 2021

W8-4
I. LESSON TITLE The Accounting Cycle of a Merchandise Business
II. MOST ESSENTIAL LEARNING Complete the accounting cycle of a merchandising business (ABM_FABM11-IVe-j-40);
COMPETENCIES (MELCs) Prepare the statement of cost of goods sold and gross profit (ABM_FABM11-IVe-j-41)
III. CONTENT/CORE CONTENT ABM - FABM 1 Grade 11: Module 10 First Edition, 2021 Copyright © 2021 La Union Schools Division
Region I. Teaching Guide for Senior High School. Fundamentals of Accountancy, Business and
Management 1. Published by Commission on Higher Education in collaboration with the Philippine Normal
University/ Fundamentals of Accountancy, Business and Management 1 Quarter 4 – Self-Learning Module:
Pasig City
Suggested
IV. LEARNING PHASES Learning Activities
Timeframe
A. Introduction 5 minuto After you learned the proper recording in journalizing transactions in a merchandising business. Through
Panimula this module, you should be to: Post transactions in the general and subsidiary ledgers (ABM_FABM11-
IVe-j-37) and Prepares a Trial Balance (ABM_FABM11-IVe-j-38)
Subtasks: 1. Understands the different business types; 2. Explains the rationale and significance of a
record-keeping system ; 3. Identify what a General Journal (GJ) is; 4. Identify what Special Journals (SJ)
are; and 5. Record Merchandising Business transactions
B. Development 40 minuto Activity 1: Read me! Understand me!
Pagpapaunlad Step 8 – Closing Entries. The closing journal entries consist of the following:
 Are entries prepared at the end of the accounting period to bring the balances of the temporary or
nominal accounts to zero, so that they will be ready to receive data for the next accounting period.
 In the closing process, a clearing account called “Income Summary” is used.
 Closing Entries of a merchanidising business includes setting up the ending inventory and closing
the beginning inventory. Closing Entries for a merchandising business are as follows:

1. Income Summary xxx

Merchandise Inventory, Beginning xxx
Nominal Accounts with Debit Balances xxx
To close beginning inventory and
nominal accounts with debit balances

2. Merchandise Inventory, End xxx

Nominal Accounts with Credit Balances xxx
Income Summary xxx
To close beginning inventory and
nominal accounts with credit balances

3. Income Summary xxx

Owner’s Capital xxx
To close income summary to capital
(for net income)

Owner’s Capital xxx

Income Summary xxx
To close income summary to capital
(for net loss)

4. Owner’s capital xxx

Owner’s Drawing xxx
To close drawing acccount to capital
(for net loss)

Step 9. Post- Closing Trial Balance

It is prepared to verify the equality of the debits and credits. Since all nominal accounts have been closed,
only real accounts should appear in the post closing trial balance, Except for addition of the merchandise
inventory account. All items in the post-closing trial balance are the same as those in service business.

The Statement of Cost of Goods is an important metric on the financial statement as it is subtracted from
company’s revenues to measure its gross profit. The Gross Profit statement determines the profitability and
evaluates how efficient the company’s in managing its expenses and supplies in the production process.

Cost of Goods Sold

 ➢ Cost of goods sold represents the expense a business incurred to buy or make a product.
➢ Sometimes abbreviate as COGS or called “Cost of Sales”
Inventory
➢ Goods that are held for sale to customers in the normal course of business. Examples: Candies,
canned goods, noodles sold at the grocery store.

Statement of Cost of Goods Sold under Perpetual Inventory System and Periodic Inventory System:

If the business entity uses a perpetual inventory system, cost of goods sold is being calculated every time a
sale takes place. In this case, no calculation is needed. We can simply take the amount from the cost of
goods sold account on the trial balance. If the business uses a periodic inventory system, you must do
some calculations to figure out the cost of goods sold. Under a periodic inventory system, all goods
purchased are placed in the purchases account, not in the inventory account. When sales are recorded,
there is no adjustment to inventory and cost of goods, not like there is in a perpetual system. Therefore, at
the end of the year, you must look how much is purchased and physically count how much inventory is left
to manually calculate the cost of goods sold.

Under a periodic system, just add the beginning inventory to the cost of purchases. This gives us goods
available for sale. Goods available for sale this is the maximum value of goods that could be sold. At the
end of the year if there is no inventory left the goods available for sale would be equal to cost of goods
sold, but if Beginning Inventory Purchases Goods available for sale Cost of Goods Sold Ending Inventory
there is remaining inventory, subtract the ending inventory from goods available for sale to calculate cost of
goods sold.

Illustrative example:
J_NELL Pencil Company sells pencils to office supply stores and other retailers around the world. On
January 01, the company’s inventory was Php. 41,000. During the year, the company purchased Php.
895,000 worth of pencils. A physical count of the inventory on December 31 revealed that there were Php.
23,000 worth of pencils remaining. Calculate cost of goods sold for the year.

What is a Gross Profit?

The gross profit is the total sales of the firm minus the total cost of goods sold. The total sales are all the
goods sold by the business.

To calculate cost of goods sold and gross profit:

SALES xxx
Less: Cost of Goods Sold xxx
Gross Profit xxx

*Putting together the cost of Goods Sold and Gross Profit in the Income Statement. Cost of Goods Sold is
reported on the Income Statement and can be considered as an expense of the accounting period.
 C. Engagement 15 minuto Activity 2. Direction: Read and understand the problem below calculate the cost of goods sold and gross
Pakikipagpalihan profit. Write your answer on a separate sheet of paper.

Problem A. Shoe keeper had bought 100 footballs for Ph.30.00 each. One football player comes and
bought 10 footballs for 50.00 each. Calculate the cost of goods sold. Show your solution.

Problem B. XYZ Company has Beginning Inventory Php. 100,000, New Purchases amounting to Php.
450,000 and Ending Inventory is Php. 35,000. Find the cost of goods sold for XYZ Company.

Problem C. I sell T-shirts, I bought them from the manufacturer for 500.00 for each tshirt. I sold them at
800.00 each. In the month of February, I decided to buy 10 pieces of t-shirts and only seven t-shirts were
sold. Compute the cost of goods sold and gross profit. Show your solution.

D. Assimilation 60 minuto Activity 3. Practice to prepare the closing entries.

Paglalapat

V. ASSESSMENT 120 minuto Week 8

(Learning Activity Sheets for Listed below are some of the accounts relating to the income of RMC Footwear (owned by Rheyjhen
Enrichment, Remediation or Cadawas) for the three month period ended March 31, 2021:
Assessment to be given
every other week.)

Instructions:
 1. Prepare a schedule of cost of goods sold for the three-month period ended March 31, 2021.
2. Prepare a statement of income for the period ended March 31, 2021.
3. Prepare closing entries.
VI. REFLECTION 5 minuto In your accounting journal, write your personal insights about the lesson using the prompts below.
I understand that ___________________.
I realize that ________________________.
I need to learn more about __________.
-------Congratulations for a job well done! You may enjoy your vacation and Good Luck to your FABM 2------

Prepared by: RHEYJHEN M. CADAWAS Checked by: AMALIA A. DE GUZMAN

Balian INHS, Teacher II Head Teacher