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    FABM 1-Answer Sheet-Q1-W8

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    Florante De Leon
    Teofisto Arenas recently started a cleaning service business. In February 2020, the business engaged in various financial transactions including depositing cash, acquiring supplies and equipment, paying expenses, billing and collecting from customers. Students are required to record the journal entries for these transactions, post them to ledger accounts, prepare a trial balance, and the income statement, statement of changes in owner's equity, and balance sheet for the business.

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    FABM 1-Answer Sheet-Q1-W8

    Uploaded by

    Florante De Leon
    704 views1 page
    Teofisto Arenas recently started a cleaning service business. In February 2020, the business engaged in various financial transactions including depositing cash, acquiring supplies and equipment, paying expenses, billing and collecting from customers. Students are required to record the journal entries for these transactions, post them to ledger accounts, prepare a trial balance, and the income statement, statement of changes in owner's equity, and balance sheet for the business.

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    fabm abm week 4

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    Teofisto Arenas recently started a cleaning service business. In February 2020, the business engaged in various financial transactions including depositing cash, acquiring supplies and equipment, paying expenses, billing and collecting from customers. Students are required to record the journal entries for these transactions, post them to ledger accounts, prepare a trial balance, and the income statement, statement of changes in owner's equity, and balance sheet for the business.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    704 views1 page

    FABM 1-Answer Sheet-Q1-W8

    Uploaded by

    Florante De Leon
    Teofisto Arenas recently started a cleaning service business. In February 2020, the business engaged in various financial transactions including depositing cash, acquiring supplies and equipment, paying expenses, billing and collecting from customers. Students are required to record the journal entries for these transactions, post them to ledger accounts, prepare a trial balance, and the income statement, statement of changes in owner's equity, and balance sheet for the business.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    Answer Sheet in Fundamentals of Accountancy, Business and Management 1

    Quarter1 Week 8
    Name: ________________________________________ Score: ____________________
    Grade/Section: _______________________________
    Week 8
    I. Lesson: Accounting Cycle of a Service Business
    II. Learning Competencies: ABM_FABM11-IIIg-j-27-29
    III. Content/Assessment

    Teofisto Arenas recently established a small business that will operate as Arenas
    Cleaning Service. The transactions for February 2020 are presented below.

    Feb 1 Deposited Php. 62,000 cash in a bank account in the name of the new
    company
    3 Acquired cleaning supplies on account, Php 21,400
    5 Acquired cleaning equipment on account, Php. 15,600
    6 Acquired an old service vehicle costing Php. 47,000 for the business, paying
    Php. 10,000 cash, and financing the remaining Php. 37,000 by issuing a
    note payable.
    7 Paid rent on office space for the month, Php. 7,300
    9 Received Php. 31,800 cash for cleaning services rendered.
    10 Paid for a newspaper advertisement, Php. 1,700
    12 Paid for insurance for the next six months by recording prepaid insurance,
    Php. 4,800
    13 Paid Php. 9,000 on account
    14 Paid miscellaneous expense, Php 2,200
    15 Billed customers Php.18,600 for cleaning services rendered
    16 Paid salaries, Php 8,400
    20 Received Php. 9,800 from customers billed on Feb.15.
    22 Paid amount due on the note payable, Php 2,400
    25 Paid telephone expense, Php. 900
    28 Paid salaries, Php. 7,900
    28 Billed customers for cleaning services rendered, Php. 22,500
    28 Withdrew Php. 10,000 from the business
    Required. If you have any questions
    or concerns about the matter

    1. Prepare Journal Entries above, please do not hesitate


    to contact me: Mr. Florante P. De Leon,
    2. Post the entries to the ledger accounts FB Messenger:
    https://m.me/florante.deleon
    3. Trial Balance
    4. Prepare income statement, statement of changes in owner’s equity and
    balance sheet

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