Lackings Accounting

ACCOUNTING
Write all your answers in a whole sheet of yellow writing pad. Make sure to pass your paper by section or
else I will not accept it. Please provide excuse letter on every activity providing the reasons of your
absence.
This remedial activity will due only on Monday: January 20, 2024.
Activity 1
Fill in the journal entry of the following:
Activity 2
Answer each question in not more than 5 sentences.
1. How does account titles help in the recording financial transactions?
2. What are your basis for a reliable financial statement?
3.
Activity 3
Activity 4
Activity 5
1. What do you call the book of original entry?
A. journal B. ledger C. trial balance D. worksheet
2. What is the normal balance of asset account?
A. debit B. credit C. center D. right and left side
3. What is the trial balance used for?
A. It is a financial statement C. It doesn’t contribute to the accounting
B. It records balances of a balance sheet cycle
D. It records balances of accounts
4. If you want to put money to your bank account, which of the following documents should you prepare?
A. Deposit slip C. Withdrawal slip
B. Bank statement D. Debit card
5. What would be the balance of A/R if it has 3,000 and 4,000 debits and 1,000 and 500 credits ?
A. There is debit balance of 8,500. C. There is credit balance of 4,500.
B. There is credit balance of 8,500 D. There is debit balance of 4,500
6. What is used in preparing trial balance?
A. Specialized Journals C. Ledger Accounts
B. Balance Sheet D. General Journal
7. What does it mean if debit balance is equal to credit balance ?
A. Account balances are correct D. No mistake in posting entries to ledger
B. Mathematically Capital Liabilities=Assets accounts
C. No mistake in recording transactions
8. What is the normal balance of sales ?
A. debit B. credit C. center D. None of the above.
9. It is a written order directing a bank to pay money as instructed.
A. Check C. Deposit slip
B. Bank statement D. Bank instruction
10. A time deposit is normally evidenced by a(an)
A. pass book. C. Certificate of Time D. ATM card
B. bank statement. Deposit.
11. What do we understand from financial statements?

A. A group of reports regarding the C. A collection of reports pertaining to the
organization’s various financial aspects. organization’s vision and mission.
B. A group of reports regarding the D. None of the above
employee’s data.
12.. Out of the following options, which is the most suitable with regards to the balance sheet
A. Liabilities = Assets + Shareholders Equity B. Shareholders Equity = Assets + Liabilities
C. Assets = Shareholders Equity + Liabilities D. Assets = Shareholders Equity – Liabilities
13. Which of the following has a correct journal entry based on the transaction given: sold computer unit in
cash?
A. debit, cash; credit, computer C. debit, computer; credit, N/P
B. debit, computer; credit, A/P D. debit, cash; credit, expense
14. What is the normal balance of property, plant and equipment?

15. What is the normal balance of professional income?
16. What is the normal balance of cash ?
17. Which of the following account with normal balance is shown at the debit side of a trial balance?
A. Creditors account C. Rent income account
B. Unearned income account D. Cash account
18. Which accounts with normal balance is recorded at the credit side of the trial balance?
A. Bank account C. Cash account
B. Equipment account D. Accrued expenses account
19. Which of the following can be a part of liabilities in the balance sheet
A. Debts C. Wages that are payable
B. Dividends payable D. All of the above
20.What can be the most appropriate
role of the income statement from the
following options
A. The income statement helps in
learning about the business’s
performance on a yearly basis in
terms of the overall profit and
other significant aspects of the
business
B. It helps in learning about the
shareholder’s equity, assets and
liabilities.
C. It helps in understanding the
decrease and increase in terms of
the cash
D. It helps in showing the over
Activity 6
Miss Perpetua Peras invests in a shoe and Bag Repair Shop. Set
up accounts in a “T” form for each of the following:
Cash in Bank, Shop Supplies Inventory, Accounts Payable,
Notes Payable, P.Peras Capital, P.Peras Drawing, Service Income, Taxes and Licenses, Rent Expense,
Utilities Expense.
April 1- The owner invests 95,000 cash which she deposited in the bank.
April 3- Borrowed money from the same bank an amount of 10,000 by signing a note with interest
deducted in advance of 10,000 for 1 year for a net proceeds of 40,000.
April 5- Bought various shop supplies on account 15,000.
April 7-Rendered repair services to various customers on account 6,000.
April 9- Partially paid the April 5 account, 2,500.
April 14- Paid space rental for the month , 4,000.
April 19- Rendered repair services for cash, 25,000.
April 22- The owner withdrew cash of 25,000 for personal use.
April 25- Paid taxes and licenses 1,850.
April 27- Paid Light and water bills 1,080.
Requirements:
1. Enter the following transactions for the first month of operation for Peras Shoe and Bag Repair
Shop.
2. After all the transactions above are recorded, compute the balance of each account and indicate
whether the account has debit balance or a credit balance. Then, determine if the total of all
accounts with credit balances.
3. Post the entries.
4. Make a trial balance.
Activity 7
The account titles performance task.

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ACCOUNTING

11. What do we understand from financial statements?

14. What is the normal balance of property, plant and equipment?

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