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Download This documents contains lessons about accounting. and more Study notes Accounting in PDF only on Docsity! 0 SENIOR HIGH SCHOOL Fundamentals of Accountancy, Business and Management 1 (FABM 1) Preparing of Worksheet Self-Learning Module 2 666 Quarter 4 Fundamentals of Accountancy, Business and Management 1 Quarter 4 – Self-Learning Module 2: Preparing of Worksheet First Edition, 2020 Republic Act 8293, Section 176 states that no copyright shall subsist in any work of the Government of the Philippines. However, prior approval of the government agency or office wherein the work is created shall be necessary for exploitation of such work for profit. Such agency or office may, among other things, impose as a condition the payment of royalties. Borrowed materials (i.e., songs, stories, poems, pictures, photos, brand names, trademarks, etc.) included in this module are owned by their respective copyright holders. Every effort has been exerted to locate and seek permission to use these materials from their respective copyright owners. The publisher and authors do not represent nor claim ownership over them. Printed in the Philippines by Department of Education – Schools Division of Pasig City Development Team of the Self-Learning Module Writer: Jeany Rose P. Agbisit Editor: Edna D. Camarao, PhD., Dennis T. Alex Reviewers: Content/Language: Edna D. Camarao, PhD., Jennifer M. Hobrero Technical: Emmanuel B. Penetrante Illustrator: Name Layout Artist: Name Management Team: Ma. Evalou Concepcion A. Agustin OIC-Schools Division Superintendent Carolina T. Rivera, CESE OIC-Assistant Schools Division Superintendent Victor M. Javeña EdD Chief, School Governance and Operations Division and OIC-Chief, Curriculum Implementation Division Education Program Supervisors Librada L. Agon EdD (EPP/TLE/TVL/TVE) Liza A. Alvarez (Science/STEM/SSP) Bernard R. Balitao (AP/HUMSS) Joselito E. Calios (English/SPFL/GAS) Norlyn D. Conde EdD (MAPEH/SPA/SPS/HOPE/A&D/Sports) Wilma Q. Del Rosario (LRMS/ADM) Ma. Teresita E. Herrera EdD (Filipino/GAS/Piling Larang) Perlita M. Ignacio PhD (EsP) Dulce O. Santos PhD (Kindergarten/MTB-MLE) Teresita P. Tagulao EdD (Mathematics/ABM) For the learner: Welcome to Fundamentals of Accountancy, Business and Management 1 Quarter 4 Self Learning Module on Preparing of Worksheet! This module was designed to provide you with fun and meaningful opportunities for guided and independent learning at your own pace and time. You will be enabled to process the contents of the learning material while being an active learner. This module has the following parts and corresponding icons: Expectations - This points to the set of knowledge and skills that you will learn after completing the module. Pretest - This measures your prior knowledge about the lesson at hand. Recap - This part of the module provides a review of concepts and skills that you already know about a previous lesson. Lesson - This section discusses the topic in the module. Activities - This is a set of activities that you need to perform. Wrap-Up - This section summarizes the concepts and application of the lesson. Valuing - This part integrates a desirable moral value in the lesson. Posttest - This measures how much you have learned from the entire module. After going through this module, you are expected to: 1. Define worksheet; 2. Summarize the procedures in preparing the worksheet; 3. Prepare the 10-column worksheet; and 4. Give the importance of preparing a worksheet. Directions: Write TRUE if the statement is correct and FALSE if it is incorrect. 1. The last step in worksheet preparation is to enter the profit or loss figure as a balancing figure in the income statement and balance sheet columns. 2. The worksheet is a convenient device for completing the accounting cycle. 3. When the income statement columns of the worksheet are totaled, the excess of debits over credits is called profit. 4. Income and expense accounts are moved to the balance sheet columns of the worksheet. 5. After all necessary adjustments are entered in the worksheet, the two adjustments columns are totaled to prove the equality of debits and credits. EXPECTATIONS PRETEST Directions: Completion Statements 1. The ___________ principle gives accountants guidance as to when revenue is to be recorded. 2. An adjusting entry recording accrued salaries for a period indicates that Salaries Expense has been _____________ but not yet been 3. ______ or recorded. 4. An adjusted trial balance proves the __________ of the total debit and credit balances after all 5. ________ entries have been made. TEMPORARY ACCOUNTS – accounts that to be closed WORKSHEET ❖ Is a multicolumn form that may be used in the adjustment process and in preparing financial statements. ❖ It is a working tool. It is not a permanent accounting record; it is neither a journal nor a part of the general ledger. ❖ Merely a device used to make it easier to prepare adjusting entries, as it provides the data for journalizing the adjusting and closing entries. ❖ It can be used to determine profit and loss and can be used to prepare the financial statements (if completed) LESSON RECAP 3. Enter the unadjusted account balances from the general ledger into the Unadjusted Trial Columns of the worksheet. ` 4. Add the Debit and Credit columns of the unadjusted Trial Balance columns of the worksheet to verify that the totals are equal. ‘ 1 Cash on Hand 25 0 0 0 - 2 Cash in Bank 45 0 0 0 - Accounts Receivable 49 0 0 0 - 3 Notes Receivable 30 0 0 0 - 4 Prepaid Insurance 15 0 0 0 - 5 Machinery and Equipment 150 0 0 0 - 6 Furniture and Fixtures 25 0 0 0 - 7 Accounts Payable 26 0 0 0 - 8 Notes Payable 50 0 0 0 - 9 Carlito, Capital 132 8 5 0 - 10 Carlito, Drawing 5 0 0 0 - 11 Repair Income 275 0 0 0 - 12 Referral Income 15 0 0 0 - 13 Salaries Expense 45 0 0 0 - 14 Supplies Expense 6 0 0 - 15 Taxes and Licenses Expense 7 2 5 0 - 16 Rent Expense 55 0 0 0 - 17 Utilities Expense 46 7 5 0 - 18 Interest Expense 2 5 0 - 19 498 8 5 0 - 498 8 5 0 - 20 21 22 23 24 25 26 27 28 29 30 Debit Credit Debit Credit Balance Balance Statement Sheet Debit Credit Debit Credit Debit Credit Carlito Auto Repair Shop Worksheet For the year ended December 31, 2019 Account Titles Trial Adjustments Adjusted Trial Income Balance 5. Enter the adjusting entries into the worksheet, based upon the adjustment data. 6. Add the Debit and Credit columns of the Adjustments columns of the worksheet to verify that the totals are equal. 1 Cash on Hand 25 0 0 0 - 2 Cash in Bank 45 0 0 0 - Accounts Receivable 49 0 0 0 - 3 Notes Receivable 30 0 0 0 - 4 Prepaid Insurance 15 0 0 0 - (2) 10 0 0 0 - 5 Machinery and Equipment 150 0 0 0 - 6 Furniture and Fixtures 25 0 0 0 - 7 Accounts Payable 26 0 0 0 - 8 Notes Payable 50 0 0 0 - 9 Carlito, Capital 132 8 5 0 - 10 Carlito, Drawing 5 0 0 0 - 11 Repair Income 275 0 0 0 - 12 Referral Income 15 0 0 0 - 13 Salaries Expense 45 0 0 0 - 14 Supplies Expense 6 0 0 - (3) 2 0 0 - 15 Taxes and Licenses Expense 7 2 5 0 - (8) 1 3 0 - 16 Rent Expense 55 0 0 0 - 17 Utilities Expense 46 7 5 0 - 18 Interest Expense 2 5 0 - (7) 7 5 0 - 19 498 8 5 0 - 498 8 5 0 - 20 Doubtful Accounts (1) 4 9 0 0 - 21 Allow. for Doubtful Accounts (1) 4 9 0 0 - 22 Insurance Expense (2) 10 0 0 0 - 23 Prepaid Supplies (3) 2 0 0 - 24 Interest Receivable (4) 4 5 0 - 25 Interest Income (4) 4 5 0 - 26 Depreciation Expense-Machi. & Equipt (5) 7 5 0 0 - 27 Accumulated Deprn.-Machi & Equipt. (5) 7 5 0 0 - 28 Depreciation Expense-Furn. & Fixtures (6) 2 2 5 0 - 29 Accumulated Deprn.-Furnitures & Fix. (6) 2 2 5 0 - 30 Interest Payable (7) 7 5 0 - 31 Taxes and Licenses Payable (8) 1 3 0 - 32 Totals 26 1 8 0 - 26 1 8 0 - 33 Net Income 34 Totals Debit Credit Debit Credit Balance Balance Statement Sheet Debit Credit Debit Credit Debit Credit Carlito Auto Repair Shop Worksheet For the year ended December 31, 2019 Account Titles Trial Adjustments Adjusted Trial Income Balance 1 Cash on Hand 25 0 0 0 - 25 0 0 0 - 2 Cash in Bank 45 0 0 0 - 45 0 0 0 - 3 Accounts Receivable 49 0 0 0 - 49 0 0 0 - 4 Notes Receivable 30 0 0 0 - 30 0 0 0 - 5 Prepaid Insurance 15 0 0 0 - (2) 10 0 0 0 - 5 0 0 0 - 6 Machinery and Equipment 150 0 0 0 - 150 0 0 0 - 7 Furniture and Fixtures 25 0 0 0 - 25 0 0 0 - 8 Accounts Payable 26 0 0 0 - 26 0 0 0 - 9 Notes Payable 50 0 0 0 - 50 0 0 0 - 10 Carlito, Capital 132 8 5 0 - 132 8 5 0 - 11 Carlito, Drawing 5 0 0 0 - 5 0 0 0 - 12 Repair Income 275 0 0 0 - 275 0 0 0 - 13 Referral Income 15 0 0 0 - 15 0 0 0 - 14 Salaries Expense 45 0 0 0 - 45 0 0 0 - 15 Supplies Expense 6 0 0 - (3) 2 0 0 - 4 0 0 - 16 Taxes and Licenses Expense 7 2 5 0 - (8) 1 3 0 - 7 3 8 0 - 17 Rent Expense 55 0 0 0 - 55 0 0 0 - 18 Utilities Expense 46 7 5 0 - 46 7 5 0 - 19 Interest Expense 2 5 0 - (7) 7 5 0 - 1 0 0 0 - 20 498 8 5 0 - 498 8 5 0 - 21 Doubtful Accounts (1) 4 9 0 0 - 4 9 0 0 - 22 Allow. for Doubtful Accounts (1) 4 9 0 0 - 4 9 0 0 - 23 Insurance Expense (2) 10 0 0 0 - 10 0 0 0 - 24 Prepaid Supplies (3) 2 0 0 - 2 0 0 - 25 Interest Receivable (4) 4 5 0 - 4 5 0 - 26 Interest Income (4) 4 5 0 - 4 5 0 - 27 Depreciation Expense-Machi. & Equipt (5) 7 5 0 0 - 7 5 0 0 - 28 Accumulated Deprn.-Machi & Equipt. (5) 7 5 0 0 - 7 5 0 0 - 29 Depreciation Expense-Furn. & Fixtures (6) 2 2 5 0 - 2 2 5 0 - 30 Accumulated Deprn.-Furnitures & Fix. (6) 2 2 5 0 - 2 2 5 0 - 31 Interest Payable (7) 7 5 0 - 7 5 0 - 32 Taxes and Licenses Payable (8) 1 3 0 - 1 3 0 - 33 Totals 26 1 8 0 - 26 1 8 0 - 514 8 3 0 - 514 8 3 0 - 34 Net Income 35 Totals Debit Credit Debit Credit Balance Balance Statement Sheet Debit Credit Debit Credit Debit Credit Carlito Auto Repair Shop Worksheet For the year ended December 31, 2019 Account Titles Trial Adjustments Adjusted Trial Income Balance 7. Add or Deduct adjusting entry data to trial balance amounts and extend amounts to the Adjusted Trial Balance columns. 8. Add the Debit and Credit columns of the Adjusted Trial Balance columns of the worksheet to verify that the totals are equal. This is the typical worksheet. It usually in yellow paper. BEAUTY DELIVERY SERVICES Unadjusted Trial Balance December 31, 2019 Cash 126,800 Accounts Receivable 28,200 Supplies 17,800 Prepaid Insurance 38,000 Land 960,000 Buildings 1,640,000 Accum. Depreciation- buildings 379,200 Equipment 1,060,000 Accum. Depreciation - equipment 336,000 Accounts Payable 43,200 Unearned Delivery Fees 42,000 Mortgage Payable 1,160,000 Beauty, Capital 1,432,600 Delivery Fees Earned 669,200 Salary Expense 173,400 Telephone Expense 2,400 Utilities Expense 7,000 Repairs Expense 8,600 Total 4,062,200 4,062,200 Adjustments: a. Supplies used P5,400 b. Expired insurance, P12,000 c. Depreciation on building, P10,000 d. Depreciation on equipment, P18,000 e. Unearned delivery fees earned this month, P26,000 f. Salaries earned but not yet paid, P3,600 g. Interest on the mortgage, P4,200 h. Delivery fees earned but not recorded and not received, P10,000 To summarize what you have learned in the lesson, discuss the steps on how to prepare the worksheet. WRAP-UP 0 SENIOR HIGH SCHOOL Fundamentals of Accountancy, Business and Management 1 (FABM 1) Preparing of Worksheet Self-Learning Module 2 666 Quarter 4 Fundamentals of Accountancy, Business and Management 1 Quarter 4 – Self-Learning Module 2: Preparing of Worksheet First Edition, 2020 Republic Act 8293, Section 176 states that no copyright shall subsist in any work of the Government of the Philippines. However, prior approval of the government agency or office wherein the work is created shall be necessary for exploitation of such work for profit. Such agency or office may, among other things, impose as a condition the payment of royalties. Borrowed materials (i.e., songs, stories, poems, pictures, photos, brand names, trademarks, etc.) included in this module are owned by their respective copyright holders. Every effort has been exerted to locate and seek permission to use these materials from their respective copyright owners. The publisher and authors do not represent nor claim ownership over them. Printed in the Philippines by Department of Education – Schools Division of Pasig City Development Team of the Self-Learning Module Writer: Jeany Rose P. Agbisit Editor: Edna D. Camarao, PhD., Dennis T. Alex Reviewers: Content/Language: Edna D. Camarao, PhD., Jennifer M. Hobrero Technical: Emmanuel B. Penetrante Illustrator: Name Layout Artist: Name Management Team: Ma. Evalou Concepcion A. Agustin OIC-Schools Division Superintendent Carolina T. Rivera, CESE OIC-Assistant Schools Division Superintendent Victor M. Javeña EdD Chief, School Governance and Operations Division and OIC-Chief, Curriculum Implementation Division Education Program Supervisors Librada L. Agon EdD (EPP/TLE/TVL/TVE) Liza A. Alvarez (Science/STEM/SSP) Bernard R. Balitao (AP/HUMSS) Joselito E. Calios (English/SPFL/GAS) Norlyn D. Conde EdD (MAPEH/SPA/SPS/HOPE/A&D/Sports) Wilma Q. Del Rosario (LRMS/ADM) Ma. Teresita E. Herrera EdD (Filipino/GAS/Piling Larang) Perlita M. Ignacio PhD (EsP) Dulce O. Santos PhD (Kindergarten/MTB-MLE) Teresita P. Tagulao EdD (Mathematics/ABM) For the learner: Welcome to Fundamentals of Accountancy, Business and Management 1 Quarter 4 Self Learning Module on Preparing of Worksheet! This module was designed to provide you with fun and meaningful opportunities for guided and independent learning at your own pace and time. You will be enabled to process the contents of the learning material while being an active learner. This module has the following parts and corresponding icons: Expectations - This points to the set of knowledge and skills that you will learn after completing the module. Pretest - This measures your prior knowledge about the lesson at hand. Recap - This part of the module provides a review of concepts and skills that you already know about a previous lesson. Lesson - This section discusses the topic in the module. Activities - This is a set of activities that you need to perform. Wrap-Up - This section summarizes the concepts and application of the lesson. Valuing - This part integrates a desirable moral value in the lesson. Posttest - This measures how much you have learned from the entire module. After going through this module, you are expected to: 1. Define worksheet; 2. Summarize the procedures in preparing the worksheet; 3. Prepare the 10-column worksheet; and 4. Give the importance of preparing a worksheet. Directions: Write TRUE if the statement is correct and FALSE if it is incorrect. 1. The last step in worksheet preparation is to enter the profit or loss figure as a balancing figure in the income statement and balance sheet columns. 2. The worksheet is a convenient device for completing the accounting cycle. 3. When the income statement columns of the worksheet are totaled, the excess of debits over credits is called profit. 4. Income and expense accounts are moved to the balance sheet columns of the worksheet. 5. After all necessary adjustments are entered in the worksheet, the two adjustments columns are totaled to prove the equality of debits and credits. EXPECTATIONS PRETEST Directions: Completion Statements 1. The ___________ principle gives accountants guidance as to when revenue is to be recorded. 2. An adjusting entry recording accrued salaries for a period indicates that Salaries Expense has been _____________ but not yet been 3. ______ or recorded. 4. An adjusted trial balance proves the __________ of the total debit and credit balances after all 5. ________ entries have been made. TEMPORARY ACCOUNTS – accounts that to be closed WORKSHEET ❖ Is a multicolumn form that may be used in the adjustment process and in preparing financial statements. ❖ It is a working tool. It is not a permanent accounting record; it is neither a journal nor a part of the general ledger. ❖ Merely a device used to make it easier to prepare adjusting entries, as it provides the data for journalizing the adjusting and closing entries. ❖ It can be used to determine profit and loss and can be used to prepare the financial statements (if completed) LESSON RECAP 3. Enter the unadjusted account balances from the general ledger into the Unadjusted Trial Columns of the worksheet. ` 4. Add the Debit and Credit columns of the unadjusted Trial Balance columns of the worksheet to verify that the totals are equal. ‘ 1 Cash on Hand 25 0 0 0 - 2 Cash in Bank 45 0 0 0 - Accounts Receivable 49 0 0 0 - 3 Notes Receivable 30 0 0 0 - 4 Prepaid Insurance 15 0 0 0 - 5 Machinery and Equipment 150 0 0 0 - 6 Furniture and Fixtures 25 0 0 0 - 7 Accounts Payable 26 0 0 0 - 8 Notes Payable 50 0 0 0 - 9 Carlito, Capital 132 8 5 0 - 10 Carlito, Drawing 5 0 0 0 - 11 Repair Income 275 0 0 0 - 12 Referral Income 15 0 0 0 - 13 Salaries Expense 45 0 0 0 - 14 Supplies Expense 6 0 0 - 15 Taxes and Licenses Expense 7 2 5 0 - 16 Rent Expense 55 0 0 0 - 17 Utilities Expense 46 7 5 0 - 18 Interest Expense 2 5 0 - 19 498 8 5 0 - 498 8 5 0 - 20 21 22 23 24 25 26 27 28 29 30 Debit Credit Debit Credit Balance Balance Statement Sheet Debit Credit Debit Credit Debit Credit Carlito Auto Repair Shop Worksheet For the year ended December 31, 2019 Account Titles Trial Adjustments Adjusted Trial Income Balance 5. Enter the adjusting entries into the worksheet, based upon the adjustment data. 6. Add the Debit and Credit columns of the Adjustments columns of the worksheet to verify that the totals are equal. 1 Cash on Hand 25 0 0 0 - 2 Cash in Bank 45 0 0 0 - Accounts Receivable 49 0 0 0 - 3 Notes Receivable 30 0 0 0 - 4 Prepaid Insurance 15 0 0 0 - (2) 10 0 0 0 - 5 Machinery and Equipment 150 0 0 0 - 6 Furniture and Fixtures 25 0 0 0 - 7 Accounts Payable 26 0 0 0 - 8 Notes Payable 50 0 0 0 - 9 Carlito, Capital 132 8 5 0 - 10 Carlito, Drawing 5 0 0 0 - 11 Repair Income 275 0 0 0 - 12 Referral Income 15 0 0 0 - 13 Salaries Expense 45 0 0 0 - 14 Supplies Expense 6 0 0 - (3) 2 0 0 - 15 Taxes and Licenses Expense 7 2 5 0 - (8) 1 3 0 - 16 Rent Expense 55 0 0 0 - 17 Utilities Expense 46 7 5 0 - 18 Interest Expense 2 5 0 - (7) 7 5 0 - 19 498 8 5 0 - 498 8 5 0 - 20 Doubtful Accounts (1) 4 9 0 0 - 21 Allow. for Doubtful Accounts (1) 4 9 0 0 - 22 Insurance Expense (2) 10 0 0 0 - 23 Prepaid Supplies (3) 2 0 0 - 24 Interest Receivable (4) 4 5 0 - 25 Interest Income (4) 4 5 0 - 26 Depreciation Expense-Machi. & Equipt (5) 7 5 0 0 - 27 Accumulated Deprn.-Machi & Equipt. (5) 7 5 0 0 - 28 Depreciation Expense-Furn. & Fixtures (6) 2 2 5 0 - 29 Accumulated Deprn.-Furnitures & Fix. (6) 2 2 5 0 - 30 Interest Payable (7) 7 5 0 - 31 Taxes and Licenses Payable (8) 1 3 0 - 32 Totals 26 1 8 0 - 26 1 8 0 - 33 Net Income 34 Totals Debit Credit Debit Credit Balance Balance Statement Sheet Debit Credit Debit Credit Debit Credit Carlito Auto Repair Shop Worksheet For the year ended December 31, 2019 Account Titles Trial Adjustments Adjusted Trial Income Balance 1 Cash on Hand 25 0 0 0 - 25 0 0 0 - 2 Cash in Bank 45 0 0 0 - 45 0 0 0 - 3 Accounts Receivable 49 0 0 0 - 49 0 0 0 - 4 Notes Receivable 30 0 0 0 - 30 0 0 0 - 5 Prepaid Insurance 15 0 0 0 - (2) 10 0 0 0 - 5 0 0 0 - 6 Machinery and Equipment 150 0 0 0 - 150 0 0 0 - 7 Furniture and Fixtures 25 0 0 0 - 25 0 0 0 - 8 Accounts Payable 26 0 0 0 - 26 0 0 0 - 9 Notes Payable 50 0 0 0 - 50 0 0 0 - 10 Carlito, Capital 132 8 5 0 - 132 8 5 0 - 11 Carlito, Drawing 5 0 0 0 - 5 0 0 0 - 12 Repair Income 275 0 0 0 - 275 0 0 0 - 13 Referral Income 15 0 0 0 - 15 0 0 0 - 14 Salaries Expense 45 0 0 0 - 45 0 0 0 - 15 Supplies Expense 6 0 0 - (3) 2 0 0 - 4 0 0 - 16 Taxes and Licenses Expense 7 2 5 0 - (8) 1 3 0 - 7 3 8 0 - 17 Rent Expense 55 0 0 0 - 55 0 0 0 - 18 Utilities Expense 46 7 5 0 - 46 7 5 0 - 19 Interest Expense 2 5 0 - (7) 7 5 0 - 1 0 0 0 - 20 498 8 5 0 - 498 8 5 0 - 21 Doubtful Accounts (1) 4 9 0 0 - 4 9 0 0 - 22 Allow. for Doubtful Accounts (1) 4 9 0 0 - 4 9 0 0 - 23 Insurance Expense (2) 10 0 0 0 - 10 0 0 0 - 24 Prepaid Supplies (3) 2 0 0 - 2 0 0 - 25 Interest Receivable (4) 4 5 0 - 4 5 0 - 26 Interest Income (4) 4 5 0 - 4 5 0 - 27 Depreciation Expense-Machi. & Equipt (5) 7 5 0 0 - 7 5 0 0 - 28 Accumulated Deprn.-Machi & Equipt. (5) 7 5 0 0 - 7 5 0 0 - 29 Depreciation Expense-Furn. & Fixtures (6) 2 2 5 0 - 2 2 5 0 - 30 Accumulated Deprn.-Furnitures & Fix. (6) 2 2 5 0 - 2 2 5 0 - 31 Interest Payable (7) 7 5 0 - 7 5 0 - 32 Taxes and Licenses Payable (8) 1 3 0 - 1 3 0 - 33 Totals 26 1 8 0 - 26 1 8 0 - 514 8 3 0 - 514 8 3 0 - 34 Net Income 35 Totals Debit Credit Debit Credit Balance Balance Statement Sheet Debit Credit Debit Credit Debit Credit Carlito Auto Repair Shop Worksheet For the year ended December 31, 2019 Account Titles Trial Adjustments Adjusted Trial Income Balance 7. Add or Deduct adjusting entry data to trial balance amounts and extend amounts to the Adjusted Trial Balance columns. 8. Add the Debit and Credit columns of the Adjusted Trial Balance columns of the worksheet to verify that the totals are equal. This is the typical worksheet. It usually in yellow paper. BEAUTY DELIVERY SERVICES Unadjusted Trial Balance December 31, 2019 Cash 126,800 Accounts Receivable 28,200 Supplies 17,800 Prepaid Insurance 38,000 Land 960,000 Buildings 1,640,000 Accum. Depreciation- buildings 379,200 Equipment 1,060,000 Accum. Depreciation - equipment 336,000 Accounts Payable 43,200 Unearned Delivery Fees 42,000 Mortgage Payable 1,160,000 Beauty, Capital 1,432,600 Delivery Fees Earned 669,200 Salary Expense 173,400 Telephone Expense 2,400 Utilities Expense 7,000 Repairs Expense 8,600 Total 4,062,200 4,062,200 Adjustments: a. Supplies used P5,400 b. Expired insurance, P12,000 c. Depreciation on building, P10,000 d. Depreciation on equipment, P18,000 e. Unearned delivery fees earned this month, P26,000 f. Salaries earned but not yet paid, P3,600 g. Interest on the mortgage, P4,200 h. Delivery fees earned but not recorded and not received, P10,000 To summarize what you have learned in the lesson, discuss the steps on how to prepare the worksheet. WRAP-UP Reflect on this! "There is no substitute for hard work.” – Thomas Edison 1. Site some situation or example wherein you will be able to able the above and relate this in your life as a student? 2. How this quotation applies in our lesson? Directions: Identify each item below. Write your answer before the item number. _____1. Which of the following steps comes first in worksheet preparation? a. Computing the total debits and credits of the unadjusted trial balance. b. Computing the total debits and credits of the adjusted trial balance. c. Entering the account balances in the unadjusted trial balance columns. d. Entering the account balances in the adjustments columns. _____2. The usefulness of the worksheet is in a. Aiding the preparation of financial statements b. Identifying the accounts that need to be adjusted. c. Summarizing the effects of all the transactions of the period d. All of the above. _____3. A debit column greater than the credit-column total under the Income Statement portion of the work sheet would mean: a. There were mistakes made in the preparation of adjusted trial balance. b. The company’s business operations resulted to a profit. c. The company’s business operations resulted to a loss. d. None of the above. _____4. In what columns of the work sheet does net income appear? a. Income statement (Dr) and Balance Sheet (Cr) b. Income Statement (Dr) and Balance Sheet (Dr) c. Income Statement (Cr) and Balance Sheet (Dr) d. Income Statement (Cr) and Balance Sheet (Cr) _____5. Income Statement debit columns of the worksheet contains a. Asset account balances b. Expense account balances c. Liability account balances d. Revenue account balances VALUING POSTTEST KEY TO CORRECTION References Ballada, W. 2017. Fundamentals of Accountancy, Business, and Management 1. VDomDane Publishers. Banggawan, RB. Asuncion, DJ. 2017. Fundamentals of Accountancy, Business, and Management 1. Real Excellence Publishing. Ferrer, RC. Millan, CV. 2017. Fundamentals of Accountancy, Business, and Management 1. Bandolin Enterprise. San Juan, DA. 2018. Fundamentals of Accounting. Elmoer Publishing Rabo, JS. Tugas,FC.Salendrez, HE. 2016. Fundamentals of Accountancy, Business, and Management 1. Vibal Group Inc. Manuel, Zenaida Vera-Cruz 18th Edition Accounting Process_Basic Concepts and Procedures Epstein, Lita, MBA Bookkeeping Workbook for Dummies. Wiley Publishing, Inc. Hernane, Milagros B.,et.al 2014. Principles of Accounting. Allen Adrian Books Inc. Valencia, Edwin G. 4th Edition. Basic Accounting (Concepts, Principles, Procedures and Applications) . Valencia Educational Supply PRETEST 1.TRUE 2.TRUE 3.FALSE 4.FALSE 5.TRUE RECAP 1.revenue recognition 2.incurred 3.paid 4.equality 5.adjusted POSTTEST 1.C 2.D 3.C 4.A 5.B