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ACCOUNTING FUNDAMENTAL BY: Bayani D. Edlagan Ma. Cecilia S. Mercado
INTRODUCTION ,[object Object],[object Object],[object Object]
CHAPTER 1 Introduction to Accounting Concepts and Practice
CHARACTERISTICS OF ACCOUNTING INFORMATION ,[object Object],[object Object]
USERS OF ACCOUNTING INFORMATION ,[object Object],[object Object]
USERS OF ACCOUNTING INFORMATION ,[object Object],[object Object]
RELATIONSHIP OF ACCOUNTING TO OTHER FIELDS ,[object Object],[object Object]
PROFESSION OF ACCOUNTANCY ,[object Object],[object Object]
PUBLIC ACCOUNTING ,[object Object]
PUBLIC ACCOUNTING ,[object Object],[object Object]
PRIVATE ACCOUNTING ,[object Object],[object Object]
[object Object],RELATIONSHIP OF ACCOUNTING TO OTHER FIELDS
SPECIALIZED ACCOUNTING FIELD ,[object Object],[object Object]
SPECIALIZED ACCOUNTING FIELD ,[object Object],[object Object],[object Object],[object Object]
SPECIALIZED ACCOUNTING FIELD ,[object Object],[object Object],[object Object],[object Object]
SPECIALIZED ACCOUNTING FIELD ,[object Object],[object Object],[object Object],[object Object]
SPECIALIZED ACCOUNTING FIELD ,[object Object],[object Object],[object Object],[object Object]
SPECIALIZED ACCOUNTING FIELD ,[object Object],[object Object]
BOOKKEEPING AND ACCOUNTING ,[object Object],[object Object]
BUSINESS ENTITY CONCEPT ,[object Object]
BUSINESS ENTITY CONCEPT ,[object Object]
ACTIVITIES PERFORMED BY BUSINESS ORGANIZATION ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
BUSINESS TRANSACTIONS ,[object Object]
ASSETS, LIABILITIES, AND CAPITAL ,[object Object],[object Object]
ASSETS, LIABILITIES, AND CAPITAL ,[object Object],[object Object]
ASSETS, LIABILITIES, AND CAPITAL ,[object Object],[object Object],[object Object]
RULES OF DEBIT AND CREDIT ,[object Object],[object Object]
TABLE 1.1 DEBIT CREDIT 1. Increase in Assets 1. Decrease in Assets 2. Decrease in Liabilities 2. Increase in Liabilities 3. Decrease in Capital 3. Increase in Capital a. Withdrawal by the Owner a. Investment by the Owner b. Increase in Expenses b. Decrease in Expenses c. Decrease in Revenue c. Increase in Revenue
TRANSACTIONS AND THE ACCOUNTING EQUATION ,[object Object],[object Object],[object Object],[object Object],[object Object]
DOUBLE ENTRY BOOKKEEPING ,[object Object]
DOUBLE ENTRY BOOKKEEPING ,[object Object]
Table 1.2   ±ASSETS ±LIABILITIES ±CAPITAL                
[object Object],DOUBLE ENTRY BOOKKEEPING
[object Object],[object Object],DOUBLE ENTRY BOOKKEEPING
Table 1.3   ±ASSETS ±LIABILITIES ±CAPITAL 1 +  Cash  P500,000   +Requijo, Capital P500,000
DOUBLE ENTRY BOOKKEEPING ,[object Object]
Table 1.4 Date DESCRIPTION Post Ref. Debit Credit Sept. 1 Cash   500,000       Nick Requijo, Capital     500,000     To record investment of the owner      
[object Object],DOUBLE ENTRY BOOKKEEPING
DOUBLE ENTRY BOOKKEEPING ,[object Object],[object Object]
Table 1.5   ±ASSETS ±LIABILITIES ±CAPITAL 1. +  Cash  P500,000   + Requijo, Capital P500,000 2. -  Cash  P100,000        +  Land  P100,000    
[object Object],DOUBLE ENTRY BOOKKEEPING
Table 1.6 Date DESCRIPTION Post Ref. Debit Credit Sept. 5 Land   100,000       Cash     100,000     To record purchase of land for cash      
DOUBLE ENTRY BOOKKEEPING ,[object Object]
DOUBLE ENTRY BOOKKEEPING ,[object Object],[object Object],[object Object]
DOUBLE ENTRY BOOKKEEPING ,[object Object]
Table 1.7   ±ASSETS ±LIABILITIES ±CAPITAL 1. +  Cash  P500,000   + Requijo, Capital P500,000 2. -  Cash  P100,000        +  Land  P100,000     3. +  Supplies  P  60,000  + Account Payable  P60,000  
DOUBLE ENTRY BOOKKEEPING ,[object Object]
Table 1.8 Date DESCRIPTION Post Ref. Debit Credit Sept. 7 Supplies   60,000       Accounts Payable     60,000     To record purchase of supplies on account      
In the transaction recorded,  Supplies (unused) was debited because of increase in assets while Accounts Payable is credited because of increase in liability.
DOUBLE ENTRY BOOKKEEPING ,[object Object],[object Object]
Table 1.9   ±ASSETS ±LIABILITIES ±CAPITAL 1. +  Cash  P500,000   + Requijo, Capital P500,000 2. -  Cash  P100,000        +  Land  P100,000     3. +  Supplies  P  60,000  +Account Payable  P60,000   4. -  Cash  P  10,000 - Account Payable  P10,000  
DOUBLE ENTRY BOOKKEEPING ,[object Object]
Table 1.10 Date DESCRIPTION Post Ref. Debit Credit Sept. 9 Accounts Payable   10, 000       Cash     10,000     To record payment of account      
In the transaction recorded,  Accounts Payable was debited because of decrease in liability while cash was credited because of decrease in assets.
DOUBLE ENTRY BOOKKEEPING ,[object Object],[object Object],[object Object]
DOUBLE ENTRY BOOKKEEPING ,[object Object],[object Object]
DOUBLE ENTRY BOOKKEEPING ,[object Object],[object Object]
Table 1.11   ±ASSETS ±LIABILITIES ±CAPITAL 1. +  Cash  P500,000   + Requijo, Capital P500,000 2. -  Cash  P100,000        +  Land  P100,000     3. +  Supplies  P  60,000  +Account Payable  P60,000   4. -  Cash  P  10,000 - Account Payable  P10,000   5. +  Cash  P150,000   + Fares Earned  P150,000
DOUBLE ENTRY BOOKKEEPING ,[object Object],[object Object],[object Object]
Table 1.12 Date DESCRIPTION Post Ref. Debit Credit Sept. 30 Cash   150,000       Fares Earned     150,000     To record receipt of revenue from various customer.      
DOUBLE ENTRY BOOKKEEPING ,[object Object],[object Object]
Table 1.13   ±ASSETS ±LIABILITIES ±CAPITAL 1. +  Cash  P500,000   + Requijo, Capital P500,000 2. -  Cash  P100,000        +  Land  P100,000     3. +  Supplies  P  60,000  +Account Payable  P60,000   4. -  Cash  P  10,000 - Account Payable  P10,000   5. +  Cash  P150,000   + Fares Earned  P150,000 6. -  Cash  P120,000   - Wages Expense  P  40,000     - Rent Expense  P  20,000     - Gas & Oil  P  50,000       - Misc. Expense  P  10,000
DOUBLE ENTRY BOOKKEEPING ,[object Object]
Table 1.14 Date DESCRIPTION Post Ref. Debit Credit Sept. 30 Wages Expense   40,000       Rent Expense   20,000     Gas and Oil Expense   50,000       Miscellaneous Expense   10,000       Cash     120,000     To record payment of expenses.      
DOUBLE ENTRY BOOKKEEPING ,[object Object]
DOUBLE ENTRY BOOKKEEPING ,[object Object],[object Object],[object Object]
Table 1.15   ±ASSETS ±LIABILITIES ±CAPITAL 1. +  Cash  P500,000   + Requijo, Capital P500,000 2. -  Cash  P100,000        +  Land  P100,000     3. +  Supplies  P  60,000  +Account Payable  P60,000   4. -  Cash  P  10,000 - Account Payable  P10,000   5. +  Cash  P150,000   + Fares Earned  P150,000 6. -  Cash  P120,000   -Wages Expense  P  40,000     -Rent Expense  P  20,000     -Gas & Oil  P  50,000       -Misc. Expense  P  10,000 7. -  Supplies  P20,000   -Supplies Expense  P20,000
DOUBLE ENTRY BOOKKEEPING ,[object Object],Date Particulars Debit  Credit   Supplies Expense P20,000     Supplies    P20,000   To record part of the supplies used in the  operation of the business    
Date DESCRIPTION Post Ref. Debit Credit Sept. 30 Supplies Expense   20,000       Supplies      20,000     To record part of supplies in the operation of the business      
In the transaction recorded,  Supplies Expense was debited because of decrease in capital due to increase in expenses while Supplies (Unused) was credited because of decrease in assets.  Note to Students – The terms “unused”, “unexpired”, “inventory”, and “prepaid” denote asset.
DOUBLE ENTRY BOOKKEEPING ,[object Object],[object Object],[object Object]
Table 1.17   ±ASSETS ±LIABILITIES ±CAPITAL 1. +  Cash  P500,000   + Requijo, Capital P500,000 2. -  Cash  P100,000        +  Land  P100,000     3. +  Supplies  P  60,000  +Account Payable  P60,000   4. -  Cash  P  10,000 - Account Payable  P10,000   5. +  Cash  P150,000   + Fares Earned  P150,000 6. -  Cash  P120,000   -Wages Expense  P  40,000       -Rent Expense  P  20,000     -Gas & Oil  P  50,000       -Misc. Expense  P  10,000 7. -  Supplies  P20,000   -Supplies Expense  P20,000 8. -  Cash  P20,000    -Requijo, Drawing  P20,000
DOUBLE ENTRY BOOKKEEPING ,[object Object],[object Object],Date DESCRIPTION Post Ref. Debit Credit Sept. 30 Requijo, Drawing   20,000       Cash     20,000     To record withdrawal of owner.      
In the transaction recorded,  Requijo, Drawing was debited because of decrease of capital due to withdrawal and cash was credited because of decreases in assets
SUMMARY ,[object Object],[object Object],[object Object]
Table 1.19
ACCOUNTING STATEMENTS ,[object Object],[object Object],[object Object]
Requijo Taxi Balance Sheet September 30, 19xx ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object]
[object Object]
ACCOUNTING STATEMENTS ,[object Object],[object Object],[object Object],[object Object],[object Object]
ACCOUNTING STATEMENTS ,[object Object],[object Object],[object Object]
Requio Taxi Income Statement For the Month Ended September 30, 19xx ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object]
ACCOUNTING STATEMENTS ,[object Object],[object Object],[object Object]
Requijo Taxi Capital Statement For the Month Ended September 30, 19xx ,[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object]
ACCOUNTING STATEMENTS ,[object Object],[object Object],[object Object],[object Object]
ACCOUNTING STATEMENTS ,[object Object],[object Object],[object Object],[object Object],[object Object]
Requijo Taxi Statement of Cash Flows For the Month Ended September 30, 19xx ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
CHAPTER 2 The Accounting Cycle
THE ACCOUNTING CYCLE ,[object Object]
THE ACCOUNTING CYCLE ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object]
STEP 1 ANALYZING TRANSACTIONS FROM SOURCE DOCUMENTS ,[object Object]
BUSINESS PAPERS ,[object Object]
BUSINESS PAPERS ,[object Object],[object Object]
Table 2.1
BUSINESS PAPERS ,[object Object]
Table 2.2
BUSINESS PAPERS ,[object Object]
Table 2.3
BUSINESS PAPERS ,[object Object],[object Object]
BUSINESS PAPERS ,[object Object]
BUSINESS PAPERS ,[object Object]
Table 2.4
BUSINESS PAPERS ,[object Object],[object Object]
STEP 2 JOURNALIZING ,[object Object]
STEP 2 JOURNALIZING ,[object Object]
STEP 2 JOURNALIZING ,[object Object]
STEP 2 JOURNALIZING ,[object Object],[object Object],[object Object],[object Object],[object Object]
STEP 2 JOURNALIZING ,[object Object]
Table 2.5
STEP 2 JOURNALIZING ,[object Object],[object Object]
STEP 2 JOURNALIZING ,[object Object],[object Object],[object Object]
STEP 3 POSTING TO THE LEDGER ,[object Object]
STEP 3 POSTING TO THE LEDGER ,[object Object],[object Object]
STEP 3 POSTING TO THE LEDGER ,[object Object],[object Object]
Table 2.6
STEP 3 POSTING TO THE LEDGER ,[object Object],[object Object],[object Object],[object Object],[object Object]
STEP 3 POSTING TO THE LEDGER ,[object Object],[object Object],[object Object],[object Object],[object Object]
Table 2.7
 
STEP 3 POSTING TO THE LEDGER ,[object Object]
STEP 3 POSTING TO THE LEDGER ,[object Object],[object Object]
STEP 4 PREPARATION OF A TRIAL BALANCE ,[object Object],[object Object]
STEP 4 PREPARATION OF A TRIAL BALANCE ,[object Object],[object Object]
STEP 4 PREPARATION OF A TRIAL BALANCE ,[object Object],[object Object],[object Object]
STEP 4 PREPARATION OF A TRIAL BALANCE ,[object Object],[object Object],[object Object],[object Object],[object Object]
STEP 4 PREPARATION OF A TRIAL BALANCE ,[object Object],[object Object]
 
CHAPTER 3 Adjusting Entries and the Preparation of the Financial Statements
Adjusting Entries and the Preparation of the Financial Statements ,[object Object]
STEP 5: GATHERING DATA TO ADJUST THE ACCOUNTS AND PREPARATION OF A WORKSHEET ,[object Object],[object Object]
STEP 5: GATHERING DATA TO ADJUST THE ACCOUNTS AND PREPARATION OF A WORKSHEET ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
DOUBTFUL ACCOUNT ,[object Object],[object Object]
DOUBTFUL ACCOUNT ,[object Object]
DOUBTFUL ACCOUNT ,[object Object],[object Object],[object Object]
To illustrate, let us assume the following data as part of the trial balance of an enterprise rendering repair services for home appliances: Table 3.2
DOUBTFUL ACCOUNT ,[object Object],[object Object]
Table 3.3
DOUBTFUL ACCOUNT ,[object Object],[object Object]
DOUBTFUL ACCOUNT ,[object Object],[object Object],[object Object]
Note that if the allowance for doubtful accounts will be increased  by  percentage of receivable, the doubtful accounts expense is computed by multiplying the receivable by the given percentage.
DOUBTFUL ACCOUNT ,[object Object],[object Object]
Table 3.5
DOUBTFUL ACCOUNT ,[object Object],[object Object],[object Object],[object Object],[object Object]
DEPRECIATION ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Table 3.6 Adjusting Entry for Depreciation Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Depreciation Expense-Name of Asset   xxx       Accumulated Depreciation-Name of Asset     xxx     To record depreciation for the period      
DEPRECIATION ,[object Object],[object Object],[object Object],[object Object],[object Object]
DEPRECIATION ,[object Object],[object Object],Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Depreciation Expense-Equipment   90,000       Accumulated Depreciation-Equipment     90,000     To record depreciation for the period      
The method used in computing depreciation for the equipment is the straight-line method. This is the simplest and the most commonly used method in computing depreciation.
DEPRECIATION ,[object Object],[object Object],[object Object],[object Object],[object Object]
DEPRECIATION ,[object Object],[object Object],[object Object],[object Object],[object Object]
DEPRECIATION ,[object Object]
Table 3.8 Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Depreciation Expense-Equipment   45,000       Accumulated Depreciation-Equipment     45,000     To record depreciation for six months.      
ACCRUED EXPENSES ,[object Object],[object Object],[object Object],[object Object],[object Object]
Table 3.9 Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 An Expense Account   20, 000       (Name of expense) Payable     20, 000     To record accrued expense for the period      
ACCRUED EXPENSES ,[object Object]
Table 3.10 Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Rent Expense   20, 000       Rent Payable     20, 000     To record accrued expense for the period      
ACCRUED REVENUE ,[object Object],[object Object],[object Object],[object Object]
Table 3.11 Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 (Name of Income) Receivable   xxx       Revenue Account     xxx     To record accrued revenue for the period      
ACCRUED REVENUE ,[object Object]
Table 3.12 Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Rent Receivable   20,000       Rent Revenue     20,000     To record accrued rent for December.      
PREPAID EXPENSES ,[object Object],[object Object],[object Object]
PREPAID EXPENSES ,[object Object],[object Object],[object Object],[object Object]
Table 3.13 Note that asset account is debited to record the advance payment of expenses. For this reason, it is called  asset method. Date DESCRIPTION Post Ref. Debit Credit 19xx           Sept. 1 Asset Account (Prepaid, Unused, etc.)   xxx       Cash     xxx     To record advance payment of expenses.      
PREPAID EXPENSES ,[object Object],[object Object]
Table 3.14 Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Expense Account   xxx       Asset Account (Prepaid, Unused, etc.)     xxx     To record unexpired portion of an asset for the period.      
PREPAID EXPENSES ,[object Object],[object Object],Date DESCRIPTION Post Ref. Debit Credit 19xx           Sept. 1 Prepaid Advertising   120,000       Cash     120,000     To record advance payment of advertising.      
Analysis.  The rate of advertising per month is P20, 000 (P120, 000 ÷ 6). At December 31, the end of the accounting period, P80, 000 (P20, 000 x 4 months) of the advertising  applicable to the months of September to December have expired while P40, 000 (P20, 000 x 2 months) the portion applicable to the months of January and February (next year) remains unused. At December 31, the recorded prepaid advertising is P120, 000, when it should only be P40, 000.
PREPAID EXPENSES ,[object Object],[object Object],Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Advertising Expense   80, 000       Prepaid Advertising     80, 000     To record advertising expense incurred for the period      
[object Object]
PREPAID EXPENSES ,[object Object],[object Object],[object Object],[object Object]
Table 3.17 Note that expense account is debited to record the advance payment of expenses. For this reason, it is call  expense method. Date DESCRIPTION Post Ref. Debit Credit 19xx           Sept. 1 Expense Account   xxx       Cash     xxx     To record advance payment of expenses      
PREPAID EXPENSES ,[object Object],[object Object],[object Object]
Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Asset Account (Prepaid, Unused, etc.)   xxx       Expense Account     xxx     To record Unexpired expense during the period      
PREPAID EXPENSES ,[object Object],[object Object]
Date DESCRIPTION Post Ref. Debit Credit 19xx           Sept. 1 Advertising Expense   120,000       Cash     120,000     To record advance payment of Advertising      
[object Object],[object Object]
Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31  Prepaid Advertising   40,000       Advertising Expense     40,000     To record the amount of unexpired advertising at the end of the period.      
PREPAID EXPENSES ,[object Object],[object Object]
UNEARNED REVENUE (Deferred Revenue) ,[object Object],[object Object],[object Object],[object Object]
UNEARNED REVENUE (Deferred Revenue) ,[object Object],[object Object],[object Object],[object Object]
Table 3.21 Date DESCRIPTION Post Ref. Debit Credit 19xx           Aug. 1  Cash   xxx       Unearned (Name of Revenue) Account     xxx     To record advance receipt of revenue      
UNEARNED REVENUE (Deferred Revenue) ,[object Object],[object Object],[object Object]
Table 3.22 Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Liability (Unearned) Account   xxx       Revenue Account     xxx     To record revenue earned for the period.      
UNEARNED REVENUE (Deferred Revenue) ,[object Object]
Table 3.23 Date DESCRIPTION Post Ref. Debit Credit 19xx           Aug. 1 Cash   72,000       Unearned Rent     72,000     To record advance receipt of revenue.      
UNEARNED REVENUE (Deferred Revenue) ,[object Object],[object Object]
Table 3.24 Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Unearned Rent   60,000       Rent Revenue     60,000     To record revenue earned during the period      
UNEARNED REVENUE (Deferred Revenue) ,[object Object],[object Object],[object Object],[object Object]
Table 3.25 Date DESCRIPTION Post Ref. Debit Credit 19xx           Aug. 1 Cash   xxx       Revenue Account     xxx     To record advance receipt of revenue.      
UNEARNED REVENUE (Deferred Revenue) ,[object Object],[object Object]
Table 3.26 Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Revenue Account   xxx       Unearned (Name of Revenue) Account     xxx     To record revenue unearned at the end of the period      
Illustration.  Applying the same example in the liability method, that on August 1, the business received P72, 000 from a tenant, representing a 6-month advance rental covering the period from August (current year) to January (next year), if the revenue method is used, the entry would be: Table 3.27 Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Revenue Account   xxx       Unearned (Name of Revenue) Account     xxx     To record revenue unearned at the end of the period      
UNEARNED REVENUE (Deferred Revenue) ,[object Object]
Table 3.28 Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Rent Revenue   12,000       Unearned Rent     12,000     To record revenue unearned at the end of the period      
UNEARNED REVENUE (Deferred Revenue) ,[object Object]
PREPARATION OF THE WORK SHEET ,[object Object],[object Object],[object Object],[object Object]
PREPARATION OF THE WORK SHEET ,[object Object]
PREPARATION OF THE WORK SHEET ,[object Object],[object Object],[object Object],[object Object],[object Object]
PREPARATION OF THE WORK SHEET ,[object Object],[object Object]
PREPARATION OF THE WORK SHEET ,[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Table 3.29
STEP 6 PREPARATION OF FINANCIAL STATEMENTS ,[object Object],[object Object]
STEP 6 PREPARATION OF FINANCIAL STATEMENTS ,[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
STEP 6 PREPARATION OF FINANCIAL STATEMENTS ,[object Object],[object Object]
STEP 6 PREPARATION OF FINANCIAL STATEMENTS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
STEP 6 PREPARATION OF FINANCIAL STATEMENTS ,[object Object],[object Object],[object Object],[object Object]
Basic Financial Accounting boa
Basic Financial Accounting boa
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Basic Financial Accounting boa

  • 1. ACCOUNTING FUNDAMENTAL BY: Bayani D. Edlagan Ma. Cecilia S. Mercado
  • 2.
  • 3. CHAPTER 1 Introduction to Accounting Concepts and Practice
  • 4.
  • 5.
  • 6.
  • 7.
  • 8.
  • 9.
  • 10.
  • 11.
  • 12.
  • 13.
  • 14.
  • 15.
  • 16.
  • 17.
  • 18.
  • 19.
  • 20.
  • 21.
  • 22.
  • 23.
  • 24.
  • 25.
  • 26.
  • 27.
  • 28. TABLE 1.1 DEBIT CREDIT 1. Increase in Assets 1. Decrease in Assets 2. Decrease in Liabilities 2. Increase in Liabilities 3. Decrease in Capital 3. Increase in Capital a. Withdrawal by the Owner a. Investment by the Owner b. Increase in Expenses b. Decrease in Expenses c. Decrease in Revenue c. Increase in Revenue
  • 29.
  • 30.
  • 31.
  • 32. Table 1.2   ±ASSETS ±LIABILITIES ±CAPITAL                
  • 33.
  • 34.
  • 35. Table 1.3   ±ASSETS ±LIABILITIES ±CAPITAL 1 + Cash P500,000   +Requijo, Capital P500,000
  • 36.
  • 37. Table 1.4 Date DESCRIPTION Post Ref. Debit Credit Sept. 1 Cash   500,000       Nick Requijo, Capital     500,000     To record investment of the owner      
  • 38.
  • 39.
  • 40. Table 1.5   ±ASSETS ±LIABILITIES ±CAPITAL 1. + Cash P500,000   + Requijo, Capital P500,000 2. - Cash P100,000       + Land P100,000    
  • 41.
  • 42. Table 1.6 Date DESCRIPTION Post Ref. Debit Credit Sept. 5 Land   100,000       Cash     100,000     To record purchase of land for cash      
  • 43.
  • 44.
  • 45.
  • 46. Table 1.7   ±ASSETS ±LIABILITIES ±CAPITAL 1. + Cash P500,000   + Requijo, Capital P500,000 2. - Cash P100,000       + Land P100,000     3. + Supplies P 60,000 + Account Payable P60,000  
  • 47.
  • 48. Table 1.8 Date DESCRIPTION Post Ref. Debit Credit Sept. 7 Supplies   60,000       Accounts Payable     60,000     To record purchase of supplies on account      
  • 49. In the transaction recorded, Supplies (unused) was debited because of increase in assets while Accounts Payable is credited because of increase in liability.
  • 50.
  • 51. Table 1.9   ±ASSETS ±LIABILITIES ±CAPITAL 1. + Cash P500,000   + Requijo, Capital P500,000 2. - Cash P100,000       + Land P100,000     3. + Supplies P 60,000 +Account Payable P60,000   4. - Cash P 10,000 - Account Payable P10,000  
  • 52.
  • 53. Table 1.10 Date DESCRIPTION Post Ref. Debit Credit Sept. 9 Accounts Payable   10, 000       Cash     10,000     To record payment of account      
  • 54. In the transaction recorded, Accounts Payable was debited because of decrease in liability while cash was credited because of decrease in assets.
  • 55.
  • 56.
  • 57.
  • 58. Table 1.11   ±ASSETS ±LIABILITIES ±CAPITAL 1. + Cash P500,000   + Requijo, Capital P500,000 2. - Cash P100,000       + Land P100,000     3. + Supplies P 60,000 +Account Payable P60,000   4. - Cash P 10,000 - Account Payable P10,000   5. + Cash P150,000   + Fares Earned P150,000
  • 59.
  • 60. Table 1.12 Date DESCRIPTION Post Ref. Debit Credit Sept. 30 Cash   150,000       Fares Earned     150,000     To record receipt of revenue from various customer.      
  • 61.
  • 62. Table 1.13   ±ASSETS ±LIABILITIES ±CAPITAL 1. + Cash P500,000   + Requijo, Capital P500,000 2. - Cash P100,000       + Land P100,000     3. + Supplies P 60,000 +Account Payable P60,000   4. - Cash P 10,000 - Account Payable P10,000   5. + Cash P150,000   + Fares Earned P150,000 6. - Cash P120,000   - Wages Expense P 40,000     - Rent Expense P 20,000     - Gas & Oil P 50,000       - Misc. Expense P 10,000
  • 63.
  • 64. Table 1.14 Date DESCRIPTION Post Ref. Debit Credit Sept. 30 Wages Expense   40,000       Rent Expense   20,000     Gas and Oil Expense   50,000       Miscellaneous Expense   10,000       Cash     120,000     To record payment of expenses.      
  • 65.
  • 66.
  • 67. Table 1.15   ±ASSETS ±LIABILITIES ±CAPITAL 1. + Cash P500,000   + Requijo, Capital P500,000 2. - Cash P100,000       + Land P100,000     3. + Supplies P 60,000 +Account Payable P60,000   4. - Cash P 10,000 - Account Payable P10,000   5. + Cash P150,000   + Fares Earned P150,000 6. - Cash P120,000   -Wages Expense P 40,000     -Rent Expense P 20,000     -Gas & Oil P 50,000       -Misc. Expense P 10,000 7. - Supplies P20,000   -Supplies Expense P20,000
  • 68.
  • 69. Date DESCRIPTION Post Ref. Debit Credit Sept. 30 Supplies Expense   20,000       Supplies     20,000     To record part of supplies in the operation of the business      
  • 70. In the transaction recorded, Supplies Expense was debited because of decrease in capital due to increase in expenses while Supplies (Unused) was credited because of decrease in assets. Note to Students – The terms “unused”, “unexpired”, “inventory”, and “prepaid” denote asset.
  • 71.
  • 72. Table 1.17   ±ASSETS ±LIABILITIES ±CAPITAL 1. + Cash P500,000   + Requijo, Capital P500,000 2. - Cash P100,000       + Land P100,000     3. + Supplies P 60,000 +Account Payable P60,000   4. - Cash P 10,000 - Account Payable P10,000   5. + Cash P150,000   + Fares Earned P150,000 6. - Cash P120,000   -Wages Expense P 40,000       -Rent Expense P 20,000     -Gas & Oil P 50,000       -Misc. Expense P 10,000 7. - Supplies P20,000   -Supplies Expense P20,000 8. - Cash P20,000   -Requijo, Drawing P20,000
  • 73.
  • 74. In the transaction recorded, Requijo, Drawing was debited because of decrease of capital due to withdrawal and cash was credited because of decreases in assets
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  • 90.
  • 91. CHAPTER 2 The Accounting Cycle
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  • 131.  
  • 132. CHAPTER 3 Adjusting Entries and the Preparation of the Financial Statements
  • 133.
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  • 138.
  • 139. To illustrate, let us assume the following data as part of the trial balance of an enterprise rendering repair services for home appliances: Table 3.2
  • 140.
  • 142.
  • 143.
  • 144. Note that if the allowance for doubtful accounts will be increased by percentage of receivable, the doubtful accounts expense is computed by multiplying the receivable by the given percentage.
  • 145.
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  • 148.
  • 149. Table 3.6 Adjusting Entry for Depreciation Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Depreciation Expense-Name of Asset   xxx       Accumulated Depreciation-Name of Asset     xxx     To record depreciation for the period      
  • 150.
  • 151.
  • 152. The method used in computing depreciation for the equipment is the straight-line method. This is the simplest and the most commonly used method in computing depreciation.
  • 153.
  • 154.
  • 155.
  • 156. Table 3.8 Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Depreciation Expense-Equipment   45,000       Accumulated Depreciation-Equipment     45,000     To record depreciation for six months.      
  • 157.
  • 158. Table 3.9 Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 An Expense Account   20, 000       (Name of expense) Payable     20, 000     To record accrued expense for the period      
  • 159.
  • 160. Table 3.10 Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Rent Expense   20, 000       Rent Payable     20, 000     To record accrued expense for the period      
  • 161.
  • 162. Table 3.11 Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 (Name of Income) Receivable   xxx       Revenue Account     xxx     To record accrued revenue for the period      
  • 163.
  • 164. Table 3.12 Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Rent Receivable   20,000       Rent Revenue     20,000     To record accrued rent for December.      
  • 165.
  • 166.
  • 167. Table 3.13 Note that asset account is debited to record the advance payment of expenses. For this reason, it is called asset method. Date DESCRIPTION Post Ref. Debit Credit 19xx           Sept. 1 Asset Account (Prepaid, Unused, etc.)   xxx       Cash     xxx     To record advance payment of expenses.      
  • 168.
  • 169. Table 3.14 Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Expense Account   xxx       Asset Account (Prepaid, Unused, etc.)     xxx     To record unexpired portion of an asset for the period.      
  • 170.
  • 171. Analysis. The rate of advertising per month is P20, 000 (P120, 000 ÷ 6). At December 31, the end of the accounting period, P80, 000 (P20, 000 x 4 months) of the advertising applicable to the months of September to December have expired while P40, 000 (P20, 000 x 2 months) the portion applicable to the months of January and February (next year) remains unused. At December 31, the recorded prepaid advertising is P120, 000, when it should only be P40, 000.
  • 172.
  • 173.
  • 174.
  • 175. Table 3.17 Note that expense account is debited to record the advance payment of expenses. For this reason, it is call expense method. Date DESCRIPTION Post Ref. Debit Credit 19xx           Sept. 1 Expense Account   xxx       Cash     xxx     To record advance payment of expenses      
  • 176.
  • 177. Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Asset Account (Prepaid, Unused, etc.)   xxx       Expense Account     xxx     To record Unexpired expense during the period      
  • 178.
  • 179. Date DESCRIPTION Post Ref. Debit Credit 19xx           Sept. 1 Advertising Expense   120,000       Cash     120,000     To record advance payment of Advertising      
  • 180.
  • 181. Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31  Prepaid Advertising   40,000       Advertising Expense     40,000     To record the amount of unexpired advertising at the end of the period.      
  • 182.
  • 183.
  • 184.
  • 185. Table 3.21 Date DESCRIPTION Post Ref. Debit Credit 19xx           Aug. 1  Cash   xxx       Unearned (Name of Revenue) Account     xxx     To record advance receipt of revenue      
  • 186.
  • 187. Table 3.22 Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Liability (Unearned) Account   xxx       Revenue Account     xxx     To record revenue earned for the period.      
  • 188.
  • 189. Table 3.23 Date DESCRIPTION Post Ref. Debit Credit 19xx           Aug. 1 Cash   72,000       Unearned Rent     72,000     To record advance receipt of revenue.      
  • 190.
  • 191. Table 3.24 Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Unearned Rent   60,000       Rent Revenue     60,000     To record revenue earned during the period      
  • 192.
  • 193. Table 3.25 Date DESCRIPTION Post Ref. Debit Credit 19xx           Aug. 1 Cash   xxx       Revenue Account     xxx     To record advance receipt of revenue.      
  • 194.
  • 195. Table 3.26 Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Revenue Account   xxx       Unearned (Name of Revenue) Account     xxx     To record revenue unearned at the end of the period      
  • 196. Illustration. Applying the same example in the liability method, that on August 1, the business received P72, 000 from a tenant, representing a 6-month advance rental covering the period from August (current year) to January (next year), if the revenue method is used, the entry would be: Table 3.27 Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Revenue Account   xxx       Unearned (Name of Revenue) Account     xxx     To record revenue unearned at the end of the period      
  • 197.
  • 198. Table 3.28 Date DESCRIPTION Post Ref. Debit Credit 19xx           Dec. 31 Rent Revenue   12,000       Unearned Rent     12,000     To record revenue unearned at the end of the period      
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