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Entrep. Module 10... Grade 12 Bezos

The document contains information from three small business owners - Mr. Pateres of Ric-Lens Ukay-Ukay Merchandise, Mrs. Gepulla of Gipulla's Fast-food, and Mr. Dawisan of Vegetables Store - including when they record sales and expenses, where they record them, how they record them, when and how they compute income, whether they employ bookkeepers, and their bases for business decisions. It also includes the learner's knowledge of accounting concepts and examples of journal entries, trial balances, income computation, and assessments.

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adrian lozano
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2K views13 pages

Entrep. Module 10... Grade 12 Bezos

The document contains information from three small business owners - Mr. Pateres of Ric-Lens Ukay-Ukay Merchandise, Mrs. Gepulla of Gipulla's Fast-food, and Mr. Dawisan of Vegetables Store - including when they record sales and expenses, where they record them, how they record them, when and how they compute income, whether they employ bookkeepers, and their bases for business decisions. It also includes the learner's knowledge of accounting concepts and examples of journal entries, trial balances, income computation, and assessments.

Uploaded by

adrian lozano
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 13

Jay Adrian M. Lozano Nov.

7, 2020

G-12 Bezos

What I Know
1. C 6. B

2. A 7. A

3. A 8. B

4. A 9. B

5. D 10. A
What’s New

Ric-Lens Ukay-Ukay Merchandise


Owner: Mr. Pateres

1. When do you record your sales and expenses?

I record it monthly

2. Where do you record your sales and expenses?

In my stores

3. How do you record your sales and expenses?

Using my store notebook and computer

4. When do you compute your income?

By the end of the month

5. How do you compute your income?

Using computer

6. Did you employ the services of a bookkeeper? Why?

Yes, my son is an accountant

7. What are your basis when making business decision? (decisions like buying more goods to
sell and the likes).

I always buy a high quality product and I also listen to my employee suggestions.
Gipulla’s Fast-food
Owner: Mrs. Gepulla

1. When do you record your sales and expenses?

I record it everyday

2. Where do you record your sales and expenses?

In my house

3. How do you record your sales and expenses?

Using my store notebook

4. When do you compute your income?

By the end of the month

5. How do you compute your income?

Using calculator

6. Did you employ the services of a bookkeeper? Why?

No, I can still do my job

7. What are your basis when making business decision? (decisions like buying more goods to
sell and the likes).

I always let my daughter decide


Vegetables Store
Owner: Mr. Dawisan

1. When do you record your sales and expenses?

I record it monthly

2. Where do you record your sales and expenses?

In my house

3. How do you record your sales and expenses?

Using my store notebook and computer

4. When do you compute your income?

By the end of the month

5. How do you compute your income?

Using computer

6. Did you employ the services of a bookkeeper? Why?

No I don’t need because I can’t afford one

7. What are your basis when making business decision? (decisions like buying more goods to
sell and the likes).

I always analyze the environment in which I will build my business

What I Have Learned


1. Bookkeeper

2. General Journal

3. General Ledger

4. T-account

5. Account Payable Ledger


6. Subsidiary Ledger

7. Debit

8. Credit

9. Trial Balance

10. Assets
What I Can Do
Activity 2: Posting journal entries to the ledger using T- accounts
Activity 3 : Trial Balance preparation

DEBIT CREDIT
ASSET
 Cash 181,000
 A/R 15,000
 Comp. Equipment 25,000
 Office Supplies 5,000
 Expenses 4,000
LIABILTIES
 A/P 5,000
OWNERS EQUITY
 Capital 200,000
 Service Revenue 25,000

Total: P 230, 000 P 230, 000

Activity 4-1 – Compute for Depreciation

P= 400= (25,000-1000)/ 60 months

GENERAL JOURNAL

Date PARTICULAR Post. DEBIT CREDIT


Ref.
1. June 30 Depreciation 400.00
Expense
2. Accumulated 400.00
depreciation
3. To record the
allocation of
depreciation
expense
Activity 4-2 – Deferred expenses or prepaid expenses. Directions:

Office supplies purchased P 15,000

Less: Office supplies- Unused 5,000

Total office Supplies Used P 10,000

GENERAL JOURNAL

Date PARTICULAR Post. DEBIT CREDIT


Ref.
1. June 30 Supplies Expense 10,000.00
2. Supplies 10,000.00
3. To set up the
value of used
supplies

Activity 4.3 –Deferred income of unearned income

GENERAL JOURNAL

Date PARTICULAR Post. DEBIT CREDIT


Ref.
Journal Entry:
1. Feb 15 Cash 40,000.00
2. Unearned 40,000.00
Service Revenue
3. To record the
receipt of full
payment for the
two month
service contract
with Makisig
Adjusting Entry:
4. Feb 29 Unearned 10,000.00
Service Revenue
5. Service Revenue 10,000.00
6. To record the
service income
earned from feb
15-29, 2016;
P40,000 x (1/2
month/2 months

Activity 4.4 – Accrued income or accrued assets

GENERAL JOURNAL

Date PARTICULAR Post. DEBIT CREDIT


Ref.
1. Feb 29 Accounts 15,000.00
Receivable
2. Service Income 15,000.00
3. To record the
accrued income
for the services
already rendered
during the
month of
February

ASSESMENT
1. J

2. I

3. H

4. G

5. F

6. E
7. D

8. C

9. B

10. A

LESSON 2
1. Trial Balance

2. Credit Column

3. Debit Column

4. Account Title

5. Total Debit

ACTIVITY 1

1. P 315,000

2. P 255,000

3. P 262,000

4. P 53,000 Net Income

What I Have Learned


Essay: Answer the following questions in a separate 1 whole sheet of paper or bond paper long
size.

1. If you are engage in business, illustrate how revenue or income are made.

Revenue is the reward for the owner in running his or my business. A revenue is the top line of
gross income figure from which costs are subtracted to determine net income. Revenue is also
known as sales on the income statement. A revenue is the total amount of income generated
by the sale of goods or services related to the operation of business owner. A revenue is made
or is the total amount of income generated by the sales of goods or services related to the
company primary operations.
2. If you are engage in business, illustrate how an expense is made

For every revenue there is an expense. It is the cost required for something. Expenses is created
due to the money you use in buying things for the business or for your own satisfaction.
Expense is made if I will use my or the companies money. Expenses are recorded every time I
use money.

3. If you are the owner of the business, is payment of employee salaries an expense? Why?

The more you give the more you receive. For every gives there is a blessing. Yes, it is called a
salary expense. Every time I use money to buy things, equipment or even give salary it is
recorded as expense. A salary expense is a fixed pay earned for my employees.

4. Compare revenue to income. Illustrate an example if necessary.

If you know how to spend less than you get, then you will be rewarded by your business. A
reward that most business man want, the income. An Income is the company total earnings or
profit while the Revenue is the total amount of income generated by the sales of goods or
services related to the company’s primary operation. You will become satisfied if your passive
income exceeds your expense.

5. Explain the process of computing the Net Income or net loss.

The process of computing the Net Income or net loss is easy. We must subtract our total
expense from total revenue to determine our net income or a net loss. If the result is positive
we have a net income if it is negative it is net loss. However, you can already know if you have
net income or net loss. If revenue is bigger than expenses it is net income but f smaller it is net
loss. In every solution there will always be short cut.
What I Can Do

3. Compute for the following:

a) P 115,700

b) P 142,000

c) Net loss P26,300

d) This is the result of Mr. Izatsuki Hamida, the bookkeeper of Honda Massage and Spa
Services reported the following financial record for the month of January to March 2018. The
company has a revenue of P 115,700 , the 115,700 is not added to 55,000 because 55,000 has
not been earned yet. All expense is P 142,000. The expense is bigger than revenue that’s why is
net loss.
Summative
1. A 6. A

2. D 7. A

3. B 8. C

4. C 9. D

5. D 10. A

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