Republic of the Philippines

DEPARTMENT OF EDUCATION
Region IV – A (CALABARZON)
Division of Cavite
ANGELO L. LOYOLA SENIOR HIGH SCHOOL
Carmona, Cavite

FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 1

(SLAS) Student’s Learning Activity Sheet 3rd Quarter SY 2020-2021

Name: cubel,kim kara A. Teacher: Ms. JENNIFER G. HERNANDEZ

Strand and Section: 11-abm E Date: ________________________

WEEK 6 (April 26-30, 2021)

ACCOUNTING CYCLE (Service Business)– Part 1

What I Know
ACTIVITY 1. Differentiate the Types of Businesses according to activities

• SERVICE BUSINESS -A service business provides a needed service for a fee. In general, service
businesses actually have no physical product sold
to clients

• MERCHANDISING BUSINESS – A merchandising business sells goods, also known

as merchandise. Good examples of merchandising businesses include retail clothing, grocery
stores and bookstores.
• MANUFACTURING BUSINESS – A manufacturing business is any business that uses
components, parts or raw materials to make a finished good.
ACTIVITY 2. Enumerate examples of the Types of Businesses according to activities

SERVICE BUSINESS MERCHANDISING BUSINESS MANUFACTURING BUSINESS

1salons Visual Merchandising automotive companies

2barbershops, Retail Merchandising bakeries
3laundry services Digital Merchandising. shoemakers
4car repairs Product Merchandising tailors
5medical centers Omnichannel Merchandising. Grape Wine Production
6lawyers dealerships Candle Manufacturing
7doctors clothing stores Cosmetics Manufacturing

Week 6 PAGE 1
8 supermarkets Towel Manufacturing
9
Carpentry
10
Jewellery manufacturing
ACTIVITY 3. Paste and label at least 4 pictures of the different natures of a service business

PICTURE 1 PICTURE 2

Offificial Receipt or Cash Receipt

Charge Invoice or Sales Invoice

PICTURE 3 PICTURE 4

Week 6 PAGE 2
Check or Cash Voucher Preparation of Journal Entries

What's New
ACTIVITY 4. Draw the Accounting Cycle of a Service Business (portrait only)

1.
Transactions

8. Closing 2. Journal
the Books Entries

Accounting
7. Financial 3. Posting
Cycle of a
Statements Service
Business

6. Adjusting 4. Trial
Journal Entries Balance

5.
Worksheet

Week 6 PAGE 3
ACTIVITY 5. Fill up the missing amount for each.

1. Asset = 120,000 Liabilities = 15,000 Equity = 105,000

2. Asset = 116,620 Liabilities = 18,250 Equity = 98,360
3. Asset = 1,000,000 Liabilities = 370,000 Equity = 630,000
4. Asset = 780,508 Liabilities = 161,508 Equity = 619,000
5 Asset = 550,000 Liabilities = 100,000 Equity = 450,000

ACTIVITY 6. Required Task: Using the following format, identify the effects of above
transactions to the accounting equation:
Example:
ASSETS = LIABILITIES + OWNERS' EQUITY
+200 = + 200 payments

On June 1, Maya Cruz opened the Ganda Beauty Salon. During the first month, the following
selected transactions occurred:
1. Deposited PHP5,000 cash in the City Bank in the name of the business
2. Paid PHP800 cash for beauty supplies
3. Purchased equipment at a cost of PHP12,000 paying PHP2,000 in cash and the balance on
account
4. Received PHP1,200 cash for services rendered
5. Paid PHP500 cash as a salary to a beautician
6. Withdrew PHP400 cash for personal expenses
ASSETS LIABILITIES EQUITY

+5,000 +5,000

-800 -800

+12,000 -2,000 +10000

+1,200 +1,200

Week 6 PAGE 4
 +500 +500

-400 -400

What's More
ACTIVITY 7. Compound Journal Entry
#1 To illustrate, assume that Jose Magalang decided to open a barbershop business in Makati City. He invested his old
computer and PHP25,000 for this venture with a fair value of PHP15,000 to start the business. Notice that two account titles,
Office Equipment and Cash, were debited in this entry.

DATE ACCOUNT TITLES AND EXPLANATIONS P.R. DEBIT CREDIT

CASH 25,000

OFFICE EQUIPMENT 15,000

CAPITAL 40,000

#2 On September 7, 2016, Jose purchased various store equipment to be used in the business. The total cost of the
equipment is PHP150,000. The supplier required Jose to pay 30% as down payment, with the balance payable 30 days after.
Notice that you have two account titles, Cash and Accounts Payable, affected on the credit side.

DATE ACCOUNT TITLES AND EXPLANATIONS P.R. DEBIT CREDIT

09/07/16 STORE EQUIPMENT 150,000

CASH 45000

ACCOUNTS PAYABLE 105,000

Week 6 PAGE 5
 What I Have Learned

ACTIVITY 8. PREPARE THE ENTRIES TO RECORD THE FOLLOWING INDEPENDENT TRANSACTIONS

WITH EXPLANATIONS. USE YOUR 2 COLUMN COLUMNAR PAD. Use the format below

DATE ACCOUNT TITLES AND EXPLANATIONS P.R. DEBIT CREDIT

1. On Jan 4, 2016, received PHP20,000 from a customer in payment for services rendered.
2. Payment to X Supplier amounting to PHP4,000 for office supplies purchased on Jan 3, 2016.
3. Maria invested PHP60,000 on Jan 18, 2016 to start a barbershop in Iligan City.
4. On Jan 3, 2016 paid PHP10,000 rental amount for the month of Jan 2016,.
5. On Jan 15, 2016, Peter Pawn withdrew PHP30,000 from his business to pay for the tuition of his son.
6. Collected PHP20,000 of the accounts receivable from Malakas Company on Jan 17, 2016.
7. Paid the salary of the office secretary amounting to PHP15,000 on Jan 18, 2016.
8. Purchased office equipment worth PHP20,000 by paying 40% down payment and the balance on account..
9. Paid PHP2,000 of the accounts payable on Jan 28, 2016.
10. Rendered services to clients on Jan 18, 2016 amounting to PHP 15,600.

Week 6 PAGE 6
 What I Can Do

Activity 9. USE YOUR COLUMNAR NOTEBOOK. Use the format below.

DATE ACCOUNT TITLES P.R. DEBIT CREDIT

Required Tasks
1. Prepare the general journal entries for the above transactions (ignore giving explanations after every entry)
2. Post the following transactions to the general ledger.
3. Prepare the unadjusted trial balance as of January 30, 2016

Mr. Jeremy Richardson opened his laundry business in Iloilo City on January 2, 2016. The following transactions
occurred during the month of January 2016:

DATE TRANSACTIONS
1/2/16 Invested PHP500,000 to his business. The trade name of the business was “Ocean Laundry Shop”
1/3/16 Hired Dahlen and Karl who will manage his business
1/4/16 Collections from various customers for the day - PHP3,000
1/5/16 Purchase store supplies from Jade Waterfalls - PHP10,000

Week 6 PAGE 7
1/7/16 Collections from various customers for the day - PHP8,000
1/8/16 Mr. Richardson entered into an exclusive contract with Kassandra Hotel where the business will do all the
laundry of the hotel.
1/9/16 Kassandra Hotel availed the services of Mr. Richardson amounting to PHP15,000. Payment will be made on
January 20, 2016.
1/10/16 Collections from various customers for the day - PHP12,000
1/12/16 Purchase a washing machine amounting to PHP50,000
1/15/16 Collections from various customers for the day - PHP20,000
1/19/16 Paid electricity bill for the month amounting to PHP18,000
1/20/16 Received payment from Kassandra Hotel amounting to PHP15,000
1/21/16 Paid salaries of Dahlen and Karl - PHP15,000
1/22/16 Mr. Jeremy Richardson needed money for the hospitalization of his son. He withdrew PHP18,000 from the Business
1/25/16 Paid airfare ticket of PHP1,500 for the travel of Mr. Richardson to Manila to negotiate a contract with Tyler Gab
Hotel
1/26/16 Paid taxes to the City of Iloilo, PHP4,000
1/27/16 Purchased office supplies amounting to PHP12,500
1/28/16 Collections from various customer for the day - PHP5,000
1/29/16 Tyler Gab Hotel availed the services of Mr. Jeremy Richardson amounting to PHP15,000 payable on Feb 25, 2016.

Week 6 PAGE 8
 Assessment

Let us check how much you learned from this lesson

Indicate in each independent case whether the account is to be debited (DR) or to be credited
(CR)
1. Increase in Accounts Payable - CR
2. Decrease in Capital account - CR
3. Increase in Service Revenue - CR
4. Increase in Cash - DR
5. Decrease in Accounts Receivable - CR
6. Increase in Salaries Expense - DR
7. Increase in Office Equipment - CR
8. Increase in unpaid Salaries - DR
9. Increase in Owner’s drawing account - CR
10. Increase in Interest Income - CR
Week 6 PAGE 9
 REFLECTIVE JOURNAL
M5 Week 5
Lesson: ACCOUNTING CYCLE OF A SERVICE BUSINESS – Part 1
(Based from your own understanding and own words)

I understand that The accounting cycle is the holistic process of recording and processing all

financial transactions of a company, from when the transaction occurs, to its representation on

the financial statements, to closing the accounts. One of the main duties of a bookkeeper is to

keep track of the full accounting cycle from start to finish. The cycle repeats itself every fiscal

year as long as a company remains in business.

I realized The eight-step accounting cycle is important to know for all types of bookkeepers. It

breaks down the entire process of a bookkeeper’s responsibilities into eight basic steps. Many

of these steps are often automated through accounting software and technology programs.

However, knowing and using the steps manually can be essential for small business

accountants working on the books with minimal technical support.

Starting today i understand the 8 cycle of accounting cycle and it’s very important .

_____________________ Name of Parents ____________________________

Student’s Signature
email add / Contact No. ____________________________

Self-Check!
Before going to the next lesson, check the icon that best shows your learning experience.

I have understood the lesson well and I can even teach what I learned
to others.

I have understood the lesson but there are still other things that I
need to review and relearn. Week 6 PAGE 10
 I need to do additional work to be able to master the lesson. I need
help in some tasks.

If you checked the first icon, you are ready for next lesson.
If you have checked the second icon, you need to review the things that you need to relearn.
If you have checked the third icon, it would be best if you read more and ask help from your teacher, parents or peers in
clarifying the lessons that you find it difficult.
BE HONEST so that you will truly improve. = Ma’am JENI =

Week 6 PAGE 11