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    Activity 1

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    milkyode9
    The document contains a chart of accounts for a business with account titles classified as assets, liabilities, equity, or expenses. It also includes transaction records, an income statement, balance sheet, and statement of changes in equity. The income statement shows sales revenue, costs of sales, and various expenses resulting in a net loss of ₱350,000. The balance sheet lists current assets, non-current assets, liabilities, and equity. The statement of changes in equity shows the owner's initial capital of ₱4,000,000 reduced by the net loss to ₱3,650,000 at year end.

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    Activity 1

    Uploaded by

    milkyode9
    13 views9 pages
    The document contains a chart of accounts for a business with account titles classified as assets, liabilities, equity, or expenses. It also includes transaction records, an income statement, balance sheet, and statement of changes in equity. The income statement shows sales revenue, costs of sales, and various expenses resulting in a net loss of ₱350,000. The balance sheet lists current assets, non-current assets, liabilities, and equity. The statement of changes in equity shows the owner's initial capital of ₱4,000,000 reduced by the net loss to ₱3,650,000 at year end.

    Original Description:

    Closing entry activity

    Original Title

    Activity1

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    The document contains a chart of accounts for a business with account titles classified as assets, liabilities, equity, or expenses. It also includes transaction records, an income statement, balance sheet, and statement of changes in equity. The income statement shows sales revenue, costs of sales, and various expenses resulting in a net loss of ₱350,000. The balance sheet lists current assets, non-current assets, liabilities, and equity. The statement of changes in equity shows the owner's initial capital of ₱4,000,000 reduced by the net loss to ₱3,650,000 at year end.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    13 views9 pages

    Activity 1

    Uploaded by

    milkyode9
    The document contains a chart of accounts for a business with account titles classified as assets, liabilities, equity, or expenses. It also includes transaction records, an income statement, balance sheet, and statement of changes in equity. The income statement shows sales revenue, costs of sales, and various expenses resulting in a net loss of ₱350,000. The balance sheet lists current assets, non-current assets, liabilities, and equity. The statement of changes in equity shows the owner's initial capital of ₱4,000,000 reduced by the net loss to ₱3,650,000 at year end.

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    CHART OF ACCOUNTS Column1 Column2

    Account Title Classification A Classification B


    Cash Asset Current Asset
    Inventory Asset Current Asset
    Accounts Receivable Asset Current Asset
    Inventory Asset Current Asset
    Transportation Equipment Asset Non-Current Asset
    Office Equipment Asset Non-Current Asset
    Accounts Payable Liabilities Current Liability
    Loan Payable Liabilities Non-Current Liability
    Owners Equity Equity Equity
    Insurance Expense Expense Expense
    Transportation Expense Expense Expense
    Commission Expense Expense Expense
    Misellaneous Expense Expense Expense
    Salary Expense Expense Expense
    Cost of Sales COS COS
    Sales Revenue Revenue
    Date Account Title Classification A
    A Cash Asset
    Owners Equity Equity
    B Office Equipment Asset
    Transportation Equipment Asset
    Cash Asset
    C Inventory Asset
    Accounts Payable Liabilities
    D Cash Asset
    Loan Payable Liabilities
    E Accounts Receivable Asset
    Sales Revenue
    Cost of Sales COS
    Inventory Asset
    F Insurance Expense Expense
    Cash Asset
    G Transportation Expense Expense
    Cash Asset
    H Accounts Receivable Asset
    Sales Revenue
    Cost of Sales COS
    Inventory Asset
    I Accounts Receivable Asset
    Sales Revenue
    Cost of Sales COS
    Inventory Asset
    J Cash Asset
    Accounts Receivable Asset
    K Commission Expense Expense
    Cash Asset
    L Misellaneous Expense Expense
    Cash Asset
    M Accounts Payable Liabilities
    Cash Asset
    N Salary Expense Expense
    Cash Asset
    O Cash Asset
    Accounts Receivable Asset
    p Owners Equity Equity
    Income Summary

    Closing Entry
    Revenue ₱ 1,320,000.00
    Income Summary ₱ 1,320,000.00

    Income Summary ₱ 1,670,000.00


    Cost of Sales ₱ 975,000.00
    Commission Expense ₱ 120,000.00
    Misellaneous Expense ₱ 35,000.00
    Salary Expense ₱ 360,000.00
    Transportation Expense ₱ 60,000.00
    Insurance Expense ₱ 120,000.00

    Owners Equity -₱ 350,000.00


    Income Summary ₱ 350,000.00
    Classification B Debit(Credit)
    Current Asset ₱ 4,000,000.00
    Equity -₱ 4,000,000.00
    Non-Current Asset ₱ 500,000.00
    Non-Current Asset ₱ 1,300,000.00
    Current Asset -₱ 1,800,000.00
    Current Asset ₱ 3,000,000.00
    Current Liability -₱ 3,000,000.00
    Current Asset ₱ 1,000,000.00
    Non-Current Liability -₱ 1,000,000.00
    Current Asset ₱ 550,000.00
    Revenue -₱ 550,000.00
    COS ₱ 400,000.00
    Current Asset -₱ 400,000.00
    Expense ₱ 120,000.00
    Current Asset -₱ 120,000.00
    Expense ₱ 60,000.00
    Current Asset -₱ 60,000.00
    Current Asset ₱ 420,000.00
    Revenue -₱ 420,000.00
    COS ₱ 300,000.00
    Current Asset -₱ 300,000.00
    Current Asset ₱ 350,000.00
    Revenue -₱ 350,000.00
    COS ₱ 275,000.00
    Current Asset -₱ 275,000.00
    Current Asset ₱ 200,000.00
    Current Asset -₱ 200,000.00
    Expense ₱ 120,000.00
    Current Asset -₱ 120,000.00
    Expense ₱ 35,000.00
    Current Asset -₱ 35,000.00
    Current Liability ₱ 800,000.00
    Current Asset -₱ 800,000.00
    Expense ₱ 360,000.00
    Current Asset -₱ 360,000.00
    Current Asset ₱ 250,000.00
    Current Asset -₱ 250,000.00
    Equity ₱ 350,000.00
    -₱ 350,000.00
    Income Statement

    Classification A Classification B Account Title


    Revenue
    Revenue
    Sales
    COS
    COS
    Cost of Sales
    Expense
    Expense
    Commission Expense
    Misellaneous Expense
    Salary Expense
    Transportation Expense
    Insurance Expense
    Total Result
    Net Loss ₱ 350,000.00
    Sum of Debit(Credit)
    -₱ 1,320,000.00
    -₱ 1,320,000.00
    -₱ 1,320,000.00
    ₱ 975,000.00
    ₱ 975,000.00
    ₱ 975,000.00
    ₱ 695,000.00
    ₱ 695,000.00
    ₱ 120,000.00
    ₱ 35,000.00
    ₱ 360,000.00
    ₱ 60,000.00
    ₱ 120,000.00
    ₱ 350,000.00
    Balance Sheet

    Classification A Classification B Account Title


    Asset
    Current Asset
    Non-Current Asset
    Liabilities
    Current Liability
    Accounts Payable
    Non-Current Liability
    Loan Payable
    Equity
    Equity
    Owners Equity
    (empty)
    (empty)
    Income Summary
    Total Result
    Sum of Debit(Credit)
    ₱ 6,850,000.00
    ₱ 5,050,000.00
    ₱ 1,800,000.00
    -₱ 3,200,000.00
    -₱ 2,200,000.00
    -₱ 2,200,000.00
    -₱ 1,000,000.00
    -₱ 1,000,000.00
    -₱ 3,650,000.00
    -₱ 3,650,000.00
    -₱ 3,650,000.00
    -₱ 350,000.00
    -₱ 350,000.00
    -₱ 350,000.00
    -₱ 350,000.00
    Statement of Changes In Equity

    Owner's Capital, Beginning ₱ 4,000,000.00


    Add: Additional Investment 0
    Profit 0
    Total ₱ 4,000,000.00
    less: Withdrawals 0
    Loss -₱ 350,000.00
    Owner's Capital, Ending ₱ 3,650,000.00

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