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FABM 1-Answer Sheet-Q1-W8

Teofisto Arenas recently started a cleaning service business. In February 2020, the business engaged in various financial transactions including depositing cash, acquiring supplies and equipment, paying expenses, billing and collecting from customers. Students are required to record the journal entries for these transactions, post them to ledger accounts, prepare a trial balance, and the income statement, statement of changes in owner's equity, and balance sheet for the business.

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Florante De Leon
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931 views

FABM 1-Answer Sheet-Q1-W8

Teofisto Arenas recently started a cleaning service business. In February 2020, the business engaged in various financial transactions including depositing cash, acquiring supplies and equipment, paying expenses, billing and collecting from customers. Students are required to record the journal entries for these transactions, post them to ledger accounts, prepare a trial balance, and the income statement, statement of changes in owner's equity, and balance sheet for the business.

Uploaded by

Florante De Leon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Answer Sheet in Fundamentals of Accountancy, Business and Management 1

Quarter1 Week 8
Name: ________________________________________ Score: ____________________
Grade/Section: _______________________________
Week 8
I. Lesson: Accounting Cycle of a Service Business
II. Learning Competencies: ABM_FABM11-IIIg-j-27-29
III. Content/Assessment

Teofisto Arenas recently established a small business that will operate as Arenas
Cleaning Service. The transactions for February 2020 are presented below.

Feb 1 Deposited Php. 62,000 cash in a bank account in the name of the new
company
3 Acquired cleaning supplies on account, Php 21,400
5 Acquired cleaning equipment on account, Php. 15,600
6 Acquired an old service vehicle costing Php. 47,000 for the business, paying
Php. 10,000 cash, and financing the remaining Php. 37,000 by issuing a
note payable.
7 Paid rent on office space for the month, Php. 7,300
9 Received Php. 31,800 cash for cleaning services rendered.
10 Paid for a newspaper advertisement, Php. 1,700
12 Paid for insurance for the next six months by recording prepaid insurance,
Php. 4,800
13 Paid Php. 9,000 on account
14 Paid miscellaneous expense, Php 2,200
15 Billed customers Php.18,600 for cleaning services rendered
16 Paid salaries, Php 8,400
20 Received Php. 9,800 from customers billed on Feb.15.
22 Paid amount due on the note payable, Php 2,400
25 Paid telephone expense, Php. 900
28 Paid salaries, Php. 7,900
28 Billed customers for cleaning services rendered, Php. 22,500
28 Withdrew Php. 10,000 from the business
Required. If you have any questions
or concerns about the matter

1. Prepare Journal Entries above, please do not hesitate


to contact me: Mr. Florante P. De Leon,
2. Post the entries to the ledger accounts FB Messenger:
https://m.me/florante.deleon
3. Trial Balance
4. Prepare income statement, statement of changes in owner’s equity and
balance sheet

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