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ACCOUNTING ACTIVITY!! Please check the comment section. I pasted… ACCOUNTING ACTIVITY!! Please check the comment section. I pasted there the google drive link where the activity and instruction can be seen. (Hey Tutors! Please answer the activity given in the comment section!! I will leave a google drive link there!! I’m really having a hard time with it!! THANK YOU!!!)      FOR REFERENCES: Image transcription textTHE ACCOUNTING CYCLE Step 5 – Worksheet This step is simplyabout plotting the items in the unadjusted trial balance on theworksheet. In a manual accounting system, a workshee… Show more… Show moreImage transcription textPurchase Returns and Allowances Purchase Discounts Freight InSalaries Expense Supplies Expense Utilities Expense Recall ourexample in Module 7, about Pedro Matapang who start… Show more… Show moreImage transcription text5. February 18, 2016 – Repaired the computer of Mike; however, Mikewill pay PHP15,000 only on March 18, 2016. 6. February 19, 2016 -Pedro purchased Office Supplies from MM Merchandis… Show more… Show moreImage transcription textRecall that after posting to the general ledger, the unadjusted trialbalance was: MATAPANG COMPUTER REPAIRS Unadjusted TrialBalance February 29, 2016 Account Title Debit Credit … Show more… Show moreImage transcription text—— 25.000 Supplies Expense 5,000 — Salaries Expense 4,000 — —230,000 230,000 This now represents the first two money columnsin the worksheet. Step 6 — Adjusting Entries At the end… Show more… Show moreImage transcription text1. Depreciation expense 2. Deferred expenses or prepaid expenses3. Deferred Income or unearned income 4. Accrued expenses oraccrued liabilities 5. Accrued income or accrued assets … Show more… Show moreImage transcription textExercise – Adjusting entries to record deferred expenses or prepaidexpenses Recall that on February 19, 2016 Matapang purchasedPHP5,000 worth of office supplies on account. By the … Show more… Show moreImage transcription textSupplies Expense _ To set up the value of unused supplies AccountTitle W Accounts Payable Supplies Expense 3,000 Notice that evenwith the different approaches in recording the transact… Show more… Show moreImage transcription textThe electric bill represents the cost of electricity used (or incurred)for February. Although the said bill is still unpaid and thus was notrecorded, the matching principle and accrual basis of a… Show more… Show moreImage transcription textUnearned Service Revenue Matapang, Capital Income StatementAccounts 270,000 270,000 Note: The entry to record the receipt ofPHP40,000 from Makisig on February 15, 2016 was ref… Show more… Show moreImage transcription textDR CR DR CR Balance Sheet Accounts Cash 221,00 0 AccountsReceivable 30,000 Supplies 2,000 Office Equipment 25,000 Accum.Deprn-Off Eqpt 200 Accounts Payable 5,000 Utilities … Show more… Show moreImage transcription textDepreciation Expense 200 Total Expenses 11.000 NET INCOME39,000 Step 8 – Journalize the Closing Journal Entries. The income,expense, withdrawal (equity) accounts are called temp… Show more… Show moreImage transcription textAfter the above entries, the balance for these accounts are:Supplies Expense Salaries Expense Utilities Expense DepreciationExpense Revenue Account Income Summary Debit Cr… Show more… Show moreImage transcription textTo record bad debt expense for the year-ended June 30, 2016.Exercise 2 (Depreciation) Compute the depreciation expense forthe following independent cases. Use the straight line … Show more… Show moreImage transcription text3. Pedro Reyes purchased a deliveryvehicle on January 1, 2016 amounting toPHP250,000. It is estimat… Show more… Show more  Business Accounting

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