FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Conversion Cycle
Conversion cycle is also known as cash cycle or net operating cycle. Conversion cycle refers to how much time a company takes to turn its investments which is done from stock or any other financial resources into cash flows from sales.
Question
Prepare the adjusting entries
Name: Grade & Section: Date: FABM 2 The following transactions happened at the end of the month: 1. Office Supplies worth P2 000.00 are already used. 2. Computer is estimated to be used for three years and has a residual value of P2 500.00. 3. Shikamaru rendered service to Naruto. 4. It is determined that 12% of Accounts Receivable will be uncollectible. Date Account Titles and Explanation Ref Debit Credit
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Transcribed Image Text:Name: Grade & Section: Date: FABM 2 The following transactions happened at the end of the month: 1. Office Supplies worth P2 000.00 are already used. 2. Computer is estimated to be used for three years and has a residual value of P2 500.00. 3. Shikamaru rendered service to Naruto. 4. It is determined that 12% of Accounts Receivable will be uncollectible. Date Account Titles and Explanation Ref Debit Credit
FEU Roosevelt Cainta Secondary Education Department Accountancy, Business and Management FABM 1: Shikamaru Computer Repair Business Performance Task FEB DATE 2022 14 Cash in Bank 15 Equipment - Computer Cash in Bank Shikamaru Nara, Capital To record initial investment made by the owner. To record purchase of a computer unit from Choji Akimichi Computer Store through issuance of Metrobank Check No. 001. 17 Cash on Hand SHIKAMARU COMPUTER REPAIR BUSINESS GENERAL JOURNAL 16 Memorandum Entry: Hired Temari as experienced secretary. PARTICULARS Service Revenue To record the rendering of service to Ino Yamanaka and collection of cash.. 18 Cash on Hand 18 Accounts Receivable Service Revenue To record the rendering of service to Neji Hyuga on account. 19 Office Supplies Unearned Revenue To record receipt of cash for services to be rendered in the future. 20 Utilities Expense Accounts Payable To record purchase of office supplies on account. Accounts Payable To record receipt of the utilities bill for the month of February. 25 Salaries Expense Cash on Hand. To record payment of salary to Temari. 27 Shikamaru Nara, Drawings Cash on Hand To record the owner's withdrawal of cash. F 102 301 106 102 101 401 104 401 101 202 105 201 501 201 502 101 302 101 DEBIT 200,000.00 25,000.00 10,000.00 15,000.00 20,000.00 5,000.00 6,000.00 4,000.00 5,000.00 CREDIT 200,000.00 25,000.00 10,000.00 15,000.00. 20,000.00 5,000.00 6,000.00 4,000.00 5,000.00
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Transcribed Image Text:FEU Roosevelt Cainta Secondary Education Department Accountancy, Business and Management FABM 1: Shikamaru Computer Repair Business Performance Task FEB DATE 2022 14 Cash in Bank 15 Equipment - Computer Cash in Bank Shikamaru Nara, Capital To record initial investment made by the owner. To record purchase of a computer unit from Choji Akimichi Computer Store through issuance of Metrobank Check No. 001. 17 Cash on Hand SHIKAMARU COMPUTER REPAIR BUSINESS GENERAL JOURNAL 16 Memorandum Entry: Hired Temari as experienced secretary. PARTICULARS Service Revenue To record the rendering of service to Ino Yamanaka and collection of cash.. 18 Cash on Hand 18 Accounts Receivable Service Revenue To record the rendering of service to Neji Hyuga on account. 19 Office Supplies Unearned Revenue To record receipt of cash for services to be rendered in the future. 20 Utilities Expense Accounts Payable To record purchase of office supplies on account. Accounts Payable To record receipt of the utilities bill for the month of February. 25 Salaries Expense Cash on Hand. To record payment of salary to Temari. 27 Shikamaru Nara, Drawings Cash on Hand To record the owner's withdrawal of cash. F 102 301 106 102 101 401 104 401 101 202 105 201 501 201 502 101 302 101 DEBIT 200,000.00 25,000.00 10,000.00 15,000.00 20,000.00 5,000.00 6,000.00 4,000.00 5,000.00 CREDIT 200,000.00 25,000.00 10,000.00 15,000.00. 20,000.00 5,000.00 6,000.00 4,000.00 5,000.00
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