Fundamentals of Accounting Exercise Workbook

ST.
ANTHONY’S COLLEGE SAP – FUNDAMENTALS OF ACCOUNTING
FUNDAMENTALS OF
ACCOUNTING
EXERCISE
WORKBOOK
EXERCISE 1.
Page 1 of 26
ST. ANTHONY’S COLLEGE SAP – FUNDAMENTALS OF ACCOUNTING
On January 10, 20XX, the company received billings for the following utilities:
Light Expense P 8,100

Water Expense 5,280
Accrued Expense Payable P 13,380
On January 12, 20XX, billings received were paid for in cash.
Accrued Expense Payable P 13,380

Cash on Hand P 13,380
Insert the screenshot of your output here:
EXERCISE 2.
Page 2 of 26
Record the following transactions using the Manual Journal Entry:
On January 20, 20XX, the owner of the company had an additional cash
investment of P600,000, deposited on the company’s BDO Bank Account.
Cash in Bank -
BDO P 600,000
Aquino, Capital P 600,000
EXERCISE 3.
Page 3 of 26
On February 6, 20XX, the owner withdrawn some of his cash investment to pay
his personal expenses amounting to P30,000. The Disbursement Officer
withdrew the amount from the company’s BDO account.
Aquino, Drawing P 30,000

Cash in Bank - BDO P 300,000
EXERCISE 4.
Page 4 of 26
On February 14, 20XX, the company recorded a Salary Expense worth

P120,000, paid for through the company’s BDO Bank Account:
Salaries and Wages P 120,000

EXERCISE 5.
Page 5 of 26
Create the following entries in journal entry through the journal vouchers.
Date Transaction Amount

February 15, 20XX Sansa Aquino invested office
equipment for the business. P 1,020,000
February 15, 20XX The owner invested additional cash
through a bank deposit in Metrobank. P 86,400
February 16, 20XX Paid transaction for business related
travels. P 2,100
Submit the screenshot of the journal voucher created and the transaction journal
report from February 15, 20XX to February 16, 20XX.
EXERCISE 6.
Page 6 of 26
On February 19, 20XX, the company received the billing from PLDT worth
P13,440 (tax inclusive). It is to be recorded as Communication Expense on the
A/P invoice.
Screenshot the journal entry created from the A/P invoice.
EXERCISE 7.
Page 7 of 26
On February 20, 20XX, the company received the billing from PhilHealth, worth
3,600, for the employees’ recent salary.
EXERCISE 8.
Page 8 of 26
On February 13, 20XX, the company received the billing from SSS, worth
P6,000, for employees’ recent salary.
EXERCISE 9.
Page 9 of 26
On February 22, 20XX, the invoice from PLDT was paid for by cash.
Screenshot the journal entry created from the outgoing payment.
EXERCISE 10.
Page 10 of 26
On February 22, 20XX, the invoice from PhilHealth was paid for by cash.
EXERCISE 11.
Page 11 of 26
On February 22, 20XX, the invoice from SSS was paid for by cash.
EXERCISE 12.
Page 12 of 26
On March 1, 20XX, the company billed Mariah Carrey for the services it rendered
worth P60,000 (tax exclusive, tax will automatically be computed by the system).
It is to be recorded as Sales and Service Income in the A/R invoice.
Screenshot the journal entry created from the A/R invoice.
EXERCISE 13.
Page 13 of 26
On March 3, 20XX, the company rendered service to a walk-in customer

amounted to P18,000 (tax not yet included). The customer immediately paid
cash.
Screenshot the journal entry created from the A/R invoice and Payment.
EXERCISE 14.
Page 14 of 26
On March 5, 20XX, the company rendered services to Elvis Presley amounted to

P96,000 (tax not yet included). It is to be recorded as Sales and Service Income
in the A/R invoice.
Screenshot the journal entry created from the A/R invoice.
EXERCISE 15.
Page 15 of 26
On Mariah Carrey paid her voice via Bank Transfer to the company’s Metrobank
account with reference number RQL0965YT.
Screenshot the journal entry created from the Incoming Payment.
EXERCISE 16.
Page 16 of 26
On March 5, 20XX, Elvis Presley paid his invoice by cash.
Screenshot the journal entry created from the incoming payment.
EXERCISE 17.
Page 17 of 26
Generate the General Ledger as of the date of the latest transaction.
EXERCISE 18.
Page 18 of 26
Assuming the company uses Asset Method in recording prepayments. Perform

the adjusting entries based on the transactions below:
On March 16, 20XX, the company paid in advance, 1 year worth of rent, for a
total of P144,000 (P12,000 per month), from its Cash in Bank – BDO account.
Prepaid Rent P 144,000

(Adjusting Entry) On December 31, 20XX, recognize the rent expense incurred.
Rent Expense P 114,000

Prepaid Rent P 114,000
EXERCISE 19.
Page 19 of 26
Assuming the company uses Expense Method. Perform the adjusting entries
based on the transactions below:
April 7, 20XX, the company bought Office Supplies worth P42,000.
Supplies
Expense P 42,000
(Adjusting Entry) On December 31, 20XX, office supplies worth P18,000 were
used and expensed.
Office Supplies P 24,000

Supplies
Expense P 24,000
EXERCISE 20.
Page 20 of 26
Perform the adjusting entries based on the transactions below:
On April 16, 20XX, the company bought Office Machinery worth P24,000.
Supplies
Expense P 24,000
(Adjusting Entry) On December 31, 20XX, Office Machinery was computed to

have a depreciated by P4,250.
Page 21 of 26
EXERCISE 21.
Generate the unadjusted Trial Balance as of June 30, 20XX.
Page 22 of 26
EXERCISE 22.
Generate the adjusted Trial Balance as of the June 30, 20XX.
Page 23 of 26
EXERCISE 23.
Generate the Balance Sheet as of June 30, 20XX.
Page 24 of 26
EXERCISE 24.
Generate the Income Statement as of June 30, 20XX.
Page 25 of 26
EXERCISE 25.
Perform period end closing for the period January 1, 20XX to June 30, 20XX.
Screenshot the closing entries generated in the Transaction Journal Report.
Page 26 of 26

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ST.

ANTHONY’S COLLEGE SAP – FUNDAMENTALS OF ACCOUNTING

Light Expense P 8,100

On January 12, 20XX, billings received were paid for in cash.

Accrued Expense Payable P 13,380

Insert the screenshot of your output here:

Record the following transactions using the Manual Journal Entry:

Insert the screenshot of your output here:

Record the following transactions using the Manual Journal Entry:

Aquino, Drawing P 30,000

Insert the screenshot of your output here:

Record the following transactions using the Manual Journal Entry:

On February 14, 20XX, the company recorded a Salary Expense worth

Salaries and Wages P 120,000

Insert the screenshot of your output here:

Date Transaction Amount

Insert the screenshot of your output here:

Screenshot the journal entry created from the A/P invoice.

Insert the screenshot of your output here:

Screenshot the journal entry created from the A/P invoice.

Insert the screenshot of your output here:

Screenshot the journal entry created from the A/P invoice.

Insert the screenshot of your output here:

Screenshot the journal entry created from the outgoing payment.

Insert the screenshot of your output here:

Screenshot the journal entry created from the outgoing payment.

Insert the screenshot of your output here:

Screenshot the journal entry created from the outgoing payment.

Insert the screenshot of your output here:

Screenshot the journal entry created from the A/R invoice.

Insert the screenshot of your output here:

On March 3, 20XX, the company rendered service to a walk-in customer

Insert the screenshot of your output here:

On March 5, 20XX, the company rendered services to Elvis Presley amounted to

Screenshot the journal entry created from the A/R invoice.

Insert the screenshot of your output here:

Screenshot the journal entry created from the Incoming Payment.

Insert the screenshot of your output here:

On March 5, 20XX, Elvis Presley paid his invoice by cash.

Screenshot the journal entry created from the incoming payment.

Insert the screenshot of your output here:

Generate the General Ledger as of the date of the latest transaction.

Insert the screenshot of your output here:

Assuming the company uses Asset Method in recording prepayments. Perform

Prepaid Rent P 144,000

Rent Expense P 114,000

Insert the screenshot of your output here:

April 7, 20XX, the company bought Office Supplies worth P42,000.

Office Supplies P 24,000

Insert the screenshot of your output here:

Perform the adjusting entries based on the transactions below:

(Adjusting Entry) On December 31, 20XX, Office Machinery was computed to

Insert the screenshot of your output here:

Generate the unadjusted Trial Balance as of June 30, 20XX.

Insert the screenshot of your output here:

Generate the adjusted Trial Balance as of the June 30, 20XX.

Insert the screenshot of your output here:

Generate the Balance Sheet as of June 30, 20XX.

Insert the screenshot of your output here: