"QUIZ MO AKO!"

TERMINOLOGIES

2

_______ is a book of accounts wherein business transactions are recorded for the first time. 

JOURNAL

2

____ is a first step in the accounting cycle.

JOURNALIZING

2

Type of journal entry which contains either one debit and two or more credits.

COMPOUND JOURNAL ENTRY

2

After journalizing, what step in the accounting cycle should be perform? 

POSTING IN THE LEDGER

2

After the LEDGER, what will be the next to be prepared?

TRIAL BALANCE

TRANSACTIONS

2

Purchased P2,500 office supplies and P15,000 office equipment from Office Supply Trading on credit.

Prepare a journal entry

Office supplies             P2,500

Office Equipment         15,000

       Accounts Payable              P17,500

2

Purchased P42,000 of the office equipment, paying P12,000 down and giving a promissory note for the balance.

Office equipment                P42,000

         Cash                                      P12,000

         Note Payable                            30,000

2

Paid the monthly utility bills, P2,500

Utilities                         P2,500

       Cash                                P2,500

2

Completed repair work for R.Gil on credit, P2,000

Accounts Receivable                P2,000

           Service Income                       P2,000

2

Paid P250 for newspaper advertising announcing the opening of his shop. 

Advertising Expense            P250

      Cash                                   P250