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Journalizing Transactions for Bookkeeping NCIII

The document provides instructions for journalizing transactions for Gorgeous Photos, a photography and video studio. It includes a chart of accounts and list of transactions for the month of September 2020. Candidates are asked to 1) develop a chart of accounts for the business and 2) journalize the transactions following standard format within 1 hour. Upon completion, their work will be evaluated based on accuracy of journal entries and amounts in each column.

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Janet Pangulima
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223 views3 pages

Journalizing Transactions for Bookkeeping NCIII

The document provides instructions for journalizing transactions for Gorgeous Photos, a photography and video studio. It includes a chart of accounts and list of transactions for the month of September 2020. Candidates are asked to 1) develop a chart of accounts for the business and 2) journalize the transactions following standard format within 1 hour. Upon completion, their work will be evaluated based on accuracy of journal entries and amounts in each column.

Uploaded by

Janet Pangulima
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

PERFORMANCE TEST

Specific Instruction for the Candidate

Qualification BOOKKEEPING NCIII

Unit of Competency JOURNALIZE TRANSACTION

Supplies/Materials/Equipment: Pencil, Eraser, Pen, Journal Paper/Book,


Tables, Chairs and Calculators

General Instruction: Given list of transaction, you should be able to accurately


journalize each transaction following the standard journal format within 1 hour.

Specific Instruction:

1. Read the transactions and develop a chart of accounts applicable to the


business
2. Journalize the transactions.

Date Developed: Nov. Document No.


16,2020

Bookkeeping Date Revised: Issued by:

NCIII Developed by: Page 1 of 3


ROY VICTOR F.
SUMUGAT Revision # 000
Chart of Accounts and Journalizing Transactions

The following transactions are from Gorgeous Photos, a recently established


photography and video studio for the month of September 2020:

Sept. 1 Deposited P500,000 in a bank account under the business name


3 Paid three month’s rent deposit and one-month advance - P40,000
4 Transferred to the business personal photography equipment
worth P89,000
7 Hired a studio assistant to be paid P450.00 a day based on a 26-
work month starting immediately
8 Purchased photography supplies on account, P24,000
9 Ordered additional photography equipment on Sept.7, P34,000
10 Received cash for previously unbilled portraits, P12,500
11 Billed other clients P10,500 for video editing services
13 Purchased office equipment for cash P46,000
14 Paid 50% of the photography supplies bought last Sept. 8
16 Paid salary of studio assistant P3,150
18 Received payments from customers billed last Sept. 11, P5,250
21 Paid electricity bill for the month, P4,300
23 Paid telephone bill for the month, P900
26 Received payments from various clients, P5,600
28 Withdrew P15,000 from the business for personal use
30 Paid salary of studio assistant, P5,400

Date Developed: Nov. Document No.


16,2020

Bookkeeping Date Revised: Issued by:

NCIII Developed by: Page 2 of 3


ROY VICTOR F.
SUMUGAT Revision # 000
Performance Criteria Checklist

CRITERIA
YES NO
Did you….
1. Prepare journal entry in accordance with industry
practice and generally accepted accounting
principles/Philippine Financial Reporting
Standards for transactions and events.
2. Determine the correct amount for each column
3. Answered with 100% accuracy

Date Developed: Nov. Document No.


16,2020

Bookkeeping Date Revised: Issued by:

NCIII Developed by: Page 3 of 3


ROY VICTOR F.
SUMUGAT Revision # 000

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