Next Week:
- Practice Set Book P1,400
- Each page will be used
- Final seating arrangement
- folders to buy will be assigned
Subject:
- very fast so no absences
- instruction delivered before activities/exercises
- follow instruction perfectly
- very procedural activities
- every meeting output must be submitted on time during same meeting
- no backlogs
- individual outputs
- sequence: manual, excel, Zero accounting software (before SAP)
- during finals: use computer lab
- no erasure in some outputs ex: checks
- not much recitations, activities focused
- not allowed to take home
Deadline:
- Practice Sets deadline March 6
- Departmentals deadline March 10
Exams:
- Midterm Departmental exam
- No Finals exam
Next Week Bring the FF:
- Bring stapler to staple when finished
- W2Long expanded plastic envelope (1 white no handle)
- Label:
- Name, schedule, subject, academic year (2nd semester 2024-2025)
- Use sticker paper/construction paper, color coding (blue)
- 8 short clear uncolored plastic envelope
- Names:
- 2 for unpaid bills
- (1) receivables
- (2) payables
- 2 for paid bills
- (3) Receivables
- (4) Payables
- General journal
- Special journal
- Subsidiary ledger
- General ledger
Content of Practice Set:
- 1st Task: Read Manual (Follow Procedures)
1. Check Voucher
- Used when issuing checks with no erasures
2. Check Book
3. General ledger
4. Subsidiary ledger
- 3 types: advances, Accounts receivable & payable
5. General Journal
6. Financial Statements
7. Worksheet
8. Invoices
9. Deposit Slip
10.Government forms
11.
LECTURE 1 MS EXCEL
Cash on Hand
- cash held by a custodian
- waiting to be deposited
GENERAL LEDGER
Account Name & Number:100 Assets
100 Cash in Bank
- Used when using Empress banking system
102 Petty Cash Fund
104 Accounts Receivable
106 Allowance for Doubtful Accounts
108 Advances to Employees
- from company’s funds to employees
- asset
- Advances from Employees
- liability
- employee lend money to company
110 Merchandise Inventory
112 Prepaid Insurance
114 Store Supplier
116 VAT Input Tax
- Counter account:
- VAT Input from purchases
- treated as asset
- VAT Output from Sales
- treated as liability
- If VAT Input is greater than VAT Output (Asset greater than liability)
- deferred tax asset
- If VAT Output greater than VAT Input (Liability greater than Asset)
- pay VAT payable
- When to pay VAT?
- 20-25 days or after next month
Accumulated Dep.
Account Name & Number: 200 Liabilities
200 Accounts Payble
202 Accrued Retainer Fee
204 Accrued Taxes & Licenses
206 Accrued Postage & Telephone
208 Accrued Utilities Expense
210 SSS Premium Payable
- regular premium
- SSS Contribution (Expense)
- employer share
- SSS Premium Payable (Liability)
- employee Share
- Journal Entry
- Dr SSS Contribution
- Dr SSS Premium Payable
- Cr Cash in Bank
212 SSS Loan Payable
- employee loaned from the company
214 Phil health Premium Payable
216
Freight Out
Rent Expense
Insurance Expense
Account Name & Number: 400 Sales Returns and Control Accounts:
400 Sales
402 Sales Returns & Allowances
404 Sales Discount
Account Name & Number: 500 Costs & Expenses
500 Purchases
502 Purchases Returns & Allowances
504 Purchase Discounts
506 Freight In
- Freight In
- supplier to company
- asset
- Freight Out
- company to supplier
- expense
Account Name & Number: 600 Operating & Other Expenses
DOutbful Accounts Expenses
Depreciated Expense
Taxes & Licenses Expense
Bank Charges
Freight oUt
Rent Expense
Insurance Expense
Insert
Store Supplies Expense
SSs/EC Contribution
GENERAL JOURNAL
If Variance is 0
- Debit and Credit is accurate
If there is Variance
- there is a Transposition Error
