Entrepreneurship

Quarter 2 – Module 10:

Bookkeeping

CO_Q2_Entrepreneurship 12_ Module 10

Entrepreneurship – Grade 12
Alternative Delivery Mode
Quarter 2 – Module 10: Entrepreneurship
First Edition, 2020

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Entrepreneurship
Quarter 2 – Module 10:
Bookkeeping
Introductory Message
This Self-Learning Module (SLM) is prepared so that you, our dear learners,
can continue your studies and learn while at home. Activities, questions, directions,
exercises, and discussions are carefully stated for you to understand each lesson.

Each SLM is composed of different parts. Each part shall guide you step-by-
step as you discover and understand the lesson prepared for you.

Pre-tests are provided to measure your prior knowledge on lessons in each

SLM. This will tell you if you need to proceed on completing this module or if you
need to ask your facilitator or your teacher’s assistance for better understanding of
the lesson. At the end of each module, you need to answer the post-test to self-check
your learning. Answer keys are provided for each activity and test. We trust that you
will be honest in using these.

In addition to the material in the main text, Notes to the Teacher are also
provided to our facilitators and parents for strategies and reminders on how they can
best help you on your home-based learning.

Please use this module with care. Do not put unnecessary marks on any part
of this SLM. Use a separate sheet of paper in answering the exercises and tests. And
read the instructions carefully before performing each task.

If you have any questions in using this SLM or any difficulty in answering the
tasks in this module, do not hesitate to consult your teacher or facilitator.

Thank you.
 What I Need to Know

Welcome to this module. In this module you will learn how to

record business transactions, prepare journal entries, post them to the
general ledger make some adjustment if necessary and prepare trial
balance report. This is your tool to keep track of the operations of your
business.

This module is divided into two lessons:

Lesson 1 – Perform key bookkeeping tasks

Lesson 2 – Identify where there is profit or loss for a business.

After reading this module, you should be able to:

1. Understand the basic concepts of bookkeeping

2. Apply the skills by performing key bookkeeping tasks.
3. Identify whether the business is profitable or not.
To achieve the above objectives, it is suggested that you have to do the
following:

 Reading and understanding the texts carefully.

 Follow the directions and/or instructions in the activities
and exercises diligently.

 Answer all the given test and activities.

1 CO_Q2_Entrepreneurship12_Module10
 What I Know

Before starting with this module, let us evaluate what you already
know about bookkeeping by answering the pre-assessment questions
below.
PRETEST – Multiple Choice: Identify the correct answer among the
given choices. In your answer sheet, write the letter only.

1. A source document evidencing that orders have been placed by

the customer waiting to be served by the supplier.
A. Purchase request C. Purchase order
B. Purchase invoice D. Purchase check
2. A source document evidencing that goods have been delivered by
the supplier to the customer.
A. Supplier’s sales invoice C. Customer’s sales invoice
B. Vale slip D. Customer’s delivery receipt
3. A source document issued by the supplier acknowledging that full
payment has been received from the customer.
A. Official receipt C. Delivery receipt
B. Purchase receipt D. Receiving report
4. All of the following are examples of source documents, except-
A. Check B. Invoices C. Contract D. Journal
5. A source document which shows that the customer has already
made partial payment to the supplier through issuance of.
A. Check C. Official receipt
B. Voucher D. Sales invoice
6. An example of asset that can be used in the business for a long
period of time, usually more than a year.
A. Inventories B. Computer C. Receivables D. Cash

2 CO_Q2_Entrepreneurship12_Module10
 7. A type of business that is purely engage in providing all types of
service activities such as medical or legal services.
A. Service Business C. Manufacturing business
B. Merchandising business D. Trading Business

8. A type of business that is engage in buying and selling of food products

such as Grocery/convenient stores.
A. Service Business C. Manufacturing business
B. Merchandising business D. Forex Trading Business

9. Referred to as the book of original entry

A. Ledger C. Accounts receivable ledger
B. Journal D. Purchase journal

10. Referred to as the book of final entry

A. General Ledger C. Accounts receivable ledger
B. General Journal D. Purchase journal

Lesson

1 Perform Key Bookkeeping Tasks

What’s In

In the previous lessons, you learned how to prepare a business

plan, operate the business, sell the product, and the importance of
keeping business records. Also, you were able to define, understood
and compare the organization’s various departments such as
Operation and Administration, Marketing, Production and Logistics,
Finance, etc.

3 CO_Q2_Entrepreneurship12_Module10
 In the succeeding lessons, you will be able to explore by learning
the tasks of a bookkeeper in recording and keeping financial records
updated.

What’s New

Activity 1: Getting to know your community’s businesses

A. List down at least 3 businesses that are present in your

community. (ex. sari-sari store).
B. Interview a business or store owner listed in Item A using the
following guide questions:

1. When do you record your sales and expenses?

2. Where do you record your sales and expenses?
3. How do you record your sales and expenses?
4. When do you compute your income?
5. How do you compute your income?
6. Did you employ the services of a bookkeeper? Why?
7. What are your basis when making
business decision? (decisions like buying
more goods to sell and the likes).

4 CO_Q2_Entrepreneurship12_Module10
 What is It

Definition of Terms
TERM MEANING
The process of recording business transactions in a
systematic and chronological manner. It is
systematic because it follows procedures and
Bookkeeping principles. It is chronological because the transactions
are recorded in order of the date of occurrence.
The person who is incharge to record, maintain and
update business records from all sorts of financial
Bookkeeper transactions using account title. The bookkeeper uses
the Book of Accounts to record the business
transactions.
The book of accounts are composed of the Journal and
Book of Ledger.
Accounts
Referred to as the book or original entry
Journal
Referred to as the book of final entry
Ledger
Is the most basic journal which provides columns for
General Journal date, account titles and explanations, folio or refences
and a separate column for debit and credit entries
Is a group of all accounts that can be found in the chart
General Ledger of accounts. These accounts will be reflected in the trial
balance as a summary of all financial activities that have
taken place as recorded in the general journal and
subsidiary
Depict in figure 1 below is a sample format of general journal:

5 CO_Q2_Entrepreneurship12_Module10
Sample General journal Transaction and entry:
On June 25, 2020, ABC Laundry Co. rendered laundry services to
JJV Hotel in Makati for P5,000. The customer paid in cash.

GENERAL JOURNAL PAGE 1

POST
.
CREDI
DATE PARTICULARS REF. DEBIT T
1 June 25 Cash 5,000
2 Service Income 5,000
To record the receipt of cash from JJV
3 Hotel for the services rendered

Depict in figure 2 below is a sample format of a general ledger

Figure 2 – General Ledger

is a group of accounts directly associated from the general
ledger. This record is created to maintain individual accounts
Subsidiary
for customers and vendors whose cash is not being used as
Ledger
a medium of exchange when purchasing or selling
merchandise.

Depicted in figure 3 and 4 below is a sample format of a subsidiary

ledgers Accounts Receivable and Accounts Payable respectively:

Accounts Receivable

Buyer/Customer: Veggies Trading 11

Figure 3 – Accounts Receivable Ledger

6 CO_Q2_Entrepreneurship12_Module10
 Figure 4 – Accounts Payable Ledger

The accounts receivable ledger is a subledger in which is

recorded all credit sales made by a business. It is useful for
Account
segregating into one location a record of all amounts invoiced
Receivable
to customers. A typical transaction entered into the accounts
Ledger
receivable ledger will record an account
receivable, followed at a later date by a payment transaction
from a customer that eliminates the account receivable.
More importantly, it is a subsidiary ledger that record customer’s
account in the business.
An accounts payable ledger contains the detail for all invoices
received from suppliers. This ledger is used as a subsidiary
Account Payable ledger, from which summary-level information is periodically
Ledger posted to the general ledger. Having a separate accounts
payable ledger keeps a large amount of detailed
payables transactions from cluttering up the general ledger.
The left-hand side entry also known in accounting as “Value
Received.” When cash or non-cash items are received, the
Debit
said cash or non-cash items must be recorded in the debit
column. This means that the debit balance has increased.
The right-hand side entry also known in accounting as “Value
Parted With.” When cash or non-cash items are given, the said
Credit
cash or non-cash items must be recorded in the credit column.
This means that the credit balance has increased.

7 CO_Q2_Entrepreneurship12_Module10
The Rules of Debit and Credit

In the process of journalizing business transaction, the rules of

Debit and Credit are essential to ensure accurate recording and sound
decision making. Debit is abbreviated as DR while CR for Credit.
Further, it is deemed a requirement that the bookkeeper should be able
to master the normal balance of each account title being used in the
process of recording.

The following steps will be undertaken in determining account

balances for every account title such as cash, account receivable, etc.:

1. Add all the debit side to generate total debit

2. Add all the credit side to generate total credit.
3. Subtract total debit to the total credit.
4. Determine the balance of each account.

The most convenient and fastest way of

posting journal entries to the ledger is by
way of using “T” Account. A T- Account
is divided into two sides. The left- hand
side is called the debit side and the
right-hand side is called the credit side.
T- Account
The left -hand or debit side shows the
value received while the right-hand side
shows the value parted with. This is
called T account because it resemble
capital letter “T.” An account title is
written above the T- account.

8 CO_Q2_Entrepreneurship12_Module10
 Depicted in figure 5 below is a T-account and its description:

ACCOUNT TITLE

Left-Hand Side Rigt-Hand Side

or Debit Side or Credit Side
is is for
for
VALUE VALUE
RECEIVED PARTED

Figure 5: T – account

GENERAL JOURNAL PAGE 1

POST.
DATE PARTICULARS REF. DEBIT CREDIT
1 Dec. 1 Cash 200,000
2 Service Income 200,000
To record the receipt of cash for the
3 services rendered

Posting the journal entry to the T – account:

To strengthen your understanding about posting of journal entries to the

general ledger, it is suggested to create T – account and label them with
account title and group them according to Assets, Liabilities, Owner’s Equity,
Revenue and Expense.

9 CO_Q2_Entrepreneurship12_Module10
 It is the first account of the five major accounts which refers to
resources with economic value that an individual, corporation,
or country owns or controls with the expectation that it will
provide a future benefit. An asset represents an economic
Asset resource for a company or represents access that other
individuals or firms do not have. An economic resource is
something that is scarce and has the ability to produce
economic benefit by generating cash inflows or decreasing
cash outflows.
It is the second account of the five major accounts which refers
to something a person or company owes, usually a sum of
money. Liabilities are settled over time through the transfer of
economic benefits including money, goods, or services.
Liability
Liabilities include loans, accounts payable, mortgages,
deferred revenues, and accrued expenses. In general, a
liability is an obligation between one party and another not yet
completed or paid for.
It is the third account of the five major accounts which refers to
as shareholders' equity (or owners equity' for privately held
Owner’s Equity companies). Owner’s equity as a degree of residual ownership
in a firm or asset after subtracting all liabilities associated with
that asset.
It is the fourth account of the five major accounts which refer to
money brought into a company by its business activities.
Revenue
Revenue were commonly known as service income or fees,
sales, and sales discount.

It is the fifth and last account of the five major accounts which
refer to the cost of operations that a company incurs to
Expense
generate revenue. Common expenses include payments to
suppliers, employee wages, factory leases, and
equipment depreciation.

10 CO_Q2_Entrepreneurship12_Module10
 Depicted in figure 6 below is a matrix of normal debit and credit
balances of Five Major Accounts:
Account Type Debit Credit
Assets
Liabilities
Owner’s Equity
Revenue
Expenses
Figure 6 - matrix of normal debit and credit balances of Five Major
Accounts
In order to fully understand the concept of debit and credit balances,
depicted in figure 7 below is a matrix of normal debit and credit balances under
each of the five major accounts:

Figure 7 - Matrix of normal debit and credit balances of sub-accounts

11 CO_Q2_Entrepreneurship12_Module10
 Now, let us go through the concept of bookkeeping by recording
and posting financial transactions using the books of accounts and T
accounts, respectively.

Illustration on Rules of Debit and Credit

Acquiring Equipment or Supply:

XYZ Company purchase ten (10) latest models of Samsung
cellular phones for the company’s staff to be given as Christmas give-
aways, for a total amount of P 350,000.

Entry: Account title Amount

Debit (Value Received) Samsung Cellphone P350,000
Credit (Value Parted With) Cash 350,000

Analysis: The debit side represents the item (Samsung Cellphone) with
the amount of P 350,000 received in exchange of the item given up. The
credit side represents the item (Cash) with amount (P350,000) given
up.
In the books of XYZ Company, the nature of acquisition
cellphones is for Christmas give-aways. The entry debited to Christmas
Give-aways must be charge to an expense account. Thus, it will
increase the Expense-Christmas Give-aways balance because the
latter’s normal balance is debit. Meanwhile, the Asset-cash will
decrease because in this transaction, Cash was credited.

Investing Capital in the Business:

Ms. Izabelle Neri, a newly graduate in business management
started a merchandising business with trade name “The IN Store”. She
put up a total cash amounting to P500,000 to construct office and
acquire necessary equipment and supplies.

Entry: Account title Amount

Debit (Value Received) Cash P500,000
Credit (Value Parted With) Ms Neri, Capital 500,000

Analysis: The debit side represents the item (Cash) with amount
(P500,000) received in exchange of the item given up. The credit side
represents the purpose (Capital) of the transaction with the amount
(P500,000) given up.
12 CO_Q2_Entrepreneurship12_Module10
 In the books of XYZ Company, the entry debit to cash will
increase the cash balance because the cash itself have a normal debit
balance. Consequently, the entry credit to Capital Account – Neri,
Capital will increase the capital balance because the latter’s normal
balance is credit.

Sales/ Service Income Transactions:

Goblin Computer Shop, rendered computer repair services to
DN University amounting to P10,000 for cash.

Entry: Account title Amount

Debit (Value Received) Cash P10,000
Credit (Value Parted With) Service Income 10,000

Analysis: The debit side represents the item (Cash) with amount
(P10,000) received in exchange of the item given up. The credit side
represents the purpose (Sales/Service) of the transaction with amount
(P10,000) given up.
In the books of Goblin Computer Shop, the entry debit to cash
will increase the cash balance because the cash itself have a normal
debit balance. Consequently, the entry credit to Revenue - Service
Income will increase the revenue balance because the latter’s normal
balance is credit.

Purchase on Account transaction:

Goblin Computer Shop purchase office supplies amounting to

P5,000 from ABC Corp. on account. The account will be paid next month.

Entry: Account title Amount

Debit (Value Received) Office Supplies P5,000

Credit (Value Parted With) Accounts Payable 5,000

Analysis: The debit side represents the item (OS) wiht amount (P5,000)
received in exchange of the promise to pay. The credit side represents
the nature (credit) of the transaction given up.
In the books of Goblin Computer Shop, the entry debit to Office
Supplies will increase the Asset-Office Supplies balance because the
office supplies itself have a normal debit balance. Consequently, the
entry credit to Liability - Accounts Payable will increase the liability
balance because the latter’s normal balance is credit.

13 CO_Q2_Entrepreneurship12_Module10
Trial Balance

Trial balance is a list of all ledger accounts with closed or final balances
on a certain period arranged according to the assets, liabilities, capital,
revenue and expense. The debit and credit columns must be equal in
total amount. This is the first report prior to financial statement
preparation.

Bookkeeping Practice Set 1 : Identifying and recording a

business transaction using the General Journal

Directions: Below is a business transactions of a service-type

business. All transactions were already recorded in the general journal.
All you have to do is to follow the process and study how the
transactions are being recorded in the general journal by means of
journal entry applying the rules of debit and credit. The account titles
used in the journal entries are found in the chart of accounts below.
Depicted in figure 8 below is the chart of accounts of Alpha Laundry
Services

Figure 8 – Chart of Accounts

14 CO_Q2_Entrepreneurship12_Module10
Let’s Begin!

Mr. Denver Ambrose a retired public school teacher started his

laundry business in the beginning of June 2018. He used all of his
savings to start a “coin- operated” laundry business. He named it Alpha
Laundry Services (ALS). The following are business transactions for the
month of June 2018, the first month of business operation:

1. June 1, 2018 - Mr. A invested P 200,000 cash in his newly opened

Alpha Laundry System business.

Journal Entry:

GENERAL JOURNAL PAGE 1

POST.
DATE PARTICULARS REF. DEBIT CREDIT
1 June 1 Cash 200,000
2 Mr. A Capital 200,000
To record the initial Capital investment
3 of Mr. A.

2. June 2, 2018 - Mr. A hired his former classmate Doree Dy to be the

Laundry Operator of ALS for a fixed monthly salary of P10,000. The
operator will be paid every quencina.

EXPLANATION : No entry will be made in this transaction because there

was neither inflow or outflow of cash or an exchange of assets that have
monetary value.

3. On June 5, 2018 – Alpha Laundry Systems purchased laundry

equipment for cash, P150,000.

Journal Entry:

GENERAL JOURNAL PAGE 1

POST.
DATE PARTICULARS REF. DEBIT CREDIT
4 June 5 Laundry equipment 150,000
5 Cash 150,000
To record the acquisition of Laundry
6 equipment

15 CO_Q2_Entrepreneurship12_Module10
 4. On June 6, 2018 – Alpha Laundry Systems paid cash in advance for
the 1 year insurance coverage of laundry equipment for the whole year
amounting to P6,000. Monthly insurance expense will be recognized
for each month end report

Journal Entry:

GENERAL JOURNAL PAGE 1

POST.
DATE PARTICULARS REF. DEBIT CREDIT
7 June 6 Prepaid Insurance 6,000
8 Cash 6,000
To record the prepaid Insurance for the
9 Laundry equipment

5. On June 7, 2018 – Alpha Laundry Systems bought supplies for

laundry amounting to P10,000. The supplies bought are laundry
consumables such detergent powder, soap bar and fabric softener.
Monthly inventory will be conducted to determine unused supplies
and will be recognized for each month end report.

Journal Entry:
GENERAL JOURNAL PAGE 1

POST.
DATE PARTICULARS REF. DEBIT CREDIT
10 June 7 Laundry supplies 10,000
11 Cash 10,000
To record the acquisition of laundry
12
consumables

6. On June 15, 2018 – Alpha Laundry Systems paid P4,750 cash for
salary of laundry operator.

16 CO_Q2_Entrepreneurship12_Module10
 Journal Entry:
GENERAL JOURNAL PAGE 1

POST.
DATE PARTICULARS REF. DEBIT CREDIT
13 June 15 Salaries and wages 4,750
14 Cash 4,750
To record the payment of Laundry
15
operator’s salary

7. On June 16, 2018 – Alpha Laundry Systems received P25,000 cash for laundry
services rendered to MZ. Hotel.

Journal Entry:
GENERAL JOURNAL PAGE 1

POST.
DATE PARTICULARS REF. DEBIT CREDIT
16 June 16 Cash 25,000
17 Laundry Income 25,000
To record the payment received from MZ
18
Hotel.

8. On June 17, 2018 – Alpha Laundry Systems rendered service to

Argon Hotel amounting to P45,000. Argon promised to pay on June
20 of the same year.

Journal Entry:
GENERAL JOURNAL PAGE 1

POST.
DATE PARTICULARS REF. DEBIT CREDIT
19 June 17 Accounts Receivable 45,000
20 Laundry Income 45,000
To record the service rendered to Argon
21
Hotel

9. On June 18, 2018, Alpha Laundry Systems purchase office supplies

from Ku Enterprises amounting to P2,000 on account. ALS will pay
it on June 25 of the same year.

17 CO_Q2_Entrepreneurship12_Module10
 Journal entry:
GENERAL JOURNAL PAGE 1

POST.
DATE PARTICULARS REF. DEBIT CREDIT
22 June 18 Office supplies 2,000
23 Accounts Payable 2,000
To record the acquisition of Office
24 Supplies on account from Ku
Enterprises

10. On June 20, 2018, Alpha Laundry Systems collected payment of

Argon Hotel.
Journal Entry:
GENERAL JOURNAL PAGE 1

POST.
DATE PARTICULARS REF. DEBIT CREDIT
25 June 20 Cash 45,000
26 Accounts Receivable 45,000
To record the full payment from Argon
27
Hotel

11. On June 25, 2018, Alpha Laundry Systems paid in full the
amount owed to Ku Enterprises.

Journal Entry:
GENERAL JOURNAL PAGE 1

POST.
DATE PARTICULARS REF. DEBIT CREDIT
28 June 25 Accounts Payable 2,000
29 Cash 2,000
To record the full payment of account to
30
Ku Enterprises

12. On June 27, 2018, Alpha Laundry Systems paid electric bill for
the month amounting to P1,000 in cash. The payment is charged
to Utility expense account.

18 CO_Q2_Entrepreneurship12_Module10
Journal Entry:
GENERAL JOURNAL PAGE 1

POST.
DATE PARTICULARS REF. DEBIT CREDIT
31 June 27 Utilities expense 1,000
32 Cash 1,000
To record the payment Electricity for the
33
month

13. On June 30, 2018, Alpha Laundry Systems paid a month’s

transportation expense amounting to P 1,300.

Journal Entry:
GENERAL JOURNAL PAGE 1

POST.
DATE PARTICULARS REF. DEBIT CREDIT
34 June 30 Transportation expense 1,300
35 Cash 1,300
To record the payment of transportation
36
for the month.

14. On June 30, 2018, Alpha Laundry Systems paid P5,000 cash for
salary of laundry operator.

Journal Entry:
GENERAL JOURNAL PAGE 1

POST.
DATE PARTICULARS REF. DEBIT CREDIT
37 June 30 Salaries and Wages 5,000
38 Cash 5,000
To record the payment Laundry
39
operator’s salary.

15. On June 30, 2018, Alpha Laundry Systems paid P7,500 cash for
the month’s rent of laundry space.

19 CO_Q2_Entrepreneurship12_Module10
 Journal Entry:
GENERAL JOURNAL PAGE 1

POST.
DATE PARTICULARS REF. DEBIT CREDIT
40 June 30 Rent expense 7,500
41 Cash 7,500
To record the payment of rent for
42
Laundry space.

The total debit and credit columns of the general journal should
always be equal. Otherwise, the general journal balances will affect
overall accuracy of the entire financial report. The error should be
properly corrected before the next step in the recording process takes
place.

Bookkeeping Practice Set 2 : Posting journal entries to the General Ledger

using T - accounts.

Directions: In this activity, you are suppose to do the posting of general

journal entries to the general ledger using the T- Accounts
technique. The following are suggested activities before
posting journal entries to T - Accounts:

1. Group account titles according to the Five Major accounts

2. Determine the normal balance of each account title by
referring to the normal balances matrix.
3. Record transactions in sequential order or apply the
“First-entry, First- record” system.
4. After all journal entries are recorded, compute the
debit and credit totals of all accounts. Compute for the
running balance.

Example : 1) Cash account (normal balance is debit):

Total Cash-debit P270,000
Less: total Cash credit 187,550
Outstanding Cash balance P 82,450
=======

20 CO_Q2_Entrepreneurship12_Module10
 2) Laundry Income/revenue (normal balance is credit):

Total Accounts payable -credit P 2,000

Less: total Accounts payable-debit 2,000
Outstanding Accounts payable balance P 0
======

After performing the T-accounts, outstanding balances of each

account under Assets, Liabilities, Capital, Revenue/Income and
Expenses can now be determined. Given below are T – accounts for all
ledger accounts group according to the five major accounts.

ASSETS

OWNER’S EQUITY
LIABILITIES

EXPENSE

REVENUE

21 CO_Q2_Entrepreneurship12_Module10
Directions: In this activity, you are tasked to prepare a trial balance for
ALS. The period covered is June 2018. Use the T – account presented in
Bookkeeping Practice Set 2.
The following are suggested activities in preparing trial balance report:
1. Pick up all account balances of cash, accounts receivable up
to the last account.
2. Copy them in the designated account title in the trial
balance report (un- adjusted trial balance) following its
account normal balances
3. Compute for the total debit and credit balances. The debit
amount should be equal to the credit.
It should be noted that all transactions have already been
recorded in the general journal and general ledger. All you have to do
is to follow the process and study how the transactions are being
recorded in the working paper to prepare Trial Balance report by
applying the rules of debit and credit.

Bookkeeping Practice Set 3 : Prepare Trial Balance

Depicted in below is a trial balance report of Alpha Laundry

Services for the period ended, June 30, 2018.

Figure 7 – Trial Balance of ALS

As you can observed, the accounts reflected in figure 7 above are
arranged according to the proper placement of the five major accounts.
The Assets, Liabilities, Owner’s Equity, Revenue and Expense
accounts.

22 CO_Q2_Entrepreneurship12_Module10
 What’s More

Having completed the Trial Balance report is not yet the end of
a bookkeeper’s responsibility. The bookkeeper’s responsibility will only
end when the business has closed its books of accounts. The books of
accounts of a business will be closed at the end of the business’s
calendar or fiscal year. The calendar year always begin in January 1
and end on December 31 of the same year. While the fiscal year begin
at any month of the year and ended on the 12th month of the following
year.

All business activities (financial in nature) should be recorded

in the books of accounts even when the financial reports have already
been prepared. Business activities or transaction that was not
included in the financial reports will be recorded to reflect necessary
adjustments.

What is an Adjusting Entry?

Adjusting entry is an entry made to update the financial data
already recorded. Making an adjusting entry helps the bookkeeper
capture all financial events happened over a period of time within the
accounting cycle. It is essential in keeping the financial record updated.
The bookkeeper is going to look or examine accounts that needs to be
updated. Outlined below are the five basic sources of adjusting entries:
1. Depreciation expense
2. Deferred expenses of prepaid expenses
3. Deferred income of unearned income
4. Accrued expenses of accrued liabilities
5. Accrued income or accrued assets

1. Depreciation

This is a method of allocating the cost of an asset to an expense

over the accounting periods that make up the asset’s useful life.
Examples of assets subject to depreciation are: Store, Office, Building,
and Transportation equipment. These types of assets lose their ability
to provide useful service as time passes. Depreciation can also be
referred to as the decrease in the usefulness of these types of assets.

23 CO_Q2_Entrepreneurship12_Module10
 Take note that Land is not subject to depreciation because the value
of land mostly increases as time passes.
There are several methods or formulas to compute the amount
of depreciation. The simplest is the straight-line method.

The formula:

Annual Depreciation =: (Acquisition Cost – Salvage or Residual Value)

Useful Life

Where:

 Acquisition cost – the actual cost of the asset acquired.

 Salvage value – the selling price of the asset upon reaching

the useful life.

 Useful life – is the economic or productive life of the asset

written in months or years.

2. Deferred expenses or prepaid expenses. These are items that

have been initially recorded as assets but are expected to become
expenses over time or through the operations of the business. In
order to recognize the correct amount of expenses, prepayments
shall be amortized weekly, semi-monthly or monthly, depending
on its nature and purpose.

3. Deferred income or unearned income. These are items that have

been initially recorded as liabilities but are expected to become
income over time or through the operations of the business.

4. Accrued expenses of accrued liabilities. These are items of

expenses that have been incurred but have not been recorded and
paid.

5. Accrued expenses of accrued liabilities. These are income items

that have been earned but have not been recorded and paid by the
customer. In short, these are receivables of the business.

24 CO_Q2_Entrepreneurship12_Module10
 Bookkeeping Practice Set 4 : Record adjusting journal
entries in the General Journal.

Directions: Let’s take a look at Alpha Laundry Services transaction

that transpired after the Trial Balance have been prepared. In this
activity, you are task to do the following:

1. Identify accounts that needs to be adjusted.

2. Prepare adjusting journal entries in the General Journal.

It should be noted that all transactions have already been

recorded in the general journal. All you have to do is to analyze and
follow the process on how the transactions are being recorded and
forwarded using the T accounts applying the rules of debit and credit.

1. Depreciation of Equipment.
The laundry equipment, which was purchased by ALS on June
5, 2018 at P150,000 has an estimated useful life of 5 years with a
salvage value of P10,000. Compute for the monthly depreciation to be
charge as depreciation expense and will be deducted against the cost
to get the net book value of the laundry equipment.
Required: Compute for the monthly depreciation using straight
line method.
Adjusting Entry:
GENERAL JOURNAL PAGE 1

POST.
DATE PARTICULARS REF. DEBIT CREDIT
43 June 30 Depreciation Expense 2,333.33
44 Accumulated Dep’n- Laundry Eqt. 2,333.33
To recognize the depreciation expense
45
for the month of June.

Formula: P150,000 – 10,000 = 2,333.33

5 Years

2. Prepaid Insurance
The insurance paid for Laundry equipment is P6,000. An expired
portion of the insurance in the amount of P 500 is determined by

25 CO_Q2_Entrepreneurship12_Module10
dividing the prepayments over 12 months (P6,000 / 12 months). The
expired portion will be charged to expense. This will reduce the value
of prepaid insurance balance.

Required: Compute for the expired portion of the insurance.

To compute for the expired portion of the insurance:

Formula: Insurance Cost P6,000 = P 500
Term of coverage = 12 months =====
(No. of Months)

Prepaid insurance P 6,000

Less: Expired portion (June) 500
Un-expired portion P 5,500

Note: The expired portion is charge to expense (insurance

expense). The un- expired portion will be reported in the balance
sheet as the new prepaid insurance account balance for the next
month.

Adjusting Entry:

GENERAL JOURNAL PAGE 1

POST.
DATE PARTICULARS REF. DEBIT CREDIT
46 June 30 Insurance Expense 500
47 Prepaid Insurance 500
To recognize the expired portion of the
48 prepaid insurance.

3. Deferred expenses for supplies inventory. At the end of the

month, unused supplies were recorded to be P3,000.

Note: The used supplies is charge to expense (supplies expense).

The unused portion will be reported as the new supplies inventory
balance for the next month.

26 CO_Q2_Entrepreneurship12_Module10
 Adjusting Entry:

GENERAL JOURNAL PAGE 1

POST.
DATE PARTICULARS REF. DEBIT CREDIT
49 June 30 Laundry Supplies Expense 7,000
50 Laundry Supplies 7,000
To recognize the used portion of the
51 Laundry supplies consumables

Formula to compute for the used supplies:

Supplies at cost P 10,000

Less: Unused supplies 3,000
Used supplies P 7,000

Bookkeeping Practice Set 5 : Post the adjusting entries in the General

Ledger by using T account.

Directions: In this activity, you are task to do the following:

1. Using the completed adjusting journal entries in the general journal,

update the General Ledger records by adding or subtracting the
affected accounts

It should be noted that all transactions have already been recorded

in the general ledger. All you have to do is to follow the process and
study how the transactions are being computed and posted by means of
applying the rules of debit and credit

27 CO_Q2_Entrepreneurship12_Module10
 ASSETS

LIABILITIES

OWNER’S EQUITY
REVENUE

EXPENSE

28 CO_Q2_Entrepreneurship12_Module10
 Bookkeeping Practice Set 6 : Prepare Adjusted Trial Balance.

Directions: In this activity, you are task to do the following:

1. Transfer the adjusting journal entries from the general

journal to the adjustments column in the working paper
(highlighted in yellow color).
2. Update the balance of all ledger accounts and transfer the
balance to form adjusted trial balance (highlighted in blue
color).
3. Compute for the total debit and credit balances (highlighted
in green color). It should be noted that all transactions
have already been recorded in the general journal. All you
have to do is to follow the process and study how the
transactions are being recorded in the working paper by
means of adjusting journal entry applying the rules of debit
and credit.

29 CO_Q2_Entrepreneurship12_Module10
 What I Have Learned

Answer the following fill in blank questions:

1. is an employee of the company in charge to
maintain bookkeeping records of the business.
2. is considered the book of original entry.
3. is considered the book of final entry.
4. the most convenient and fastest way of
posting journal entries to the ledger. This account is divided
into two sides.
5. contains the detail for all invoices received from
suppliers.
6. is a group of accounts directly associated from
the general ledger.
7. the left-hand side entry also known in
accounting as “Value Received.”
8. the right-hand side entry also known in
accounting as “Value Parted With.”
9. is a list of all ledger accounts with closed or final
balances on a certain period arranged according to the assets,
liabilities, capital, revenue and expense
10. it is the first account of the five major accounts
which refers to resources with economic value that an
individual, corporation, or country owns or controls with the
expectation that it will provide a future benefit.

What I Can Do

Activity 1 : Journalizing business transactions

Directions: Write your answer on a separate worksheet.
1. Prepare journalize entries on following transactions
2. Compute the total debit and credit balances of the general journal.
3. Use the JCN Computer Repair Services chart of accounts below.

30 CO_Q2_Entrepreneurship12_Module10
Material Needed:

1. 2-column worksheet (or bond paper) – 1 pc

a. If using bond paper, copy the format of a general journal
using pencil and ruler.
2. Calculator and ruler
3. Ball pen / pencil with eraser

Ms. Julianah Chloe Neri opened her computer repair business

in Cagayan de Oro City on July 14, 2020. The following transactions
occurred during the month of July 2020:

DATE TRANSACTIONS

July 14 Invested PHP500,000 to her business. The trade name of the

business was JCN Internet Café.
Julianah purchased one computer unit from XY Computer
July 15 Store to be used for her business. She issued check number
001 amounting to PHP25,000
July 16 Julianah hired Alele Valix, a BSIT graduate.
July 17 Repaired the computers of Albertos Co. and collected P10,000

July 18 Repaired the computers of Marko; however, Marko will pay

P15,000 only on August 2020
Julianah purchase office supplies from IZA Merchandise
July 19 amounting to P 5,000 on account. Jualianah will pay on
August 30, 2020.
July 18 Paid the salary of Alele amounting to P 4,000.

31 CO_Q2_Entrepreneurship12_Module10
 Activity 2 : Posting journal entries to the ledger using T- accounts
Directions: Write your answer on a separate worksheet.
1. Prepare T- accounts from the journal entries that you have created
in activity 1.
2. Post journal entries to the T- accounts
3. Compute the total debit or credit balances for each T- account.

Material Needed:

1. 2-column worksheet (or bond paper) – 1 pc.

2. Calculator
3. Ball pen / pencil with eraser
4. Ruler

Activity 3 : Trial Balance preparation

Directions: Write your answer on a separate worksheet.
1. Prepare Trial balance report from the T – accounts you have
prepared in activity 2.

(Tips: Cash account normal balance is Debit, the running

total must also be at Debit side. Also, Trial balance entry will
also be in Debit column)

2. Compute the total debit and credit balances.

Material Needed:

1. 2-column worksheet (or bond paper) – 1 pc.

a. If using bond paper, copy the trial balance format using
a pencil and a ruler
2. Calculator
3. Ball pen / pencil with eraser
4. Ruler

Activity 4: Computation for accrued and deferred accounts and

adjusting journal entry preparation

32 CO_Q2_Entrepreneurship12_Module10
 Activity 4-1 – Compute for Depreciation

Directions: Compute the business depreciation using the following

information:
1. Use straight-line method in computing depreciation.
2. Make adjusting journal entries reflecting the amount computed
as depreciation expense.

The following are financial data of the ABM Corp. for the year ended
December 31, 2019:

a. The cost of the equipment is PHP25,000.

b. It was estimated to have a useful life of 5 years.
c. It is estimated that after 5 years.
d. The office equipment can be sold at a scrap value of PHP1,000.

Activity 4-2 – Deferred expenses or prepaid expenses.

Directions:

1. Compute for the expense portion of the office supplies.

2. Make adjusting journal entries reflecting the amount
computed as supplies expense.

The following are financial data of the ABM Corp. for the year ended
December 31, 2019:

a. Purchased P15,000 worth of office supplies on account.

b. By the end of the month, PHP5,000 worth of these supplies are
still unused.

Activity 4-3 – Deferred income of unearned income

Directions:

1. Compute for the portion of unearned service revenue to be debited.

2. Make adjusting journal entries reflecting the amount
computed as supplies expense.

On February 15, 2016 Matapang entered into a contract with

Makisig to maintain the computers of Makisig for two months starting on
February 15, 2016 up to April 15, 2016. On the same date, Makisig paid
the total contract amount of PHP40,000 in full.

33 CO_Q2_Entrepreneurship12_Module10
 The entries to record and adjust the books are: In the February 29,
2016 entry above, as of end of February 2016, Matapang has already earned
the service revenue for the first 15 days, thus an adjusting entry is
recorded.

Activity 4-4 – Accrued income or accrued assets

Direction:

1. Prepare adjusting journal entries for the following transaction:

On February 28, 2016, Juan repaired the computer of Pedro for

PHP15,000. Pedro was on an out-of-town trip so he could not pay
Juan. He told Juan that he will pay for their services on March 1, 2016.
Juan has already earned the PHP15,000 but was not paid as of the end
of February 2016. Therefore, an income should be properly recognized
in February 2016 for this transaction.

Assessment

Matching type : Match the description in column A to column B.

Direction: Use a separate answer sheet. Write the letter only.

COLUMN A COLUMN B
1. First account of the five major accounts
A. Bookkeeper
which refers to resources with
economic value that it will provide a
future benefit.
2. List all ledger accounts with closed or
final balances arranged according to B. General Journal
the assets, liabilities, capital, revenue
and expense.
3. Also known in accounting as “Value
C. General Ledger
Parted With.”
4. Also known in accounting as
D. T - Account
“Value Received.”
5. Group of accounts directly associated E. Accounts Payable
from the general ledger. Ledger
6. Contains the detail for all invoices F. Subsidiary Ledger
received from suppliers.

34 CO_Q2_Entrepreneurship12_Module10
 7. The most convenient and fastest way of G. Debit
posting journal entries to the ledger.
8. Book of final entry. H. Credit
9. Book of original entry. I. Trial Balance
10. Employee of the company in charge to J. Asset
maintain bookkeeping records of the
business.

Lesson
Identify where there is a Profit or Loss
2 for Business

What’s In

Profitability has always been the bottom line of the business. In

reporting accurate financial information, the bookkeeper and the
bookkeeping systems take the significant roles. Accurate financial
reports will enable sound decision making.
In identifying the profit or loss of a business, the bookkeeper
must record all transactions that have monetary value. These records
will then be converted into key financial reports. Key financial reports
is composed of statement of financial position (balance sheet),
statement of comprehensive income (income statement), statement of
cash flows, and statement of changes in equity. These reports are
discussed in ABM specialized subject in Fundamentals of Accountancy,
Business and Management 2.

35 CO_Q2_Entrepreneurship12_Module10
 What’s New

In computing for the Net Income or net earnings, a bookkeeper

must consider the types of business that his/her company is engaged.
Below is a matrix of the type of business organizations and the different
types of revenues, cost and expenses to be considered.

Types of Business Revenue Type Cost / Expenses Type

-Service Income
Service-Concern -Service Fee - General & Admin expense
-Membership Fee
- Sales Returns and Allowances
Merchandising-Concern Sales - Cost of Sales
- General & Admin expense
- Sales Returns and Allowances
- Cost of Good Manufactured
Manufacturing Sales
- Fixed or Variable Costs
- General & Admin expense

For simplicity purposes, this module will tackle the service concern
business in illustrating the process of computing net income.

Below is the basic equation computing net income of a service-

concern

Net Income/Loss = Service Income - Total Expenses

Activity 1 – Compute Net Income or Net Loss, Collectibles and

Expenses
Directions: Apply the basic equation of income statement written above and
answer the questions bellow.

GIN Janitorial and General Services, Inc., a company engaged in

providing janitorial services to different business establishments in the
city. The following financial data reveals the income and expenses
records during the last quarter of 2018:

36 CO_Q2_Entrepreneurship12_Module10
Revenue / Service Income:

Service rendered – on account (Deluxe Hotel) 95,000

Service rendered – Cash (Maxandria Hotel) 45,000
Service rendered – on account (Pearlmont Inn) 25,000
Service rendered – Cash (Mallberry Suites) 105,000
Service rendered – Cash (VIP Hotel Inn) 65,000
Service rendered – on account (Dynasty Court Hotel) 75,000
Service rendered – on account (Grand City Hotel) 60,000

TOTAL P 570,000

Salaries and Wages of employees:

Janitor’s Salary – Total P 95,000

Management staff salary-Total 45,000
General Manager’s salary – total 70,000
-
TOTAL P 210,000

Operating and administrative expenses:

Utilities expenses P 15,000
Rent expense 15,000
Repairs and Maintenance 7,500
Transportation and communications 4,500

TOTAL P 42,000

The owner of the business wants to know the operations of the business.
You are tasked to compute for the following:

1. How much is the total service income collected in cash.

2. How much is the total service income still collectible.
3. How much is the total expenses.
4. How much is the net income of GIN Janitorial and General
Services, Inc.,

37 CO_Q2_Entrepreneurship12_Module10
 What is It

Discussion of activity 1

A wise businessman always monitor the operations of his

business in order to render timely and sound decisions. One of the
many ways to track down the operations of the business is to check the
status of its income generating activities on a periodic basis. A trend
must be established so that when the profitability path deviates, a
timely decision would be made.
In activity 1, the financial information reported is enough for a
bookkeeper to compute the net income, total expenses and the
collectible amount. Cash and non- cash service income should be split
in order to have a proper recording of the cash on hand and the
collectibles. In applying the basic equation of income statement, the
following re-grouping is suggested:
P xxx
Service income (Cash)
xxx
Less: Operating and administrative expense
Add: Salaries and wages xxx xxx
Net Income / Loss P xxx
======

38 CO_Q2_Entrepreneurship12_Module10
Wh What’s More

ACTIVITY 2: Prepare Personal Income Statement

Directions:
 Write your monthly allowance (computed by daily
allowance x number of days in a month). Compute the
total.
 Write the amount you spend on food, transportation,
phone load, etc. (make it monthly to match their
allowance). Compute the total.
 Deduct the total amount you spend from the total
amount of your allowance.

 Associate allowance with revenue and spending with

expense with the net amount as net income.

Materials Needed:
 Pen
 1 whole sheet of paper (a bond paper is ok)
 Calculator

What I Have Learned

Essay: Answer the following questions in a separate 1 whole sheet of

paper or bond paper long size.
1. If you are engage in business, illustrate how revenue or income
are made.
2. If you are engage in business, illustrate how an expense is
made.

39 CO_Q2_Entrepreneurship12_Module10
 3. If you are the owner of the business, is payment of employee
salaries an expense? Why?
4. Compare revenue to income. Illustrate an example if necessary.
5. Explain the process of computing the Net Income or net loss.

Rubrics for Grading the Essay:

5- If the paragraph consists of 5 or more sentences with correct and
complete Information.
4- If the paragraph consists of 3 to 4 sentences with correct information.
3- If the paragraph consists of 2 to 3 sentences with correct information.
2- If the paragraph consists of 2 sentences with correct information.
1- if the paragraph consists of only one sentence with correct information.

What I Can Do

ACTIVITY 3: Compute Revenue, Expenses and Net Income/Loss

Directions:
1. Use 1 separate sheet or bond paper in writing your answer.
2. Compute for the following:
a) Total revenue
b) Total expense
c) Net income/net loss
d) Brief explain your answer
e)
Mr. Izatsuki Hamida, the bookkeeper of Honda Massage and Spa
Services reported the following financial record for the month of January to
March 2018:
Water expenses ---------------------- P 4,000
Soap expense ---------------------- 7,500
Massage oil expenses ---------------------- 15,000
Light & power expenses ---------------------- 12,000
Rent of the Massage parlor ---------------------- 24,000
Salary of staff (4 massage worker)--------------- 72,000
Income received from massage service --------- 115,700
Income not yet received from customer -------- 55,000
Telephone expenses ------------------------ 7,500

40 CO_Q2_Entrepreneurship12_Module10
 Assessment

1. The following are financial records of ABC Co.

 Revenues – P 20,000  Salaries expense – P 4,000
 Rent expense – P 3,000  Utilities expense – P 2,000

How much is the total expenses?

a. P9,000 b. P10,000 c. P 18,000 d. P1,000

2. How much is the net income?

a. P9,000 b. P10,000 c. P 18,000 d. P11,000
3. One of the account title below is used in making an adjusting
entry. Which is one is it?
a. liability b. prepaid insurance c. asset d. capital
4. Also known as the book of original entry.
a. income statement c. general journal
b. balance sheet d. general ledger
5. Also known as the book of final entry.
a. income statement c. general journal
b. balance sheet d. general ledger
6. Mang Ariel sells bottled water in nearby public bus terminal,
every day he can sell 70 pieces of bottled water at 20 pesos each.
How much is his daily revenue?

a.1,400 b. 1,700 c. 1,800 d. 1,450

The following are financial records of Lex Luther Corp.

 Service Income, Customer 1 –  Salaries paid to clerk – P 5,000
P50,000
 Rent expense – P 3,000  Utilities expense – P 2,000
 Service Income, Customer
 Salaries paid to Manager – P
2
9,000
(not yet receive) – P 25,000

41 CO_Q2_Entrepreneurship12_Module10
7. How much is the total expenses?
a. P19,000 b. P10,000 c. P 18,000 d. P9,000
8. How much is the net income?
a. P59,000 b. P50,000 c. P 31,000 d. P56,000
9. How much is the total revenue?
a. P59,000 b. P50,000 c. P 31,000 d. P75,000
10. How much is the amount still collectible?
a. P25,000 b. P50,000 c. P 31,000 d. P75,000

42 CO_Q2_Entrepreneurship12_Module10
CO_Q2_Entrepreneurship12_Module10 43
WHAT I HAVE LEARNED
LESSON 1
Answer the following fill in blank questions:
Bookkeeper 6. Subsidiary Ledger
General Journal 7. Debit
General Ledger 8. Credit
T – Account 9. Trial Balance
Account Payable Ledger 10 Assets
Activity 1: Journalizing business transactions
WHAT IS IT
Activity 1: Prepare Journal Entries
Answer Key
CO_Q2_Entrepreneurship12_Module10 44
WHAT IS IT
Activity 2: Prepare journal entries to the ledger using T-accounts
CO_Q2_Entrepreneurship12_Module10 45
ASSESSMENT
1. J. (Asset) 6. E. (Account Payable Ledger)
2. I. (Trial Balance) 7. D. (T- Account)
3. H. (Credit) 8. C. (General Ledger)
4. G. (Debit) 9. B. (General Journal)
5. F. (Subsidiary Ledger) 10. A. Bookkeeper
WHAT IS IT
Activity 3: Trial Balance preparation
WHAT’S MORE
Activity 4: Computation for accrued and deferred accounts
and adjusting journal entry preparation
Activity 4.1 – Compute for Depreciation (* (5 yrs x 12 mos. = 60 months)
P 400 = (P 25,000 – P 1,000)
60 months*
GENERAL JOURNAL PAGE 1
POST.
DATE PARTICULARS REF. DEBIT CREDIT
1 June 30 Depreciation expense 400.00
Accumulated depreciation – (equipment
2 name) 400.00
To record the allocation of
3 depreciation expense
CO_Q2_Entrepreneurship12_Module10 46
WHAT’S MORE
Activity 4.2:Deferred expenses or prepaid expenses.
Adjusting entry:
GENERAL JOURNAL PAGE 1
POST.
DATE PARTICULARS REF. DEBIT CREDIT
1 June 30 Supplies expense 10,000
2 Supplies 10,000
3 To set up the value of used supplies.
Activity 4.3 – Deferred income of unearned income
GENERAL JOURNAL PAGE 1
POST.
DATE PARTICULARS REF. DEBIT CREDIT
Journal entry:
1 Feb 15 Cash 40,000
2 Unearned service revenue 40,000
To record receipt of full payment for
the two-month service contract with
3 Makisig.
Adjusting entry:
4 Feb 29 Unearned Service Revenue 10,000
5 Service Revenue 10,000
To record service income earned
from Feb 15-29, 2016; P40,000 x
6 (1/2 month /2 months)
Activity 4.4 – Accrued income or accrued assets
Adjusting entry:
GENERAL JOURNAL PAGE 1
POST.
DATE PARTICULARS REF. DEBIT CREDIT
1 Feb 29 Accounts Receivable 15,000
2 Service Income 15,000
To record accrued income for the
services already rendered during the
3 month of February.
CO_Q2_Entrepreneurship12_Module10 47
LESSON 2 - Identify where there is a Profit or Loss for a Business WHAT I KNOW
1. Trial Balance 4. Account Title
2. Credit Column 5. Total Debit Balance
3. Debit Column
Activity 1: GIN Janitorial and General Services, Inc., 1. P315,000
2. P255,000
3. P262,000
4. P53,000 Net Income
WHAT’S MORE
ACTIVITY 2: Prepare personal income statement:
(The answer depend on the teacher)
WHAT I HAVE LEARNED
Essay: Preparing personal income statement:
(The answer depend on the teacher
WHAT I CAN DO
ACTIVITY 3: Compute Net Income
3. Compute for the following: a) P
170,700
b) P 142,000
c)Net loss P26,300
d)Briefly explain your answer (The answer depend on the teacher)
ASSESSMENT
1. a 6. a
2. d 7. a
3. b 8. c
4. c 9. d
5. d 10. a
References
Ronaldo S. Batisan, DIWA Senior High School Series: Entrepreneurship
Module. Diwa Learning Systems Inc.

Angeles A. De Guzman. Entrepreneurship (For Senior High School, Applied

subject, ABM Strand. Lorimar Publishing, Inc 2018, 25 – 26.

Edralin, Divina M. Entrepreneurship. Quezon City: Vibal Group, Inc. 2016, 80 – 83.

Leedy, P. and Ormrod, J. Practical Research: Planning and Design 7th

Edition. (Merrill Prentice Hall and SAGE Publications, 2001),

Nick L. Aduana, Entrepreneurship in Philippine Setting (for Senior High

School), 2017 Dr. Eduardo A. Morato Jr., Entrepreneurship, 2016

Angeles A. De Guzman, Entrepreneurship for Senior High School

Applied Subject ABM Strand,Lorimar Publishing,p.1-5

Ronaldo S. Batisan, Entrepreneurship: Diwa Senior High School

Series, Diwa Learning Systems Inc., p. 16-20

Eduardo A. Morato Jr., Entrepreneurship, 1st ed., Manila, Philippines:

REX Books Store,p.13

Nick L. Aduana, Etrepreneurship in Philippine Setting for Senior High

School, 2017, C&E publishing, Inc.p.46-51

Angeles A. De Guzman, Entrepreneurship for Senior High School

Applied Subject ABM Strand,Lorimar Publishing,p.25-26

Raymund B. Habaradas and Tereso S. Tullao,Jr.,

Pathways to Entrepreneurship,2016,Phoenics
publishing house,p.17-28

Aduana, Nick L. "Chapter 5/Lesson 3 The Marketing Mix." In

Entrepreneurship In Philippine Setting For Senior High School, 184-199.
Quezon City, Philippines: C&E Publishing, 2016.

Aduana,N (2015). Financial statements; Preparation, presentation,

analysis and interpretation, presentation.Quezon City, Philippines: C &
E Publishing,Inc.

Angeles A. De Guzman, Entrepreneurship for Senior High School

Applied Subject ABM Strand,Lorimar Publishing,p.25-26

Banastao,C.,& Frias, S.(2008) Entrepreneurship.Quezon City

Philippines: C & E Publishing,Inc.

48 CO_Q2_Entrepreneurship12_Module10
Nick L. Aduana, Etrepreneurship in Philippine Setting for Senior High
School, 2017, C&E publishing, Inc.p.46-51
Raymund B. Habaradas and Tereso S. Tullao,Jr.,
Pathways to Entrepreneurship,2016,Phoenics
publishing house,p.17-28

Aduana, Nick L. Entrepreneurship in the Philippine Setting for Senior

High School. Quezon City.C & E Publishsing, Inc. 2016.

Morato, Eduardo A. Entrepreneurship. Manila. Rex Bookstore, Inc. 2016.

Batisan, Ronaldo S. Entrepreneurship Module, Diwa Senior Highschool

Series, Diwa Learning System Inc. Legaspi Village, Makati City Philippines,
copyright 2016.

Lopez, Rafael Jr. Basic Accounting for Non-

Accountants. 2015 Lopez, Rafael Jr. Fundamentals of

Accounting. 2016

Rabo, Tugas, and Salendrez, H.E. Fundamentals of Accountancy,

Business and Management. Vibal Group Inc. 2016

Lopez, Jr. Rafael M. Fundamentals of Accounting, 2014-

2015 Edition Morato, Eduard, Jr. A. Entreprenuership, Rex

Bookstore 2016

Teaching Guide for Senior High School, Fundamentals of Accountancy,

Business, & Management 1, CHED in collaboration with PNU

Teaching Guide for Senior High School, Fundamentals of Accountancy,

Business, & Management 2, CHED in collaboration with PNU

Teaching Guide for Senior High School, Business Finance, CHED in

collaboration with PNU

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