Introduction
A chart of accounts is a structured list of all financial accounts used to record transactions. It categorizes transactions into primary accounts such as assets, liabilities, equity, expenses and revenue. Subaccounts can be used to categorize transactions further.
Task
Activity:
- Identify what chart of accounts will be used in recording the transactions and what account type it categorized.
Desired End product:
- Students would be able to determine charts of accounts and account types correctly.
- Students would be able to record transactions correctly.
Process
Step 1. Identifying the transactions.
Step 2. Choose the chart of accounts from the box.
Step 3. Record transaction.
Step 4. Identify the account type of chart of account that was used.
|
|
| CASH | ASSETS |
| ACCOUNTS RECEIVABLE | LIABILITIES |
| NOTES RECEIVABLE | EQUITY |
| NOTES PAYABLE | EXPENSES |
| ACCOUNTS PAYABLE | REVENUE |
| SUPLLIES EXPENSE | |
| UTILITIES EXPENSE | |
| DRAWING | |
|
RENT EXPENSE SALES |
Transactions
1. On January 10, Apple Co. purchased office supplies on account amounting to 1,000.
2. On January 15, Apple Co. paid the electric bill amounting to 3,000.
3. On January 23, Apple Co. paid the office supplies that purchased on January 10.
4. On January 24, Apple Co. issued a note amounting to 3,000 in purchasing an office supplies.
5. On January 30, Apple Co. paid the office supplies purchased on January 24.
6. On January 8, A partner drawing was erroneously recorded 5,500 instead of 15,000.
7. On January 13, Apple Co. paid the rent on account.
8. On January 14, Customer purchased items on account amounting to 5,000.
9. On January 17, Customer paid the purchased items on January 14.
10. On January 25, Customer bought items amounting to 2,000.
Evaluation
SCORE REMARKS
60 EXCELLENT
95-45 VERY GOOD
44-35 GOOD
34 - 25 SATISFACTORY
24-20 PASSED
19-BELOW FAILED
Conclusion
Based on the overall performance of the students, it is evident that most have developed a foundational understanding of the chart of accounts and the process of recording financial transactions. Many students were able to correctly identify the appropriate accounts and categorize them accurately under assets, liabilities, equity, revenue, or expenses. However, some still struggle with applying this knowledge consistently when recording transactions in journals or ledgers. To improve, continued reinforcement of real-world examples and more hands-on practice through exercises and simulations are recommended. Overall, while there is room for growth, the majority of the class is progressing well and demonstrates a solid grasp of basic accounting principles related to chart of accounts and transaction recording.