Introduction
Imagine you're the accountant and or bookkeeper for Falceso Retail Store, a thriving business in the Philippines. Accurate journalizing of transactions is crucial for maintaining reliable financial records. In this WebQuest, you'll explore the world of journalizing transactions, learning how to record financial transactions and prepare financial statements for Falceso Retail Store.
Task
Create a comprehensive journal entry workbook that demonstrates your understanding of recording financial transactions for Falceso Retail Store. You'll work individually to complete a series of journal entry exercises, showcasing your skills in accounting.
Activity: "Falceso Retail Store Journalizing Challenge"
• Analyze financial transactions and journalize each transaction accurately.
• Prepare a comprehensive workbook with explanations and calculations.
Process
Process
1. Review Accounting Principles: Study the basics of journalizing transactions, debits, and credits.
2. Practice Journalizing: Complete exercises and examples to reinforce your understanding.
3. Apply to Falceso Retail Store: Journalize transactions specific to the store's financial data.
4. Create a Workbook: Organize your journal entries, explanations, and calculations in a comprehensive workbook.
Resources
• Accounting Websites: https://mentormecareers.com/how-to-journalize-transactions-step-by-step-tutorial/?srsltid=AfmBOorl_achA7idz1MSGq06oVp3CspBTD3y0YiPqRn2wVWo4yIGOtBw
• Text Resources: "Accounting Principles" by Weygandt, Kimmel, and Kieso
• Falceso Retail Store Financial Data Sheet: See below data for Falceso Retail Store.
*Financial Transactions for the Month of January*
Jan 1 - Purchased merchandise on account from Supplier A amounting Php 20,000.
Jan 2 - Sold merchandise to Customer A on for cash amounting to 15,000.
Jan 3 - Paid rent for the month amounting to 3,000.
Jan 10- Purchased office supplies on account from Supplier B amounting to 2,000.
Jan 15 - Sold merchandise to Customer B on account for 4,000.
Jan 20- Paid salaries to employees amounting to 30,000.
Jan 25- Received payment from Customber B amounting to 2,000.
Jan 31 - Recorded depreciation expense for the month amounting to 1,000.
Evaluation
Rubric:
• Accuracy and Completeness (70 points): Accuracy and completeness of journal entries and explanations.
• Organization and Format (30 points): Clarity, organization, and format of the workbook.
Conclusion
Congratulations on completing the Falceso Retail Store Journalizing Challenge! Reflect on your experience and think about how you can apply your skills in real-world accounting scenarios
Credits
• WebQuest Template: Adapted from online resources.
• Accounting Resources: Courtesy of resources linked inserted above, and textbook publishers.
Teacher Page
I'm Erl, an accounting educator passionate about helping students develop their accounting skills. I believe in making learning fun and engaging, and I'm excited to guide you through this WebQuest!