▶ Open the Service-Business Cycle Workbench
Run the entire accounting cycle for a brand-new service business — Silang Repair Services' first month. Journalize all eleven transactions in the general journal and watch them post live through the ledger, the unadjusted trial balance, the adjustments, the ten-column worksheet, and the finished financial statements. Every step of this chapter, one linked simulation.
Online-exclusive visual guides
1. The nine-step cycle — and where this chapter stops
2. The four-question transaction analyzer
Run every transaction through the same four questions. Example — “Paid ₱6,000 for a 3-month internet plan”:
| Ask… | Answer for this transaction |
|---|---|
| ① Which accounts are affected? | Prepaid Internet; Cash |
| ② What element is each? | Both assets (the plan is a future benefit — an asset, not an expense yet) |
| ③ Increase or decrease? | Prepaid Internet ↑ ; Cash ↓ |
| ④ Debit or credit? | Dr Prepaid Internet 6,000 · Cr Cash 6,000 |
Most journalizing errors are really Step-② errors — misclassifying the element. Decide WHAT it is before deciding where to debit.
3. Anatomy of a general journal entry
| Date | Account Titles & Explanation | P/R | Debit | Credit |
|---|---|---|---|---|
| 2026 Jun 05 | Cash | 101 | 15,000 | |
| Service Revenue | 401 | 15,000 | ||
| Collected fees for aircon cleaning, Inv. 0042 |
Practice tools
Tool 1 · Journal Entry Builder drill
Pick the correct full entry for each new transaction of SparkClean Aircon Services.
Tool 2 · T-account runner — Cash
SparkClean's June cash movements: beginning balance ₱32,000; collections ₱58,500; owner investment ₱20,000; payments to suppliers ₱26,300; salaries paid ₱18,000; owner withdrawal ₱7,500. Compute the ending Cash balance, then check.