FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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MAKE THE SJ AND PJ
|
Date |
Explanation |
Debit |
Credit |
| 2015 | |||
|
01-Dec |
Cash |
230,000 |
|
|
|
Merchandise inventory |
75,000 |
|
|
|
HC Capital |
|
305,000 |
|
03-Dec |
Accounts payable |
2,500 |
|
|
|
Bank |
|
2,500 |
|
04-Dec |
Cash |
30,240 |
|
|
|
Sales revenue |
|
27,000 |
|
|
Output VAT |
|
3,240 |
|
05-Dec |
|
20,720 |
|
|
|
Sales revenue |
|
18,500 |
|
|
Output VAT |
|
2,220 |
|
06-Dec |
Sales returns and allowances |
1,850 |
|
|
|
Output VAT |
222 |
|
|
|
Accounts receivable |
|
2,072 |
|
07-Dec |
Merchandise inventory |
25,000 |
|
|
|
Input VAT |
3,000 |
|
|
|
Accounts payable |
|
28,000 |
|
09-Dec |
Merchandise inventory |
1,300 |
|
|
|
Input VAT |
156 |
|
|
|
Cash |
|
1,456 |
|
10-Dec |
Cash |
20,350 |
|
|
|
Sales discount |
370 |
|
|
|
Accounts receivable |
|
20,720 |
|
12-Dec |
Accounts payable |
28,000 |
|
|
|
Merchandise inventory |
|
500 |
|
|
Bank |
|
27,500 |
|
13-Dec |
Merchandise inventory |
13,800 |
|
|
|
Input VAT |
1,656 |
|
|
|
Cash |
|
15,456 |
|
14-Dec |
Office equipment |
50,000 |
|
|
|
Cash |
|
10,000 |
|
|
Accounts payable |
|
40,000 |
|
15-Dec |
Salaries expense |
20,000 |
|
|
|
Bank |
|
19,000 |
|
|
Withholding tax payable |
|
1,000 |
|
17-Dec |
Accounts receivable |
11,760 |
|
|
|
Sales revenue |
|
10,500 |
|
|
Output VAT |
|
1,260 |
|
18-Dec |
Cash |
19,992 |
|
|
|
Sales revenue |
|
17,850 |
|
|
Output VAT |
|
2,142 |
|
19-Dec |
Sales returns and allowances |
800 |
|
|
|
Output VAT |
96 |
|
|
|
Cash |
|
896 |
|
20-Dec |
Store Supplies |
3900 |
|
|
|
Input VAT |
468 |
|
|
|
Accounts Payable |
|
4368 |
|
21-Dec |
Bank |
108000 |
|
|
|
Interest |
12000 |
|
|
|
Note payable |
|
120000 |
|
23-Dec |
Merchandise Inventory |
15000 |
|
|
|
Input Vat |
1800 |
|
|
|
Accounts Payable |
|
16800 |
|
25-Dec |
Merchandise Inventory |
18600 |
|
|
|
Input Vat |
2232 |
|
|
|
Cash |
|
20832 |
|
26-Dec |
Cash |
2240 |
|
|
|
Purchase Return |
|
2000 |
|
|
Input VAT |
|
240 |
|
28-Dec |
Accounts Receivable |
8400 |
|
|
|
Sales Revenue |
|
7500 |
|
|
Output VAT |
|
900 |
|
29-Dec |
Accounts Receivable |
8780.8 |
|
|
|
Cash |
2195.2 |
|
|
|
Sales Revenue |
|
9800 |
|
|
Output VAT |
|
1176 |
|
30-Dec |
Store Supplies |
2000 |
|
|
|
Input VAT |
100 |
|
|
|
Bank |
|
2100 |
|
31-Dec |
Accounts Payable |
4368 |
|
|
|
Discount received |
195 |
|
|
|
Bank |
|
4173 |
|
31-Dec |
Salaries expense |
20,000 |
|
|
|
Bank |
|
17,700 |
|
|
Withholding tax payable |
|
1,000 |
|
|
SSS |
|
600 |
|
|
Phil health |
|
300 |
|
|
Pag-IBIG |
|
400 |
|
31-Dec |
Output VAT |
10620 |
|
|
|
Input VAT |
|
9172 |
|
|
VAT Payable |
|
1448 |
Transcribed Image Text:SALES JOURNAL
DEBITS
CREDIT
Inv.
Асcounts
Output
Date
Sold To
Terms
No.
F
Receivable
Sales
Тах
PURCHASES JOURNAL
DEBITS
CREDITS
INV
Input
Асcounts
Date
Bought From
Terms
NO.
F
Purchases
Таx
Payable
Transcribed Image Text:Received additional cash investment from Hershey Chan, P230,000 and
merchandise worth P75,000.
Issued check no. 1781 in payment for the previous month's light and water bills,
P2,500.
Sold merchandise for cash with a list price of P30,000 and a trade discount of 10%.
Issued invoice no. 8121 to Atty. Edward Rudolf for merchandise sold on account,
P18,500. Terms: 2/5, n/30.
Granted 10% allowance on the merchandise sold to Atty. Rudolf.
Purchased merchandise on account from AZ Commodities, P25,000. Terms: 2/5, n/45,
FOB shipping point.
Paid bill received from Cargo Shipping Co. for freight of the merchandise dated Dec.7,
P1,300.
Received payment from Atty. Rudolf.
Issued check no. 1782 in payment of the account to AZ Commodities.
Issued check no. 1783 in payment of the cash purchases amounting P13,800.
Bought office equipment from Hi-Tech Company, P50,000. Terms: 20% down
payment, balance 5/15, n/60.
Issued check no. 1784 in payment of the salaries of the employees, P 20,000 less
5% withholding tax
Issued invoice no. 1822 to Engr. Luisito Ventura for sales on account, P10,500.
Terms: n/30.
Dec.
1
3
4
5
6.
7
10
12
13
14
15
17
Cash sales, P17,850.
Refunded customer for merchandise delivered with defects, P800, (without VAT).
Purchased more store supplies on account from Victorino Supplies, P3,900.
Terms: 5%/ eom.
18
19
20
Received loan proceeds from Worldwide Banking Corporation: principal amount,
P120,000; interest deducted in advance, P12,000. Hershey Chan issued
promissory note for this loan
Purchased merchandise on account from Optima General Merchandise, P15,000.
Terms: 5/10, n/30
Issued check no. 1785 for cash purchases of merchandise, P18,600.
Received refund from supplier due to deliveries with defects, P2,000, ( without VAT)
Issued invoice no. 8123 to Architect Paulita Vizmonte for sales on account,
P7,500. Terms: n/30.
Issued invoice no. 8124 to Dr. Renato Wilbert for sales on account, P9,800.
Terms: 20% downpayment, 2/5, n/30.
Issued check no. 1786 in payment of more store supplies from Victorino Supplies,
P2,000.
Paid amount due Victorino Supplies for transaction dated December 20
Issued check no. 1787 in payment of the salaries of the employees, P20,000 less
5% Withholding tax, 3% SSS, 1.5 Philhealth and 2% Pag-IBIG.
Close input tax against output tax
21
23
25
26
28
29
30
31
31
31
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