Problem- Kayumanggi Merchandising completed the following transactions in April 2019:

Apr. 1 Purchased merchandise from Bayani Company for P112,000. Term: 1/15, n/30. FOB
Shipping point.
1 Paid P3,300 for freight charges on the purchase above.
2 Sold merchandise to Mabini Trading for P80,000. Term: 2/10, n/60. FOB destination.
The merchandise had a cost of P60,000.
2 Paid P2,000 for freight charges on the goods sold above.
8 Sold merchandise that costs P24,100 for P31,500 on cash basis.
9 Purchased merchandise from Dalisay Industries for P40,800. Term: 2/15, n/60. FOB
destination.
10 Received a P3,700 credit memorandum for the return of merchandise purchased on
April 9.
12 Received the balance due from Mabini Trading for the credit sale dated April 2, net of
discount.
14 Bought office supplies for cash, P 2,400. Use expense method.
15 Bought a set of computer for office use, P60,000. Term: n/60
16 Paid P40,000 of the balance due to Bayani Company on April 1.
19 Sold merchandise that costs P13,200 to Liwanag Industries for P22,000. Term: 2/15,
n/60. FOB shipping point.
20 Issued a P2,800 credit memorandum to Liwanag Industries for an allowance on good
sold on April 19.
23 Received rentals of unoccupied space, P 3,600. Use income method.
30 Paid Dalisay Industries the balance due after deducting the discount.

Required:
1. Prepare journal entries to record the above transactions. Omit explanations.
CHART OF ACCOUNTS
PERPETUAL METHOD PERIODIC METHOD
Cash Cash
Accounts Receivable Accounts Receivable
Inventory Inventory
Supplies on Hand Supplies on Hand
Equipment Equipment
Accounts Payable Accounts Payable
Unearned Rent Income Unearned Rent Income
Cruz, Capital Cruz, Capital
Cruz, Drawing Cruz, Drawing
Sales Sales
Sales Returns and Allowances Sales Returns and Allowances
Sales Discount Sales Discount
Rent Income Rent Income
Cost of Sales Purchases
Freight Out Freight In
Supplies Expense Purchase Returns and allowances
Purchase Discount
Freight Out
Supplies Expense
2. Post the journal entries to the general ledger using the answer sheets provided.
3. Prepare a Trial Balance.
4. Prepare adjusting entries taking into account the following:
a. Supplies on hand at the end of April, P 1,000.
b. Rent Income at the end of April, P2,600.
c. Inventory, April 30 P56,038
5. Post adjusting entries to the general ledger.
6. Prepare an Adjusted Trial Balance
7. Prepare an Income Statement.
8. Prepare a Statement of Financial Position.
9. Prepare Closing Entries at the end of April.
10. Post closing entries to the general ledger.
11. Prepare a Post-Closing Trial Balance.
12. Prepare Reversing Entries as of May 1, 2019.
13. Prepare a Statement of Cash Flows (Direct method).