COMPLETE

ACCOUNTING

CYCLE
INTRODUCTION TO ACCOUNTING INFORMATION SYSTEM

MRS.SARAH JOY D. MARTIN

COLLEGE INSTRUCTOR

ROGOS, KRISTINE
BSAIS-2B
 Snare Martin Trading
CHART OF ACCOUNTS

100 ASSETS 400

101 Cash 401
105 Accounts Receivable 405
115 Merchandise Inventory 410
120 Supplies
150 Equipment

200 LIABILITIES 500

201 Accounts Payable 501
202 Notes Payable 502
504
505
506
300 EQUITY 507
301 Snare Martin, Capital 508
302 Snare Martin, Drawings 509
601
n Trading
CCOUNTS

INCOME
Sales
Sales Return and Allowances
Sales Discount

EXPENSES
Purchases
Purchase Return and Allowances
Purchase Discount
Advertising Expense
Freight in
Rent Expense
Salaries
Utilities
INCOME SUMMARY
 Snare Martin Trading
GENERAL JOURNAL
30-Dec-18

DATE

2018
Dec 1

11

13

14
16
 Snare Martin Trading
GENERAL JOURNAL
30-Dec-18

ACCOUNT TITLE AND DESCRIPTION F

Cash 101
Merchandise Inventory 115
Equipment 150
Snare Martin, Capital 301
Initial investment

Purchases 501
Accounts Payable 201
Credit purchases from Predro Supply

Accounts Receivable 105

Sales 401
Credit sales to Bonete Store

Accounts Receivable 105

Sales 401
Credit sales to Rufie Trading

Accounts Payable 201

Purchase Return and Allowances 502
Returned merchandise to Pedro Supply

Cash 101
Sales 401
Cash sales

Purchases 501
Freight in 506
Cash 101
Cash purchases and paid freight

Cash 101
Sales Discount 410
Accounts Receivable 105
Collection from Bonete

Accounts Payable 201

Purchase Discount 504
Cash 101
Paid Pedro Supply

Cash 101
Accounts Receivable 105
Partial Collection from Rufie Store
PAGE NO: 1
DATE
Dr Cr
2018
100,000 Dec 17
200,000
86,000
386,000

18
13,000
13,000

20
12,000
12,000

22
30,000
30,000

23
600
600

24
25,000
25,000

24
18,000
500
18,500
25

11760
240
12000 26

12,400
 124 27
12,276

10,000 30
10,000

30
 ACCOUNT TITLE AND DESCRIPTION F

Accounts Receivable 105

Cash 101
Sales 401
Credit sales with down payment to Rading Mini Grocery

Cash 101
Accounts Receivable 105
Collection from Rufie

Purchases 501
Cash 101
Cash purchases

Supplies 120
Cash 101
Cash purchases of supplies

Cash 101
Notes Payable 202
Borrowed money from the RCBC bank

Salaries 508
Cash 101
Payment of salaries

Rent Expense 507

Cash 101
Payment of monthly rent

Accounts Receivable 105

Sales 401
Credit sales to Red and Blues

Cash 101
Sales 401
Cash sales
Sales Return and Allowances 405
Accounts Receivable 105
Red and Blues returned defective merchandise

Snare Martin, Drawings 302

Cash 101
Withdrawal

Advertising Expense 505

Utilities 509
Cash 101
Payment of Advertisement and utilities
PAGE NO: 2
Dr Cr

20,000
5000
25,000

10,000
10,000

10000
10000

5,000
5,000

10,000
10,000

1500
1500

6000
6000

16000
16000

5500
5500
500
500

2000
2000

1500
2500
4000
 Snare Martin Trading
GENERAL LEDGER
30-Dec-18

Cash
DATE ITEM F

Dec 1 Initial investment GJ-1

9 Cash sales GJ-1
11 Cash purchases and paid freight GJ-1
13 Collection from Bonete GJ-1
14 Paid Pedro Supply GJ-1
16 Partial Collection from Rufie Store GJ-1
17 Credit sales with down payment to Rading Mini Grocery GJ-2
18 Collection from Rufie GJ-2
20 Cash purchases GJ-2
22 Cash purchases of supplies GJ-2
23 Borrowed money from the RCBC bank GJ-2
24 Payment of salaries GJ-2
24 Payment of monthly rent GJ-2
26 Cash sales GJ-2
30 Withdrawal GJ-2
30 Payment of Advertisement and utilities GJ-2

Accounts Receivable
DATE ITEM F

Dec 4 Credit sales to Bonete Store GJ-1

7 Credit sales to Rufie Trading GJ-1
13 Collection from Bonete GJ-1
16 Partial Collection from Rufie Store GJ-1
17 Credit sales with down payment to Rading Mini Grocery GJ-2
18 Collection from Rufie GJ-2
25 Credit sales to Red and Blues GJ-2
27 Red and Blues returned defective merchandise GJ-2

Merchandise Inventory
DATE ITEM F
Dec 1 Initial investment GJ-1

Supplies
DATE ITEM F

Dec 22 Cash purchases of supplies GJ-2

Equipment
DATE ITEM F

Dec 1 Initial investment GJ-1

Accounts Payable
DATE ITEM F

Dec 2 Credit purchases from Predro Supply GJ-1

7 Returned merchandise to Pedro Supply GJ-1
14 Paid Pedro Supply GJ-1

Notes Payable
DATE ITEM F

Dec 23 Borrowed money from the RCBC bank GJ-2

Snare Martin, Capital

DATE ITEM F

Dec 1 Initial investment GJ-1

Snare Martin, Drawings

DATE ITEM F

Dec 30 Withdrawal GJ-2

 Sales
DATE ITEM F

Dec 4 Credit sales to Bonete Store GJ-1

7 Credit sales to Rufie Trading GJ-1
9 Cash sales GJ-1
17 Credit sales with down payment to Rading Mini Grocery GJ-2
25 Credit sales to Red and Blues GJ-2
26 Cash sales GJ-2

Sales Return and Allowances

DATE ITEM F

Dec 27 Red and Blues returned defective merchandise GJ-2

Sales Discount
DATE ITEM F

Dec 13 Collection from Bonete GJ-1

Purchases
DATE ITEM F

Dec 2 Credit purchases from Predro Supply GJ-1

11 Cash purchases and paid freight GJ-1
20 Cash purchases GJ-2

Purchase Return and Allowances

DATE ITEM F

Dec 7 Returned merchandise to Pedro Supply GJ-1

Purchase Discount

DATE ITEM F
 DATE ITEM F

14 Paid Pedro Supply GJ-1

Advertising Expense
DATE ITEM F

Dec 30 Payment of Advertisement and utilities GJ-2

Freight in
DATE ITEM F

Dec 11 Cash purchases and paid freight GJ-1

Rent Expense

DATE ITEM F

Dec 24 Payment of monthly rent GJ-2

Salaries
DATE ITEM F

Dec 24 Payment of salaries GJ-2

Utilities
DATE ITEM F

Dec 30 Payment of Advertisement and utilities GJ-2

ing
R

ACCOUNT NO: 101

BALANCE
Dr Cr
Dr Cr
100,000 100,000
25,000 125,000
18,500 106,500
11760 118,260
12,276 105,984
10,000 115,984
5000 120,984
10,000 130,984
10000 120,984
5,000 115,984
10,000 125,984
1500 124,484
6000 118,484
5500 123,984
2000 121,984
4000 117,984

ACCOUNT NO: 105

BALANCE
Dr Cr
Dr Cr
12,000 12,000
30,000 42,000
12000 30,000
10,000 20,000
20,000 40,000
10,000 30,000
16000 46,000
500 45,500

ACCOUNT NO: 115

BALANCE
Dr Cr
Dr Cr
200,000 200,000

ACCOUNT NO: 120

BALANCE
Dr Cr
Dr Cr
5,000 5,000

ACCOUNT NO: 150

BALANCE
Dr Cr
Dr Cr
86,000 86,000

ACCOUNT NO: 201

BALANCE
Dr Cr
Dr Cr
13,000 13,000
600 12,400
12,400 0

ACCOUNT NO: 202

BALANCE
Dr Cr
Dr Cr
10,000 10,000

ACCOUNT NO: 301

BALANCE
Dr Cr
Dr Cr
386,000 386,000

ACCOUNT NO: 302

BALANCE
Dr Cr
Dr Cr
2000 2000
 ACCOUNT NO: 401
BALANCE
Dr Cr
Dr Cr
12,000 12,000
30,000 42,000
25,000 67,000
25,000 92,000
16000 108,000
5500 113,500

ACCOUNT NO: 405

BALANCE
Dr Cr
Dr Cr
500 500

ACCOUNT NO: 410

BALANCE
Dr Cr
Dr Cr
240 240

ACCOUNT NO: 501

BALANCE
Dr Cr
Dr Cr
13,000 13,000
18,000 31,000
10000 41,000

ACCOUNT NO: 502

BALANCE
Dr Cr
Dr Cr
600 600

ACCOUNT NO: 504

BALANCE
Dr Cr
Dr Cr
Dr Cr
124 124

ACCOUNT NO: 505

BALANCE
Dr Cr
Dr Cr
1500 1500

ACCOUNT NO: 506

BALANCE
Dr Cr
Dr Cr
500 500

ACCOUNT NO: 507

BALANCE
Dr Cr
Dr Cr
6000 6000

ACCOUNT NO: 508

BALANCE
Dr Cr
Dr Cr
1500 1500

ACCOUNT NO: 509

BALANCE
Dr Cr
Dr Cr
2500 2500
 Snare Martin Trading
TRIAL BALANCE
30-Dec-18

ACCOUNT TITLE F Dr

Cash 101 117,984

Accounts Receivable 105 45,500
Merchandise Inventory 115 200,000
Supplies 120 5,000
Equipment 150 86,000
Accounts Payable 201
Notes Payable 202
Snare Martin, Capital 301
Snare Martin, Drawings 302 2000
Sales 401
Sales Return and Allowances 405 500
Sales Discount 410 240
Purchases 501 41,000
Purchase Return and Allowances 502
Purchase Discount 504
Advertising Expense 505 1500
Freight in 506 500
Rent Expense 507 6000
Salaries 508 1500
Utilities 509 2500

510,224
Cr

0
10,000
386,000

113,500

600
124

510,224
 Snare Martin Trading
STATEMENT OF PERFORMANCE
30-Dec-18

Sales
LESS: Sales Return and Allowances
Sales Discount
NET SALES
BEGINNING INVENTORY
Purchases
ADD: Freight in
LESS: Purchase Return and Allowances
Purchase Discount
ENDING INVENTORY
COGS
GROSS PROFIT
LESS: OPERATING EXPENSES
Advertising Expense
Rent Expense
Salaries
Utilities
NET INCOME
 113,500
500
240 740
112,760
200000
41,000
500 241,500
600
124
150,000 150,724
90,776
21,984

1500
6000
1500
2500 11500
10,484