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Nciii Bookkeeping PDF
Nciii Bookkeeping PDF
Nciii Bookkeeping PDF
TESDA
Bookkeeping
Assessment
Exam
On December 2017, Dereck Sanchez a budding entrepreneur registered his business in
the Department of Trade and Industry (DTI) as a sole proprietor-merchandising
nature/form of business under the business name Sanchez General Merchandising.
Required:
1. Journalize Transactions using the following Chart of Accounts:
2 NO ENTRY
xz
Sanchez General Merchandising
General Journal
Page No. GJ-3
Balance
Date Explanation Ref. Debit Credit
Debit Credit
Dec 1 Initial Investment GJ-1 590,000 590,000
3 Acquisition of insurance with GJ-1 12,000 578,000
1-year coverage
4 Payment of freight GJ-1 1,800 576,200
5 Cash Sales. GJ-1 88,000 664,200
6 Payment to Xcel Computers, GJ-2 30,000 634,200
Inc.
9 Customer refund GJ-2 900 633,300
12 Freight for merchandise sold GJ-2 900 632,400
12 Borrowing from RCBC. GJ-2 50,000 682,400
13 Full payment to TY Traders. GJ-3 198,022 484,378
15 Assistant's salaries. GJ-3 9,000 475,378
20 Customer payments GJ-3 95,636.60 571,014.60
24 Full payment to MCS GJ-3 3,500 567,514.60
Marketing.
25 Owner's withdrawals GJ-3 120,000 447,514.60
26 Cash sales GJ-4 99,000 546,514.60
27 Payment of telephone bill. GJ-4 5,700 540,814.60
29 Repairs and maintenance GJ-4 990 539,824.60
30 Assistant's salary GJ-4 9,000 530,824.60
30 Payment of several GJ-4 21,700 509,124.60
expenses.
Accounts Receivable
Accnt No. 102
Balance
Date Explanation Ref. Debit Credit
Debit Credit
Dec 11 Sales on account. GJ-2 108,000 108,000
12 Freight for merchandise sold. GJ-2 900 108,900
15 Sales returns. GJ-3 11,330 97,570
20 Customer payments. GJ-3 97,570 0
Prepaid Insurance
Accnt No. 103
Balance
Date Explanation Ref. Debit Credit
Debit Credit
Dec 3 Acquisition of insurance with GJ-1 12,000 12,000
1-year coverage.
Supplies
Accnt No. 104
Date Balance
Explanation Ref. Debit Credit
Debit Credit
Dec 5 Purchase of supplies on GJ-1 3,500 3,500
account
Merchandise Inventory
Acct No. 105
Date Balance
Explanation Ref. Debit Credit
Debit Credit
Dec 3 Inventory purchase. GJ-1 205,000 205,000
5 Cost of merchandise sold. GJ-1 50,000 155,000
8 Credit memo from TY Traders GJ-2 1,100 153,900
9 Cost of merchandise returned. GJ-2 500 154,400
11 Cost of merchandise sold. GJ-2 61,400 93,000
13 Payment discount TY Traders GJ-3 4,078 88,922
15 Cost of merchandise returned GJ-3 6,400 95,322
17 Purchase of merchandise on GJ-3 79,000 174,322
account.
26 Cost of merchandise sold GJ-4 56,500 117,822
Office Equipment
Accnt No. 106
Balance
Date Explanation Ref. Debit Credit
Debit Credit
Dec 2 Purchase of office equipment GJ-1 30,000 30,000
on account.
Accumulated Depreciation
Accnt No. 107
Balance
Explanation Ref. Debit Credit
Date
Debit Credit
Accounts Payable
Accnt No. 201
Date Balance
Explanation Ref. Debit Credit
Debit Credit
Dec 2 Purchase of office equipment GJ-1 30,000 30,000
on account.
3 Inventory purchase. GJ-1 205,000 235,000
4 Payment of freight GJ-1 1,800 233,200
5 Purchase of supplies on GJ-1 3,500 236,700
account
6 Payment to Xcel Computers. GJ-2 30,000 206,700
8 Credit memo from TY GJ-2 1,100 205,600
Traders
13 Full payment to TY Traders. GJ-3 202,100 3,500
17 Purchase of merchandise on GJ-3 79,000 82,500
account.
24 Full payment to MCS GJ-3 3,500 79,000
Marketing.
Interest Payable
Accnt No. 202
Balance
Explanation Ref. Debit Credit
Date Debit Credit
Notes Payable
Accnt No. 203
Balance
Explanation Ref. Debit Credit
Date
Debit Credit
Dec 12 Borrowing from RCBC. GJ-2 50,000 50,000
Sanchez, Capital
Accnt No. 301
Balance
Explanation Ref. Debit Credit
Date
Debit Credit
Dec 1 Initial Investment. GJ-1 590,000.00 590,000.00
Sanchez, Drawings
Accnt No. 302
Balance
Explanation Ref. Debit Credit
Date
Debit Credit
Dec 25 Owner's withdrawals GJ-3 120,000 120,000
Income Summary
Accnt No. 303
Balance
Explanation Ref. Debit Credit
Date
Debit Credit
Sales
Accnt No. 401
Balance
Explanation Ref. Debit Credit
Date
Debit Credit
Dec 5 Cash sales. GJ-1 88,000 88,000
11 Sales on account. GJ-2 108,000 196,000
26 Cash sales. GJ-4 99,000 295,000
Balance
Explanation Ref. Debit Credit
Date Debit Credit
Sales Discounts
Accnt No. 403
Balance
Explanation Ref. Debit Credit
Date
Debit Credit
Dec 22 Customer payments. GJ-3 1,933.40 1,933.40
Cost of Sales
Accnt No. 501
Balance
Explanation Ref. Debit Credit
Date
Debit Credit
Dec 5 Cost of merchandise sold GJ-1 50,000 50,000
9 Cost of merchandise returned GJ-2 500 49,500
11 Cost of merchandise sold. GJ-2 61,400 110,900
15 cost of merchandised 6,400 104,500
GJ-3
returned
26 Cost of merchandise sold. GJ-4 56,500 161,000
Advertising Expense
Accnt No. 502
Balance
Explanation Ref. Debit Credit
Date
Debit Credit
Dec 30 Payment of several GJ-4 3,800 3,800
expenses.
Depreciation Expense
Accnt No. 503
Balance
Explanation Ref. Debit Credit
Date
Debit Credit
Freight Out
Accnt No. 504
Balance
Explanation Ref. Debit Credit
Date
Debit Credit
Insurance Expense
Accnt No. 505
Balance
Explanation Ref. Debit Credit
Date
Debit Credit
Interest Expense
Accnt No. 506
Balance
Explanation Ref. Debit Credit
Date
Debit Credit
Rental
Accnt No. 507
Balance
Date Explanation Ref. Debit Credit
Debit Credit
Dec 30 Payment of several GJ-4 15,000 15,000
expenses.
Balance
Date Explanation Ref. Debit Credit
Debit Credit
Dec 29 Repairs and maintenance GJ-4 990 990
Salaries
Accnt No. 509
Balance
Date Explanation Ref. Debit Credit
Debit Credit
Dec 15 Assistant's salary 9,000 9,000
30 Assistant's salary 9,000 18,000
Supplies Expense
Accnt No. 510
Balance
Explanation Ref. Debit Credit
Date
Debit Credit
Telephone
Accnt No. 511
Balance
Date Explanation Ref. Debit Credit
Debit Credit
Dec 27 Payment of telephone bill. GJ-4 5,700 5,700
Utilities
Accnt No. 512
Balance
Date Explanation Ref. Debit Credit
Debit Credit
Dec 30 Payment of several expenses G-4 2,900 2,900
Sanchez General Merchandising
Trial Balance
December 31, 2017
Opening Cash -
ASSETS
Current Assets
Cash 509,124.60
Prepaid Insurance 12,000.00
Supplies 3,500.00
Merchandise Inventory 117,822.00
Total Current Assets 642,446.60
Non-current Assets
Office Equipment 30,000.00
Total Non-current Assets 30,000
Current Liabilities
Accounts Payable 79,000.00
Total Current Liabilities 79,000
Non-Current Liabilities
Notes Payable 50,000.00
Total Non-current Liabilities 50,000.00
Sales 295,000.00
Less: Sales Returns and Allowances 12,230
Sales Discounts 1,933.40 14,163.40
Net Sales 280,836.60
Less: Cost of Sales 161,000.00
Gross Profit 119,836.60
Sanchez, Capital
Accnt No. 301
Balance
Explanation Ref. Debit Credit
Date
Debit Credit
Dec 1 Initial Investment. GJ-1 590,000.00 590,000.00
31 Close Income Summary to GJ-5 73,446.6 663,446.60
Capital.
Close Drawing to Capital GJ-5 120,000 543,446.60
Sanchez, Drawings
Accnt No. 302
Balance
Explanation Ref. Debit Credit
Date
Debit Credit
Dec 25 Owner's withdrawals GJ-3 120,000 120,000
31 Close Drawing to Capital. GJ-5 120,000 0
Income Summary
Accnt No. 303
Balance
Explanation Ref. Debit Credit
Date
Debit Credit
Dec 31 Close nominal accounts. GJ-5 295,000 295,000
Close nominal accounts GJ-5 221,553.40 73,446.6
Close Income Summary to 73,446.6 0
Capital.
Sales
Accnt No. 401
Balance
Explanation Ref. Debit Credit
Date
Debit Credit
Dec 5 Cash sales. GJ-1 88,000 88,000
11 Sales on account. GJ-2 108,000 196,000
26 Cash sales. GJ-4 99,000 295,000
31 Close nominal accounts. GJ-5 295,000 0
Balance
Explanation Ref. Debit Credit
Date Debit Credit
Sales Discounts
Accnt No. 403
Balance
Explanation Ref. Debit Credit
Date
Debit Credit
Dec 22 Customer payments. GJ-3 1,933.40 1,933.40
31 Close nominal accounts. GJ-5 1,933.40 0
Cost of Sales
Accnt No. 501
Balance
Explanation Ref. Debit Credit
Date
Debit Credit
Dec 5 Cost of merchandise sold GJ-1 50,000 50,000
9 Cost of merchandise returned GJ-2 500 49,500
11 Cost of merchandise sold. GJ-2 61,400 110,900
15 cost of merchandised 6,400 104,500
GJ-3
returned
26 Cost of merchandise sold. GJ-4 56,500 161,000
31 Close nominal accounts. GJ-5 161,000 0
Advertising Expense
Accnt No. 502
Balance
Explanation Ref. Debit Credit
Date
Debit Credit
Dec 30 Payment of several GJ-4 3,800 3,800
expenses.
31 Close nominal accounts. GJ-5 3,800 0
Rental
Accnt No. 507
Balance
Date Explanation Ref. Debit Credit
Debit Credit
Dec 30 Payment of several GJ-4 15,000 15,000
expenses.
31 Close nominal accounts. GJ-5 15,000 0
Balance
Date Explanation Ref. Debit Credit
Debit Credit
Dec 29 Repairs and maintenance GJ-4 990 990
31 Close nominal accounts. GJ-5 990 0
Salaries
Accnt No. 509
Balance
Date Explanation Ref. Debit Credit
Debit Credit
Dec 15 Assistant's salary 9,000 9,000
30 Assistant's salary 9,000 18,000
31 Close nominal accounts. GJ-5 18,000 0
Telephone
Accnt No. 511
Balance
Date Explanation Ref. Debit Credit
Debit Credit
Dec 27 Payment of telephone bill. GJ-4 5,700 5,700
31 Close nominal accounts. GJ-5 5,700 0
Utilities
Accnt No. 512
Balance
Date Explanation Ref. Debit Credit
Debit Credit
Dec 30 Payment of several expenses G-4 2,900 2,900
31 Close nominal accounts. GJ-5 2,900 0
Sanchez General Merchandising
Post-Closing Trial Balance
December 31, 2017