Sales Journal

Cash Receipts Journal

Purchases Journal
Cash Payments Journal
General Journal
General Ledger
Subsidiary Ledger
Worksheet
Financial Statements
Closing Entries
Post-Closing Trial Balance
Reversing Entries
 Sales Journal > BACK

Post. Payment Accounts Recievable (Dr.)

Date Invoice No. Account Debited Ref. Terms Sales (Cr.)
2-Jan 316 B. Bandonell 2/10, n/30 ₱ 240,000.00
8-Jan 317 G. Sevidal 2/10, n/30 ₱ 310,000.00
13-Jan 318 M. Cerda 2/10, n/30 ₱ 130,000.00
18-Jan 319 R. Loyola 2/10, n/30 ₱ 460,000.00
22-Jan 320 B. Bandonell 2/10, n/30 ₱ 110,000.00
28-Jan 321 M. Cerda 2/10, n/30 ₱ 170,000.00
₱ 1,420,000.00
 Purchases Journal
Invoice Date Payment
Date Supplier Ref. Terms
3-Jan T. Arenas Company 2-Jan 3/10, n/30
11-Jan L. Viray Company 10-Jan 3/10, n/30
17-Jan E. Samonte Company 14-Jan 3/10, n/30
25-Jan A. Braganza Company 24-Jan 3/10, n/30
28-Jan L. Viray Company 27-Jan 3/10, n/30
30-Jan T. Arenas Company 29-Jan 3/10, n/30
> BACK

Purchases (Dr.) Accounts

Payable (Cr.)
₱ 90,000.00
₱ 120,000.00
₱ 190,000.00
₱ 340,000.00
₱ 270,000.00
₱ 360,000.00
₱ 1,370,000.00
 Cash Receipts Journal
Date Account Ref. Cash (Dr.) Sales Discounts (Dr.)

4-Jan R. Loyola ₱ 205,800.00 ₱ 4,200.00

5-Jan Cash Sales ₱ 430,000.00
10-Jan B. Bandonell ₱ 235,200.00 ₱ 4,800.00
22-Jan M. Cerda ₱ 127,400.00 ₱ 2,600.00
25-Jan G. Sevidal ₱ 280,000.00
27-Jan First Morayta Bank ₱ 170,000.00
30-Jan Cash Sales ₱ 1,310,000.00
₱ 2,758,400.00 ₱ 11,600.00
 > BACK

Accounts Receivable Acccount Titles

Sales (Cr.) Ref. Amount
(Cr.) (Cr.)
₱ 210,000.00
₱ 430,000.00
₱ 240,000.00
₱ 130,000.00
₱ 280,000.00
Notes Payable ₱ 170,000.00
₱ 1,310,000.00
₱ 860,000.00 ₱ 1,740,000.00 ₱ 170,000.00
Cash Payments Journal

Date Check Description Ref. Cash (Cr.) Purchases

Discounts (Cr.)

7-Jan 83 E. Samonte Company ₱ 126,100.00 ₱ 3,900.00

11-Jan 84 T. Arenas Company ₱ 77,600.00 ₱ 2,400.00
12-Jan 85 Purchased merchandise ₱ 70,000.00
14-Jan 86 Paid Interest on note ₱ 10,000.00
15-Jan 87 Paid Salaries ₱ 80,000.00
19-Jan 88 Withdrawal of Pangan ₱ 100,000.00
21-Jan 89 Acquired Office Supplies ₱ 40,000.00
22-Jan 90 Paid freight charges ₱ 20,000.00
26-Jan 91 E. Samonte Company ₱ 90,000.00
₱ 613,700.00 ₱ 6,300.00
 > BACK

Accounts Payable Purchases (Dr.) Account Titles (Dr.) Ref. No.

(Dr.)
Amount
₱ 130,000.00
₱ 80,000.00
₱ 70,000.00
Interest Expense ₱ 10,000.00
Salaries Expense ₱ 80,000.00
Pangan, Withdrawals ₱ 100,000.00
Office Supplies ₱ 40,000.00
Transportation In ₱ 20,000.00
₱ 90,000.00
₱ 300,000.00 ₱ 70,000.00 ₱ 250,000.00
General Journal

Date Desriptions Ref.

2018
1-Jan Cash
Accounts Receivable
Merchandise inventory
Prepaid Rent
Office Supplies
Office Equipment
Accumulated Depreciation
Notes Payable
Accounts Payable
Pangan, Capital
To open the accounts in the balance sheet.

9-Jan Accouts Payable

Purchase Returns and Allowances
Merchandise returned to T. Arenas Company.

24-Jan Sales Returns and Allowances

Accounts Receivable
Received returned merchandise from G. Sevidal.

Adjustments:
31-Jan Rent Expense
Prepaid Rent
To record expired prepaid rent.

Office Supplies Expense

Office Supplies
To record office supplies used.

Depreciation Expense
Accumulated Depreciation
To record monthly depreciation for equipment.

Salaries Expense
Salaries Payable
To record accrued salaries.
 > BACK

Debit Credit

240,000.00
210,000.00
730,000.00
90,000.00
160,000.00
1,000,000.00
250,000.00
400,000.00
130,000.00
1,650,000.00

10,000.00
10,000.00

30,000.00
30,000.00

30,000.00
30,000.00

130,000.00
130,000.00

10,000.00
10,000.00

90,000.00
90,000.00
 General Ledger
ASSETS

Cash
Date Ref. Description Debit Credit
2018
1-Jan 13 Beginning balance. 240,000.00
26-Jan 43 Cash payments 613,700.00
30-Jan 35 Cash receipts 2,758,400.00

Accounts Receivable
Date Ref. Description Debit Credit
2018
1-Jan 13 Beginning balance 210,000.00
24-Jan 13 Returned merchandise 30,000.00
29-Jan 16 Credit sales 1,420,000.00
30-Jan 35 Cash receipts 860,000.00

Merchandise Inventory
Date Ref. Description Debit Credit
2018
1-Jan 13 Beginning balance 730,000.00
31-Jan Closing 730,000.00
31-Jan Closing 470,000.00

Prepaid Rent
Date Ref. Description Debit Credit
2018
1-Jan 13 Beginning balance 90,000.00
31-Jan 13 Adjustments 30,000.00

Office Supplies
Date Ref. Description Debit Credit
2018
1-Jan 13 Beginning balance 160,000.00
21-Jan 43 Acquired office supplies 40,000.00
31-Jan 13 Adjustments 130,000.00
 Office Equipment
Date Ref. Description Debit Credit
2018
1-Jan 13 Beginning balance 1,000,000.00

Accumulated Depreciation
Date Ref. Description Debit Credit
2018
1-Jan 13 Beginning balance 250,000.00
31-Jan 13 Adjustments 10,000.00
> BACK

LIABILITIES

110 Notes Payable

Balance Date Ref. Description
2018
240,000.00 1-Jan 13 Beginning balance
- 373,700.00 27-Jan 35 Bank loan
2,384,700.00

120 Accounts Payable

Balance Date Ref. Description
2018
210,000.00 1-Jan 13 Beginning balance
180,000.00 9-Jan 13 Returned purchases
1,600,000.00 26-Jan 43 Cash payments
740,000.00 30-Jan 25 Credit purchases

130 Salaries Payable

Balance Date Ref. Description
2018
730,000.00 31-Jan 13 Adjustments
-
470,000.00

140 EQUITY
Balance
Pangan, Capital
90,000.00 Date Ref. Description
60,000.00 2018
1-Jan 13 Beginning balance
31-Jan Closing of income summary
150 31-Jan Closing of withdrawals
Balance

160,000.00 Pangan, Withdrawals

200,000.00 Date Ref. Description
70,000.00 2018
19-Jan 43 Withdrawal of owner
 150 31-Jan Closing
Balance

1,000,000.00
Income Summary
Date Ref. Description
2018
165 31-Jan Closing
Balance 31-Jan Closing
31-Jan Closing
250,000.00
260,000.00
 SALES AND PURCHASES

yable 210 Sal

Debit Credit Balance Date Ref.
2018
400,000.00 400,000.00 29-Jan 16
170,000.00 570,000.00 30-Jan 35
31-Jan

ayable 220 Sales Returns a

Debit Credit Balance Date Ref.
2018
130,000.00 130,000.00 24-Jan 13
10,000.00 120,000.00 31-Jan
300,000.00 - 180,000.00
1,370,000.00 1,190,000.00

ayable 230 Sales Di

Debit Credit Balance Date Ref.
2018
90,000.00 90,000.00 30-Jan 35
31-Jan

Purch
Date Ref.
apital 310 2018
Debit Credit Balance 12-Jan 43
- 30-Jan 25
- 1,650,000.00 1,650,000.00 31-Jan
- 1,064,700.00 2,714,700.00
100,000.00 2,614,700.00
Purchases Return
Date Ref.
hdrawals 320 2018
Debit Credit Balance 9-Jan 13
- 31-Jan
100,000.00 - 100,000.00
 100,000.00 -

Purchases
Date Ref.
mmary 330 2018
Debit Credit Balance 26-Jan 43
- 31-Jan
- 3,646,300.00 - 3,646,300.00
2,581,600.00 - 1,064,700.00
1,064,700.00 -
Transpor
Date Ref.
2018
22-Jan 43
31-Jan
SALES AND PURCHASES

Sales 410
Description Debit Credit Balance

Credit sales 1,420,000.00 1,420,000.00

Cash sales 1,740,000.00 3,160,000.00
Closing 3,160,000.00 -

Sales Returns and Allowances 420

Description Debit Credit Balance

Returned merchandise 30,000.00 30,000.00

Closing 30,000.00 -

Sales Discounts 430

Description Debit Credit Balance

Discounts on collection 11,600.00 11,600.00

Closing 11,600.00 -

Purchases 510
Description Debit Credit Balance

Cash purchases 70,000.00 70,000.00

Credit purchases 1,370,000.00 1,440,000.00
Closing 1,440,000.00 -

Purchases Returns and Allowances 520

Description Debit Credit Balance

Returned purchases 10,000.00 10,000.00

Closing 10,000.00 -
 Purchases Discounts 530
Description Debit Credit Balance

Discounts taken 6,300.00 6,300.00

Closing 6,300.00 -

Transportation In 540
Description Debit Credit Balance

Paid freight charges 20,000.00 20,000.00

Closing 20,000.00 -
 EXPENSES

Salaries Expense 610

Date Ref. Description Debit Credit Balance
2018
15-Jan 43 Paid salaries 80,000.00 80,000.00
31-Jan 13 Adjustments 90,000.00 170,000.00
31-Jan Closing 170,000.00 -

Rent Expense 620

Date Ref. Description Debit Credit Balance
2018
31-Jan 13 Adjustments 30,000.00 30,000.00
31-Jan Closing 30,000.00 -

Office Supplies Expense 630

Date Ref. Description Debit Credit Balance
2018
31-Jan 13 Adjustments 130,000.00 130,000.00
31-Jan Closing 130,000.00 -

Depreciation Expense 640

Date Ref. Description Debit Credit Balance
2018
31-Jan 13 Adjustments 10,000.00 10,000.00
31-Jan Closing 10,000.00 -

Interest Expense 650

Date Ref. Description Debit Credit Balance
2018
14-Jan 43 Paid interest 10,000.00 10,000.00
31-Jan Closing 10,000.00 -
 SUBSIDIARY LEDGER
ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER

B. Bandonell
Date Ref. Description Debit Credit
2018
2-Jan 16 Merchandise on credit 240,000.00
10-Jan 35 Payment on credit 240,000.00
23-Jan 16 Merchandise on credit 110,000.00

G. Sevidal
Date Ref. Description Debit Credit
2018
8-Jan 16 Merchandise on credit 310,000.00
24-Jan 13 Returned merchandise 30,000.00
25-Jan 35 Payment on credit 280,000.00

M. Cerda
Date Ref. Description Debit Credit
2018
13-Jan 16 Merchandise on credit 130,000.00
22-Jan 35 Payment on credit 130,000.00
29-Jan 16 Merchandise on credit 170,000.00

R. Loyola
Date Ref. Description Debit Credit
2018
1-Jan 13 Recievable from last year 210,000.00
4-Jan 35 Payment on credit 210,000.00
18-Jan 16 Merchandise on credit 460,000.00
GER ACCOUNTS PAYABLE SUBSID

T. Arenas Company
Balance Date Ref.
2018
240,000.00 3-Jan 25
- 9-Jan 13
110,000.00 11-Jan 43
30-Jan 25

L. Viray Company
Balance Date Ref.
2018
310,000.00 11-Jan 25
280,000.00 28-Jan 25
-

E. Samonte Company
Balance Date Ref.
2018
130,000.00 1-Jan 13
- 7-Jan 43
170,000.00 17-Jan 25
26-Jan 43

A. Braganza Company
Balance Date Ref.
2018
210,000.00 25-Jan 25
-
460,000.00

740,000.00
 > BACK
ACCOUNTS PAYABLE SUBSIDIARY LEDGER

T. Arenas Company
Description Debit Credit Balance

Purchases on credit 90,000.00 90,000.00

Returned purchases 10,000.00 80,000.00
Payment on credit 80,000.00 -
Purchases on credit 360,000.00 360,000.00

L. Viray Company
Description Debit Credit Balance

Purchases on credit 120,000.00 120,000.00

Purchases on credit 270,000.00 390,000.00

E. Samonte Company
Description Debit Credit Balance

Payable from last year 130,000.00 130,000.00

Payment on credit 130,000.00 -
Purchases on credit 190,000.00 190,000.00
Partial payment on credit 90,000.00 100,000.00

A. Braganza Company
Description Debit Credit Balance

Purchases on credit 340,000.00 340,000.00

1,190,000.00
WORKSHEET R

For the

Unadjusted Trial Balance

Ref. No. Account Titles Debit
110 Cash 2,384,700.00
120 Accounts Receivable 740,000.00
130 Merchandise Inventory 730,000.00
140 Prepaid Rent 90,000.00
150 Office Supplies 200,000.00
160 Office Equipment 1,000,000.00
165 Accumulated Depreciation
210 Notes Payable
220 Accounts Payable
230 Salaries Payable
310 Pangan, Capital
320 Pangan, Withdrawals 100,000.00
330 Income Summary
410 Sales
420 Sales Returns and Allowances 30,000.00
430 Sales Discounts 11,600.00
510 Purchases 1,440,000.00
520 Purchases Returns and Allowances
530 Purchases Discounts
540 Transportation In 20,000.00
610 Salaries Expense 80,000.00
620 Rent Expense
630 Office Supplies Expense
640 Depreciation Expense
650 Interest Expense 10,000.00
TOTAL 6,836,300.00
Net Profit
TOTAL
 Ricardo Pangan Company
Worksheet
For the Month Ended January 31, 2018

Unadjusted Trial Balance Adjustments Adjusted Trial Balance

Credit Debit Credit Debit Credit
2,384,700.00
740,000.00
730,000.00
30,000.00 60,000.00
130,000.00 70,000.00
1,000,000.00
250,000.00 10,000.00 260,000.00
570,000.00 570,000.00
1,190,000.00 1,190,000.00
90,000.00 90,000.00
1,650,000.00 1,650,000.00
100,000.00

3,160,000.00 3,160,000.00
30,000.00
11,600.00
1,440,000.00
10,000.00 10,000.00
6,300.00 6,300.00
20,000.00
90,000.00 170,000.00
30,000.00 30,000.00
130,000.00 130,000.00
10,000.00 10,000.00
10,000.00
6,836,300.00 260,000.00 260,000.00 6,936,300.00 6,936,300.00
 > BACK

Income Statement Balance Sheet

Debit Credit Debit Credit
2,384,700.00
740,000.00
730,000.00 470,000.00 470,000.00
60,000.00
70,000.00
1,000,000.00
- 260,000.00
- 570,000.00
- 1,190,000.00
- 90,000.00
- 1,650,000.00
100,000.00 -

3,160,000.00
30,000.00 -
11,600.00 -
1,440,000.00 -
10,000.00
6,300.00
20,000.00 -
170,000.00 -
30,000.00 -
130,000.00 -
10,000.00 -
10,000.00 -
2,581,600.00 3,646,300.00 4,824,700.00 3,760,000.00
1,064,700.00 1,064,700.00
3,646,300.00 3,646,300.00 4,824,700.00 4,824,700.00
FINANCIAL STATEMENTS
Ricardo Pangan Company
Income Statement
For the Month Ended January 31, 2018

Sales
Less: Sales Returns and Allowances 30,000.00
Sales Discounts 11,600.00
Net Sales
Less: Cost of Sales
Merchandise Inventory, Beg.
Purchases 1,440,000.00
Less: Purchases Returns and Allowances 10,000.00
Purchases Discounts 6,300.00 16,300.00
Net Purchases 1,423,700.00
Transportation In 20,000.00
Net Cost of Purchases
Goods Available for Sale
Less: Merchandise Inventory, End
Gross Profit
Less: Operating Expenses
Salaries Expense
Rent Expense
Office Supplies Expense
Depreciation Expense
Interest Expense
Net Profit
 Ricardo Pangan Company
Statement of Changes in Equity
For the Month Ended January 31, 2018

3,160,000.00 Pangan, Capital, 01/01/2018

Add: Profit
41,600.00 Total
3,118,400.00 Less: Pangan, Withdrawals
Pangan, Capital, 01/31/2018
730,000.00

1,443,700.00
2,173,700.00
470,000.00 1,703,700.00
1,414,700.00

170,000.00
30,000.00
130,000.00
10,000.00
10,000.00 350,000.00
1,064,700.00
mpany Ricardo Pangan Company
in Equity Statement of Cash Flows
uary 31, 2018 For the Month Ended January 31, 2018

1,650,000.00 Cash Flows from Operating Actitvities

1,064,700.00 Cash collections from customers
2,714,700.00 Cash sales
100,000.00 Cash payment to suppliers
2,614,700.00 Cash purchases
Supplies purchased
Payment of salaries
Payment of freight
Net Cash provided by operating activities
Cash Flows from Investing Actitvities
Net Cash provided by investing activities
Cash Flows from Financing Activities
Loan received from bank
Interest payment
Withdrawal by the owner
Net cash provided by financing activities
Net Increase in Cash
Add: Beginning cash balance
Cash balance at the end of the month
Company Ricardo Pangan Company
sh Flows Balance Sheet
anuary 31, 2018 As of January 31, 2018

ASSETS
848,400.00 Current Assets:
1,740,000.00 Cash
(293,700.00) Accounts Receivable
(70,000.00) Merchandise Inventory
(40,000.00) Prepaid Rent
(80,000.00) Office Supplies
(20,000.00) Total Current Assets
2,084,700.00 Noncurrent Assets:
Office Equipment
- Less: Accumulated Depreciation
Total Noncurrent Assets
170,000.00 Total Assets
(10,000.00)
(100,000.00)
60,000.00 LIABILITIES AND OWNER'S EQUITY
2,144,700.00 Current Liabilities
240,000.00 Notes Payable
2,384,700.00 Accounts Payable
Salaries Payable
Total Liabilities
Owner's Equity
Pangan, Capital, 01/31/18
Total Owner's Equity
Total Liabilities and Owner's Equity
 > BACK
Ricardo Pangan Company
Balance Sheet
As of January 31, 2018

2,384,700.00
740,000.00
470,000.00
60,000.00
70,000.00
3,724,700.00

1,000,000.00
260,000.00
740,000.00
4,464,700.00

570,000.00
1,190,000.00
90,000.00
1,850,000.00

2,614,700.00
2,614,700.00
4,464,700.00
Closing Entries
01/31/18 Merchandise Inventory, end 470,000.00
Sales 3,160,000.00
Purchases Returns and Allowance 10,000.00
Purchases Discount 6,300.00
Income Summary
To close nominal credit balances

01/31/18 Income Summary 2,581,600.00

Merchandise Inventory, beg
Purchases
Sales Returns and Allowances
Sales Discounts
Transportation In
Salaries Expense
Rent Expense
Office Supplies Expense
Depreciation Expense
Interest Expense
To close nominal debit balances

01/31/18 Income Summary 1,064,700.00

Pangan, Capital
to close the income summary account in capital

01/31/18 Pangan, Capital 100,000.00

Pangan, Withdrawals
to close the withdrawal account in capital
> BACK

3,646,300.00

730,000.00
1,440,000.00
30,000.00
11,600.00
20,000.00
170,000.00
30,000.00
130,000.00
10,000.00
10,000.00

1,064,700.00

100,000.00
 POST-CLOSING TRIAL BALANCE
Ricardo Pangan Company
Post-Closing Trial Balance
January 31, 2018
Debit Credit
Cash 2,384,700.00
Accounts Receivable 740,000.00
Merchandise Inventory 470,000.00
Prepaid Rent 60,000.00
Office Supplies 70,000.00
Office Equipment 1,000,000.00
Accumulated Depreciation 260,000.00
Notes Payable 570,000.00
Accounts Payable 1,190,000.00
Salaries Payable 90,000.00
Pangan, Capital, 01/31/18 2,614,700.00
Total 4,724,700.00 4,724,700.00
> BACK
Reversing Entries > BACK

1/2/2018 Salaries Payable 90,000.00

Salaries Expense 90,000.00
to reverse accrued salaries