Bookkeeping NCIII

TTH Schedule

Exercise # 15

Alvin Torres, owner of The Kidz Toys Store, had the following transactions for the month of December, 2020:

December/01 A. Torres opened his business with a stock of merchanidse costing P50,000; cash P30,000;
adding machine, P16,000; and a computer, P20,000.

3 Paid the rent of the store for the month, P6,000.

4 Sold merchandise to Ted's Teddy P16,000. Terms 2/10, 1/20, n/30.

6 Cash Sales, P5,500.

8 Ted's Teddy returned defective goods, P500.

10 Best Trading bought P21,000 goods. Terms2/10, n/30.

11 Purchased additional merchandise for cash, P10,000.

12 Paid freight on the above purchased, P500.

13 Ted's Teddy paid its account in full.

14 Received P1,500 cash from returned merchandise.

15 Paid the first half month's salary of the helper, P2,500

17 Best Trading paid P6,000 as partial settlement of its account. No discount on

partial payment.

18 Another customer, Rico n' Rica Toy Corner, bought P20,000 goods. Terms: 2/10, 1/20, n/30.

Paid freight on the above sale, P500.

19 Cash sales, P11,000.

20 Best Trading settled its account in full.

21 Rico n' Rica Toy Corner returned P1,000 worth of defective goods, paid P5,000 as partial
settlement of its account with no discount availed on partial payment.

23 Received P60,000 worth of goods from Toy Kingdom as merchandise bought on account.
Terms: 2/10, 1/20, n/30.
 24 Rico n' Rica Toy Corner settled its account in full.

25 Mr. Torres withdrew P4,000 for personal use.

26 Cash sales, P5,000

30 Paid the following expenses:

Monthly ultility bill, P8,000.
Half month's salary of the helper, P2,500.

Merchandise inventory end - P5,000.

Required: Journalizing Entries

Posting of Accounts to General Ledger
Prepare Trial Balance
Prepare Cost of Goods Sold
Prepare Statement of Financial Performance
Prepare statement of Changes in Owner's Equity
Prepare Statement of Financial Position
ecember, 2020:

; cash P30,000;

2/10, 1/20, n/30.

000 as partial

ht on account.
 CHART OF ACCOUNT

ASSETS INCOME/REVENUE
100 Cash on Hand 400 Sales
101 Accounts Receivable 401 Sales Discounts Net Sales
102 Store Equipment 402 Sales Returns and Allowances
103 Office Equipment
104 Merchandise Inventory COST OF SALES
500 Purchases
LIABILITIES 501 Purchase Discounts
200 Accounts Payable 502 Purchase Returns & Allowances
503 Freight In

OWNER'S EQUITY EXPENSES

300 A.Torres, Capital 600 Freight Out
301 A. Torres, Drawing 601 Rent Expense
602 Utility Expense
603 Salary Expense