4 Special Journals

1 Purchases Journal
to record purchase of MERCHANDISE only on account
Purchases xxx
Input Tax xxx
Accounts Payable xxx

2 Sales Journal
to record sales of MERCHANDISE only on account
Accounts Receivable xxx
Sales xxx
Output Tax xxx

3 Cash Disbursements Journal/Cash Payment Journal (CDJ or CPJ)

To record all transactions that required outlay/payment of CASH CREDIT = CASH
Lahat ng binayaran or lumabas na cash transactions
1 Payment of merchandise purchased in cash
2 Payment of accounts payable or notes payable or accrued expenses
3 Purchase of other assets in cash
4 Withdrawal of owner in cash
5 all payments in cash ex. Freight charges paid in cash
6 Cash refund given to customers for goods returned by them
Cash xxxx SRA xxxx
Sales xxxx OT xxxx
OT xxxx CASH

4 Cash Receipts Journal

To record all cash inflows/receipts in the form of cash flowing into the company
1 All sales of merchandise in cash DEBIT = CASH
2 Collections of accounts/notes receivable
3 Investment by the owner in the form of Cash
4 Cash refund received from supplier for goods returned by US
Purchases xxx Cash xxx
Input Tax xxx PRA
CASH xxx Input Tax
5 sale of other assets in the form of Cash

5 General Journal
Trash Bin ng lahat ng transaction entries na di qualified sa 4 Special Journals

1 Investment by the owner of OTHER Assets

Equipment/FF/Merchandise Invty xxx

Capital xxx
2 Reclassification of accounts

Accounts Payable xxx

Notes payable xxx

3 Purchase of other assets not in cash but on account

Store Supplies Invty xxx
Input Tax xxx
Accounts Payable xxx

4 Sale of other assets on account

Accounts Receivable xxx

Store Supplies/FF/Eqpt xxx

5 Returns of Merchandise purchased on account

Accounts Payable xxx

PRA/Pdiscount xxx
Input Tax xxx

6 Returns of merchandise sold on account

Sales Returns and All/Sales Discount xxx

Output Tax xxx
Accounts Receivable xxx

7 Determination of VAT Payable/refundable prior to remittance to BIR

a Output Tax xxx

Deferred Input Tax Credit (VAT Refundable) xxx
Input Tax xxx

b Output Tax xxx

VAT Payable xxx
Input Tax xxx
xxxx

xxxx
xxxx
P#27, pp. 253 - Cherry Lopez, Wear Ever Store

SALES JOURNAL

Accounts Output Tax

Invoice Post. Receivable (12%) Sales
Date No. Account Debited Ref. Debit Credit Credit
Jan 6 101 Sari Store (√) 8,960 960 8,000
Jan 20 102 Robinsons (√) 33,600 3,600 30,000
- -
- -
- -
Total 42,560 4,560 38,000
(√) -
- -

PURCHASES JOURNAL

Input Tax Accounts

R.R. Post. Purchases (12%) Payable
Date No. Account Credited Ref. Debit Debit Credit
Jan 3 101 Hongkong Distributor (√) 244,860 29,383 274,243
Jan 4 102 Folks Wear (√) 38,032 4,564 42,596
- -
- -
- -
Total 282,892 33,947 316,839
(√)

Schedule for Jan. 3 HK$ Peso Add: VAT

PJ Purchase of Merchandise 44,520 244,860 29,383
GJ Freight 280 1,540 185
Total 44,800 246,400 29,568

Purchases
Freight In
Input Tax
Accounts Payable
(39,200 x 98% x 99%) x 112%

Output Tax
GJ1 504 4,560 SJ1
CDJ1 1,320 4,500 CRJ1
1,824 9,060
7,236
(√)

Total Invoice Input Tax

274,243 PJ1 33,947 193 GJ1
1,725 CDJ1 5,166 - CRJ1
275,968 GJ1 185 631 CDJ1
39,298 824
38,473
(√)
 CASH DISBURSEMENTS JOURNAL
Credits Debits
Other Accounts
Check Purchases Post. Accounts Post
Date No. Description Cash Input Tax Discount Ref. Payable Input Tax Purchases Account Title Ref Debit Credit
Jan 2 101 Payment for Rent 25,000 2,679 Rent Deposit (25,000 / 1.12) 22,321
Jan 5 102 Freight - Folks Wear Shipment 1,440 154 Freight In (1,440 / 1.12) 1,286
Jan 11 103 Hongkong Distributor 270,483 588 4,897 (√) 275,968
Jan 15 104 Salaries for the period 13,300 Salaries Expense 14,000
Withholding Taxes Payable (5%) 700
Jan 16 105 Folks Wear 40,388 44 364 (√) 40,796
Jan19 106 Cash Refund to customers 12,320 Sales Returns and Allowances 11,000
Output Tax 1,320
Jan 20 107 Freight prepaid - Robinsons 1,456 Accounts Receivable - Robinsons (√) 1,456
Jan 23 108 Bank Service Charge - Citibank 1,125 121 Bank Service Charge (1,125/1.12) 1,004
Jan 24 109 Utilities 5,650 605 Utilities Expense (5,650/1.12) 5,045
Rent 15,000 1,607 Rent Expense (15,000 / 1.12) 13,393
Jan25 110 Salaries for the period 12,390 Salaries Expense 14,000
Withholding Taxes Payable (5%) 700
SSS Premiums Payable (3%) 420
Philhealth Premiums Payable (1.5%) 210
Pagibig Premiums Payable (2%) 280

Total 398,552 631 5,261 316,764 5,166 -

(√) (√)

CASH RECEIPTS JOURNAL

Debits Credits
Other Accounts/Sundry Accounts
O.R. Sales Post. Accounts Post
Date No. Description Cash Output Tax Discount Ref. Receivable Output Tax Sales Account Title Ref Debit Credit
Jan 1 File Lopez, Investment 500,000 Lopez, Capital 500,000
Jan 14 101 Various Cash Sales 15,680 1,680 14,000
Jan 17 102 Sari Store 8,960 (√) 8,960
Jan 18 103 Various Cash Sales 16,800 1,800 15,000
Jan 21 104 Citibank Credit Card Sales 9,520 1,020 8,500

Total 550,960 8,960 4,500 37,500

(√)
To accrue VAT Payable: Output Tax
CDJ1 1,320 4,560 SJ1 for sales on account
GJ1 504 4,500 CRJ for cash sales
1,824 9,060
7,236
(√)

Input Tax
Purchase on Account PJ1 33,947 631 CJD1 for refund made by seller to us
Purchase in Cash CDJ1 5,166 193 GJ1 for refund made by seller on purchase on account
Freigh GJ1 185
39,298 824 purchase discounts
38,473
(√)
 GENERAL JOURNAL (GJ)

Post
Date Particulars Ref Debit Credit
Jan 1 Merchandise Inventory 200,000
Lopez, Capital 200,000

3 Freight In 1,540
Input Tax 185
Accounts Payable - HK Distributor (√) 1,725

7 Accounts Payable - Folks Wear (√) 1,800

Purchase Returns and Allowances 1,607
Input Tax 193

23 Sales Returns and Allowances 4,200

Output Tax 504
Accounts Receivable - Robinsons (√) 4,704

30 Merchandise Inventory - end 553,000

Income and Expense Summary Account 553,000

31 To close the output and input

Output Tax 7,236
Deferred Input Tax/VAT Refundable 31,237
Input Tax 38,473
SUPPLIERS' CARDS Accounts Payable CUSTOMERS' CARDS Accounts Receivab

NAME: _____Hongkong Distributor______________ Terms:2/10; n/30 NAME: ______Sari Store_____________________

Post Post
Date Explanation Ref Debit Credit Balance Date Explanation Ref Debit
Jan 3 RR101 (source doc) PJ1 274,243 274,243 Jan 6 SI101 SJ1 8,960
Jan 3 Freight on Purchase GJ1 1,725 275,968 Jan 17 OR102 CRJ1
Jan 11 Chk103 CDJ1 275,968 -

NAME: _______Folks Wear____________________ Terms:2/10;1/15;n/30 NAME: _____Robinsons______________________

Post Post
Date Explanation Ref Debit Credit Balance Date Explanation Ref Debit
Jan 4 RR102 PJ1 42,596 42,596 Jan 20 SI102 SJ1 33,600
Jan 7 Return of Merchandise GJ1 1,800 40,796 Jan 20 Chk107 CDJ1 1,456
Jan 16 Chk105 CDJ1 40,796 - Jan 22 Merchandise Returns - Cred GJ1

NAME: ___________________________ NAME: ___________________________

Post Post
Date Explanation Ref Debit Credit Balance Date Explanation Ref Debit

NAME: ___________________________ NAME: ___________________________

Post Post
Date Explanation Ref Debit Credit Balance Date Explanation Ref Debit

NAME: ___________________________ NAME: ___________________________

Post Post
Date Explanation Ref Debit Credit Balance Date Explanation Ref Debit
Accounts Receivable

Terms:2/10;n/30

Credit Balance
8,960
8,960 -

Terms:2/10;n/30

Credit Balance
33,600
35,056
4,704 30,352

Credit Balance

Credit Balance

Credit Balance