PERIODIC SYSTEM

DATE PARTICULARS F DEBIT CREDIT

OCT 01 Cash In Bank P 350,000
Cash On Hand P 150,000
D. Espiritu, Capital P 500,000
Initial Investment

02 Purchases (11,200 x 10) P 112,000

Freight In P 8,960
Accounts Payable P 120,960
2/10, n/30, FOB Shipping point, freight
prepaid

03 Office Equipment P 33,600

Freight In P 2,240
Cash On Hand P 2,240
Accounts Payable P 33,600
3/10, n/20, FOB shipping point, freight
collect

04 Office Furniture (22,400 x 95%) P 21,280

Accounts Payable P 21,280
1/10, n/30

05 Cash On Hand P 99,500

Interest Expense P 500
Accounts Payable P 100,000
Discounted our 30-day 6% promissory
note with PNB

06 Notes Receivable P 134,904

Interest Income P 504
Sales (16,800 x 8) P 134,400
Record sales on account

07 Store Supplies P 5,600

Notes Payable P 5,600
Issued a 20-day, 12% promissory note

08 Utilities Expense P 24,000

Cash In Bank P 24,000
Paid utilities

09 Accounts Payable P 2,240

Office Furniture P 2,240
Received credit memo

10 Accounts Payable P 11,200

Cash In Bank P 11,200
Partial Payment to Metallica Equipment

11 Accounts Payable P 11,200

Purchase Returns and Allowance P 11,200
Returned computer due to defects.
12 Accounts Payable P 120,960
Purchase Discounts (100,800 x 3%) P 3,024
Cash In Bank P 117,936
Paid our account with Galaxy Co.

13 Accounts Payable P 22,400

Cash In Bank P 22,400
Paid our accounts with Metallica Equip.

14 Office Furniture P 15,000

D. Espiritu, Capital P 11,000
Accounts Payable P 4,000
Additional Investment

15 Accounts Payable P 20,160

Cash In Bank P 20,160
Paid our accounts with Cahoy, INC.

16 Purchases P 112,000
Accounts Payable P 112,000
2/10, n/30

17 Cash In Bank P 67,200

Sales P 67,200
To record cash sales

18 Accounts Receivable (16,800 x 6) P 100,800

Sales P 100,800
Record sales on account, Term: 2/10, n/30

Freight Out P 3,360

Cash On Hand P 3,360
FOB Destination, Freight Prepaid

20 Purchases P 56,000
Cash In Bank P 56,000
Record cash purchases

21 Cash In Bank P 134,904

Notes Receivable P134,904
Collected the note of Josiah Inc.

27 Notes Payable P 5,600

Interest Expense (5,600x12%x20/360) P 37.33
Cash In Bank P 5,637.33
Paid our note with C&E Bookstore

28 Cash In Bank P 98,784

Sales Discount (100,800X 2%) P 2,016
Accounts Receivable P 100,800
Collected the account of Luigi Co.
 30 Salaries Expense P 100,000
Withholding Tax Payable (10%) P 10,000
SSS Premiums Payable (4.5%) P 4,500
Philhealth Premiums Payable (2%) P 2,000
Pag-ibig Contributions Payable (2%) P 2,000
Cash In Bank P 81,500
Paid Salaries less deductions

Nov. 03 SSS Premiums Expense (8.5%) P 8,500

Philhealth Premiums Expense (2%) P 2,000
Pag-ibig Contributions Expense (2%) P 2,000
SSS Premiums Payable (8.5%) P 8,500
Philhealth Premiums Payable (2%) P 2,000
Pag-ibig Contributions Payable (2%) P 2,000
Employer’s Share

04 Notes Payable P 100,000

Cash In Bank P 100,000
Paid our discounted note with PNB