1000 ASSETS 4000 INCOME

1001 CASH 4001 SALES

1005 ACCOUNTS RECEIVABLE 4005 SALES RETURNS & ALLOWANCES
1015 MERCHANDISE INVENTORY 4010 SALES DISCOUNTS
1020 SUPPLIES 5000 EXPENSES
1050 EQUIPMENT 5001 COST OF GOODS SOLD
2000 LIABILITIES 5003 ADVERTISING
2001 ACCOUNTS PAYABLE 5006 FREIGHT OUT
2002 NOTES PAYABLE 5010 RENT EXPENSE
3000 EQUITY 5030 SALARIES
3001 RBSG, CAPITAL 5040 UTILITIES
3002 RBSG, DRAWINGS 6001 INCOME SUMMARY
1000 ASSETS 4000 INCOME
1001 CASH & CASH EQUIVALENTS 4001
1005 RECEIVABLE 4005 NET SALES
1015 INVENTORIES 4010
1020 PREPAID EXPENSES 5000 EXPENSES
1050 PROPERTY PLANT & EQUIPMENT 5001 COST OF GOODS SOLD
2000 LIABILITIES 5003 ADVERTISING
2001 ACCOUNTS PAYABLE 5006 FREIGHT OUT
2002 NOTES PAYABLE 5010 RENT
3000 EQUITY 5030 SALARIES
3001 RBSG, CAPITAL 5040 UTILITIES
3002 RBSG, DRAWINGS 6001 INCOME SUMMARY
DATE ACCOUNT TITLES AND EXPLANATION F DEBIT CREDIT
MAY 1 CASH 1001 ₱ 40,000.00
RBSG, CAPITAL 3001 ₱ 40,000.00
INITIAL INVESTMENT

2 SUPPLIES 1020 1,700

CASH 1001 1,700
BOUGHT OFFICE SUPPLIES

3 MERCHANDISE INVENTORY 1015 15,900

ACCOUNTS PAYABLE 2001 15,900
BOUGHT MERCHANDISE ON ACCOUNT

3 EQUIPMENT 1050 10,000

CASH 1001 10,000
BOUGHT COMPUTER EQUIPMENT

4 ACCOUNTS RECEIVABLE 1005 16,200

SALES 4001 16,200
SOLD MERCHANDISE ON ACCOUNT

COST OF GOODS SOLD 5001 13,200

MERCHANDISE INVENTORY 4001 13,200
SOLD MERCHANDISE ON ACCOUNT

5 FREIGHT OUT 5006 1,200

CASH 1001 1,200
PAID FREIGHT OUT

6 ACCOUNTS PAYABLE 2001 1,300

MERCHANDISE INVENTORY
RECEIVED CREDIT FROM THE MERCHANDISE 1015 1,300
RETURNED

10 ACCOUNTS PAYABLE 2001 14,600

MERCHANDISE INVENTORY 1015 292
CASH 1001 14,308
PAID GANDA.COM

13 CASH 1001 15,876

SALES DISCOUNT 324
ACCOUNTS RECEIVABLE 1005 16,200
COLLECTED CASH FROM MAY 4

15 CASH 1001 12,000

NOTES PAYABLE 2002 12,000
BORROWED MONEY FROM THE LANDBANK

15 SALARIES 5030 1,500

CASH 1001 1,500
PAID SALARIES

16 MERCHANDISE INVENTORY 1015 14,400

CASH 1001 14,400
BOUGHT MERCHANDISE

17 CASH 1001 500

MERCHANDISE INVENTORY 1015 500
RECEIVE A REFUND FROM A SUPPLIER

19 MERCHANDISE INVENTORY 1015 14,200

ACCOUNTS PAYABLE 2001 14,200
BOUGHT MERCHANDISE on CREDIT

20 RBSG, DRAWING 3002 3,008

CASH 1001 3,008
WITHDRAWALS

22 CASH 1001 17,400

SALES 4001 17,400
SOLD MERCHANDISE

COST OF GOODS SOLD 5001 11,500

MERCHANDISE INVENTORY 1015 11,500
SOLD MERCHANDISE

24 ACCOUNTS PAYABLE 2001 10,000

CASH 1001 10,000
PARTIAL PAYMENT

26 MERCHANDISE INVENTORY 1015 12,300

CASH 1001 12,300
BOUGHT MERCHANDISE

28 MERCHANDISE INVENTORY 1001 700

CASH 1015 700
PAID FREIGHT ON MAY 19
29 ACCOUNTS RECEIVABLE 1005 14,700
SALES 4001 14,700
SOLD MERCHANDISE ON ACCOUNT

COST OF GOODS SOLD 5001 12,000

MERCHANDISE INVENTORY 1015 12,000
SOLD MERCHANDISE ON ACCOUNT

30 SALES RETURN AND ALLOWANCE 4005 1,900

CASH 1001 1,900
REFUND FROM THE CUSTOMERS

31 ADVERTISING 5003 1,000

UTILITIES 5040 1,400
RENT EXPENSE 5010 4,500
SALARIES 5030 2,500
CASH 1001 9,400
PAID VARIOUS EXPENSE

₱ 265,808.00 265808
PAGE NUMBER
Account 1001 CASH
Date Item Post Debit Credit Balance
Debit Credit
MAY 1 INITIAL INVESTMENT (CFF) GJ-1 ₱ 40,000.00 ₱ 40,000.00
2 BOUGHT OFFICE SUPPLIES (CFOO) GJ-1 ₱ 1,700.00 38,300
3 BOUGHT COMPUTER EQIPMENT (CFI) GJ-1 10,000 28,300
5 PAID FREIGHT OUT (CFOO) GJ-1 1,200 27,100
10 PAID GANDA.COM (CFOO) GJ-1 14,308 12,792
13 COLLECTED CASH FROM MAY 4 (CFOI) GJ-1 15,876 28,668
15 BORROWED MONEY FROM THE LANDBANK (CFF) GJ-1 12,000 40,668
15 PAID SALARIES (CFOO) GJ-1 1,500 39,168
16 BOUGHT MERCHANDISE (CFOO) GJ-1 14,400 24,768
17 RECEIVE A REFUND FROM A SUPPLIER (CFOI) GJ-1 500 25,268
20 WITHDRAWALS (CFF) GJ-1 3,008 22,260
22 SOLD MERCHANDISE (CFOI) GJ-1 17,400 39,660
24 PARTIAL PAYMENT (CFOO) GJ-1 10,000 29,660
26 BOUGHT MERCHANDISE (CFOO) GJ-1 12,300 17,360
28 PAID FREIGHT ON MAY 19 (CFOO) GJ-1 700 16,660
30 REFUND BY A CUSTOMER (CFOO) GJ-1 1,900 14,760
31 PAID VARIOUS EXPENSES (CFOO) GJ-1 9,400 ₱ 5,360.00

PAGE NUMBER
Account 1005 ACCOUNTS RECEIVABLE
Date Item Post Debit Credit Balance
Debit Credit
MAY 4 SOLD MERCHANDISE ON ACCOUNT GJ-1 ₱ 16,200.00 ₱ 16,200.00
13 COLLECTED CASH FROM MAY 4 GJ-1 ₱ 16,200.00 0
29 SOLD MERCHANDISE ON ACCOUNT GJ-1 14,700 ₱ 14,700.00

PAGE NUMBER
Account 1015 MERCHANDISE INVENTORY
Date Item Post Debit Credit Balance
Debit Credit
MAY 3 BOUGHT MERCHANDISE ON ACCOUNT GJ-1 ₱ 15,900.00 ₱ 15,900.00
4 SOLD MERCHANDISE
RECEIVED ON ACCOUNT
CREDIT FROM THE MERCHANDISE GJ-1 ₱ 13,200.00 2,700
6 RETURNED GJ-1 1,300 1,400
10 PAID GANDA.COM GJ-1 292 1,108
16 BOUGHT MERCHANDISE GJ-1 14,400 15,508
17 RECEIVE A REFUND FROM A SUPPLIER GJ-1 500 15,008
19 BOUGHT MERCHANDISE GJ-1 14,200 29,208
22 SOLD MERCHANDISE GJ-1 11,500 17,708
26 BOUGHT MERCHANDISE GJ-1 12,300 30,008
28 PAID FREIGHT ON MAY 19 GJ-1 700 30,708
29 SOLD MERCHANDISE ON ACCOUNT GJ-1 12,000 ₱ 18,708.00

PAGE NUMBER
Account 1020 SUPPLIES
Date Item Post Debit Credit Balance
Debit Credit
MAY 2 BOUGHT OFFICE SUPPLIES GJ-1 ₱ 1,700.00 ₱ 1,700.00

PAGE NUMBER
Account 1050 EQUIPMENT
Date Item Post Debit Credit Balance
Debit Credit
MAY 3 BOUGHT COMPUTER EQUIPMENT GJ-1 ₱ 10,000.00 ₱ 10,000.00

PAGE NUMBER
Account 2001 ACCOUNTS PAYABLE
Date Item Post Debit Credit Balance
Debit Credit
MAY 3 BOUGHT MERCHANDISE ON ACCOUNT GJ-1 ₱ 15,900.00 ₱ 15,900.00
 RECEIVED CREDIT FROM THE MERCHANDISE
6 RETURNED GJ-1 ₱ 1,300.00 14,600
10 PAID GANDA.COM GJ-1 14,600 0
19 BOUGHT MERCHANDISE GJ-1 14,200 14,200
24 PARTIAL PAYMENT GJ-1 10,000 ₱ 4,200.00

PAGE NUMBER
Account 2002 NOTES PAYABLE
Date Item Post Debit Credit Balance
Debit Credit
MAY 15 BORROWED MONEY FROM THE LANDBANK GJ-1 ₱ 12,000.00 ₱ 12,000.00

PAGE NUMBER
Account 3001 RBSG, CAPITAL
Date Item Post Debit Credit Balance
Debit Credit
MAY 1 INITIAL INVESTMENT GJ-1 ₱ 40,000.00 ₱ 40,000.00
MAY 31 TO CLOSE INCOME TO CAPITAL -₱ 2,724.00 ₱ 37,276.00
MAY 31 TO CLOSE DRAWING ACCOUNT ₱ 3,008.00 ₱ 34,268.00

PAGE NUMBER
Account 3002 RBSG, DRAWINGS
Date Item Post Debit Credit Balance
Debit Credit
MAY 20 WITHDRAWALS GJ-1 ₱ 3,008.00 ₱ 3,008.00
MAY 31 TO CLOSE DRAWING ACCOUNT ₱ 3,008.00 0

PAGE NUMBER
Account 4001 SALES
Date Item Post Debit Credit Balance
Debit Credit
MAY 4 SOLD MERCHANDISE ON ACCOUNT GJ-1 ₱ 16,200.00 ₱ 16,200.00
22 SOLD MERCHANDISE GJ-1 17,400 33,600
29 SOLD MERCHANDISE ON ACCOUNT GJ-1 14,700 ₱ 48,300.00
MAY 31 TO CLOSE THE SALES ACCOUNT ₱ 48,300.00 0

PAGE NUMBER
Account 4005 SALES RETURNS & ALLOWANCES
Date Item Post Debit Credit Balance
Debit Credit
MAY 30 REFUND FROM A CUSTOMER GJ-1 ₱ 1,900.00 ₱ 1,900.00
MAY 31 TO CLOSE THE SALES ACCOUNT ₱ 1,900.00 0

PAGE NUMBER
Account 4005 SALES DISCOUNTS
Date Item Post Debit Credit Balance
Debit Credit
MAY 13 COLLECTED CASH FROM MAY 13 GJ-1 ₱ 324.00 ₱ 324.00
MAY 31 TO CLOSE THE SALES ACCOUNT ₱ 324.00 0

PAGE NUMBER
Account 5001 COST OF GOODS SOLD
Date Item Post Debit Credit Balance
Debit Credit
MAY 4 SOLD MERCHANDISE ON ACCOUNT GJ-1 ₱ 13,200.00 ₱ 13,200.00
22 SOLD MERCHANDISE GJ-1 11,500 24,700
29 SOLD MERCHANDISE ON ACCOUNT GJ-1 12,000 ₱ 36,700.00
MAY 31 TO CLOSE THE EXPENSE ACCOUNT ₱ 36,700.00 0
PAGE NUMBER
Account 5003 ADVERTISING
Date Item Post Debit Credit Balance
Debit Credit
MAY 30 PAID VARIOUS EXPENSES GJ-1 1,000 ₱ 1,000.00
MAY 31 TO CLOSE THE EXPENE ACCOUNT ₱ 1,000.00 0

PAGE NUMBER
Account 5006 FREIGHT OUT
Date Item Post Debit Credit Balance
Debit Credit
MAY 5 PAID FREIGHT OUT GJ-1 ₱ 1,200.00 ₱ 1,200.00
MAY 31 TO CLOSE THE EXPENSE ACCOUNT ₱ 1,200.00 0

PAGE NUMBER
Account 5010 RENT EXPENSE
Date Item Post Debit Credit Balance
Debit Credit
MAY 30 PAID VARIOUS EXPENSES GJ-1 ₱ 4,500.00 ₱ 4,500.00
MAY 31 TO CLOSE THE EXPENSE ACCOUNT ₱ 4,500.00 0

PAGE NUMBER
Account 5030 SALARIES
Date Item Post Debit Credit Balance
Debit Credit
MAY 15 PAID SALARIES GJ-1 ₱ 1,500.00 ₱ 1,500.00
30 PAID VARIOUS EXPENSES GJ-1 2,500 4,000
MAY 31 TO CLOSE THE EXPENSE ACCOUNT ₱ 4,000.00 0

PAGE NUMBER
Account 5040 UTILITIES
Date Item Post Debit Credit Balance
Debit Credit
MAY 30 PAID VARIOUS EXPENSES GJ-1 ₱ 1,400.00 ₱ 1,400.00
MAY 31 TO CLOSE THE EXPENSE ACCOUNT ₱ 1,400.00 0

PAGE NUMBER
Account 6000 INCOME SUMMARY
Date Item Post Debit Credit Balance
Debit Credit
MAY 31 TO CLOSE THE EXPENSE ACCOUNT ₱ 48,800.00 ₱ 48,800.00
MAY 31 TO CLOSE THE SALES ACCOUNT ₱ 46,076.00 2,724
MAY 31 TO CLOSE INCOME TO CAPITAL -₱ 2,724.00 0
 CASH
Date Particulars F Debit Date

MAY 1 INITIAL INVESTMENT (CFF) GJ1 Php40,000.00 MAY 2

11,700.00 May 3
28,300.00
 1001
Particulars F Credit

BOUGHT OFFICE SUPPLIES (CFOO) GJ 1 Php1,700.00

BOUGHT COMPUTER EQUIPMENT GJ2 10,000.00
11,700.00
Cash Flow =CASH
Operation = 1) In-flow , 2) Outflow
Investing
Financing
 RBSG DISTRIBUTORS
PRELIMINARY TRIAL BALANCE
Month Date, Year
REF
1001
1005
1015
1020
1050
2001
2002
3001
3002
4001
4005
4010
5001
5003
5006
5010
5030
5040
 RBSG DISTRIBUTORS
PRELIMINARY TRIAL BALANCE
Month Date, Year
ACCOUNT TITLES DEBIT CREDIT
CASH ₱ 5,360.00
ACCOUNTS RECEIVABLE ₱ 14,700.00
MERCHANDISE INVENTORY ₱ 18,708.00
SUPPLIES ₱ 1,700.00
EQUIPMENT ₱ 10,000.00
ACCOUNTS PAYABLE ₱ 4,200
NOTES PAYABLE ₱ 12,000.00
RBSG, CAPITAL ₱ 40,000.00
RBSG, DRAWINGS ₱ 3,008.00
SALES ₱ 48,300.00
SALES RETURNS & ALLOWANCES ₱ 1,900.00
SALES DISCOUNTS ₱ 324.00
COST OF GOODS SOLD ₱ 36,700.00
ADVERTISING 1,000
FREIGHT OUT 1,200
RENT EXPENSE 4,500
SALARIES 4,000
UTILITIES 1,400
TOTAL ₱ 104,500.00 ₱ 104,500.00
 RBSG DISTRIBUTORS
Statement of Performance
For the month ended        MAY 31 20xx                  

SALES ₱ 48,300.00
LESS: SALES RETURN AND ALLOWANCES ₱ 1,900.00
SALES DISCOUNTS ₱ 324.00 -₱ 2,224.00
NET SALES ₱ 46,076.00
LESS: COST OF GOODS SOLD -₱ 36,700.00
GROSS PROFIT ₱ 9,376.00
LESS: EXPENSES
ADVERTISING 1,000
FREIGHT OUT 1,200
RENT EXPENSE 4,500
SALARIES 4,000
UTILITIES 1,400 -12,100
NET LOSS: -₱ 2,724.00

(2724.00)
 RBSG DISTRIBUTORS
Statement of Changes in Equity
For the month ended
RBSG CAPITAL, BEGINNING ₱ 40,000.00
LESS: NET LOSS -₱ 2,724.00
TOTAL ₱ 37,276.00
LESS: RBSB, DRAWINGS -₱ 3,008.00
RBSB CAPITAL, MAY 31, 2021 ₱ 34,268.00
 RBSG DISTRIBUTORS
Statement of Financial Position
As of                            
REF ACCOUNT TITLES
ASSETS
CURRENT ASSETS
1001 CASH & CASH EQUIVALENTS ₱ 5,360.00
1005 RECEIVABLE ₱ 14,700.00
1015 INVENTORIES ₱ 18,708.00
1020 PREPAID EXPENSES ₱ 1,700.00
TOTAL CURRENT ASSETS ₱ 40,468.00
NON-CURRENT ASSETS
1050 PROPERTY PLANT & EQUIPMENT ₱ 10,000.00
TOTAL NON-CURRENT ASSETS ₱ 10,000.00
TOTAL ASSETS ₱ 50,468.00
LIABILITIES
CURRENT LIABILITIES
2001 ACCOUNTS PAYAB;E ₱ 4,200.00
NON-CURRENT LIABILITIES
2002 NOTES PAYABLE ₱ 12,000.00
TOTAL LIABILITIES ₱ 16,200.00
OWNER'S EQUITY
3001 RBSG, CAPITAL ₱ 34,268.00
TOTAL LIABILITIES AND OWNER'S EQUITY ₱ 50,468.00
 RBSG DISTRIBUTORS
Statement of Cash Flow
As of          MAY 31 20xx                  
(IN PESOS)
CASH FLOW FROM OPERATING ACTIVITIES
INFLOW/CASH RECEIVED FROM
RECEIVABLE COLLECTION ₱ 15,876.00
RECEIVED REFUND - SUPPLIER 500 1 INITIAL INVESTMENT (FE) GJ-1 ₱ 40,000.00 ₱ 40,000.00
SALES 17,400 2 BOUGHT OFFICE SUPPLIES (OE) GJ-1 -₱ 1,700.00 38,300
TOTAL 33,776 3 BOUGHT COMPUTER EQIPMENT (IE) GJ-1 -10,000 28,300
OUTFLOW/PAYMENT FOR 5 PAID FREIGHT OUT (OE) GJ-1 -1,200 27,100
PAYMENT FOR SUPPLIES -₱ 1,700.00 10 PAID GANDA.COM (OE) GJ-1 -14,308 12,792
PAYMENT FOR FREIGHT OUT -1,200 13 COLLECTED CASH FROM MAY 4 (OE)GJ-1 15,876 28,668
PAYMENT FOR MERCHANDISE INVENTORY (May10,16,24,26) 51,008 15 BORROWED MONEY FROM THE LAND GJ-1 12,000 40,668
PAYMENT FOR SALARIES -1,500 15 PAID SALARIES (OE) GJ-1 -1,500 39,168
PAYMENT FOR FREIGHT ON - PURCHASE -700
REFUND BY THE CUSTOMER -1,900 16 BOUGHT MERCHANDISE (OE) GJ-1 -14,400 24,768
PAYMENT FOR VARIOUS EXPENSES -9,400 17 GJ-1
RECEIVE A REFUND FROM A SUPPLIE 500 25,268
TOTAL ₱ 67,048.00
NET CASH FLOW FROM OPERATING ACTIVITIES -₱ 33,632.00 (33,632.00) 20 WITHDRAWALS (FE) GJ-1 -3,008 22,260
22 SOLD MERCHANDISE (OE) GJ-1 17,400 39,660
CASH FLOW FROM INVESTING ACTIVITIES 24 PARTIAL PAYMENT (OE) GJ-1 -10,000 29,660
PURCHASE OF EQUIPMENT -10,000 (10,000.00) 26 BOUGHT MERCHANDISE (OE) GJ-1 -12,300 17,360
NET CASH FLOW FROM INVESTING ACTIVIES -10,000 28 PAID FREIGHT ON MAY 19 (OE) GJ-1 -700 16,660
30 REFUND FROM A CUSTOMER (OE) GJ-1 -1,900 14,760
CASH FLOW FROM FINANCING ACTIVITIES 30 PAID VARIOUS EXPENSES (OE) GJ-1 -9,400 ₱ 5,360.00
INVESTMENT OF THE OWNER ₱ 40,000.00
CASH WITHRAWALS -3,008
LOAN FROM THE BANK 12,000
NETN CASH FLOW FROM FINANCING ACTIVITIES ₱ 48,992.00

TOTAL CASH ₱ 5,360.00

 RBSG DISTRIBUTORS
CLOSING JOURNAL ENTRIES

(IN PESOS)
DATE DESCRIPTION REF DR CR
MAY 31 SALES (SALES ACCOUNT) 4001 ₱ 48,300.00
SALES DISCOUNTS 4010 ₱ 324.00
SALES RETURN AND ALLOWANCE 4005 ₱ 1,900.00
INCOME SUMMARY 6001 ₱ 46,076.00
TO CLOSE THE SALES ACCOUNT

MAY 31 INCOME SUMMARY (EXPENSE) 6001 ₱ 48,800.00

COST OF GOODS SOLD 5001 ₱ 36,700.00
ADVERTISING 5003 1,000
FREIGHT OUT 5006 1,200
RENT EXPENSE 5010 4,500
SALARIES 5030 4,000
UTILITIES 5040 1,400
TO CLOSE THE EXPENSE ACCOUNT

MAY 31 INCOME SUMMARY (LOSS) 6001 -₱ 2,724.00

RBSG, CAPITAL 3001 -₱ 2,724.00
TO CLOSE INCOME TO CAPITAL

MAY 31 RBSG,CAPITAL 3001 ₱ 3,008.00

RBSG, DRAWINGS 3002 ₱ 3,008.00
TO CLOSE DRAWING ACCOUNT
 POST – CLOSING TRIAL BALANCE
AS OF
(IN PESOS)
REF ACCOUNT TITLE S DEBIT CREDIT
1001 CASH ₱ 5,360.00
1005 ACCOUNTS RECEIVABLE ₱ 14,700.00
1015 MERCHANDISE INVENTORY ₱ 18,708.00
1020 SUPPLIES ₱ 1,700.00
1050 EQUIPMENT ₱ 10,000.00
2001 ACCOUNTS PAYABLE ₱ 4,200
2002 NOTES PAYABLE ₱ 12,000.00
3001 RBSG, CAPITAL ₱ 34,268.00
TOTAL ₱ 50,468.00 ₱ 50,468.00