GENERAL JOURNAL

Date Particulars
2021
June 1 Purchases
Freight-In

To record purchase of merchandise from Aicel Marketing, terms 2/10; FOB Shipping point; freight prepai

June 3 Purchases

To record purchases from Pacifica Trading, terms 1/20,n/30; FOB Destination.

June 5 Accounts Receivable

Freight-Out

To record sales of merchandise on credit 2/10, n/30; FOB Shipping Point; freight prepaid.

June 7 Accounts Payable

To record returned of merchandise to Pacifica Trading.

June 9 Accounts Receivable

To record sales of merchandise 1/10, n/30; FOB Destination.

June 9 Freight-Out

To record freight charges to Twin Sales Company.

June 11 Accounts Payable

To record payment to Aicel Marketing invoice on June 1 less discount.

June 12 Sales Returns and Allowances

To record return of merchandise from Twin Sales Company.

June 13 Accounts Payable

To record full payment to Pacifica Trading invoice of June 3.

June 14 Accounts Receivable

Freight-out

To record sales of merchandise 2/10, n/30; FOB destination; freight prepaid.

June 15 Cash
Sales Discounts

To record payment from Alice Enterprise incluing discounts.

June 17 Purchases

To record purchase of merchandise from Super Mart Co., 2/10, FOB SP.

June 18 Accounts Receivable

Freight-Out

To record sale of merchandise to Solomon Inc., 1/10, n/30;FOB Destination; freight prepaid.

June 19 Cash
Sales Discounts

To record payment from Twin Sales Co., including discounts.

June 20 Purchases

To record purchase of merchandise from Cebu Trading, terms 3/10, n/30.

June 21 Cash

To record partial payment from Steven Chan.

June 22 Accounts Payable

To record allowance received from Cebu Trading.

June 23 Accounts Receivable

To record partial payment to Super Mart Co.

June 25 Accounts Receivable

To record sale of merchandise to Solo Marketing, terms 3/10, n/30; FOB Destinatuion.

June 26 Sales Returns and Allowances

To record allowance allocated to Solo Marketing.

June 27 Accounts Payable

To record payment to Super Mart Co., including discounts.

June 28 Cash
Sales Discounts

To record payment from Solomon Inc., including dscounts.

June 30 Accounts Payable
 GENERAL JOURNAL
Particulars P/R

Purchases 510
Freight-In 514
Accounts Payable 210
Cash 101
To record purchase of merchandise from Aicel Marketing, terms 2/10; FOB Shipping point; freight prepaid.

Purchases 510
Accounts Payable 210
To record purchases from Pacifica Trading, terms 1/20,n/30; FOB Destination.

Accounts Receivable 112

Freight-Out 525
Sales 410
Cash 101
To record sales of merchandise on credit 2/10, n/30; FOB Shipping Point; freight prepaid.

Accounts Payable 210

Purchase Returns and Allowances 511
To record returned of merchandise to Pacifica Trading.

Accounts Receivable 112

Sales 410
To record sales of merchandise 1/10, n/30; FOB Destination.

Freight-Out 514
Cash 101
To record freight charges to Twin Sales Company.

Accounts Payable 210

Purchase Discounts 512
Cash 101
To record payment to Aicel Marketing invoice on June 1 less discount.

Sales Returns and Allowances 411

Accounts Receivable 112
To record return of merchandise from Twin Sales Company.

Accounts Payable 210

Purchase Discounts 512
Cash 101
To record full payment to Pacifica Trading invoice of June 3.

Accounts Receivable 112

Freight-out 525
Sales 410
Cash 101
To record sales of merchandise 2/10, n/30; FOB destination; freight prepaid.
 101
Sales Discounts 412
Accounts Receivable 112
To record payment from Alice Enterprise incluing discounts.

Purchases 510
Accounts Payable 210
To record purchase of merchandise from Super Mart Co., 2/10, FOB SP.

Accounts Receivable 112

Freight-Out 525
Sales 410
Cash 101
To record sale of merchandise to Solomon Inc., 1/10, n/30;FOB Destination; freight prepaid.

101
Sales Discounts 412
Accounts Receivable 112
To record payment from Twin Sales Co., including discounts.

Purchases 510
Accounts Payable 210
To record purchase of merchandise from Cebu Trading, terms 3/10, n/30.

101
Accounts Receivable 112
To record partial payment from Steven Chan.

Accounts Payable 210

Purchase Returns and Allowances 511
To record allowance received from Cebu Trading.

Accounts Receivable 112

Cash 101
To record partial payment to Super Mart Co.

Accounts Receivable 112

Sales 410
To record sale of merchandise to Solo Marketing, terms 3/10, n/30; FOB Destinatuion.

Sales Returns and Allowances 411

Accounts Receivable 112
To record allowance allocated to Solo Marketing.

Accounts Payable 210

Cash 101
Purchase Discounts 511
To record payment to Super Mart Co., including discounts.

101
Sales Discounts 412
Accounts Receivable 112
To record payment from Solomon Inc., including dscounts.
Accounts Payable 210
Cash 101
Purchase Discounts 512
 Page No. 1
Debit Credit

44,000.00
1,890.00
44,000.00
1,890.00

20,500.00
20,500.00

16,250.00
850.00
16,250.00
850.00

2,900.00
2,900.00

19,750.00
19,750.00

1,125.00
1,125.00

44,000.00
880.00
43,120.00

2,210.00
2,210.00

17,600.00
176.00
17,424.00

13,575.00
960.00
13,575.00
960.00
15,925.00
325.00
16,250.00

38,940.00
38,940.00

12,975.00
810.00
12,975.00
810.00

17,364.60
175.40
17,540.00

11,400.00
11,400.00

5,800.00
5,800.00

2,250.00
2,250.00

22,900.00
22,900.00

8,300.00
8,300.00

528.00
528.00

16,040.00
15,719.20
320.80

12,845.25
129.75
12,975.00
9,150.00
8,875.50
274.50
 GENERAL LEDGER
Account Title: CASH
Date Particulars P/R Debit Credit
1-Jun Freight charges to Twin Sales Co. GJ-1 1,890.00
5-Jun Prepaid freight to Alice Enterprise GJ-1 850.00
9-Jun Freight charges to Twin Sales Co. GJ-1 1,125.00
11-Jun Payment to Aicel Marketing GJ-1 43,120.00
13-Jun Payment to Pacifica Trading GJ-1 17,424.00
14-Jun Prepaid freight to Steven Chan GJ-1 960.00
15-Jun Payment from Alice Enterprise GJ-1 15,925.00
18-Jun Prepaid freight to Solomon, Inc. GJ-1 810.00
19-Jun Payment from Twin Sales Co. GJ-1 17,364.60
21-Jun Partial payment from Steven Chan GJ-1 5,800.00
23-Jun Partial payment to Super Mart Co. GJ-1 22,900.00
27-Jun Payment to Super Mart Co. GJ-1 15,719.20
28-Jun Payment from Solomon, Inc. GJ-1 12,845.25
30-Jun Payment to Cebu Trading GJ-1 8,875.50
30-Jun Bank loan GJ-1 500,000.00
551,934.85 113,673.70
GENERAL LEDGER
Account Title: ACCOUNTS RECEIVABLE

Date Particulars P/R Debit Credit

5-Jun GJ-1 16,250.00

9-Jun GJ-1 19,750.00
12-Jun GJ-1 2,210.00
14-Jun GJ-1 13,575.00
15-Jun GJ-1 16,250.00
18-Jun GJ-1 12,975.00
19-Jun GJ-1 17,540.00
21-Jun GJ-1 5,800.00
25-Jun GJ-1 8,300.00
26-Jun GJ-1 528.00
28-Jun GJ-1 12,975.00

GENERAL LEDGER
Account Title: MERCHANDISE INVENTORY

Date Particulars P/R Debit Credit

30-Jun Closing Entry GJ-2 72,465.00

 GENERAL LEDGER
Account Title: ACCOUNTS PAYABLE
Date Particulars P/R Debit Credit
1-Jun GJ-1 44,000.00
30-Jun GJ-1 20,500.00
7-Jun GJ-1 2,900.00
11-Jun GJ-1 44,000.00
13-Jun GJ-1 17,600.00
17-Jun GJ-1 38,940.00
20-Jun GJ-1 11,400.00
22-Jun GJ-1 2,250.00
23-Jun GJ-1 22,900.00
27-Jun GJ-1 16,040.00
30-Jun GJ-1 9,150.00

GENERAL LEDGER
Account Title: LOANS PAYABLE

Date Particulars P/R Debit Credit

30-Jun GJ-1 500,000.00

GENERAL LEDGER
Account Title: ST. PETER, CAPITAL
Date Particulars P/R Debit Credit

30-Jun Closing Entry GJ-2 28,163.15

GENERAL LEDGER
Account Title: ST. PETER, DRAWING
Date Particulars P/R Debit Credit

GENERAL LEDGER
Account Title: INCOME SUMMARY

Date Particulars P/R Debit Credit

30-Jun Closing Entry GJ-2 67,481.85
30-Jun Closing Entry GJ-2 35,573.70
30-Jun Closing Entry GJ-2 3,745.00
 30-Jun Closing Entry GJ-2 28,163.15

GENERAL LEDGER
Account Title: SALES

Date Particulars P/R Debit Credit

5-Jun GJ-1 16,250.00

9-Jun GJ-1 19,750.00
14-Jun GJ-1 13,575.00
18-Jun GJ-1 12,975.00
25-Jun GJ-1 8,300.00
30-Jun Closing Entry GJ-2 70,850.00

GENERAL LEDGER
Account Title: SALES RETURNS AND ALLOWANCES

Date Particulars P/R Debit Credit

12-Jun GJ-1 2,210.00

26-Jun GJ-1 528.00
30-Jun Closing Entry GJ-2 2,738.00

GENERAL LEDGER
Account Title: SALES DISCOUNTS

Date Particulars P/R Debit Credit

15-Jun GJ-1 325.00
19-Jun GJ-1 175.40
28-Jun GJ-1 129.75
30-Jun Closing Entry GJ-2 630.15

GENERAL LEDGER
Account Title: PURCHASES

Date Particulars P/R Debit Credit

1-Jun GJ-1 44,000.00
3-Jun GJ-1 20,500.00
17-Jun GJ-1 38,940.00
20-Jun GJ-1 11,400.00
30-Jun Closing Entry GJ-2 114,840.00

GENERAL LEDGER
Account Title: PURCHASES RETURNS AND ALLOWANCES

Date Particulars P/R Debit Credit

7-Jun GJ-1 2,900.00
22-Jun GJ-1 2,250.00
27-Jun GJ-1 320.80
30-Jun Closing Entry GJ-2 5,470.80

GENERAL LEDGER
Account Title: PURCHASES DISCOUNTS

Date Particulars P/R Debit Credit

11-Jun GJ-1 880.00
13-Jun GJ-1 176.00
30-Jun GJ-1 274.50
30-Jun Closing Entry GJ-2 1,330.50

GENERAL LEDGER
Account Title: FREIGHT-IN

Date Particulars P/R Debit Credit

1-Jun GJ-1 1,890.00

GENERAL LEDGER
Account Title: FREIGHT-OUT
Date Particulars P/R Debit Credit
5-Jun GJ-1 850.00
9-Jun GJ-1 1,125.00
14-Jun GJ-1 960.00
18-Jun GJ-1 810.00
Account No. 101
RUNNING BALANCE
Debit Credit
1,890.00
2,740.00
3,865.00
46,985.00
64,409.00
65,369.00
49,444.00
50,254.00
32,889.40
27,089.40
49,989.40
65,708.60
52,863.35
61,738.85
438,261.15

Account No. 112

RUNNING BALANCE
Debit Credit
16,250.00
36,000.00
33,790.00
47,365.00
31,115.00
44,090.00
26,550.00
20,750.00
29,050.00
28,522.00
15,547.00

Account No. 115

RUNNING BALANCE
Debit Credit
72,465.00
Account No. 210
RUNNING BALANCE
Debit Credit
44,000.00
64,500.00
61,600.00
17,600.00
-
38,940.00
50,340.00
48,090.00
25,190.00
9,150.00
-

Account No. 220

RUNNING BALANCE
Debit Credit
500,000.00

Account No. 310

RUNNING BALANCE
Debit Credit
28,163.15

Account No. 311

RUNNING BALANCE
Debit Credit
-

Account No. 312

RUNNING BALANCE
Debit Credit
67,481.85
31,908.15
28,163.15
 -

Account No. 410

RUNNING BALANCE
Debit Credit
16,250.00
36,000.00
49,575.00
62,550.00
70,850.00
-

Account No. 411

RUNNING BALANCE
Debit Credit
2,210.00
2,738.00
-

Account No. 412

RUNNING BALANCE
Debit Credit
325.00
500.40
630.15
-

Account No. 510

RUNNING BALANCE
Debit Credit
44,000.00
64,500.00
103,440.00
114,840.00
-
Account No. 511
RUNNING BALANCE
Debit Credit
2,900.00
5,150.00
5,470.80
-

Account No. 512

RUNNING BALANCE
Debit Credit
880.00
1,056.00
1,330.50
-

Account No. 514

RUNNING BALANCE
Debit Credit
1,890.00

Account No. 525

RUNNING BALANCE
Debit Credit
850.00
1,975.00
2,935.00
3,745.00
 St. Peter Merchandising Company
Unadjusted Trial Balance
For the month ended June 30, 2021

110 Cash 438,261.15

112 Account Receivable 15,547.00
115 Merchandise Inventory -
210 Accounts Payable -
220 Loans Payable 500,000.00
310 St. Peter, Capital -
311 St. Peter, Drawing -
312 Income Summary -
410 Sales 70,850.00
411 Sales Returns and Allowances 2,738.00
412 Sales Discounts 630.15
510 Purchases 114,840.00
511 Purchase Returns and Allowances 5,470.80
512 Purchase Discounts 1,330.50
514 Freight-In 1,890.00
525 Freight-Out 3,745.00
577,651.30 577,651.30
-
U
 St. Peter Merchandising Company
Statement of Cost of Goods Sold
For the month ended June 30, 2021

Merchandise Inventory, Beg. -

Add : Purchases 114,840.00
Less : Purchase Returns and Allowances (5,470.80)
Purchase Discounts (1,330.50)
Net Purchases 108,038.70
Add : Freight - In 1,890.00 109,928.70
Goods Available for Sale 109,928.70
Less : Merchandise Inventory, Ending, June 30, 20xx (72,465.00)
Cost of Goods Sold 37,463.70

St. Peter Merchandising Company

Statement of Financial Performance
For the month ended June 30, 2021

Gross Sales 70,850.00

Less : Sales Returns and Allowances (2,738.00)
Sales Discounts (630.15) (3,368.15)
Net Sales 67,481.85
Less : Cost of Goods Sold (37,463.70)
Gross Profit 30,018.15
Less : Expenses
Freight-Out (3,745.00) (3,745.00)
Income from Operations (Net Profit) 26,273.15
 St. Peter Merchandising Company
Statement of Changes in Equity
For the month ended June 30, 2021

St. Peter, Capital, Beg. -

Add : Investment -
Net Profit 26,273.15
Total 26,273.15
Less : Withdrawals -
St. Peter, Capital, Ending, June 30, 20xx 26,273.15

St. Peter Merchandising Company

Statement of Financial Position
As of June 30, 2021

ASSETS
Current Assets
Cash 438,261.15
Accounts Receivable 15,547.00
Merchandise Inventory 72,465.00
Total Current Assets 526,273.15
Non-Current Assets
Total Non-Current Assets -
Total Assets 526,273.15

LIABILITIES and OWNER'S EQUITY

Current Liabilities
Accounts Payable -
Loans Payable 500,000.00
Total Current Liabilities 500,000.00
Non-Current Liabilities
Total Non-Current Liabilities -
Owner's Equity
St. Peter, Capital 26,273.15
Total Liabilities and Owner's Equity 526,273.15
-
 St. Peter Merchandising Company
Statement of Cash Flows
For the month ended June 30, 2021

Cash Flow from Operating Activities:

Cash collected from:
Sales -
Receivable Collection 51,934.85
Refund -
Cash payments:
Prepaid Rent -
Freight - In (1,890.00)
Freight - Out (3,745.00)
Office Supplies -
Goods Bought (108,038.70)
Operating Expenses -
Refund -
Net Cash Flow from Operating Activities
Cash Flow from Investing Activities:
Sale of Asset -
Purchase of Fixed Asset -
Net Cash Flow from Investing Activities
Cash Flow from Financing Activities:
Initial Investment -
Borrowing Loans 500,000.00
Withdrawals -
Net Cash Flow from Financing Activities
Net Increase in Cash and Cash Equivalent
Cash and Cash Equivalent, Beg.
Cash and Cash Equivalent, Ending, January 31, 20xx
 51,934.85

(113,673.70)
(61,738.85)

-
-

500,000.00
500,000.00
438,261.15
-
438,261.15
 CLOSING ENTRIES
GENERAL JOURNAL Page 1
Date Particulars P/R Debit Credit
June 30 Sales 410 70,850.00
Income Sum 312 67,481.85
Sales Return 411 2,738.00
Sales Discou 412 630.15
To close sales account
June 30 Merchandise Inventory, 115 72,465.00
Income Summary 312 35,573.70
Purchase Returns and Al 511 5,470.80
Purchase Discounts 512 1,330.50
Purchases 510 114,840.00
To close purchases account
June 30 Income Summary 312 3,745.00
Freight-Out 525 3,745.00
To close expenses account
June 30 Income Summary 312 28,163.15
St. Peter, Ca 310 28,163.15
To close net income
217,598.15 217,598.15
 St. Peter Merchandising Company
Post Closing Trial Balance
For the month ended June 30, 2021

Cash 440,151.15
Accounts Receivable 15,547.00
Merchandise Inventory 72,465.00
Accounts Payable -
Loans Payable 500,000.00
St. Peter, Capital 28,163.15
528,163.15 528,163.15
-