Nicolle N.

Amoyan
BSA-1C General Journal- Entity A
Date
Particulars/Explanation
20x1
Perpetual system
Jan. 1 Inventory
Accounts payable
to record the purchase of goods on account
2 Inventory
Cash
to record the payment of freight
3 Accounts payable
Inventory
to record the returned damaged goods
4 Accounts receivable
Sales

Cost of goods sold

Inventory
to record the sales of goods on credit
5 Sales returns
Accounts receivable

Inventory
Cost of goods sold
to record the returned goods from costumer
 General Journal- Entity A

Particulars/Explanation Debit Credit

Periodic system
Purchases PHP 130,000.00
Accounts payable PHP 130,000.00
to record the purchase of goods on account
Freight-in 5,000
Cash 5,000
to record the payment of freight
Accounts payable 3,000
Purchase returns 3,000
to record the returned damaged goods
Accounts receivable 320,000
Sales 320,000
to record the sales of goods on credit
128,000
128,000

Sales returns 1,000

Accounts receivable 1,000
to record the returned goods from costumer
2,500
2,500
 Cost of goods sold
Perpetual system
Inventory
beg. Bal PHP 9,000
(1) Purchases 130,000 PHP 3,000.00 (3)Purchase returns
(2)Freight-in 5,000 127,000 (4) Cost of goods sold
(5) Sales returns 1,000
15,000 end. bal.

Cost of goods sold

(4) Cost of goods sold PHP 128,000.00

PHP 1,000.00
127,000

Periodic system
Beginning Inventory PHP 9,000.00
Purchases (1) PHP 130,000.00
Freight-in (2) 5,000
Purchase returns (3) (3,000)
Purchse Discounts -
Net Purchases 132,000.00
Total goods available for sale 141,000
Ending Inventory (14,000 per physical count) (14,000)
Cost of goods sold PHP 127,000.00
 Entity A
Statement of Cost of goods sold and Gross profit
For the period ended Januanry 31, 20x1

Sales
Cost of goods sold:
Beginning Inventory PHP 9,000
Add: Net Purchases 132,000
Total goods available for sale PHP 141,000
Less: Ending Inventory (16,500)
Gross Profit

(5) Sales returns

end. bal.

end. bal.
 T- account Analysis
ld and Gross profit Inventory
uanry 31, 20x1 4 Beg. 20,000
Net purchases 210,000 190,000
PHP 319,000 40,000

Inventory
5 Beg. 40,000
Net purchases 270,000 230,000
(124,500) 80,000
PHP 443,500
Inventory
6 Beg. 30,000
Net purchases 260,000 270,000
20,000

Inventory
7 Beg. 30,000
Net purchases 170,000 140,000
60,000

Inventory
8 Beg. 0
Net purchases 130,000 140,000
70,000
210,000
alysis
Inventory
9 Beg. 0
Cost of good sold Net purchases 130,000 60,000 Cost of good sold
end. 70,000 end.

10 Inventory
Beg. 0
Cost of good sold Net purchases 180,000 170,000 Cost of good sold
end. 10,000 end.

11 Inventory
Beg. 50,000
Cost of good sold Net purchases 0 170,000 Cost of good sold
end. 40,000 end.
210,000 TGAS

12 Inventory
Cost of good sold Beg. 70,000
end. Net purchases 150,000 170,000 Cost of good sold
50,000 end.
170,000 TGAS

Cost of good sold

end.
TGAS
 General Journal- Entity B
Date
Particulars/Explanation
20x1
Perpetual system
Jan. 1 Inventory
Accounts payable
to record the purchase of goods on account
2 Inventory
Cash
to record the payment of freight
3 Accounts payable
Inventory
to record the returned damaged goods
4 Cash
decrease Sales

Cost of goods sold

Inventory
to record the sales of goods
5 Sales returns
derease Cash

Inventory
Cost of goods sold
to record the returned goods from costumer
6 Accounts payable
Cash
to record the payment of accounts
7 Utilities expense
Cash
to record the payment of utilities
 General Journal- Entity B

Particulars/Explanation Debit Credit

Periodic system
Purchases PHP 160,000.00
Accounts payable PHP 160,000.00
to record the purchase of goods on account
Freight-in 3,000
Cash 3,000
to record the payment of freight
Accounts payable 2,000
Purchase returns 2,000
to record the returned damaged goods
Cash 270,000
Sales 270,000
to record the sales of goods
180,000
180,000

Sales returns 6,000

Cash 6,000
to record the returned goods from costumer
4,000
4,000

Accounts payable 180,000

Cash 180,000
to record the payment of accounts
Utilities expense 20,000
Cash 20,000
to record the payment of utilities
 General Journal- Entity A
Date
Particulars/ Explanation
20x1
Perpetual system
1 Inventory
Accounts payable
to record the purchase of goods on account
2 Inventory
Cash
to record the payment of freight
3 Accounts payable
Inventory
to record the returned damaged goods
4 Accounts receivable
Sales

Cost of goods sold

Inventory
to record the sales of goods on credit
5 Sales returns
Accounts receivable

Inventory
Cost of goods sold
to record the returned goods from costumer
 General Journal- Entity A

Particulars/ Explanation Debit Credit

Periodic system
Purchases 90,000
Accounts payable 90,000
to record the purchase of goods on account
Freight-in 7,000
Cash 7,000
to record the payment of freight
Accounts payable 2,000
Purchase returns 2,000
to record the returned damaged goods
Accounts receivable 132,000
Sales 132,000
to record the sales of goods on credit
80,000
80,000

Sales returns 6,000

Accounts receivable 6,000
to record the returned goods from costumer
9,000
9,000
 Cost of goods sold
Perpetual system
Inventory
beg. Bal
(1) Purchases PHP 90,000 PHP 2,000.00 (3)Purchase returns
(2)Freight-in 7,000 80,000 (4) Cost of goods sold
(5) Sales returns 6,000
21,000 end. bal.

Cost of goods sold

(4) Cost of goods sold PHP 80,000.00

PHP 6,000.00 (5) Sales returns
74,000 end. bal.

Periodic system
Beginning Inventory
Purchases (1) PHP 90,000.00
Freight-in (2) 7,000
Purchase returns (3) (2,000)
Purchse Discounts -
Net Purchases 95,000.00
Total goods available for sale 95,000
Ending Inventory (21,000 per physical count) (21,000)
Cost of goods sold PHP 74,000.00 end. bal.
 General Journal- Entity A
Date
Particulars/ Explanation
20x1
Perpetual system
1 Inventory
Accounts payable
to record the purchase of goods on account
2 Inventory
Cash
to record the payment of freight
3 Accounts payable
Inventory
to record the returned damaged goods
4 Accounts receivable
Sales

Cost of goods sold

Inventory
to record the sales of goods on credit
5 Sales returns
Accounts receivable

Inventory
Cost of goods sold
to record the returned goods from costumer
 General Journal- Entity A

Particulars/ Explanation Debit Credit

Periodic system
Purchases 120,000
Accounts payable 120,000
to record the purchase of goods on account
Freight-in 12,000
Cash 12,000
to record the payment of freight
Accounts payable 2,400
Purchase returns 2,400
to record the returned damaged goods
Accounts receivable 147,000
Sales 147,000
to record the sales of goods on credit
98,400
98,400

Sales returns 7,200

Accounts receivable 7,200
to record the returned goods from costumer
10,000
10,000
 Cost of goods sold
Perpetual system
Inventory
beg. Bal PHP 6,200
(1) Purchases 120,000 PHP 2,400.00
(2)Freight-in 12,000 98,400
(5) Sales returns 7,200
44,600

Cost of goods sold

(4) Cost of goods sold PHP 98,400.00

Periodic system
Beginning Inventory
Purchases (1) PHP 120,000
Freight-in (2) 12,000
Purchase returns (3) (2,400)
Purchse Discounts -
Net Purchases
Total goods available for sale
Ending Inventory (21,000 per physical count)
Cost of goods sold
 (3)Purchase returns
(4) Cost of goods sold

end. bal.

Cost of goods sold

PHP 7,200.00 (5) Sales returns

91,200 end. bal.

PHP 6,200.00

129,600.00
135,800
(44,600)
PHP 91,200.00 end. bal.