Perpetual Method

PERFORMANCE TASK IN FABM 2
GRADE AND SECTION: 12 ABM-DOLLAR

GROUP MEMBERS:
•PELIT, HONEY MAE Q.
•PETALLAR, GIERA MAE
•CAÑETE, NIÑA VINCE
•CAMELLO, VICTORIA JANA
•GEONZON, NICOLE MAE
PERPETUAL METHOD
JOURNAL ENTRIES:
PAGE 1
GENERAL JOURNAL
DATE PARTICULARS P.R. DEBIT CREDIT
2018
Jan. 1 Cash 101 PHP 100,000
E. Montero, Capital 301 PHP 100,000
Initial investment
Merchandise Inventory 104 30,000
Accounts Payable 201 30,000
Purchase merchandise on
account: 2/10, n/30
3 Cash 101 15,000
Sales 401 15,000
Sold merchandise
Cost of Goods Sold 501 8,000
Cost of sold goods
5 Accounts Receivable 102 12,000
Sales 401 12,000
Sold merchandise on account term: 2/10, n/30,
FOB Destination
Cost of sold goods
6 Freight Out 516 500
Cash 101 500
Paid freight on sold merchandise
Received credit for merchandise returned
10 Merchandise Inventory 104 25,000
Cash 101 25,000
Purchase merchandise
11 Accounts Payable 201 28,800
Cash 101 28,224
Merchandise Inventory 401 576
Full payment to supplier

Supplies 103 2,000
Cash 101 2,000
Purchase supplies
13 Merchandise Inventory 104 30,000
Cash 101 30,000
Purchase merchandise
14 Accounts Receivable 102 24,000
Sales 401 24,000
Sold merchandise on account: 2/10, n/30,FOB
Destination
Cost of sold goods
15 Cash 101 11,760
Sales Discounts 413 240
Accounts Receivable 102 12,000
Collected from January 5 customers
Salaries Expense 512 6,500
Cash 101 6,500
Paid salaries
PAGE 2
GENERAL JOURNAL
2018
Jan. 16 Sales Returns and Allowances 412 1,000
Issued a credit memo for unsatisfactory goods
returned
Cost of Goods Sold 501 600
Value of returned goods
17 Cash 101 700
Cash refund from supplier
18 E. Montero, Drawing 302 12,000
Cash 101 12,000
E. Montero got cash from the business
19 Equipment 115 15,000
Cash 101 15,000
Purchase office equipment
Purchase of merchandise on account:
2/10, n/30
20 Cash 101 50,000
Notes Payable 212 50,000
Borrowed money and issued a promissory note

22 Merchandise Inventory 104 750
Cash 101 750
Paid freight on purchased merchandise
25 Cash 101 33,000
Sales 401 33,000
Sold merchandise
Cost of sold goods
Cash 101
Partial payment to supplier 10,000
29 Sales Returns and Allowances 412 1,500
Cash 101 1,500
Made refund to cash customer
30 Cash 101 22,540
Sales Discounts 413 460
Payment from customer
Sales 401
Sold merchandise on account 13,500

Cost of Goods Sold
31 Salaries Expense 512 6,500
Rent Expense 513 7,000
Utilities Expense 515 1,500
Advertising Expense 514 1,200
Cash 101 16,200
Paid various expenses
POST IN THE LEDGER:

CASH ACCOUNT NO. 101
BALANCE
DATE PARTICULARS J.R. DEBIT CREDIT DEBIT CREDIT
01-Jan. J1 PHP 100,000 PHP 100,000
03-Jan. J1 15,000 115,000
06-Jan. J1 500 114,500
10-Jan. J1 25,000 89,500
11-Jan. J1 28,224 61,276
11-Jan. J1 2,000 59,276
13-Jan. J1 30,000 29,276
15-Jan. J1 11,760 41,036
15-Jan. J1 6,500 34,536
17-Jan. J2 700 35,236
18-Jan. J2 12,000 23,236
19-Jan. J2 15,000 8,236
20-Jan. J2 50,000 58,236
22-Jan. J2 750 57,486
25-Jan. J2 33,000 90,486

25-Jan. J2 10,000 80,486
29-Jan. J2 1,500 78,986
30-Jan. J2 22,540 101,526
31-Jan. J2 16,200 85,326
ACCOUNTS RECEIVABLE ACCOUNT NO. 102
BALANCE
05-Jan. J1 12,000 12,000
14-Jan. J1 24,000 36,000
15-Jan. J1 12,000 24,000
16-Jan. J2 1,000 23,000
30-Jan. J2 23,000 0
30-Jan. J2 13,500 13,500
SUPPLIES ACCOUNT NO. 103
BALANCE
11-Jan. J1 2,000 2,000
MERCHANDISE INVENTORY ACCOUNT NO. 104
BALANCE
01-Jan. J1 30,000 30,000
03-Jan. 8,000 22,000
05-Jan. 6,500 15,500
06-Jan. 1,200 14,300
10-Jan. 25,000 39,300
11-Jan. 576 38,724
13-Jan. 30,000 68,724

14-Jan. 12,700 56,024
16-Jan. 600 56,624
17-Jan. 700 55,924
19-Jan. 18,000 73,924
22-Jan. 750 74,674
25-Jan. 18,300 56,374
30-Jan. 7,200 49,174
EQUIPMENT ACCOUNT NO. 115
BALANCE
19-Jan. J2 15,000 15,000
ACCOUNTS PAYABLE ACCOUNT NO. 201
BALANCE
01-Jan. J1 30,000 30,000
06-Jan. J1 1,200 28,800
11-Jan. J1 28,800 0
19-Jan. J2 18,000 18,000
25-Jan. J2 10,000 8,000
NOTES PAYABLE ACCOUNT NO. 212
BALANCE
20-Jan. J2 50,000 50,000
E. MONTERO, CAPITAL ACCOUNT NO.301

BALANCE
01-Jan. J1 100,000 100,000
31-Jan. CLOSING ENTRY J3 19,000 119,000
E. MONTERO, DRAWING ACCOUNT NO. 302
BALANCE
18-Jan. J2 12,000 12,000
31-Jan. CLOSING ENTRY J3 12,000 0
SALES ACCOUNT NO. 401
BALANCE
03-Jan. J1 15,000 15,000
05-Jan. J1 12,000 27,000
14-Jan. J2 24,000 51,000
25-Jan. J2 33,000 84,000
30-Jan. J2 13,500 97,500
SALES RETURNS AND ALLOWANCES ACCOUNT NO. 412
BALANCE
16-Jan. J2 1,000 1,000
29-Jan. J2 1,500 2,500
SALES DISCOUNTS ACCOUNT NO.413

BALANCE
DATE PARTICULARS J.R. DEBIT CREDIT DEBIT
15-Jan. J1 240 240
30-Jan. J2 460 700
31-Jan. CLOSING ENTRY J3 700 0
COST OF GOODS SOLD ACCOUNT NO. 501
BALANCE
03-Jan. J1 8,000 8,000
05-Jan. J1 6,500 14,500
14-Jan. J1 12,700 27,200
16-Jan. J2 600 26,600
25-Jan. J2 18,300 44,900
30-Jan. J2 7,200 52,100
SALARIES EXPENSE ACCOUNT NO. 512
BALANCE
15-Jan. J1 6,500 6,500
31-Jan. J2 6,500 13,000
RENT EXPENSE ACCOUNT NO.513
BALANCE
31-Jan. J2 7,000 7,000

ADVERTISING EXPENSE ACCOUNT NO. 514
BALANCE
31-Jan. J2 1,200 1,200
UTILITIES EXPENSE ACCOUNT NO. 515
BALANCE
31-Jan. J2 1,500 1,500
FREIGHT OUT ACCOUNT NO. 516
BALANCE
06-Jan. J1 500 500
31-Jan. CLOSING ENTRY J3 500 0
INCOME SUMMARY ACCOUNT NO. 600
BALANCE
PREPARE UNADJUSTED TRIAL BALANCE:

Venus Wholesale Supply
TRIAL BALANCE
January 31, 2018
ACCOUNT CODE ACCOUNT TITLES DEBIT CREDIT
101 Cash PHP 85,326
102 Accounts Receivable 13,500
103 Supplies 2,000
104 Merchandise Inventory 49,174
115 Equipment 15,000
201 Accounts Payable 8,000
212 Notes Payable 50,000
301 E. Montero, Capital 100,000
302 E. Montero, Drawing 12,000
401 Sales 97,500
412 Sales Returns and Allowances 2,500
413 Sales Discounts 700
512 Salaries Expense 13,000
513 Rent Expense 7,000
514 Advertising Expense 1,200
515 Utilities Expense 1,500
516 Freight Out 500
704 Freight Out 750
TOTAL PHP 255,500 PHP 255,500
PREPARE FINANCIAL STATEMENT REPORTS:

STATEMENT OF COMPREHENSIVE INCOME
For the Month Ended January 31,2018
Net Sales PHP 94,300
Less: Cost of Goods Sold -52,100
Gross Profit 42,200

Less: Operating Expenses
Salaries Expense -13,000
Rent Expense -7,000
Advertising Expense -1,200
Utilities Expense -1,500
Freight Out -500 -23,200
Net Income PHP 19,000
STATEMENT OF CHANGES IN EQUITY
E. Montero, Capital, 01/01/2018 PHP 100,000
Add: Net Income 19,000
Total 119,000
Less: E. Montero, Drawing -12,000
E Montero, Capital, 01/31/2018 PHP 107,000
STATEMENT OF FINANCIAL POSITION
As of January 31,2018
ASSETS
Current Assets:
Cash and Cash Equivalents PHP 85,326
Receivables 13,500
Prepaid Expenses 2,000
Inventories 49,174
Total Current Assets PHP 150,000
Non-Current Assets:
Property, Plant and Equipment 15,000

Total Non-Current Assets 15,000
TOTAL ASSETS PHP 165,000
LIABILITIES
Current Liabilities:
Accounts Payable 8,000
Total Current Liabilities 8,000
Non-Current Liabilities:
Notes Payable 50,000
Total Non-Current Liabilities 50,000
TOTAL LIABILITIES 58,000
OWNER'S EQUITY
E. Montero, Capital, 01/31/2018 107,000
TOTAL LIABILITIES AND OWNER'S EQUITY PHP 165,000
STATEMENT OF CASH FLOW
ASSETS
Cash flow from Operating Activities:
Cash Sales 48,000
Cash received from credit customers 34,300
Payments for good/supplies -38,224
Payments for freight in -750
Payments for refund to customer or from supplier -800
Payments to employees -13,000
Payments for rent -7,000
Payments for utilities -1,500
Payments for advertising -1,200
Payments for freight out -500

Net cash provided by (used in) operating activities PHP 19,326
Cash flow from Investing Activities:
Payments to acquire office equipment -15,000
Payments to acquire supplies -2,000
Payments to acquire merchandise -55,000
Net cash provided by (used in) investing activities 72,000
Cash flow from Financing Activities:
Cash received as investment by the owner 100,000
Cash received from borrowings 50,000
Payments for withdrawal by the owner -12,000
Net cash provided by (used in) financing activities 138,000
Net Increase (Decrease) in Cash 85,326
Cash at the beginning of the period 0
Cash balance at the end of the period PHP 85,326
CLOSING ENTRIES:
PAGE 3
GENERAL JOURNAL FOR CLOSING ENTRIES
2018
Jan. 31 Sales 401 97,500
Sales Returns and Allowances 413 2,500
Sales Discounts 700
Income Summary 600 94,300
To close income and contra accounts to income
summary
To close cost of goods sold to income summary
Salaries Expense 512 13,000
Rent Expense 513 7,000
Advertising Expense 514 1,200
Utilities Expense 515 1,500
Freight Out 516 500
To close various expenses to income summary
E. Montero, Capital 301 19,000
To close income summary to capital account
E. Montero, Capital 301 12,000
E. Montero, Drawing 302 12,000
To close drawing to capital account
POST-CLOSING TRIAL BALANCE:

POST-CLOSING TRIAL BALANCE
January 31, 2018
ACCOUNT CODE ACCOUNT TITLES DEBIT CREDIT
101 Cash PHP 85,326

102 Accounts Receivable 13,500
103 Supplies 2,000
104 Merchandise Inventory 49,174
115 Equipment 15,000
201 Accounts Payable 8,000
212 Notes Payable 50,000
301 E. Montero, Capital 107,000
TOTAL PHP 165,000 PHP 165,000

Perpetual Method

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PERFORMANCE TASK IN FABM 2

GRADE AND SECTION: 12 ABM-DOLLAR

DATE PARTICULARS P.R. DEBIT CREDIT

Jan. 1 Cash 101 PHP 100,000

E. Montero, Capital 301 PHP 100,000

Merchandise Inventory 104 30,000

Accounts Payable 201 30,000

account: 2/10, n/30

3 Cash 101 15,000

Sales 401 15,000

Merchandise Inventory 104 8,000

Cost of sold goods

5 Accounts Receivable 102 12,000

Sales 401 12,000

Sold merchandise on account term: 2/10, n/30,

Cost of Goods Sold 501 6,500

Merchandise Inventory 104 6,500

Cost of sold goods

6 Freight Out 516 500

Cash 101 500

Paid freight on sold merchandise

Accounts Payable 201 1,200

Merchandise Inventory 104 1,200

Received credit for merchandise returned

10 Merchandise Inventory 104 25,000

Cash 101 25,000

11 Accounts Payable 201 28,800

Cash 101 28,224

Merchandise Inventory 401 576

Full payment to supplier

Cash 101 2,000

13 Merchandise Inventory 104 30,000

Cash 101 30,000

14 Accounts Receivable 102 24,000

Sales 401 24,000

Sold merchandise on account: 2/10, n/30,FOB

Cost of Goods Sold 501 12,700

Merchandise Inventory 104 12,700

Cost of sold goods

15 Cash 101 11,760

Sales Discounts 413 240

Accounts Receivable 102 12,000

Collected from January 5 customers

Salaries Expense 512 6,500

Cash 101 6,500

DATE PARTICULARS P.R. DEBIT CREDIT

Accounts Receivable 102 1,000

Issued a credit memo for unsatisfactory goods

Merchandise Inventory 104 600

Cost of Goods Sold 501 600

Value of returned goods

17 Cash 101 700

Merchandise Inventory 104 700

Cash refund from supplier

18 E. Montero, Drawing 302 12,000

Cash 101 12,000

E. Montero got cash from the business

19 Equipment 115 15,000

Cash 101 15,000

Purchase office equipment

Merchandise Inventory 104 18,000

Accounts Payable 201 18,000