NAME: ____Kathleen T.

Manuel ______ Course/Year/Section: __ UP-FC1-BSA1-10____

1. Journalizing: (Periodic Inventory Method) GJ- 1

Date Particulars Post Ref Debit Credit
NOV 1 CASH 110 P39,000
JEWEL DRAGON, CAPITAL 300 P39,000
initial investment

2 EQUIPMENT 150 10,000

CASH 110 10,000
purchase of equipment for cash

2 PURCHASES 510 15,900

ACCOUNTS PAYABLE 210 15,900
purchase of inventory on account, terms 2/10 n/30

3 OFFICE SUPPLIES 140 700

CASH 110 700
purchase of supplies for cash

4 ACCOUNTS RECEIVABLE 120 15,200

SALES 410 15,200
sale of inventory on account, terms 2/10 n/30

5 FREIGHT OUT 610 200

CASH 110 200
payment for freight on sale

6 ACCOUNTS PAYABLE 210 300

PURCHASE RETURN AND ALLOWANCES 520 300
returned inventory to supplier

11 ACCOUNTS PAYABLE 210 15,600

PURCHASE DISCOUNT 530 312
CASH 110 15,288
settlement of accounts payable

13 CASH 110 14,896

SALES DISCOUNT 420 304
ACCOUNTS RECEIVABLE 120 15,200
collection of accounts receivable

14 PURCHASES 510 14,400

CASH 110 14,400
purchase of inventory for cash
 15 SALARIES EXPENSE 650 1,500
CASH 110 1,500
payment for salaries

16 CASH 110 12,000

NOTES PAYABLE 220 P 12,000
borrowed cash from bank

17 CASH 110 500

PURCHASE RETURN AND ALLOWANCES 520 500
received cash refund for returned inventories

18 PURCHASES 510 14,200

ACCOUNTS PAYABLE 210 14,200
purchase of inventory on account, terms 2/10 n/30

20 FREIGHT IN 540 P700

CASH 110 P700
payment for freight on purchase

GJ-2
Date Particulars Post Ref Debit Credit
NOV 23 CASH 110 P16,400
SALES 410 P16,400
sold inventory for cash

26 PURCHASES 510 12,300

CASH 110 12,300
purchase of inventory for cash

27 ACCOUNTS PAYABLE 210 9,000

CASH 110 9,000
partial payment for inventory purchased

28 JEWEL DRAGON, DRAWING 310 2,008

CASH 110 2,008
withdrawal of the owner

29 SALES RETURNS AND ALLOWANCES 415 900

CASH 110 900
cash refund to customer for defective inventory
 30 ACCOUNTS RECEIVABLE 120 13,700
SALES 410 13,700
sold inventory on account

30 ADVERTISING EXPENSE 620 P1,000

UTILITIES EXPENSE 630 400
RENT EXPENSE 640 3,500
SALARIES EXPENSE 650 1,500
CASH 110 P6,400
payment for various expenses

2. Posting:
CASH Account No. 110
Date Particulars Post Ref. Debit Credit Balance
Debit Credit
NOV 1 Initial investment GJ-1 39,000 P39,000
2 Purchase of equipment GJ-1 10,000 29,000
3 Purchase of office supplies GJ-1 700 28,300
5 Payment for freight out GJ-1 200 28,100
11 Settlement of accounts payable GJ-1 15,288 12,812
13 Collection of accounts receivable GJ-1 14,896 27,708
14 Purchase of inventory GJ-1 14,400 13,308
15 Payment for salaries GJ-1 1,500 11,808
16 Cash borrowed from bank GJ-1 12,000 23,808
17 Cash refund GJ-1 500 24,308
20 Payment for freight in GJ-1 700 23,608
23 Cash sale GJ-2 16,400 40,008
26 Purchase of inventory GJ-2 12,300 27,708
27 Partial settlement of accounts pay. GJ-2 9,000 18,708
28 Withdrawal of the owner GJ-2 2,008 16,700
29 Cash refund to customer GJ-2 900 15,800
30 Payment for various expenses GJ-2 6,400 P9,400

ACCOUNTS RECEIVABLE Account No. 120

Date Particulars Post Ref. Debit Credit Balance
Debit Credit
NOV 4 Sale of inventory on account GJ-1 15,200 P15,200
13 Collection of accounts receivable GJ-1 15,200 0
30 Sale of inventory on account GJ-2 13,700 P13,700

MERCHANDISE INVENTORY Account No. 130

 Date Particulars Post Ref. Debit Credit Balance
Debit Credit
Nov GJ-3 25,000 25,000
30

OFFICE SUPPLIES Account No. 140

Date Particulars Post Ref. Debit Credit Balance
Debit Credit
NOV 3 Payment for office supplies GJ-1 700 P700

EQUIPMENT Account No. 150

Date Particulars Post Ref. Debit Credit Balance
Debit Credit
NOV 2 Payment for equipment GJ-1 10,000 P10,000
ACCOUNTS PAYABLE Account No. 210
Date Particulars Post Ref. Debit Credit Balance
Debit Credit
NOV 2 Purchase of inventory GJ-1 15,900 P15,900
6 Returned inventory GJ-1 300 15,600
11 Settlement GJ-1 15,600 0
18 Purchase of inventory GJ-1 14,200 14,200
27 Settlement GJ-2 9,000 P5,200

NOTES PAYABLE Account No. 220

Date Particulars Post Ref. Debit Credit Balance
Debit Credit
Nov Borrowed cash from bank GJ-1 12,000 P12,000
16

JEWEL DRAGON, CAPITAL Account No. 300

Date Particulars Post Ref. Debit Credit Balance
Debit Credit
NOV 1 Initial investment GJ-1 39,000 P39,000
30 Closing entry GJ-3 4,608 43,608
30 Closing entry GJ-3 2,008 P41,600

JEWEL DRAGON, DRAWING Account No. 310

Date Particulars Post Ref. Debit Credit Balance
Debit Credit
Nov 28 Withdrawal GJ-2 2,008 P2,008

30 Closing entry GJ-3 2,008 P0

SALES Account No. 410

Date Particulars Post Ref. Debit Credit Balance

Debit Credit
Nov 4 Sale on account GJ-1 15,200 P15,200

23 Cash sale GJ-2 16,400 31,600

30 Sale on account GJ-2 13,700 P45,300

30 Closing entry GJ-3 45,300 P0

SALES RETURNS & ALLOWANCES Account No. 415

Date Particulars Post Ref. Debit Credit Balance
Debit Credit
Nov 29 Cash refund GJ-2 900 P900

30 Closing entry GJ-3 900 P0

SALES DISCOUNT Account No. 420

Date Particulars Post Ref. Debit Credit Balance
Debit Credit
Nov 13 Collection GJ-1 304 P304

30 Closing entry GJ-3 304 P0

PURCHASES Account No. 510

Date Particulars Post Ref. Debit Credit Balance
Debit Credit
Nov 2 Purchase on account GJ-1 15,900 P15,900
14 Purchase for cash GJ-1 14,400 30,000
18 Purchase on account GJ-1 14,200 44,500
26 Purchase for cash GJ-2 12,300 P56,800
30 Closing entry GJ-3 56,800 P0

PURCHASE RETURNS & ALLOWANCES Account No. 520

Date Particulars Post Ref. Debit Credit Balance

Debit Credit

Nov 6 Returned inventory GJ-1 300 P300

17 Received cash refund GJ-1 500 P800

30 Closing entry GJ-3 800 P0

PURCHASE DISCOUNT Account No. 530

Date Particulars Post Ref. Debit Credit Balance

Debit Credit

Nov 11 Settlement of accounts payable GJ-1 312 P312

30 Closing entry GJ-3 312 P0

 FREIGHT IN Account No. 540
Date Particulars Post Ref. Debit Credit Balance
Debit Credit
Nov 20 Payment for freight GJ-1 700 P700

30 Closing entry GJ-3 700 P0

FREIGHT OUT Account No. 610

Date Particulars Post Ref. Debit Credit Balance
Debit Credit
Nov 5 Payment for freight GJ-1 200 P200
30 Closing entry GJ-3 200 P0

ADVERTISING EXPENSE Account No. 620

Date Particulars Post Ref. Debit Credit Balance
Debit Credit
Nov 30 Payment for advertising GJ-2 1,000 P1,000

30 Closing entry GJ-3 1,000 P0

UTILITIES EXPENSE Account No. 630

Date Particulars Post Ref. Debit Credit Balance
Debit Credit
Nov 30 Payment for utilities GJ-2 400 P400

30 Closing entry GJ-3 400 P0

RENT EXPENSE Account No. 640

Date Particulars Post Ref. Debit Credit Balance
Debit Credit
Nov 30 Payment for rent GJ-2 3,500 P3,500

30 Closing entry GJ-3 3,500 P0

SALARIES EXPENSE Account No. 650

Date Particulars Post Ref. Debit Credit Balance
Debit Credit
Nov 15 Payment for salaries GJ-1 1,500 P1,500

30 Payment for salaries GJ-2 1,500 P3,000

30 Closing entry GJ-3 3,000 P0

INCOME SUMMARY Account No. 660

Date Particulars Post Ref. Debit Credit Balance

Debit Credit

Nov 30 To close income and expense GJ-3 4,608 P4,608

account
 To close profit GJ-3 4,608 P0

3. Trial Balance
Jewel Dragon Enterprises
Trial Balance
November 30, 2017
Account Title Debit Credit

Cash P9,400

Account Receivable 13,700

Office Supplies 700

Equipment 10,000

Accounts Payable P5,200

Notes Payable 12,000

Jewel Dragon, Capital 39,000

Jewel Dragon, Drawing 2,008

Sales 45,300

Sales Returns & Allowances 900

Sales Discount 304

Purchases 56,800

Purchase Returns & Allowances 800

Purchase Discount 312

Freight In 700

Freight Out 200

Advertising Expense 1,000

Utilities Expense 400

Rent Expense 3,500

Salaries Expense 3,000

Total P102,612 P102,612

4. Financial Statements

STATEMENT OF COST OF GOODS SOLD

FOR THE MONTH ENDED NOVEMBER 30, 2017

Beginning Inventory P0
Purchases 56,800

Purchases Returns & Allowances (800)

Purchase Discounts (312)

Freight In 700 (412)

Net Cost of Purchases 56,388

Total Goods Available for Sale 56,388

Ending Inventory (25,000)

Cost of Goods Sold P31,388

STATEMENT OF INCOME
FOR THE MONTH ENDED NOVEMBER 30, 2017

Sales P45,300

Sales Returns and Allowances (900)

Sales Discounts (304) (1,204)

Net Sales 44,096

Cost of Goods Sold (31,388)

Gross Profit 12,708

Advertising Expense (1,000)

Utilities Expense (400)

Rent Expense (3,500)

Salaries Expense (3,000)

Freight Out (200)

Total Expenses (8,100)

Net Profit P4,608

STATEMENT OF OWNER’S EQUITY

FOR THE MONTH ENDED NOVEMBER 30, 2017

Jewel Dragon, Owner’s Equity, 11/1/2017 0

Add: Initial Investment 39,000

Profit 4,608

Total 43,608
Less: Withdrawals (2,008)

Jewel Dragon, Owner’s Equity, 11/30/2017 P41,600

STATEMENT OF FINANCIAL POSITION

AS OF NOVEMBER 30, 2017

ASSETS

Current Assets:

Cash P9,400

Accounts Receivable 13,700

Merchandise Inventory 25,000

Office Supplies 700 48,800

Non-current Assets:
Equipment 10,000

TOTAL ASSETS P58,800

LIABILITIES & CAPITAL

Current Liabilities:
Accounts Payable
5,200

Non-current Liabilities:
Notes Payable
12,000

Total Liabilities 17,200

Jewel Dragon, Capital, 11/30/17 41,600

TOTAL LIABILITIES AND OWNER’S EQUITY P58,800

 STATEMENT OF CASH FLOWS
FOR THE MONTH ENDED DECEMBER 30, 2017

Cash flow from Operating Activities:

Cash received from clients P31,296

Cash refund from supplier 500

Payments to suppliers (51,888)

Payments for expenses (8,600)

Cash refund to customer (900)

Net cash provided by (used in) operating activities (29,592)

Cash flow from Investing Activities:

Payment to acquire equipment (10,000)

Net cash provided by (used in) investing activities (10,000)

Cash flow from Financing Activities:

Cash received as investment by owner 39,000

Cash received as borrowing 12,000

Payments for withdrawals by owner (2,008)

Net cash provided by (used in) financing activities 48,992

Net increase (decrease) in Cash 9,400

Cash balance at the beginning of the period -

Cash balance at the end of the period P9,400

5. Closing journal entries:

GJ - 3
Date Particulars Post Ref Debit Credit
Nov. 30 Sales 410 45,300
Merchandise Inventory 130 25,000
Purchase Returns and Allowances 520 800
Purchase Discounts 530 312
Income Summary 660 71,412

Income Summary 660 66,804

Sales Returns and Allowances 415 900
Sales Discounts 420 304
 Purchases 510 56,800
Freight In 540 700
Freight Out 610 200
Advertising Expense 620 1,000
Utilities Expense 630 400
Rent Expense 640 3,500
Salaries Expense 650 3,000

Income Summary 660 4,608

Jewel Dragon, Capital 300 4,608

Jewel Dragon, Capital 300 2,008

Jewel Dragon, Drawing 310 2,008

Jewel Dragon Enterprises

Post-Closing Trial Balance
November 30, 2017
Account Title Debit Credit
Cash P9,400
Accounts Receivable 13,700
Merchandise Inventory 25,000
Office Supplies 700
Equipment 10,000
Accounts Payable 5,200
Notes Payable 12,000
Jewel Dragon, Capital, 11/30/2017 41,600
P58,800 P58,800

CASE 2
What is the CASE 2.1 CASE 2.2 CASE 2.3
January 31 March 31 December 31
ADJUSTING ENTRY DATE

Interest Expense Insurance Expense Supplies

ACCOUNT TITLE DEBITED

Accounts Receivable Prepaid Insurance Supplies Expense

ACCOUNT TITLE CREDITED
Interest Payale
1,000 200 700
AMOUNT