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  • Xyz Company Adjusting Entries

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    This journal entry document records various expenses on 31st including salaries of ₱75,000, insurance of ₱3,000, depreciation of buildings of ₱5,000 and equipment of ₱10,000, supplies of ₱80,000. It also records the cost of goods sold of ₱545,280, returns and allowances of ₱15,000 and discounts of ₱5,720 against purchases of ₱850,000, leaving an inventory of ₱103,000.

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    XYZ COMPANY ADJUSTING ENTRIES

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    This journal entry document records various expenses on 31st including salaries of ₱75,000, insurance of ₱3,000, depreciation of buildings of ₱5,000 and equipment of ₱10,000, supplies of ₱80,000. It also records the cost of goods sold of ₱545,280, returns and allowances of ₱15,000 and discounts of ₱5,720 against purchases of ₱850,000, leaving an inventory of ₱103,000.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    26 views1 page

    Xyz Company Adjusting Entries

    Uploaded by

    Learning Materials
    This journal entry document records various expenses on 31st including salaries of ₱75,000, insurance of ₱3,000, depreciation of buildings of ₱5,000 and equipment of ₱10,000, supplies of ₱80,000. It also records the cost of goods sold of ₱545,280, returns and allowances of ₱15,000 and discounts of ₱5,720 against purchases of ₱850,000, leaving an inventory of ₱103,000.

    Copyright:

    © All Rights Reserved
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    of 1

    POST

    DATE ACCOUNT TITLE/EXPLANATION DEBIT CREDIT


    REF.
    31 Salaries Expense 610 ₱ 75,000.00
    Salaries Payable 220 ₱ 75,000.00

    31 Insurance Expense 630 ₱ 3,000.00


    Prepaid Insurance 150 ₱ 3,000.00

    31 Depreciation Expense - Building 640 ₱ 5,000.00


    Accumulated Depreciation - Building 175 ₱ 5,000.00
    Depreciation Expense - Equipment 750 ₱ 10,000.00
    Accumulated Depreciation - Equipment 185 ₱ 10,000.00

    31 Supplies Expense 620 ₱ 80,000.00


    Supplies 140 ₱ 80,000.00

    31 Merchandise Inventory 130 ₱ 400,000.00


    Cost of Goods Sold 680 ₱ 545,280.00
    Purchase Returns and Allowances 520 ₱ 15,000.00
    Purchase Discounts 530 ₱ 5,720.00
    Purchases 510 ₱ 850,000.00
    Merchandise Inventory 130 ₱ 103,000.00
    Transportation In 540 ₱ 13,000.00

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