GJ-1

Marc Flores "Heartrob" Sari sari store

December 2012
Merchandising

12-1 Invested cash P500,000, Merchandising Inventory P100,000 and Equipment P10,000 for his Sari Sari store.
DATE PARTICULARS R DEBIT CREDIT
12-1-2012 Cash 100 P500,000
Merchandise Inventory 101 100,000
Equipment 102 10,000
Marc Flores, Capital 300 P610,000
To record initial investment

12-2 Purchase merchandise P15,000 on account 2/10, N/30. Freight-in P 200

DATE PARTICULARS R DEBIT CREDIT
12-2-2012 Purchase 500 15,000
Accounts Payable 200 15,000
Freight in 501 200
Cash 100 200
To record purchases

12-8 Fully paid transaction dated 12-2-2012.

DATE PARTICULARS R DEBIT CREDIT
12-8-2012 Accounts Receivable 104 15,000
Cash 100 15,000
To record fully paid transaction

12-9 Purchase merchandise P50,000 cash

DATE PARTICULARS R DEBIT CREDIT
12-9-2012 PURCHASE 500 P50,000
CASH 100 P50,000
To record purchases

12-10 Returned purchased amounting to P10,000 (reference Transaction of Dec 9)

DATE PARTICULARS R DEBIT CREDIT
12-10- Accounts Payable – Marc Flores 200 10,000
2012
PRA 502 10,000
To record PRA

12-15 Paid employee salary P3000

DATE PARTICULARS R DEBIT CREDIT
12-15-2012 Salaries Expense 603 3,000
Cash 100 3,000
To record paid employee salary
 GJ2

12-16 Sold merchandise on account P10,000 2/10, N/30 to Atty. Alvin Basa.
DATE PARTICULARS R DEBIT CREDIT
12-16-2012 Accounts Receivable 104 10,000
Sales 400 10,000
To record sales

12-17 Returned sold items P5000 from Atty. Alvin Basa.

DATE PARTICULARS R DEBIT CREDIT
12-17-2012 SRA 104 5,000
Accounts Receivable 401 5,000
To record returned sold items

12-18 Received full payment from Atty Alvin Basa

DATE PARTICULARS R DEBIT CREDIT
12-18-2012 Cash 100 10,000
Account Receivable 104 10,000
To record full payment

12-19 Settled the following expenses: Monthly Rental P 1500, and Utilities expense P 500
DATE PARTICULARS R DEBIT CREDIT
12-19-2012 Rent expense 600 1,500
Utilities Expense 601 500
Cash 100 2,000
To record monthly rental and utilities
expense

12-31 Owner's withdrawal P200

DATE PARTICULARS R DEBIT CREDIT
12-31-2012 Owner’s Withdrawal 301 200
Cash 100 200
To record Owner’s Withdrawal
 GENERAL LEDGER
Account title: CASH Account #: 100

DATE PARTICULARS F DEBIT CREDIT BALANCE

12-1-2012 Initial Investment GJ1 P 500,000 P 500,000

12-2-2012 Purchases GJ1 P200 499,800

12-08-2012 Fully paid transaction GJ1 15,000 484,800

12-09-2012 Purchases GJ1 50,000 434,800

12-15-2012 Paid employee salary GJ1 3,000 431,800

12-18-2012 Full payment GJ2 10,000 441,800

12-19-2012 Monthly rental and GJ2 2,000 439,800

utilities expense

12-31-2012 Owner’s Withdrawal GJ2 200 439,600

Account title: MERCHANDISE INVENTORY Account #: 101

DATE PARTICULARS F DEBIT CREDIT BALANCE

12-1-2012 Initial Investment GJ1 P100,000 P100,000

Account title: ACCOUNTS RECEIVABLE Account #: 104

DATE PARTICULARS F DEBIT CREDIT BALANCE

12-8-2012 Fully paid transaction GJ1 P15,000 P15,000

12-16-2012 Sales GJ2 10,000 25,000

12-17-2012 Returned sold items GJ2 5,000 20,000

12-18-2012 Full payment GJ2 10,000 10,000

Account title: EQUIPMENT Account #: 102

DATE PARTICULARS F DEBIT CREDIT BALANCE

12-1-2012 INITIAL INVESTMENT GJ1 P10,000 P10,000

Account title: ACCOUNTS PAYABLE Account #: 200

DATE PARTICULARS F DEBIT CREDIT BALANCE

12-02-2012 Purchases GJ1 P15,000 P15,000

12-10 -2012 PRA GJ1 P10,000 5,000

Account title: OWNER’S CAPITAL Account #: 300

DATE PARTICULARS F DEBIT CREDIT BALANCE

12-1-2012 Initial Investment GJ1 P610,000 P610,000

Account title: OWNER’S WITHDRAWAL Account #: 301

DATE PARTICULARS F DEBIT CREDIT BALANCE

12-31-2012 Owner’s Withdrawal GJ2 P200 P200

Account title: SALES Account #: 400

DATE PARTICULARS F DEBIT CREDIT BALANCE

12-16-2012 Sales GJ2 P10,000 P10,000

Account title: SRA Account #: 401

DATE PARTICULARS F DEBIT CREDIT BALANCE

12-17-2012 Returned sold items GJ2 P5,000 P5,000

Account title: PURCHASES Account #: 500

DATE PARTICULARS F DEBIT CREDIT BALANCE

12-2-2012 Purchases GJ1 P15,000 P15,000

12-09-2012 Purchases GJ1 50,000 65,000

Account title: FREIGHT IN Account # 501

DATE PARTICULARS F DEBIT CREDIT BALANCE

12-2-2012 Purchases GJ1 P 200 P 200

Account title: Purchase Return & Allowances (PRA) Account # 502

DATE PARTICULARS F DEBIT CREDIT BALANCE

12-10-2012 PRA GJ1 P10,000 P10,000

Account title: Rent expense Account #: 600

DATE PARTICULARS F DEBIT CREDIT BALANCE

12-19-2012 Monthly rental and GJ2 P1,500 P1,500

utilities expense

ACCT TITLE: SALARIES EXPENSE Account #: 603

DATE PARTICULARS F DEBIT CREDIT BALANCE

12-15-2012 Paid employee salary GJ1 P3,000 P3,000

ACCOUNT TITLE: UTILITIES EXPENSE Account #: 601

DATE PARTICULARS F DEBIT CREDIT BALANCE

12-19-2012 Monthly rental and GJ2 P500 P500

utilities expense

TRIAL BALANCE

Account number Account’s Title DEBIT CREDIT

100 CASH P439,600
101 MERCHANDISE INVENTORY 100,000
102 ACCOUNTS RECEIVABLE 10,000
103 EQUIPMENT 10,000
201 ACCOUNTS PAYABLE P5,000
300 OWNER’S CAPITAL 610,000
301 OWNER’S WITHDRAWAL 200
400 SALES 10,000
401 SALES RETURN & 5,000
ALLOWANCES
402 SALES DISCOUNT
500 PURCHASES 65,000
501 FREIGHT- IN 200
502 PURCHASE RETURN & 10,000
ALLOWANACES
600 RENT EXPENSE 1,500
601 UTILITIES EXPENSE 500
603 SALARIES EXPENSE 3,000
BALANCE 635,000 635,000