J.

Dela Cruz Merchandising

Trial Balance
As of November 30,2019

Cash P 889,000
Accounts Receivable 76,500
Merchandise Inventory 45,800
Supplies 23,900
Accounts Payable P 51,675
J. Dela Cruz, Capital 983,525

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Transactions completed during the month of December were as follows:

December 1 Purchased merchandise from ABC Wholesaler, P59,000,with terms 2/10, 1/20, n/30
Paid 3 months of rent for P 24,000
Purchased equipment for P 115,275 paying half in cash and the other half on accounts
with note.
2 Paid delivery of merchandise purchased from ABC Wholesaler, P 1,250.
3 Sold merchandise for cash, P 18,000
4 Purchased merchandise for P 16,000 on credit from DEF Store. Terms: P3,500 down,
balance 2/20, 1/30, n/60.
5 Returned to ABC Wholesaler P1,800 worth of defective products.
6 DEF Store sent a credit memo for a defective products, P2,000.
7 Sold P 25,000 merchandise on credit to Mr. Reyes. Terms: 2/10, 1/20, n/30, FOB
Destination.
8 Paid the delivery fee of the merchandise sold to Mr. Reyes, P 1,350.
9 Received cash from customers from merchandise sold, P 23,800
12 Mr. Reyes returned defective merchandise, P1,500.
18 Received from Mr.Reyes the full payment of its account.
22 Paid the account due to ABC Wholesaler.
27 Paid the balance to DEF Store.
28 Sold merchandise for cash , P 91,500.
30 Paid cash for the following:
Employees’ Salaries – P 23,000
Electricity Bill – P 5,800
Water Bill – P 1,212.24
Internet – P 1,500
Additional Information:

 A physical count shows that the cost of the year's ending inventory is P 40,000
 Supplies remaining amount to P 20,000
 Rent paid on Dec 1 is good for 3 months
  Equipment purchased on Dec 1 has a salvage value of P 45,000 and an estimated useful life
of 10 years
Required: Prepare the financial statement of J. Dela Cruz Merchandising for the year 2019