GENERAL JOURNAL

GENERAL JOURNAL
PAGE NUMBER GJ-1
With Explanations

CURRENT JOURNAL ENTRIES

DATE DESCRIPTION REF DEBIT CREDIT
2018
June 1 Cash 101 P 500000
Tee Capital 301 P 500000
Explanation

2 Equipment 105 15000

Accounts Payable 201 15000
Explanation

3 Purchases 501 30000

Accounts Payable 201 30000
Explanation

5 Supplies 104 2000

Cash 101 2000
Explanation

7 Accounts Payable 201 30000

Purchase Discounts 503 900
Cash 101 29100
Explanation

8 Accounts Receivable 102 70000

Sales 401 70000
Explanation

9 Freight In 504 1500

Cash 101 1500
Explanation

10 Purchases 501 30000

Cash 101 30000
Explanation

11 Sales Returns and Allowances 402 4000

Accounts Receivable 102 4000
Explanation
 GENERAL JOURNAL

GENERAL JOURNAL
PAGE NUMBER GJ-2
With Explanations

CURRENT JOURNAL ENTRIES

DATE DESCRIPTION REF DEBIT CREDIT
2018
June 12 Cash 101 P 64680
Sales Discount 403 1320
Accounts Receivable 102 P 66000
Explanation

13 Cash 101 30000

Notes Payable 202 30000
Explanation

14 Cash 101 4000

Purchases Returns and Allowances 502 4000
Explanation

15 Accounts Receivable 102 55000

Sales 401 55000
Explanation

15 Freight Out 509 1500

Cash 101 1500
Explanation

16 Salaries Expense 507 20000

Cash 101 20000
Explanation

19 Purchases 501 35000

Accounts Payable 201 35000
Explanation

20 Accounts Payable 201 2500

Purchases Returns and Allowances 502 2500
Explanation

23 Supplies 104 5000

Accounts Payable 201 5000
Explanation
 GENERAL JOURNAL

GENERAL JOURNAL
PAGE NUMBER GJ-3
With Explanations

CURRENT JOURNAL ENTRIES

DATE DESCRIPTION REF DEBIT CREDIT
2018
June 26 Cash 101 P 30000
Sales 401 P 30000
Explanation

27 Sales Returns and Allowances 402 3000

Cash 101 3000
Explanation

28 Tee Drawings 302 5000

Cash 101 5000
Explanation

30 Salaries Expense 507 20000

Rent Expense 506 5000
Advertising Expense 505 2000
Utilities Expense 508 2000
Cash 101 29000
Explanation
 GENERAL LEDGER

GENERAL LEDGER
PAGE NUMBER GL-1
Account 101 CASH
Date Item Post Debit Credit Balance
2018 Debit Credit
June 1 Investment GJ-1 500000 500000
5 Supplies GJ-1 2000 498000
7 Merchandise GJ-1 29100 468900
9 Freight In GJ-1 1500 467400
10 Merchandise GJ-1 30000 437400
12 From Receivable GJ-2 64680 502080
13 Borrowed Money GJ-2 30000 532080
14 Purchases Returns GJ-2 4000 536080
15 Freight Out GJ-2 1500 534580
16 Salaries GJ-1 20000 514580
26 Sales GJ-3 30000 544580
27 Sales Returns GJ-3 3000 541580
28 Drawings GJ-3 5000 536580
30 Operating Expense GJ-3 29000 507580

Account 102 ACCOUNTS RECEIVABLE

Date Item Post Debit Credit Balance
2018 Debit Credit
June 8 Receivables GJ-1 70000 70000
11 Receivables GJ-1 4000 66000
12 Receivables GJ-2 66000 0
15 Receivables GJ-2 55000 55000

Account 103 MERCHANDISE INVENTORY

Date Item Post Debit Credit Balance
2018 Debit Credit
June 30 Closing GJ-4 8000 8000
 GENERAL LEDGER

GENERAL LEDGER
PAGE NUMBER GL-2
Account 104 SUPPLIES
Date Item Post Debit Credit Balance
2018 Debit Credit
June 5 Supplies GJ-1 2000 2000
23 Supplies GJ-2 5000 7000

Account 105 EQUIPMENT

Date Item Post Debit Credit Balance
2018 Debit Credit
June 2 Equipment GJ-1 15000 15000

Account 201 ACCOUNTS S PAYABLE

Date Item Post Debit Credit Balance
2018 Debit Credit
June 3 Merchandise GJ-1 30000 30000
2 Equipment GJ-1 15000 45000
7 Payment GJ-1 30000 15000
19 Merchandise GJ-2 35000 50000
20 Purchases Returns GJ-2 2500 47500
23 Supplies GJ-2 5000 52500

Account 202 NOTES PAYABLE

Date Item Post Debit Credit Balance
2018 Debit Credit
June 13 Notes Payable GJ-2 30000 30000
 GENERAL LEDGER

GENERAL LEDGER
PAGE NUMBER GL-3
Account 301 TEE CAPITAL
Date Item Post Debit Credit Balance
2018 Debit Credit
June 1 Tee Capital GJ-1 500000 500000
30 Closing GJ-4 15080 515080
30 Closing GJ-4 5000 510080

Account 302 TEE DRAWINGS

Date Item Post Debit Credit Balance
2018 Debit Credit
June 28 Tee Drawings GJ-3 5000 5000
30 Closing GJ-4 5000 0

Account 401 SALES

Date Item Post Debit Credit Balance
2018 Debit Credit
June 8 Sales GJ-1 70000 70000
15 Sales GJ-2 55000 125000
26 Sales GJ-3 30000 155000
30 Closing GJ-4 155000 0

Account 402 SALES RETURNS AND ALLOWANCES

Date Item Post Debit Credit Balance
2018 Debit Credit
June 11 Sales Returns GJ-1 4000 4000
27 Sales Returns GJ-3 3000 7000
30 Closing GJ-4 7000 0
 GENERAL LEDGER

GENERAL LEDGER
PAGE NUMBER GL-4
Account 403 SALES DISCOUNT
Date Item Post Debit Credit Balance
2018 Debit Credit
June 12 Sales Discount GJ-2 1320 1320
30 Closing GJ-4 1320 0

Account 501 PURCHASES

Date Item Post Debit Credit Balance
2018 Debit Credit
June 3 Merchandise GJ-1 30000 30000
10 Merchandise GJ-1 30000 60000
19 Merchandise GJ-2 35000 95000
30 Closing GJ-4 95000 0

Account 502 PURCHASES RETURNS AND ALLOWANCES

Date Item Post Debit Credit Balance
2018 Debit Credit
June 14 Purchases Returns GJ-2 4000 4000
20 Purchases Returns GJ-2 2500 6500
30 Closing GJ-4 6500 0

Account 503 PURCHASE DISCOUNTS

Date Item Post Debit Credit Balance
2018 Debit Credit
June 7 Purchase Discounts GJ-1 900 900
30 Closing GJ-4 900 0
 GENERAL LEDGER

GENERAL LEDGER
PAGE NUMBER GL-5
Account 504 FREIGHT IN
Date Item Post Debit Credit Balance
2018 Debit Credit
June 9 Freight In GJ-1 1500 1500
30 Closing GJ-4 1500 0

Account 505 ADVERTISING EXPENSE

Date Item Post Debit Credit Balance
2018 Debit Credit
June 30 Advertising Expense GJ-3 2000 2000
30 Closing GJ-4 2000 0

Account 506 RENT EXPENSE

Date Item Post Debit Credit Balance
2018 Debit Credit
June 30 Rent Expense GJ-3 5000 5000
30 Closing GJ-4 5000 0

Account 507 SALARIES EXPENSE

Date Item Post Debit Credit Balance
2018 Debit Credit
June 16 Salaries Expense GJ-2 20000 20000
30 Salaries Expense GJ-3 20000 40000
30 Closing GJ-4 40000 0
 GENERAL LEDGER

GENERAL LEDGER
PAGE NUMBER GL-6
Account 508 UTILITIES EXPENSE
Date Item Post Debit Credit Balance
2018 Debit Credit
June 30 Utilities Expense GJ-3 2000 2000
30 Closing GJ-4 2000 0

Account 509 FREIGHT OUT

Date Item Post Debit Credit Balance
2018 Debit Credit
June 15 Freight Out GJ-2 1500 1500
30 Closing GJ-4 1500 0

Account 601 INCOME SUMMARY

Date Item Post Debit Credit Balance
2018 Debit Credit
June 30 Closing GJ-4 146680 146680
30 Closing GJ-4 81100 65580
30 Closing GJ-4 50500 15080
30 Closing GJ-4 15080 0

Account
Date Item Post Debit Credit Balance
Debit Credit
 TRIAL BALANCE

TEE SUPPLY COMPANY

PRELIMINARY TRIAL BALANCE
JUNE 30, 2018
ACCOUNT TITLES DR CR
101 Cash P 507580
102 Accounts Receivable 55000
104 Supplies 7000
105 Equipment 15000
201 Accounts Payable P 52500
202 Notes Payable 30000
301 Tee Capital 500000
302 Tee Drawings 5000
401 Sales 155000
402 Sales Returns and Allowances 7000
403 Sales Discount 1320
501 Purchases 95000
502 Purchases Returns and Allowances 6500
503 Purchase Discounts 900
504 Freight-In 1500
505 Advertising Expense 2000
506 Rent Expense 5000
507 Salaries Expense 40000
508 Utilities Expense 2000
509 Freight-Out 1500

P 744900 P 744900
TOTALS
 STATEMENT OF COST OF GOODS SOLD

TEE SUPPLY COMPANY

STATEMENT OF COST OF GOODS SOLD
FOR THE MONTH ENDED, JUNE 30, 2018
(IN PESOS)

Beginning Inventory P0
Add: Purchases 95000
Freight-In 1500
96500
Less: Purchases Returns and Allowances (6500)
Purchase Discounts (900)
Net Cost of Purchases 89100
Goods Available for Sale 89100
Less: Ending Inventory, June 30, 2018 (8000)
Cost of Goods Sold P 81100
 STATEMENT OF PERFORMANCE & STATEMENT OF EQUITY

TEE SUPPLY COMPANY

STATEMENT OF PERFORMANCE
FOR THE MONTH ENDED, JUNE 30, 2018
(IN PESOS)

Gross Sales P 155000

Less: Sales Returns and Allowances P 7000
Sales Discount 1320 (8320)
Net Sales 146680
Less: Cost of Goods Sold (81100)
Gross Profit 65580
Less: Operating Expenses
Salaries Expense 40000
Rent Expense 5000
Advertising Expense 2000
Utilities Expense 2000
Freight Out 1500 (50500)
Net Income P 15080

TEE SUPPLY COMPANY

STATEMENT OF EQUITY
FOR THE MONTH ENDED, JUNE 30, 2018
(IN PESOS)

Beginning Capital, June 1, 2018 P 500000

Add: Net Income 15080
Less: Tee Drawings (5000)
Ending Capital, June 30, 2018 P 510080
 STATEMENT OF FINANCIAL POSITION

TEE SUPPLY COMPANY

STATEMENT OF FINANCIAL POSITION
AS OF JUNE 30, 2018

(IN PESOS)
ASSETS
Current Assets
Cash P 507580
Accounts Receivable 55000
Merchandise Inventory 8000
Supplies 7000
Total Current Assets 577580
Non-Current Assets
Equipment 15000
TOTAL ASSETS P 592580

LIABILITIES
Current Liabilities
Accounts Payable P 52500
Non-Current Liabilities
Notes Payable 30000

OWNER’S EQUITY
Tee Capital 510080
TOTAL LIABILITIES & OWNER’S EQUITY P 592580
 STATEMENT OF CASH FLOWS

TEE SUPPLY COMPANY

STATEMENT OF CASH FLOWS
FOR THE MONTH ENDED, JUNE 30, 2018
(in pesos)

CASH FLOWS FROM OPERATING ACTIVITIES

Cash Received from:
Sales P 30000
Collected from receivables 64680
Refund from Purchases 4000
Total 98680
Cash Payment for:
Merchandise Bought (59100)
Operating Expenses (49000)
Cash refund to customer (3000)
Supplies (2000)
Freight on sold goods (1500)
Freight on purchased merchandise (1500)
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES (17420)

CASH FLOWS FROM INVESTING ACTIVITIES

P0
CASH FLOWS FROM FINANCING ACTIVITIES
Tee Investment P 500000
Borrowed money from the Bank 30000
Tee Drawings (5000)
TOTAL CASH FLOWS FROM FINANCING ACTIVITIES 525000

INCREASE IN CASH AND CASH EQUIVALENTS 507580

ADD CASH & CASH EQUIVALENTS, JUNE 1, 2018 0

CASH & CASH EQUIVALENTS, JUNE 30, 2018 P 507580

 CLOSING JOURNAL ENTRIES

GENERAL JOURNAL
PAGE NUMBER GJ-4
With Explanations

CLOSING JOURNAL ENTRIES

DATE DESCRIPTION REF DEBIT CREDIT
2018
June 30 Sales P 155000
Sales Returns and Allowances P 7000
Sales Discount 1320
Income Summary 146680
To close the sales account

30 Merchandise Inventory 8000

Purchases Returns and Allowances 6500
Purchase Discounts 900
Income Summary 81100
Purchases 95000
Freight In 1500
To Close the purchases account

30 Income Summary 50500

Salaries Expense 40000
Rent Expense 5000
Advertising Expense 2000
Utilities Expense 2000
Freight Out 1500
To close the expenses account

30 Income Summary 15080

Tee Capital 15080
To close the income summary

30 Tee Capital 5000

Tee Drawings 5000
To close the drawings account
 POST-CLOSING TRIAL BALANCE

TEE SUPPLY COMPANY

POST CLOSING TRIAL BALANCE
JUNE 30, 2018
(in pesos)
ACCOUNT TITLES DR CR
101 Cash P 507580
102 Accounts Receivable 55000
103 Merchandise Inventory 8000
104 Supplies 7000
105 Equipment 15000
201 Accounts Payable P 52500
202 Notes Payable 30000
301 Tee Capital 510080

P 592580 P 592580