Covid Sales Company

Periodic

DATE ACCOUNT TITLES & EXPLAINATIONS PR

2023
1-Mar Cash
Merchandise
Pan Demic, Capital
-Initial Investment

2-Mar Office Supplies

Cash
- Purchase Office Supplies using cash

4-Mar Prepaid Insurance

Cash
- Paid 1 year Insurance

6-Mar Purchases
Cash
Accounts Payable - IATF Trading
- Purchased mdse on acct with 25% down. 2/10, n/30

Accounts Payable - IATF Trading

Cash
- Paid freight Charges

6-Mar Computer Equipment

Account Payable
- Purchase Computer on Acc

7-Mar Purchases
Account Payable - DOH Trading
- Purchased mdse on acct. 2/15, n/30

Freight - In
Cash
- Paid Freight charges

9-Mar Accounts Receivable - DSWD Trading

Sales
- Sold mdse on acct. Terms 3/15, 2/30, n/60
12-Mar Account Payable - IATF Trading
Sales Returns & Allowances
- Returned Defective Merchandise

15-Mar Accounts Payable - IATF Trading

Purchase Discount
Cash
- Paid acct within the Discount Period

18-Mar Account Receivable - LGU Trading

Sales
- Sold mdse on acct. Terms 2/10, 1/30, n/30

Freight - out
Accounts Receivable - LGU Trading
- Freight charges on sold mdse

20-Mar Sales Returns & Allowances

Accounts Receivable - DSWD Trading
- Received Defective mdse

21-Mar Pandemic, Drawing

Cash
- Withdrew cash for personal use

24-Mar Cash
Sales Discount
Accounts Receivable - DSWD Trading
- Settled a acct

25-Mar Pan Demic, Drawing

Merchandise
- withdrew merchandise

28-Mar Cash
Sales Discount
Accounts Receivable - LGU Trading
- Settled on acct
30-Mar Acoounts Payable - DOH Trading
Sales
- Settled on acct with DOH Trading

30-Mar Salary Expense

Utilities Expense
Advertising Expense
Rent Expense
Cash
- Paid the Expenses

31-Mar Purchases
Cash
-Purchased Merchandise using cash

Freight In
Cash
 Perpetual

DEBIT CREDIT DATE ACCOUNT TITLES & EXPLAINATIONS

2023
250,000.00 1-Mar Cash
285,000.00 Merchandise
535,000.00 Pan Demic, Capital
-Initial Investment

1,755.00 2-Mar Office Supplies

1,755.00 Cash
- Purchase Office Supplies using cash

8,500.00 4-Mar Prepaid Insurance

8,500.00 Cash
- Paid 1 year Insurance

116,375.00 6-Mar Merchandise Inventory

87,281.25 Cash
29,093.75 Accounts Payable - IATF Trading
- Inventory on credit with 25% down payment. 2/10 n

2,000.00 Accounts Payable - IATF Trading

2,000.00 Cash
- Paid freight Charges

35,000.00 6-Mar Computer Equipment

35,000.00 Account Payable
- Purchase Computer on Acc

67,320.00 7-Mar Merchandise Inventory

67,320.00 Account Payable - DOH Trading
- Purchased mdse on acct. 2/15, n/30

920.00 Merchandise Inventory

920.00 Cash
- Paid Freight charges

103,787.50 9-Mar Accounts Receivable - DSWD Trading

103,787.50 Sales
- Sold mdse on acct. Terms 3/15, 2/30, n/60

Cost of sales
Merchandise Inventory
 - Cost of goos sold

5,550.00 12-Mar Account Payable - IATF Trading

5,550.00 Merchandise Inventory
- Returned defective mercchandise on Account

23,543.75 15-Mar Accounts Payable - IATF Trading

470.87 Merchandise Inventory
23,072.87 Cash
- Paid acct within the Discount Period

55,000.00 18-Mar Account Receivable - LGU Trading

55,000.00 Sales
- Sold mdse on acct. Terms 2/10, 1/30, n/30

Cost of sales
Merchandise Inventory
- Cost of goos sold

1,500.00 Freight - Out

1,500.00 Accounts Receivable - LGU Trading
- Freight charges on sold mdse

10,750.00 20-Mar Merchandise Inventory

10,750.00 Accounts Receivable - DSWD Trading
- Received Defective mdse

Merchandise Inventory
Cost of sales
- Cost of goos sold

8,000.00 21-Mar Pandemic, Drawing

8,000.00 Cash
- Withdrew cash for personal use

100,673.87 24-Mar Cash

3,113.62 Sales Discount
103,787.50 Accounts Receivable - DSWD Trading
- Settled a acct

2,500.00 25-Mar Pan Demic, Drawing

2,500.00 Merchandise
- withdrew merchandise

53,900.00 28-Mar Cash

1,100.00 Sales Discount
55,000.00 Accounts Receivable - LGU Trading
- Settled on acct
67,320.00 30-Mar Acoounts Payable - DOH Trading
67,320.00 Sales
- Settled on acct with DOH Trading

2,000.00 30-Mar Salary Expense

3,000.00 Utilities Expense
1,250.00 Advertising Expense
2,500.00 Rent Expense
10,750.00 Cash
- Paid the Expenses

60,000.00 31-Mar Merchandise Inventory

60,000.00 Cash
-Purchased Merchandise using cash

2,500.00 Merchandise Inventory

2,500.00 Cash
 ACCOUNT TITLES & EXPLAINATIONS PR DEBIT CREDIT

250,000.00
chandise 285,000.00
Demic, Capital 535,000.00
Initial Investment

upplies 1,755.00
1,755.00
Purchase Office Supplies using cash

Insurance 8,500.00
8,500.00
Paid 1 year Insurance

ndise Inventory 116,375.00

87,281.25
unts Payable - IATF Trading 29,093.75
entory on credit with 25% down payment. 2/10 n/30

ts Payable - IATF Trading 2,000.00

2,000.00
aid freight Charges

ter Equipment 35,000.00

unt Payable 35,000.00
rchase Computer on Acc

ndise Inventory 67,320.00

unt Payable - DOH Trading 67,320.00
urchased mdse on acct. 2/15, n/30

ndise Inventory 920.00

920.00
Paid Freight charges

ts Receivable - DSWD Trading 103,787.50

103,787.50
old mdse on acct. Terms 3/15, 2/30, n/60

95,000
chandise Inventory 95,000
 Cost of goos sold

t Payable - IATF Trading 5,550.00

chandise Inventory 5,550.00
eturned defective mercchandise on Account

ts Payable - IATF Trading 23,543.75

chandise Inventory 470.87
23,072.87
Paid acct within the Discount Period

t Receivable - LGU Trading 55,000.00

55,000.00
old mdse on acct. Terms 2/10, 1/30, n/30

48,000
chandise Inventory 48,000
Cost of goos sold

1,500.00
ounts Receivable - LGU Trading 1,500.00
Freight charges on sold mdse

ndise Inventory 10,750.00

nts Receivable - DSWD Trading 10,750.00
ceived Defective mdse

ndise Inventory 8,350

8,350
Cost of goos sold

mic, Drawing 8,000.00

8,000.00
Withdrew cash for personal use

100,673.87
3,113.62
unts Receivable - DSWD Trading 103,787.50
Settled a acct

mic, Drawing 2,500.00

2,500.00
ithdrew merchandise

53,900.00
1,100.00
unts Receivable - LGU Trading 55,000.00
Settled on acct
ts Payable - DOH Trading 67,320.00
67,320.00
Settled on acct with DOH Trading

2,000.00
3,000.00
sing Expense 1,250.00
2,500.00
10,750.00
Paid the Expenses

ndise Inventory 60,000.00

60,000.00
urchased Merchandise using cash

ndise Inventory 2,500.00

2,500.00
 BALANCE SHEET OF ACCOUNTS
Account Code Account Titles
CURRENT ASSETS
100-01 Cash
100-02 Cash on Bank
100-03 Accounts Receivable
100-04 Notes Receivable
100-05 Office Supplies
100-06 Prepaid Insurance
100-07 Prepaid Rent

NON-CURRENT ASSETS
101-03 Computer Equipment
101-05 Merchandise

CURRENT LIABILITIES
200-01 Account Payable

OWENERS EQUITY
300-02 Drawing

INCOME ACCOUNTS
400-01 Sales
400-02 Sales Discount
400-03 Sales Returns & Allowances

COST OF SALES
500-01 Purchases
500-02 Purchases Discounts
500-03 Purchases Return & Allowances
500-04 Freight-In

OPERATING EXPENSE ACCOUNTS

600-01 Salaries, Wages, & Benefit
600-03 Rent Expense
600-04 Utilities Expense
600-06 Advertising Expense