Bachelor of Science in Accountancy EVSU, Main Campus

Irithel established her own business on January 1, 2020 to sell appliances. The accountant has prepared the chart
of accounts as a guide for the day-to-day transactions of the company as presented below:

Irithel Company
Chart of Accounts
CODE ACCOUNT TITLE
101 Cash
102 Notes Receivable
103 Accounts Receivable
103-1 Allowance for Doubtful Accounts
104 VAT Refundable
105 Merchandise Inventory
106 Sales Supplies
107 Office Supplies
108 Prepaid Insurance
109 Building
109-2 Accumulated Depreciation – Building
110 Store Equipment
110-3 Accumulated Depreciation – Store Equipment
111 Office Equipment
111-4 Accumulated Depreciation – Office Equipment
201 Notes Payable
202 Accounts Payable
203 VAT Payable
203-1 Output Tax
203-2 Input Tax
204 Salaries Payable
205 Interest Payable
206 Tax Payable
207 Payable to supplier
208 Bonds Payable
209 Notes Payable, long-term
301 Irithel, Capital
302 Irithel, Drawings
401 Sales
401-1 Sales Discount
401-2 Sales Returns & Allowances
501 Purchases
501-1 Freight – in
501-2 Purchases Discount
501-3 Purchases Returns & Allowances
502 Salaries Expense – Sales
503 Supplies Expense – Sales
504 Insurance Expense – Sales
505 Depreciation Expense – Sales
506 Utilities Expense – Sales
507 Advertising Expense
508 Transportation Expense
509 Salaries Expense – Office
510 Supplies Expense – Office
511 Insurance Expense – Office
 512 Depreciation Expense – Office
513 Utilities Expense – Office
514 Doubtful Account Expense
515 Interest Expense
516 Tax Expense

For the November 2023, Irithel has prepared the trial balance as follows:

101 Cash P 250,000

102 Notes Receivable 60,000
103 Accounts Receivable 210,000
103-1 Allowance for Doubtful Accounts P 3,400
105 Merchandise Inventory 310,000
106 Sales supplies 50,000
107 Office Supplies 61,050
109 Building 1,200,000
109-2 Accumulated Depreciation – Building 25,600
110 Store Equipment 800,000
110-3 Accumulated Depreciation- Store Equipment 50,850
111 Office Equipment 750,000
111-4 Accumulated Depreciation – Office Equipment 23,400
202 Accounts Payable 165,000
203 VAT Payable 85,000
208 Bonds Payable 220,000
209 Notes Payable, long-term 523,000
301 Irithel, Capital 1,331,750
302 Irithel, Drawings 80,000
401 Sales 2,500,000
401-1 Sales Discount 34,000
401-2 Sales Returns & Allowances 10,000
501 Purchases 760,000
501-1 Freight – in 45,000
501-2 Purchases Discount 52,000
501-3 Purchases Returns & Allowances 20,000
502 Salaries Expense - sales 150,000
506 Utilities Expense – sales 70,000
507 Advertising Expense 23,000
508 Transportation Expense 4,900
509 Salaries Expense – Office 25,000
513 Utilities Expense – Office 107,050
Total P 5,000,000 P 5,000,000
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