Learning Activity Sheet

specialized-ACAD-ABM

G11
Regional Office No. VIII - Eastern Visayas
Department of Education
Schools Division Office of Biliran
Larrazabal, Naval, Biliran
SENIOR HIGH SCHOOL

Fundamentals
of ABM 1
(Q3-Week
4 4)
1)

LE
SA

Name: __________________________
OR

Grade & Section: _______________

TF
NO

Date: ___________________________
LESSON 1: Records transactions of a merchandising business in the general and
special journals

LC: Records transactions of a merchandising business in the general and special

journals ABM_FABM11- IVe-j-36

Instructions. Write your answer on the line provided.

__________________1. Used to record all cash that had been received.

__________________2. Used to record all purchases of inventory on credit (or on account).

__________________3. Used to record all transactions involving cash payments.

__________________4. Used to record all sales on credit (on account).

SPECIAL JOURNALS
Some businesses encounter voluminous
quantities of similar and recurring transactions,
which may create congestion if these transactions
are recorded repeatedly in a single day or monthly
in the general journal. The use of special journals
will eliminate this problem.
The following are the commonly used special
journals:
1. Cash Receipts Journal –used to record all cash
that had been received
2. Cash Disbursements Journal –used to record all
transactions involving cash payments
3. Sales Journal (Sales on Account Journal) –used
to record all sales on credit (on account)
4. Purchase Journal (Purchase on Account
Journal) –used to record all purchases of inventory
on credit (or on account)
INVENTORY SYSTEMS
Maintaining inventory items is a unique
set-up in a merchandising business. There are two
methods of accounting for inventory, namely:
Perpetual Inventory System and Periodic Inventory
System.
Merchandising entities may use either of the
following inventory systems:
2. Perpetual System — Detailed records of the
cost of each item are maintained, and the cost
of each item sold is determined from records
when the sale occurs. For example, a car
dealership has separate inventory records for
each vehicle.
• Record purchase of Inventory.
• Record revenue and record cost of goods sold
when the item is sold.
• At the end of the period, no entry is needed
except to adjust inventory for losses, etc
2. Periodic System — Cost of goods sold is
determined only at the end of an accounting
period. This system involves:
• Record purchase of Inventory.
• Record revenue only when the item is sold.
• At the end of the period, you must compute
cost of goods sold (COGS):
1. Determine the cost of goods on hand
at the beginning of the accounting period
(Beginning Inventory = BI),
2. Add it to the cost of goods purchased
(COGP),
3. Subtract the cost of goods on hand at
the end of the accounting period
4. (Ending Inventory = EI) illustrated as
follows:
BI + COGP = Cost of goods - EI = COGS
available for sale
Additional Considerations:
• Perpetual systems have traditionally been used
by companies that sell merchandise with high
unit values such as automobiles, furniture, and
major home appliances. With the use of
computers and scanners, many companies now
use the perpetual inventory system.
• The perpetual inventory system is named
because the accounting records continuously
— perpetually — show the quantity and cost
of the inventory that should be on hand at any
time. The periodic system only periodically
updates the cost of inventory on hand.
• A perpetual inventory system provides better
control over inventories than a periodic
inventory, since the records always show the
quantity that should be on hand. Then, any
shortages from the actual quantity and what
the records show can be investigated
immediately.
Note: The periodic inventory system will be used
in all illustrations of this chapter while the
perpetual system will be included in the
“enrichment” portion of this guide.
PERIODIC INVENTORY SYSTEM

Recording purchases and related transactions under the Periodic Inventory System

PURCHASES OF MERCHANDISE: PERIODIC SYSTEM

1. When merchandise is purchased for resale to customers, the account, Purchases, is debited for the
cost of goods purchased.
2. Like sales, purchases may be made for cash or on account (credit).
3. The purchase is normally recorded by the purchaser when the goods are received from the seller.

• Each credit purchase should be supported by a purchase invoice.

• A purchase invoice received by the buyer is actually a sales invoice or a charge invoice prepared by
the supplier or vendor.
• Note that only purchases of merchandise are debited to the ‘Purchase’ account. Acquisition
(purchases) of other assets: supplies, equipment, and similar items are debited to their respective
accounts.

TO ILLUSTRATE:

Magaling Computer Store started its operations on January 2, 2019. The store is located in Sikat Mall in
Bicol. The owner invested PHP500,000 to start the business. On January 3, 2019, Magaling purchased
20 units of computers on account for PHP10,000 each. Upon delivery of the units, the supplier, Delta,
Inc., issued Charge Invoice No. 145 to Magaling.

Entry:

General Journal
Date Account Title and Explanation Ref Debit Credit
1/3/19 Accounts Payable 10,000
Purchase Returns and Allowances 10,000
To record return of 1 unit of computers worth
PhP10,000 from Delta, Inc. as per DM 01

PURCHASE RETURNS AND ALLOWANCES

• A purchaser may find the merchandise received to be unsatisfactory because the goods are:
1. damaged or defective
2. of inferior quality
3. not in accord with the purchaser’s specifications

• The purchaser initiates the request for a reduction of the balance due through the issuance of a
debit memorandum. The debit memorandum is a document issued by a buyer to inform a seller
that the seller’s account has been debited because of unsatisfactory goods.
• A return of the merchandise (a deduction from the purchase price when unsatisfactory goods are
kept) is shown by the entry where Accounts Payable is debited while the Purchase Returns and
Allowances are credited to show that the purchases are reduced with a return or an allowance.

• The Purchase Returns and Allowances account is a “contra purchases” account when merchandise is
returned to a supplier.

TO ILLUSTRATE:
Out of the 20 computer units purchased last January 3, 2016, it was found after inspection on the same
day that one unit was damaged during shipment. Magaling issued a debit memorandum (DM 01) and
informed the supplier that it will return the one damaged item.

Entry :
General Journal
Date Account Title and Explanation Ref Debit Credit
1/3/19 Accounts Payable 10,000
Purchase Returns and Allowances 10,000
To record return of 1 unit of computers worth
PhP10,000 from Delta, Inc. as per DM 01

ACCOUNTING FOR FREIGHT COSTS

The sales agreement should indicate whether the seller or the buyer is to pay the cost of
transporting the goods to the buyer’s place of business. The two most common arrangements for freight
costs are FOB SHIPPING POINT AND FOB DESTINATION.

FOB Shipping Point:

• Goods placed free on board (FOB) the carrier by seller.

• Buyer pays freight costs.
• Freight-In is debited if buyer pays freight.
• Cash is credited if the goods come on cash on delivery (COD), for example, and was paid
immediately. Accounts Payable would be credited if on account.
• Ownership over the goods is transferred to the buyer once it is out of the premises of the seller.

FOB Destination

• Goods placed free on board (FOB) at buyer’s business.

• Seller pays freight costs.
• Delivery Expense is debited if seller pays freight on outgoing merchandise to a buyer. This is an
operating expense to the seller.
• Ownership over the goods is transferred to the buyer once the goods are delivered and received by the
buyer.
TO ILLUSTRATE:

Assume the supplier of Magaling is based in Manila. In order to bring the 20 computer units to Bicol, it
will cost PHP3,000 to deliver the goods.

If the terms is FOB Shipping Point, the entry to record, assuming Magaling paid the common
carrier in cash on January 4, 2019 is :

Entry :

General Journal
Date Account Title and Explanation Ref Debit Credit
1/4/19 Freight-In 3,000
Cash 3,000
To record freight costs for the purchase of 20 units
of computers

If the terms is FOB Destination, no entry is recorded in the books of Magaling. The PHP3,000
will be paid by the seller, in this case Delta, Inc.

PURCHASE DISCOUNTS:

• Credit terms (specify the amount of cash discount and time period during which a discount is
offered) may permit the buyer to claim a cash discount for the prompt payment of a balance due. If
the credit terms show 2/10, n/30 means a 2% discount is given if paid within 10 days (called the
discount period); otherwise, the invoice is due in 30 days.
• The buyer calls this discount a purchase discount.
• A purchase discount is normally based on the invoice cost less returns and allowances, if any.

TO ILLUSTRATE:
The credit terms for the purchase of 20 computer units (total cost PHP200,000) is 2/10, n/30. This
means that if Magaling pays on or before January 13, 2019, it is entitled to a 2% discount, otherwise
Magaling will have to pay the full amount on or before February 4, 2019 (30 days after purchase). On
January 10, 2019, Magaling paid the account in full with Delta.

Entry:
General Journal
Date Account Title and Explanation Ref Debit Credit
1/10/19 Accounts Payable 200,000
Purchase Discount 4,000
Cash 196,000
To record full payment of Delta, Charge Invoice
No.
145 with 2% discount computed as PhP200,000 x
2% 129
Assuming that instead of paying on January 10, 2019, Magaling paid on February 4, 2019, thus
forfeiting the 2% discount, the entry to record is:

General Journal
Date Account Title and Explanation Ref Debit Credit
2/4/19 Accounts Payable 200,000
Purchase Discount 200,000
To record full payment of Delta, Charge Invoice
No. 145
Recording of sales and related transactions under the Periodic Inventory System

SALES TRANSACTIONS: REVENUE ENTRIES FOR A MERCHANDISER

• Revenues are reported when earned in accordance with the revenue recognition principle, and in a
merchandising company, revenues are earned when the goods are transferred from seller to buyer.

• All sales should be supported by a document such as a cash register tape (to provide evidence of cash
sales) or cash receipt, or office receipt for cash sales, and charge invoice for credit sales, or sales on
account.

• One entry is made with each sale:

Debit — Accounts Receivable (if a credit sale) or Cash (if a cash sale) which increases assets
for the sales amount

Credit — Sales which increases revenues

• The sales account is credited only for sales of goods held for resale. Sales of assets not held for resale
(such as equipment, buildings, land, etc.) are credited directly to the asset account.

TO ILLUSTRATE :

For the month of January, Magaling made the following sale:

1/10/2019 Official Receipt (OR) No. 001 Sold two units for cash to Marie Cruz for PHP36,000
(PHP18,000 per unit), FOB Destination

1/15/2019 Charge Invoice (ChI) No. 001 Sold five units on account to Rafael Reyes for PHP97,500
(PHP19,500 per unit) with terms 3/10, n/ 30, FOB Shipping Point
 General Journal
Date Account Title and Explanation Ref Debit Credit
1/10/19 Cash 36,000
Sales 36,000
To record OR No. 001 cash sale - Marie Cruz

General Journal
Date Account Title and Explanation Ref Debit Credit
1/15/19 Accounts Receivable 97,500
Sales 97,500
To record Charge Invoice No. 001 Rafael Reyes on
account with terms 3/10, n/30

FREIGHT TERMS: FOB DESTINATION — SELLER PAYS FREIGHT

• An entry is made when seller pays the freight to deliver goods to a customer or buyer. If the
buyer will pay for the freight, no entry is made.
• Debit — Delivery Expense and credit — Cash or Accounts Payable

TO ILLUSTRATE:

On January 10, 2019 Magaling paid MM Express PHP500 to deliver the two units to Marie Cruz.

General Journal
Date Account Title and Explanation Ref Debit Credit
1/10/19 Delivery Expense 500
Cash 500
To record full payment of Delta Charge Invoice No.
145

Take note that no entry will be made regarding the sale to Rafael Reyes since the term is FOB
Shipping Point.

SALES RETURNS AND ALLOWANCES:

• Sales Returns result when customers are dissatisfied with merchandise and are allowed to
return the goods to the seller for credit or a refund.
• Sales Allowances result when customers are dissatisfied, and the seller allows a deduction from
the selling price.
• To grant the return or allowance, the seller prepares a credit memorandum to inform the
customer that a credit has been made to the customer’s account receivable.
• Sales Returns and Allowances is a contra revenue account to the Sales account. A contra
account is a reduction to a particular account.
.
• A contra account is used, instead of debiting sales, to disclose the amount of sales returns and
allowances in the accounts.
• This information is important to management as excessive returns and allowances suggest
inferior merchandise, inefficiencies in filling orders, errors in billing customers, and mistakes
in delivery or shipment of goods.
• The normal balance of Sales Returns and Allowances is a debit.
• One entry is made with each sales return and allowance:

The entry to record the sales return or allowance:

• Debit — Sales Return and Allowances which decreases revenues for the amount of the sale
• Credit — Accounts Receivable (if a credit sale) or Cash (if a cash sale) which decreases assets

TO ILLUSTRATE:

On January 16, 2019, Rafael Reyes returned one unit of the computers purchased last January 15,
2019 under Charge Invoice 001. The unit returned was in good condition. However, Rafael Reyes
returned the unit because it is one unit more than what they need. The return was approved and
accepted by Magaling. The price will be deducted from the account of Rafael Reyes.

Entry:

General Journal
Date Account Title and Explanation Ref Debit Credit
1/10/19 Sales Return & Allowances 19,500
Accounts Receivable 19,500
To record return of one unit of computers from Rafael
Reyes under Charge Invoice 001

SALES DISCOUNTS

1. A sales discount is the offer of a cash discount to encourage customers to pay the balance at an
earlier date.
2. 2. An example of a discount term is commonly expressed as: 2/10, n/30, which means that the
customer is given 2% discount if payment is made within 10 days. After 10 days there is no
discount, and the balance is due in 30 days.
3. Sales Discounts is a contra revenue account with a normal debit balance.

TO ILLUSTRATE:

Assume that Magaling purchased on cash, five units of computers at PHP10,000 per unit from a
supplier on January 17, 2019. These units were subsequently sold to Jun Cruz on January 18, 2019
under Charge Invoice (ChI) No. 002 amounting to PHP90,000 (PHP18,000 per unit) with terms
2/10, n/30, FOB Shipping Point. On January 23, 2019, Cruz paid the said account in full.
.
General Journal    
Date Account Title and Explanation Ref Debit Credit
1/17/19 Purchases 50,000
Cash 50,000
To record purchased on cash five units of
computers

1/18/19 Accounts Receivable 90,000

Sales 90,000
To record sales on account under Charge
Invoice No. 002 to Jun Cruz with terms 2/10,
n/30

1/23/19 Cash 88,200

Sales Discount 1,800
Accounts Receivable 90,000
To record collection of accounts receivable
from Jun Cruz net of 2% sales discount
Notice in the entry on January 23, 2016 that the cash received from Jun Cruz was net of the 2%
discount because he made the payment within the discount period. Take note that the discount
period in this case was from January 19, 2019 to January 28, 2019 (10 days). What If Jun Cruz
paid the account on January 30, 2016 instead of January 23, 2019? The entry would be:

General Journal  
Date Account Title and Explanation Ref Debit Credit
1/30/19 Cash 90,000
Accounts Receivable 90,000
To record collection of accounts receivable from
Jun Cruz
Note: The amount indicated here is not connected with the journal entries prepared above. This is
for illustration purposes only.
.Determining Cost of Goods Sold under Periodic Inventory System

The Cost of Goods Sold under the periodic inventory system is determined at the end of the
period (monthly or yearly) by a short computation, as follows:

Cost of goods sold:

Merchandise Inventory, Beginning 100,000

Purchases 250,000
5,000
Less: Purchases returns and
allowances
Purchases discounts 2,000 7,000

Net purchases 243,000

Add: Freight in 6,000

Cost of goods purchased 249,000

Cost of goods available for sale 349,000

Merchandise Inventory, Ending 118,570

Cost of goods sold 230,250

In a periodic inventory system, separate ledger accounts are maintained for various items
composing the cost of goods sold (Purchases, Purchase Returns & Allowances, Freight-In,
Purchase Discounts). At the end of the accounting period, a physical count of inventory is
necessary to establish the ending balance of the inventory.

PRACTICE (300 MINS)

Agila Merchandising, owned by Lito Agila, sells ready-to-wear shirts and dresses to its customers.
It started its operations on January 1, 2019. The company issues the following documents :

• Official Receipts - for all cash collections

• Charge Sales Invoice – for all sales on account
• Check Voucher – for all cash disbursements
Step 1 & 2 –Understanding and Journalizing the transactions

For the month of January 2019, the special journals of Agila are shown below:

Sales Journal
DATE DESCRIPTION Charge Invoice or Debit Credit
(CUSTOMER Sales Invoice No.
NAME) Sales
Accounts
Receivable
1/5/2019 Dax 1 2,102 2,102

1/7/2019 Marie 2 3,060 3,060

1/9/2019 Astro 3 1,475 1,475

CANCELLED 4

1/11/2019 PNSC 5 8,960 8,960

1/15/2019 PECO 6 7,125 7,125

1/16/2019 Ipedcare 7 4,560 4,560

1/19/2019 Te 8 1,250 1,250

1/21/2019 Joshua 9 3,125 3,125

1/22/2019 Joseph 10 4,510 4,510

1/24/2019 Jesper 11 2,080 2,080

1/28/2019 Nelcie 12 1,180 1,180

1/29/2019 Ryan 13 900 900

1/30/2019 Arlen 14 3,450 3,450

1/30/2019 Art 15 1,478 1,478

Total for January 45,255 45,255

2016
.
CASH RECEIPTS JOURNAL
DATE DESCRIPTION Official   Credit Debit
(PARTICULARS Receipt
) No. Debit Credit
Cash Sales
Account Sales
Receivable Discount

1/2/2019 Ana 1
1,000 1,000

1/4/2019 Maria 2
1,890 1,890

1/6/2019 Peter 3
1,289 1,289

1/7/2019 Jun 4
3,456 3,456

1/7/2019 Karen 5
1,290 1,290

1/8/2019 Jane 6
3,876 3,876

1/8/2019 May 7
4,561 4,561

1/10/2019 April 8
5,600 5,600

1/15/2019 PNSC 9 8,960

8,060 900
1/17/2019 Juan 11 2,010 2,010
1/16/2019 Ana 10
1/21/2019 Rafael 124,235 3,410 4,235 3,410
1/22/2019 Ray 13 893 893
1/23/2019 Te 14 1,250 1,250
1/24/2019 Geo 15 3,452 3,452
1/24/2019 Dax 16 2,102 2,102
1/25/2019 Angela 17 1,000 1,000
1/29/2019 Clyde 18 345 345
1/30/2019 Joseph 19 4,000 4,510 510
Total 53,719 38,307 16,822 1,410
.
  PURCHASE
JOURNAL
Date Account Title and Explanation Ref Charge Invoice Debit Credit
or Sales Invoice
No. (from
supplier)

1/2/2019 XYS Clothing   SI 102 228,560 228,560

1/10/2019 RTW Super   SI611 133,070 133,070
Store
1/29/2019 Dresses   SI341 98,120 98,120
Unlimited
Total   459,750 459,750

CASH DISBURSEMENTS JOURNAL

DATE     CREDIT DEBIT DEBIT DEBIT DEBIT DEBIT CREDIT
  DESCRIPTION Check or Cash Purch
(PARTICULARS) Accounts Salaries Supplies Advertising Rental Disct
Voucher Payable Exp Exp Exp Exp
No.

1/2/19 St Realty Rental for JanFeb CV01 10,000 10,000

2016
1/5/19 Del Supplies- office CV02 3,500 3,500
supplies
1/15/19 XYS Clothing- payment of CV03 220,000 228,560 8,560
account

1/16/19 Jean Guzman-salary Jan 1- CV04 7,500 7,500

15, 2016

1/16/19 Sonic Promo-Advertising CV05 4,800 4,800

1/25/19 Goldmic Supplies CV06 1,990 1,990
TOTAL 254,290 228,560 14,000 5,490 4,800 10,000 8,560
 . In addition to the above special journals, the company maintains a general
journal. The General Journal has the following entries for January.

General
Journal
Date Account Title and Explanation   Ref Debit Credit
1/2/19 Cash   500,000
Agila, Capital   500,000
To record initial investment of Agila  
 
1/2/19 Transportation equipment   150,000

Additional Information:

• The delivery vehicle purchased in January 2, 2019 is estimated to be useful for 10 years with no
residual or salvage value.
• A physical count of merchandise inventory was conducted on January 30, 2019. The cost of the
inventory on hand was PHP438,700.
• On January 30, 2019, Agila received a statement of account from Gus Oil Center reflecting a total
bill of PHP2,180, representing fuel purchases on January 2016 that were still unpaid as of the said
date.
 LET’S
ASSESS
Exercise:
Krizel Company started its operations on January 1, 2015 by its owner, Edi. It
manufactures and sells house furniture including sala sets, dining tables, etc. The following
transactions took place in January:

Jan 1 Edi invested P280,000 in cash.

2 Krizel Company bought materials costing P20 000 from Casey Inc. on account.
5 Krizel Company borrowed P50 000 from Riley Bank through a Note Payable.
7 Krizel Company sold goods to Summer Inc. at P100 000 on account.
15 Summer Inc. paid the P100 000 receivable of Krizel Company.

Match the contents of the General Journal to its correct position in the journal.

General Journal A

Date Account Titles and Explanation Ref Debit Credit

2016
January 1 B 280,000
C

Owner’s investment of cash in the business

Inventories 20,000

D Accounts Payable 20,000

January 5 F 50,000

G 50,000

H Accounts Receivable I

Sales 100,000

Sale of furniture to Summer, Inc.

January 15 Cash 100,000

Accounts Receivable 100,000

J
Task 2 (Let’s Assess)
A – J1 F - Cash
B – Cash G – Notes Payable
C – 280,000 H – January 7
D – January 2 I – 100,000
E – Purchase of inventories from Casey,Inc. on account J – Collection of customer’s
account receivable
Task 1 (Let’s Try This)
1. Cash Receipts
2. Purchase Journal
3. Cash Disbursement
4. Sales Journal
Exercise:
Kyle Company started its operations on January 1, 2015 by its owner, Aya. It
manufactures and sells house furniture including sala sets, dining tables, etc. The following
transactions took place in January:

Jan 1 Aya invested P300,000 in cash.

2 Kyle Company bought materials costing P30 000 from Casey Inc. on account.
5 Kyle Company borrowed P70 000 from Riley Bank through a Note Payable.
7 Kyle Company sold goods to Summer Inc. at P120 000 on account.
15 Legend Inc. paid the P150 000 receivable of Kyle Company.

Match the contents of the General Journal to its correct position in the journal.

General Journal J1

Date Account Titles and Explanation Ref Debit Credit

2016
January 1 Cash 300,000
A 300,000

Inventories 30,000

January 2 C 30,000

January 5 Cash 70,000

Notes Payable E

January 7 Accounts Receivable 120,000

F 120,000

H I 150,000

Accounts Receivable 150,000

J
 What new information have I learned from these lessons and how will I
apply these knowledge in the real world?
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DISCLAIMER

This Learning Activity Sheet (LAS) was

developed by the Senior High School teachers and
passed the Quality Assurance processes of the Schools
Division Office of Biliran with the paramount objective
of preparing and addressing the new normal. The
contents of the LAS were based on the Department of
Education’s Most Essential Learning Competencies
(MELC) and SDO-Biliran’s Budget of Lessons (BOL).
The borrowed materials (i.e., stories, articles, photos,
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Thus, the teachers who wrote, created,
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encourage comments, feedbacks, suggestions and
recommendations.
SY 2020-2021
MARICEL R. CORPIN, T-II
Writer, Cabucgayan NHS
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