CHAPTER 10

1. a. GJ f. CPJ k. GJ
b. PJ & CPJ g. GJ
c. CPJ h. CRJ
d. SJ & CRJ i. GJ
e. GJ j. CRJ

2. SALES JOURNAL
Date Customers Inv. No. Sales/ Account Rec.
June 3 Healthway 2156 4,850
10 Philamcare 2157 6,000
18 Durian 2158 7,500
30 Asia Care 2159 6,000
24,350
Cash Receipts Journal
OR Accounts
Date Received from Explanation No. Cash Sales Receivable SUNDRY
Debit Credit Credit Account Debit Credit
4/1 C. Torres Add'l. Investment 760 10,000 Torres, Capital 10,000
7 Customer Cash sales 761 8,750 8,750
10 Philam Down payment 762 1,500 1500
12 Healthway Partial 763 1,988.50 2,050 Sales Discount 61.50
15 Tagaytay Cash refund 764 850 Purch. Ret. & Allow. 850
18 Durian Down payment 765 2,500 2,500
20 Durian Partial collection 766 1,940 2,000 Sales Discount 60
23 Mla. Finance Disc. 18% 767 123,000 Notes Payable 150,000
60-day note Interest Expense 27,000
25 Healthway Full collection 768 1,988.50 2,050 Sales Discount 61.50
28 Cash Customers Cash sales 769 3,850 3,850
30 Asia Down payment 1,500 1,500
157,867 12,600 11,600 27,183 160,850

GENERAL JOURNAL
June 6 Sales Return 750
Accounts Receivable 750
30 Notes Receivable 2,000
Accounts Receivable 2,000
Healthway
Date Explanation F Debit Credit Balance
6/3 Inv. 2156 4,850 4,850
6 CM 85 750 4,100
12 OR 762 2,050 2,050
25 OR 768 2,050 0
Philam
Date Explanation F Debit Credit Balance
6/10 Inv. 2157 6,000 6,000
OR 763 1,500 4,500
Durian
Date Explanation F Debit Credit Balance
6/18 Inv. 2158 7,500 7,500
OR 765 2,500 5,000
20 OR 766 2,000 3,000
Asia
Date Explanation F Debit Credit Balance
6/30 Inv. 2159 6,000 6,000
6% 10-day note 2,000 4,000
OR 767 1,500 2,500
Accounts Receivable
6/30 SJ 24,350 6/30 CRJ 11,600
6/6 GJ 750
6/30 GJ 2,000
10,000

1
3.
Cash Receipts Journal
Date Received Explanation Cash In Sales Accounts Cash
from F Bank Discount Receivable Sales
Debit Debit Credit Credit Account Debit Credit
11/2 C Chua Investment 001 300,000 Chua, Capital 300,000
6 Cash Cash sales CRT 61,600 61,600
12 Rose Down payment 002 20,000 20,000
15 Shoe Mart Full collection 003 82,500 1,500 84,000
16 Cash Cash sales CRT 58,240 58,240
Customers
22 Wood World Cash refund 005 3,080 Purch. Ret.& Allow. 3,080

25 Rose Full collection 006 24,800 24,800

550,220 1,500 128,800 119,840 303,080

Sales Journal
Inv. No. Accounts
Date Customers Explanation Receivable Cash Sales Sales
Debit Debit Credit
Nov. 6 Cash Cash sales CRT 61,600 61,600
10 Shoe Mart 2/10, n/30 1 84,000 84,000
12 Rose 2/10, n/30 2 44,800 44,800
16 Customers Cash sales CRT 58,240 58,240
18 Violy 2/10, n/30 3 47,880 47,880
176,680 119,840 296,520
GENERAL JOURNAL
Date Particulars F Debit Credit
Nov. 30 Notes Receivable 47,880
Accounts Receivable 47,880
Note issued by Violy’s
Rose
Date Explanation F Debit Credit Balance
Nov. 12 2/10, n/30 44,800 44,800
down payment 20,000 24,800
25 full collection 24,800 0
Shoe Mart
Date Explanation F Debit Credit Balance
Nov. 10 2/10, n/30 84,000 84,000
15 full collection 84,000 0
Violy’s
Date Explanation F Debit Credit Balance
Nov. 18 2/10, n/30 47,880 47,880
28 received note 47,880 0
Accounts Receivable
11/30 SJ 176,680 11/30 CRJ 128,800
________ 11/28 47,880

Balance 0

4.
. Cash Receipts Journal
Date Received Explanation Cash In Sales Accounts Cash
from F Bank Discount Receivable Sales
Debit Debit Credit Credit Account Debit Credit
11/2 C Chua Investment 001 300,000 Chua, Capital 300,000
6 Cash Cash sales CRT 61,600 61,600
12 Rose Down payment 002 20,000 20,000
15 Shoe Mart Full collection 003 82,320 1,500 84,000 Output Tax 180
16 Cash Cash sales CRT 58,240 58,240
Customers
22 Wood World Cash refund 005 3,080 Purch. Ret.& Allow 2,750
Input Tax 330
25 Rose Full collection 006 24,800 24,800
550,040 1,500 128,800 119,840 180 303,080

2
 Sales Journal
Invoice Accounts
Date Customers Explanation No. Receivable Cash Sales Sales Output Tax
Debit Debit Credit Credit
Nov. 6 Cash Cash sales CRT 61,600 55,000 6,600
10 Shoe Mart 2/10, n/30 1 84,000 75,000 9,000
12 Rose 2/10, n/30 2 44,800 40,000 4,800
16 Customers Cash sales CRT 58,240 52,000 6,240
18 Violy 2/10, n/30 3 47,880 42,750 5,130
176,680 119,840 264,750 31,770
GENERAL JOURNAL
Date Particulars F Debit Credit
Nov. 30 Notes Receivable 47,880
Accounts Receivable 47,880
Note issued by Violy’s
Rose
Date Explanation F Debit Credit Balance
Nov. 12 2/10, n/30 44,800 44,800
down payment 20,000 24,800
25 full collection 24,800 0
Shoe Mart
Date Explanation F Debit Credit Balance
Nov. 10 2/10, n/30 84,000 84,000
15 full collection 84,000 0
Violy’s
Date Explanation F Debit Credit Balance
Nov. 18 2/10, n/30 47,880 47,880
28 received note 47,880 0
Accounts Receivable
11/30 SJ 176,680 11/30 CRJ 128,800
________ 11/28 47,880

Balance 0

5. Purchase Journal
Date Purchased from Purchases Accounts Payable
Debit F Credit
Aug. 3 Valley 15,000 / 15,000
7 Marikina 7,500 / 7,500
28 Bulacan 12,500 / 12,500
35,000 P 35,000

Cash Payment Journal

VO Cash In Accounts
Date Paid to Explanation No. Bank F Payable
Credit Debit Account Debit Credit
8/5 National Cash purchase 34 300 Supplies 300
10 Freight 35 1,500 Freight in 1,500
12 Torres Cash purchase 36 9,000 / Equipment 9,000
14 Marikina Partial 37 5,000 / 5,000
16 Employees Salaries 38 7,125 Salaries 7,500
W/Tax Payable 375
30 Valley 50% payment 39 13,400 / 13,400
30 Employees Salaries 40 6,150 Salaries 7,500
W/Tax Payable 375
SS Payable 450
PH Payable 225
Pag-ibig Payable 300

42,475 18,400 25,800 1,525

(101) (301) (/) (/)

GENERAL JOURNAL
21 Accounts Payable 1,600
Purchase Returns // 1,600
3
 Subsidiary Ledgers
Name: Valley
Date Explanation Debit Credit Balance
Aug. 3 1/10, n/60 15,000 15,000
21 returns 1,600 13,400
30 full payment 13,400 0

Name: Marikina
Date Explanation Debit Credit Balance
Aug. 7 2/10, n/30 7,500 7,500
14 partial payment 5,000 2,500

Name: Bulacan
Date Explanation Debit Credit Balance
Aug. 25 2/10, n/30 12,500 12,500

Accounts Payable
8/31 18,400 8/31 PJ 35,000
21 GJ 1,600
Bal. 15,000

6. Purchase Journal
Date Purchased from Invoice Purchases Accounts Payable
Oct. 6 Cebu Fresh Goods 1096 10,080 10,080
15 Bangkok 476 6,048 6,048
28 Purefoods 3,062 14,168 14,168
30,296 30,296

Cash Payment Journal

VO. Purch. Accounts
Date Paid to Explanation No. Cash Discount Payable Purchase
Credit Credit Debit Debit Account Debit Credit
10/9 Executive Down payment 91 5,000 5,000
14 Cebu Full payment 92 8,400 8,400
15 Bangkok Down payment 93 1,500 1,500
22 Seaside Cash purchase 94 4,480 4,480
27 Freigt Co. Freight 95 560 Freight out 560

29 Freight Co. Freight 96 1,344 Freight in 1,344

31 Purefoods Payment in full 97 13,915 253 14,168

35,199 253 29,068 4,480 1,904

General Journal
Oct. 9 Furniture & Fixtures 16,800`

Accounts Payable 16,800

Invoice #211
10 Accounts Payable 1,680
Purchase Returns 1,680

12 Accounts Payable 616

Furniture & Fixtures 616

16 Accounts Payable 4,548

Notes Payable 4,548
25 Dizon, Drawings 1,250
Purchases 1,250

Name: Cebu Fresh Goods

Date Explanation Debit Credit Balance
10/6 1096 10,080 10,080
10 CM 403 1,680 8,400
14 VO 427 8,400 0

Name: Bangkok
Date Explanation Debit Credit Balance
10/15 Inv. 476 6,048 6,048
Down payment 1,500 4,548
15 day 18% p.n. 4,548 0
Name: Executive Furnishings
Date Explanation Debit Credit Balance
4
 10/9 211 16,800 16,800
down payment Vo 91 5,000 11,800
10/12 CM 337 616 11,184

Name: Purefoods
Date Explanation Debit Credit Balance
10/28 2/5, 1/10, n/30 14,168 14,168
31 full payment 14,168 0

Accounts Payable
12/10 1,680 12/9 GJ 16,800
12/12 GJ 616 31 PJ 30,296
26 GJ 4,548
31 CDJ 29,068
11,184

7. Purchase Journal
Date Purchased from Invoice Purchases Input Tax Accounts Payable
Oct. 6 Cebu Fresh Goods 1096 9,000 1,080 10,080
15 Bangkok 476 5,400 648 6,048
28 Purefoods 3,062 12,650 1,518 14,168
27,050 3,246 30,296
Cash Payment Journal
VO. Purch. Accounts
Date Paid to Explanation No. Cash Discount Payable Purchase
Credit Credit Debit Debit Account Debit Credit
10/9 Executive Down payment 91 5,000 5,000
14 Cebu Full payment 92 8,400 8,400
15 Bangkok Down payment 93 1,500 1,500
22 Seaside Cash purchase 94 4,480 4,000 Input Tax 480
27 Freigt Co. Freight 95 560 Freight out 500
Input Tax 60
29 Freight Co. Freight 96 1,344 Freight in 1,200
Input Tax 144
31 Purefoods Payment in full 97 13,885 253 14,168 Input Tax 30
35,169 253 29,068 4,000 2,384 30

General Journal
Oct. 9 Furniture & Fixtures 15,000
Input Tax 1,800
Accounts Payable 16,800
Invoice #211
10 Accounts Payable 1,680
Purchase Returns 1,500
Input Tax 180
12 Accounts Payable 616
Furniture & Fixtures 550
Input Tax 66
16 Accounts Payable 4,548
Notes Payable 4,548
25 Dizon, Drawings 1,250
Purchases 1,250

Name: Cebu Fresh Goods

Date Explanation Debit Credit Balance
10/6 1096 10,080 10,080
10 CM 403 1,680 8,400
14 VO 427 8,400 0

Name: Bangkok
Date Explanation Debit Credit Balance
10/15 Inv. 476 6,048 6,048
Down payment 1,500 4,548
15 day 18% p.n. 4,548 0

Name: Executive Furnishings

Date Explanation Debit Credit Balance
10/9 211 16,800 16,800
down payment Vo 91 5,000 11,800
5
 10/12 CM 337 616 11,184

Name: Purefoods
Date Explanation Debit Credit Balance
10/28 2/5, 1/10, n/30 14,168 14,168
31 full payment 14,168 0

Accounts Payable
12/10 1,680 12/9 GJ 16,800
12/12 GJ 616 31 PJ 30,296
26 GJ 4,548
31 CDJ 29,068
11,184

8. Subsidiary Ledgers
Name: Abenson (Supplier)
Date Explanation F Debit Credit Balance
May 1 250,000 250,000
Name: Concepcion (supplier)
Date Explanation F Debit Credit Balance
May 5 2/10,1/15,n/30 Inv132 220,000 220,000
8 Partial 100,000 120,000
Name: Bello (customer)
Date Explanation F Debit Credit Balance
May 10 1/5,n/10 Inv 910 8,250 8,250
20 10-day, 6% notes 8,250 -
Name: Bessie (customer)
Date Explanation F Debit Credit Balance
May 12 1/15, N/30 50,000 50,000
Down payment 25,000 25,000
22 Partial 5,000 20,000
26 Full 20,000 -
Name: Music (customer)
Date Explanation F Debit Credit Balance
May 28 1/10, n/30 15,000 15,000

Sales Journal
Accounts Cash Sales Sales
Date Sold to Inv. F Receivable Debit Credit
May10 Bello 001 8,250 8,250
15 Bessie Flores 002 50,000 50,000
25 Music Museum 003 15,000 15,000
30 Cash customers CRT
73,250 73,250
Purchase Journal
Accounts Cash
Date Supplier F Purchases Payable Purchases
May 5 Concepcion 220,000 220,000
12 Sony 75,000 75,000
295,000 220,000 75,000

Cash Receipts Journal

Sales Accts
Date Received from Cash Discount Receivable Cash Sales Sundry
Credit Credit Account Debit Credit
May 2 Florendo 500,000 Flores, Capital 500,000
15 Bessie 25,000 25,000
16 Sony 2,500 Purchase Ret 2,500
22 Bessie 5,000 5,000
28 Bessie 19,500 500 20,000
30 Bello Wayne 8,263.75 Notes Receivable 8,250
Interest Income 13.75

560,263.75 500 50,000 510,763.75

Cash Disbursement Journal

Purchase Account Cash
Date Paid to Cash Discount Payable Purchase Sundry
Credit Credit Debit Debit Account Debit Credit
6
 6 WGA 1 3,250 Freight In 3,250
7 All Fine 2 15,000 15,000
8 Concepcion 3 100,000 100,000
14 Sony 4 75,000 75,000
18 Flores 5 1,500 Flores, Drawing 1,500
25 Freight 6 1,000 Freight Out 1,000

31 Salaries 8 10,050 Salaries 15,000

WT Payable 750
SS Payable 2,400
PH Payable 900
Pag-ibig 900
205,800 115,000 75,000 35,783.33 4,950

General Journal
Date Particulars Debit Credit
May 1 Merchandise Inventory 1,380,000
Furniture & Fixtures 550,000
Equipment 750,000
Accounts Payable 250,000
Flores, Capital 2,430,000

7 Furniture & Fixture 30,000

Accounts Payable 15,000
Notes Payable 15,000

20 Notes Receivable 8,250

Accts Receivable 8,250

Accounts Receivable
Date Particulars F Debit Date Particulars F Credit
May SJ 73,250 May 20 8,250
31 31 50,000
Balance 15,000
Accounts Payable
Date Particulars Debit Date Particulars Credit
May 1 250,000
7 15,000
May31 115,000 May 31 220,000
Balance 370,000

9. Sales Journal
Sales Cash Sales AR Cost of Sales Dr
Date Customers Inv. No. Cr Dr Dr Mdse Invty Cr
May 2 Laredo Hardware 4,000 4,000 3,100
24 Cash 6,200 6,200 4,600
31 1,600 1,600 1,120

Cash Receipts Journal

Received OR Sales Accounts Cash SUNDRY
Date From No. Cash Discount Receivable Sales
Debit Debit Credit Credit Account Debit Credit
May 9 Laredo 3,920 80 4,000
15 230 Merchandise Invty 230
24 6,200 6,200

Purchase Journal
Invoice Mdse Invty Cash Purchases Accts Payable
Date Supplier No. Dr Dr Cr
May 1 Mesa 8,000 8,000
12 Cash 2,700 2,700
17 Sherlock 2,500 2,500
25 Duffy 1,000 1,000

Cash Disbursement Journal

Check Cash Cash Accts Payable Mdse Invty SUNDRY
Date Payee No. Cr Purch Dr Dr Dr Accounts Debit Credit
May 10 Mesa 3,332 3,400 (68)
7
 11 900 Supplies 900
12 2,700 2,700
19 250 250
27 Sherlock 2,450 2,500 (50)

General Journal
May 5 Accounts Payable 600
Merchandise Inventory 600

10. Purchase Journal

Accounts
Date Purchased from Purchases Input Tax Payable
Dec. 7 Baguio 90,000 10,800 100,800
19 Dimasalang 7,500 900 8,400
97,500 11,700 109,200

Sales Journal
Accounts
Date Customer Inv. No. Receivable Cash Sales Sales Output Tax
Dec. 9 Cash Customers CRT 26,880 24,000 2,880
17 Manila Cathedral 001 39,200 35,000 4,200
19 Cash Sales CRT 8,960 8,000 960
23 St. Augustine 002 7,280 6,500 780
46,480 35,840 21,500 8,820

Cash Receipts Journal

Cash In Sales Accounts SUNDRY
Date Received from Explanations OR Bank Discount Receivable Cash Sales
Debit Debit Credit Credit Account Debit Credit
3 Naty Cruz Investment deposited DS 100,000 Cash on Hand 100,000
9 Cash customers Cash sales CRT 26,880 26,880
19 -do- -do- CRT 8,960 8,960
25 Mla. Cathedral Full collection OR 38,416 700 39,200 Output Tax 84
31 St. Agustin 50% collected OR 3,640 3,640
177,896 700 42,840 35,840 84 100,000

Cash Payment Journal

Date Payee Explanation Vo # Cash In Cash On Purchase Accounts Cash SUNDRY
Bank Hand Discount Payable Purch. Accounts Debit Credit
6 BIR Taxes 001 2,500 Taxes Expense 2,500
7 Baguio Down payment 2 4,500 4,500 Input Tax 36
8 Freight Co Equipt. Transported 3 336 Equipment 300
12 National Supplies 4 3,360 Supplies 3,000
14 Baguio Partial 5 30,000 30,000 Input Tax 360
15 Employees Payroll 6 4,750 Salaries 5,000
W/T Payable 250
17 Freight For For furniture 7 168 Freight 150
19 Dimasalang 50% down 8 4,200 4,200 Input Tax 18
25 Champion Note paid 9 6,191 Notes Payable 6,160
Int. Exp. 31
29 Dimasalang Full payment 10 3,650 3,724 Equipment 66
Input Tax 8
30 Employees Payroll 11 4,200 Salaries 5,000
WT Payable 250
SS Payable 300
PH Payable 150
Pagibig Pay 100

63,351 504 42,424 22,555 1,124

General Journal
Dec. 2 Cash on Hand 150,000
Furniture & Fixture 25,000
Merchandise Inventory 25,000
Cruz, Capital 200,000
5 Equipment 5,500
Input Tax 660
Accounts Payable 6,160
7 Freight In 5000
Input Tax 600
Accounts Payable 5600
15 Accounts Payable 6,160
Notes Payable 6,160

27 Accounts Payable 476

Purchase Returns 425
Input Tax 51
8
 28 Cruz, Drawing 2500
Purchases 2500
31 Bank Service Charge 336
Cash In Bank 336

Accounts Payable Ledger

Name: Baguio Floral
Date Explanation F Debit Credit Balance
Dec. 7 1/10, n/30 PJ 100,800 100,800
freight GJ 5,600 106,400
14 down CDJ 4,500 101,900
partial CDJ 30,000 71,900
Name: Dimasalang
Date Explanation Debit Credit Balance
Dec. 19 2/10, n/30 8,400 8,400
down 4,200 4,200
27 CM 476 3,724
29 full payment 3,724 0
Name: Manila Cathedral
Date Explanation Debit Credit Balance
Dec. 17 Inv. 1 39,200 39,200
25 Full collection 39,200 0
Name: St. Agustine
Date Explanation Debit Credit Balance
23 2/10, n/30 7,280 7,280
31 50% collect. 3,640 3,640

Accounts Receivable
12/31 SJ 42,840 12/31 CRJ 46,480
Balance 3640
Name: Champion Equipment
Date Explanation F Debit Credit Balance
Dec. 5 2/10, n/30 ship. Pt. GJ 6,160 6,160
15 10-day – 18% note GJ 6,160 0

Accounts Payable
15 GJ 6,160 12/5 GJ 6,160
27 GJ 476 7 CJ 5,600
31 CDJ 42,424 12/31 PJ 109,200
Balance 71,900

PROBLEMS

Problem 1
Sales Journal
Inv Sales Cash Sales AR Cost of Sales Dr
Date Customer No. Cr Dr Dr Mdse Invty Cr
Apr 8 Cash 9,000 9,000 2,250
18 Alpha 1,500 1,500 1,000
22 Venus 5,000 5,000 3,000
15,500 9,000 6,500 6,250

Cash Receipts Journal

OR Sales Accounts Cash
Date Received No Cash Disct Receivable Sales
from .
Debit Debit Credit Credit Sundry Debit Credit
Apr Various 9,000 9,000
8
9
 15 Newshoes 1,000 Mdse Inventory 1,000
20 Alpha 500 500
30 Venus 5,000 5,000
15,500 9,000

Purchase Journal
Inv. Mdse Invty Cash Purch Accts Payable
Date Supplier No. Dr Cr Cr
Apr 4 Denver 7,400 7,400
11 Newshoes 3,000 3,000
14 Athena 6,000 _____ 6,000
16,400 3,000 13,400

Cash Disbursement Journal

Chk Cash Accounts Mdse Invty
Date Payee No. Cash Purchase Payable Dr (Cr)
Credit Debit Debit
Apr 6 600 600
11 Newshoes 3,000 3,000
13 Denver 6,790 7,000 (210)
17 300 300
21 Athena 5,880 6,000 (120)
16,570 3,000 13,000 570

General Journal
April 10 Accounts Payable 400
Merchandise Inventory 400
Trial Balance
Cash (25,000 + 15,500 – 16,570) 23,930
Accounts Receivable (6,500 – 5,500) 1,000
Merchandise Inventory (17,000+16,400–6,250-400-1,000+570) 26,320
Accounts Payable 0
Teves, Capital 42,000
Sales 15,500
Cost of Sales 6,250 ______
57,500 57,500
Gross Profit (15,500 – 6,250) = P9,250

Problem 2
Subsidiary Ledgers
Name: Intramuros
Date Explanation F Debit Credit Balance
Nov. 30 2/10, n/30 Inv. 57 SJ6 13,720 13,720
Dec. 4 Partial OR 23 CRJ6 6,860 6,860
8 SJ 6,160 13,020
18 Full OR CRJ6 6,860 6,160
Name: Mindanao
Date Explanation F Debit Credit Balance
Nov. 25 2/10,n/30 Inv. 48 SJ5 8,064 8,064
Dec. 20 Inv. 59 SJ6 6,944 15,008
30 10 days 6% note GJ 8,064 6,944
Name: Ilocos
Date Explanation F Debit Credit Balance
Nov. 28 2/10,n/30 Inv. 52 4,928 4,928
Dec. 10 OR 25 4,928 -
Name: Corregidor
Date Explanation F Debit Credit Balance
Dec. 1 2/10,n/30Inv. 58 SJ6 5,600 5,600
25 CM 8 GJ 560 5,040
31 Full collection CRJ6 5,040 0

Sales Journal
Accounts Cash Sales
Date Sold to Inv. F Receivable Debit Sales Output Tax
Dec. 1 Corregidor 58 / 5,600 5,000 600
8 Intramuros 59 / 6,160 5,500 660
18 Mindanao 60 / 5,824 7,975 5,200 624

10
 / 17,584 7,975 15,700 1,884
Cash Receipts Journal
OR Cash Sales Accounts Cash
Date Received from Explanation No. Debit Disct Receivable Sales SUNDRY
F Credit Credit Account Debit Credit
Dec. 4 Intramuros Partial 23 6,860 / 6,860
10 Ilocos Full collection 24 4,928 / 4,928
18 Intramuros Full collection 25 6,860 / 6,860
31 Corregidor Full collection 26 5,040 5,040
23,688 23,688

Intramuros 6,160
Mindanao 6,944
13,104
Accounts Receivable
Date Particulars F Debit Date Particulars F Credit
Dec. 1 Balance 26,712 Dec. 30 GJ 8,064
31 SJ6 17,584 25 560
GJ 1,120 31 CRJ6 23,688
Balance 13,104

Problem 3 Purchase Journal

Accounts Cash
Date Supplies F Purchases Input Tax Payable Purchases
June 4 William Inv. 6,000 720.00 6,720.00
18 Payapa 715 13,500 1,620.00 15,120
28 Liza’s 901 5,529 663.48 6,192.48 _____
25,029 3,003.48 12,912.48 15,120

General Journal
June 10 Equipment 9,500
Input Tax 1,140
Accounts Payable 10,640
15 Accounts Payable 448
Purchase Return 400
Input Tax 48
22 Accounts Payable 1,680
Purchase Returns 1,500
Input Tax 180
28 Accounts Payable 6,192.48
Notes Payable 6,192.48

Cash Payment Journal

VO Chk Cash In Purch. Accounts Cash
Date Paid to Explanation No No. Bank Disc. Payable Purchase
Credit Credit Debit Debit Account Debit Credit
June 2 William Full paymenr 11 911 13,305.60 120 13,440 Input Tax 14.40
5 BIR Taxes 12 912 750 Taxes 750
7 WGA Shipping Exp. 13 913 728 Freight In 650
9 Asia Bank 14 914 101,500 Input Tax 78
Notes Payable 100,000
Int. Expense 1,500
10 GE Down 15 915 5,000 5,000
11 Liliw Full payment 16 916 16,800 16,800
13 GE Testing 17 917 815 Equipment 815
18 Payapa Cash purchase 18 918 15,120 15,120
20 GE Full payment 18 919 5,035.20 5,640 Equipment 540.0
Input Tax 64.80
25 Speedy Freight 20 920 1,440 Freight out 1,200
Input Tax 120
31 Lessor Rent 24
160,373.80 120 40,880 15,120 105,113 619.20

Name: Liliw
Date Explanation F Debit Credit Balance
May 30 2/10, n/30, Inv. 815 16,800 16,800
June 11 16,800 0

Name: William’s
Date Explanation F Debit Credit Balance
May 20 2/10,1/15, n/30 Inv. 690 13,440 13,440
June 2 full payment 13,440 0
4 2/10, 1/5, n/30 715 6,720 6,720
15 CM 89 448 6,272
Name: General Electric
11
 Date Explanation F Debit Credit Balance
Dec. 10 5,000 down, bal. 2/10, n/30 10,640 10,640
5,000 5,640
20 full payment 5,640 0
Accounts Payable
6/15 GJ 448 5/31 Bal. 30,240.00
6/30 CPJ 40,880 6/10 10,640.00
GJ 6,192.48 6/30 12,912.48
6,272.00

Schedule of AP: William Trade P6,272

4. Sales Journal
Sales Cash Sales AR Cost of Sales Dr
Date Customers Inv. No. Cr Dr Dr Mdse Invty Cr
Apr 8 11,500 11,500 7,900
18 8,100 8,100 5,300
19,600 19,600 13,200

Cash Receipts Journal

Received OR Sales Accounts Cash SUNDRY
Date From No. Cash Discount Receivable Sales
Debit Debit Credit Credit Account Debit Credit
Apr 8
15 Taal 500 Mdse Invty 500
20 5,000 5,000
5,500 5,000 500

Purchase Journal
Invoice Mdse Invty Cash Purchases Accts Payable
Date Supplier No. Dr Dr Cr
April 4 All Sports 8,400 8,400
14 Vilma 9,000 9,000
17,400 17,400

Cash Disbursement Journal

Chk Cash Cash Accts Payable Mdse Invty SUNDRY
Date Payee No. Cr Purch Dr Dr Dr Accounts Debit Credit
April 4 400 400
11 Taal 4,200 4,200
13 All Sports 7,405 7,556 Mdse Invty 151
17 Vilma 500 500
12,505 7,556 5,100 151

General Journal
Apr 10 Accts Payable-All Sports 844
Mdse Inventory 844

27 Sales Ret & Allow 300

Accts Receivable 300

Cash No. 101

Date Particulars F Debit Credit Balance
Apr 1 25,000
Apr 30 5,500 30,500
Apr 30 12,505 17,995

Accounts Receivable No. 112

F Debit Credit Balance
Date Particulars
Apr 30 19,600 19,600
Apr 30 5,000 14,600
Apr 27 300 14,300

12
 Merchandise Inventory No. 120
F Debit Credit Balance
Date Particulars
Apr 1 17,000
Apr 30 13,200 3,800
Apr 30 500 3,300
Apr 30 17,400 20,700
Apr 30 5,100 25,800
Apr 30 151 25,649
Apr 10 844 24,805

Accounts Payable No. 201

F Debit Credit Balance
Date Particulars
Apr 30 17,400 17,400
Apr 30 7,556 9,844
Apr 10 844 9,000

Agassi, Capital No. 313

F Debit Credit Balance
Date Particulars
Apr 1 42,000

Sales No. 401

F Debit Credit Balance
Date Particulars
April 30 19,600 19,600

Sales Return and Allowances No. 412

F Debit Credit Balance
Date Particulars
April 27 300 300

Cost of Goods Sold No. 505

F Debit Credit Balance
Date Particulars
13,200 13,200

Agassi’s Tennis Club

Trial Balance
April 30, 2012
Cash 17,995
Accounts Receivable 14,300
Merchandise Inventory 24,805
Accounts Payable 9,000
Agassi, Capital 42,000
Sales 19,600
Sales Return and Allowances 300
Cost of Goods Sold 13,200 ______
70,600 70,600

5. Sales Journal
Accounts
Date Customer Explanation Inv. F Receivable Cash Sales Output Tax Sales
No. Debit Debit Credit
5/8 Rustan 1/10, n/30 150 / 11,760 1,260 10,500
15 Cash sales CRT 35,840 3,840 32,000
16 Robinson N/30 151 / 8,960 960 8,000
29 Cash Sales CRT 28,000 3,000 25,000
20,720 63,840 9,060 75,500
(111) (/)

Purchase Journal
Accounts Input
Date Purchased from Explanation F Payable Purchase Tax
Credit Debit Debit
Apr 3 Subic Co. 2/10, n/30 / 13,440 12,000 1,440
14 Evergreen 1/10, n/30 / 28,000 25,000 3,000
41,440 37,000 4,440

13
 Cash Receipts Journal
OR Cash on Cash In Sales Accounts Cash
Date Received from Explanation No. Hand Bank Disc. Rec'ble Sales SUNDRY
Debit Credit Credit
Account Debit Credit
5/1 K Concepcion Investment 50,000 200,000 Concepcion Capital 250,000
16 Customer Cash sales CRT 35,840 35,840
18 Rustan Full collection 001 11,642.40 105 11,760 Output Tax 12.60
25 Citibank 90 day 10% note 002 100,000 Notes Payable 100,000
29 Customer Cash sales CRT 28,000 28,000
50,000 375,482.40 105 11,760 63,840 12.60 350,000

Cash Disbursements Journal

Cash Cash In Purch. Accounts Cash
Date Paid to Explanation On Bank Disc. Payable Purch. Sundry Debit Credit
Hand
5/2 Robinson Advance rental 18,000.00 Rent Expense 18,000
BIR Taxes 1,200 Taxes 1,200
12 Subic Full payment 13,171.20 240 13,440 Input Tax 28.80
15 Goodwill Full payment 1,774.08 1,792 Supplies 16.00
Input Tax 1.92
20 Freight Frwrdrs Freight 6,496.00 Freight In 5,800
Input Tax 696
28 Evergreen Full payment 28,000.00 28,000
30 Concepcion Cash withdrawal 5,000.00 Concepcion, Drawng 5,000
Employee Salaries 10,620.00 Salaries-Sales 6,000
- Office 6,000
W/Tax Payable 600
SS Payable 360
PH Payable 180
HDMF Payable 240
31 BIR VAT 3,750.12 VAT Payable 3,750.12
1,200 86,811.40 240 43,232 0 46,446.12 1,426.72

General Journal
May 1 Merchandise Inventory 50,000
Concepcion, Capital 50,000
5 Supplies 1,600
Input Tax 192
Accounts Payable 1,792
31 Output Tax 9,047.40
Input Tax 5,105.28
VAT Payable 3,942.12
Customer's Cards
Name: Rustan
Date Explanation F Debit Credit Balance
5/8 1/10, n/30 Inv. 150 SJ 11,760 11,760
18 full account CRJ 11,760 -
Name: Robinson
Date Explanation F Debit Credit Balance
5/16 N/30 SJ 8,960 8,960
Name: Subic
Date Explanation F Debit Credit Balance
5/3 2/10, n/30 PJ 13,440 13,440
12 Chk 201 CPJ 13,440 -
Name: Evergreen
Date Explanation F Debit Credit Balance
5/14 1/10, n/30 Inv. 801 GJ 28,000 28,000
28 full payment CPJ 28,000 -
Name: Goodwill
Date Explanation F Debit Credit Balance
5/5 V10, n/30 GJ 1,792 1,792
15 In full payment CDJ 1,792 0
Name: Alexis
Date Explanation F Debit Credit Balance
5/5 1/10,n/30 Inv 510 1,705 1,705
15 full payment 1,705 0
Cash On Hand 101
5/31 CRJ 50,000 5/31 CDJ 1,200
48,800
Cash In Bank 102 Sales Discount
403
5/31 CRJ 375,482.40 5/31 CDJ 86,811.40 5/31 CRJ 105

14
 289,918.40
Accounts Receivable 111 Purchases
5/31 SJ 20,720 5/31 CRJ 11,760 5/31 PJ 37,000
8,960
Merchandise Inventory 104 Freight In
4/1 GJ 50,000 4/20 5,800
Store Supplies 105 Purchase Discount
5/5 GJ 1,600 5/15 16 5/31 CPJ 240
1,584
Accounts Payable 201 Rent Expense
5/31 CPJ 43,232 5/5 GJ 1,792 5/2 CPJ 18,000
31 PJ 41,440
Notes Payable 202 Sales Salaries
5/25 CRJ 100,000 5/30 CPJ 6,000
Withholding Tax Payable Office Salaries
5/30 CPJ 600 5/30 CPJ 6,000
SS Payable Output Tax
5/30 CPJ 360 5/18 CRJ 12.60 5/31 SJ 9,060
5/31 GJ 9,047.40
PH Payable Taxes
5/30 CPJ 180 5/2 CPJ 1,200
Concepcion, Capital Input Tax
5/1 CRJ 250,000 5/5 GJ 192.00 5/12 CPJ 28.80
GJ 50,000 5/31 PJ 4,440.00 15 CPJ 1.92
5/20 CPJ 696.00 31 GJ 5,297.28
Sales Concepcion, Darwing
5/31 SJ 75,500 5/31 5,000
KC
Trial Balance
May 31, 2010
Cash On Hand 48,800.00
Cash In Bank 288,671.00
Accounts Receivable 8,960.00
Merchandise Inventory 50,000.00
Store Supplies 1,584.00
Notes Payable 100,000.00
WT Payable 600.00
SS Payable 360.00
PH Payable 180.00
HDMF Payable 240.00
Concepcion, Capital 300,000.00
Concepcion, Drawing 5,000.00
Sales 75,500.00
Sales Discount 105.00
Purchases 37,000.00
Freight In 5,800.00
Purchase Discount 240.00
Rent Expense 18,000.00
Sales Salaries 6,000.00
Office Salaries 6,000.00
Taxes 1,200.00 _________
477,120.00 477,120.00
KC
Schedule of Accounts Receivable
May 31,2010
Robinson Company P8,800

KC
Balance Sheet
May 31, 2010
Assets Liabilities & Owner's Equity
Current: Current Liabilities:
Cash (note 1) P337,471.00 Trade & Other Payables (note 2) P101,380.00
15
 Accounts Receivable 8,960.00 Owner's Equity 299,501.00
Merchandise Inventory 45,000.00
Store Supplies 450.00
Prepaid Rent 9,000.00 _________
P400,881.00 P400,881.00
Note 1: Cash On Hand P 48,800.00 Note 2: Notes Payable P100,000.00
Cash In Bank 288,671.00 SS Payable 360
P337,471.00 PH Payable 180
HDMF Payable 240
W/Tax Payable 600
P101,380.00

KC
Income Statement
For the month ended May 31, 2008
Net Sales (Note 1) P75,395.00
Cost of Sales (Note 2) 47,560.00
Gross Income 27,835.00
Selling Expenses (Note 3) (16,134.00)
General Expenses (Note 4) ( 7,200.00)
Net Income P 4,501.00

Note 1: Net Sales P75,500

Sales 105
Less Sales Discount P75,395
Note 2: Cost of Sales
Merchandise Inventory May 1 P50,000
Purchases 37,000
Freight In 5,800
Purchase Discount ( 240)
Merchandise Inventory May 31 (45,000)
P47,560
Note 3: Selling Expenses Rent P 9,000.00
Salaries 6,000.00
Supplies 1,134.00
P16,134.00
Note 4: General Expenses Salaries P6,000
Taxes 1,200
P7,200

KC
Capital Statement
For the month ended May 31, 2008
Concepcion Capital, May 1 P300,000.00
Net Income 4,501.00
Drawings ( 5,000.00)
Concepcion, Capital, May 31 P299,501.00

CASE STUDIES

1. It is not necessary for her to use special journals. If at all, only a general journal would suffice with
customer's cards.

If her purchases are numerous, she should use a Purchase Journal with supplier's cards. She does not need a
sales journal. She will need a cash receipts journal and a cash payment journal.

16