Scribd Logo
Upload

Welcome to Scribd!

  • 213 views

    MOCK Desmond Martinez

    Uploaded by

    Da Yan
    1. The owner invested money and bought equipment and inventory on account from suppliers for the new business. 2. Throughout the month, the business engaged in various transactions including sales, purchases, payments to suppliers and expenses. 3. At the end of the month, the business prepared journal entries, ledger accounts, and financial statements including a trial balance, income statement, statement of changes in equity, balance sheet, and statement of cash flows to summarize the financial activities for the period.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    MOCK Desmond Martinez

    Uploaded by

    Da Yan
    213 views2 pages
    1. The owner invested money and bought equipment and inventory on account from suppliers for the new business. 2. Throughout the month, the business engaged in various transactions including sales, purchases, payments to suppliers and expenses. 3. At the end of the month, the business prepared journal entries, ledger accounts, and financial statements including a trial balance, income statement, statement of changes in equity, balance sheet, and statement of cash flows to summarize the financial activities for the period.

    Original Description:

    Bookkeeping

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    1. The owner invested money and bought equipment and inventory on account from suppliers for the new business. 2. Throughout the month, the business engaged in various transactions including sales, purchases, payments to suppliers and expenses. 3. At the end of the month, the business prepared journal entries, ledger accounts, and financial statements including a trial balance, income statement, statement of changes in equity, balance sheet, and statement of cash flows to summarize the financial activities for the period.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    213 views2 pages

    MOCK Desmond Martinez

    Uploaded by

    Da Yan
    1. The owner invested money and bought equipment and inventory on account from suppliers for the new business. 2. Throughout the month, the business engaged in various transactions including sales, purchases, payments to suppliers and expenses. 3. At the end of the month, the business prepared journal entries, ledger accounts, and financial statements including a trial balance, income statement, statement of changes in equity, balance sheet, and statement of cash flows to summarize the financial activities for the period.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 2

    BOOKKEEPING NC III

    MOCK EXAMINATION
    November 1 Desmond Martinez, the owner invested P823, 234 to the business.
    2 Bought equipment for P212,678.

    2 Bought merchandise on account from String Company, P341,824 terms


    2/10, n/30.
    3 Bought office supplies for cash P1465.

    4 Sold merchandise on account P311,424, FOB Destination, terms 2/10,


    n/30. The cost of merchandise sold was P214,434.
    5 Paid 543 freight on the sale of November 4.

    6 Received credit from String Company for merchandised returned due


    to improper size P678.
    11 Paid String Company.
    13 Collected from November 4 customers.
    14 Bought merchandise for cash, P49,897.
    15 Paid salaries of the staffs P3,000.

    16 Borrowed money from the bank. Signed a promissory note for P54,600
    pesos.

    17 Received a refund from a supplier on cash purchase of November 14,


    P1786.

    18 Bought merchandise from AJ Company P89,675 FOB Shipping Point,


    Terms 2/10, n/30.
    20 Paid freight from the purchased goods on November 18, P1,475.
    23 Sold merchandise for P322,834. The cost of goods sold was P251,645.
    26 Bought merchandise for cash P28,400.
    27 Paid AJ Company P18,987. No discount for partial payments.
    28 Desmond Martinez, the owner got P4016 cash from the business.
    29 Made refund to cash customers for defective merchandise, P1,808.

    30 Sold merchandise on account, P27,400 n/30. The cost of merchandise


    sold was P22,000.

    30 Paid the following: Advertising P2,000; Utilities P800; Rent P14,000;


    Salaries P3000.

    Instructions:
    Journalize the transactions for the month of November.
    Prepare a ledger for each accounts.
    Post all journal entries to the ledgers.
    Prepare a trial balance.
    Prepare an income statement, statement of changes in equity, balance sheet and
    statement of cash flows.
    Prepare closing entries and post them to the ledger.
    Prepare a post-closing trial balance.
    CHART OF ACCOUNTS FOR JOURNALIZING
    110 Cash
    112 Accounts Receivables
    115 Merchandise Inventory
    117 Supplies
    123 Equipment
    210 Accounts Payable
    220 Notes Payable
    310 D. Martinez, Capital
    311 D. Martinez, Drawing
    312 Income Summary
    410 Sales
    411 Sales Return and Allowances
    412 Sales Discounts
    510 Cost of Goods Sold
    511 Freight Out
    520 Salaries Expense
    521 Advertising Expense
    522 Utilities Expense
    523 Rent Expense

    CHART OF ACCOUNTS FOR PREPARING FINANCIAL STATEMENTS


    110 Cash and Cash Equivalents
    112 Receivables
    115 Inventories
    117 Prepaid Expenses
    123 Property, Plant and Equipment

    You might also like

    pFad - Phonifier reborn

    Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

    Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


    Alternative Proxies:

    Alternative Proxy

    pFad Proxy

    pFad v3 Proxy

    pFad v4 Proxy