Black Orchids enterprises has the following sales and collections for the month

. 1-Jan Cash investment from owner 150,000

. 1-Jan Purchase of 1yr insurance cover from Malayan insurance amounting to 25,000
. 2-Jan Received loan proceeds from Eastwest bank 200,000, the loan is payable in one
. 2-Jan Issued invoice 111 for sales on account to Customer A 30000
. 3-Jan Cash purchase of office supplies from Nine Mdse amounting to 10,000
. 4-Jan Issued invoice 112 to Customer B sales on account 40,000
. 5-Jan Received return from invoice 111 wrong specification 3000
. 6-Jan Purchased merchandise from Supplier Ten Mdsing 60,000 term 3/15, n/30. FO
. 8-Jan Return from invoice 112 due to damge merchandise 500
. 9-Jan Return mdse purchase on Jan 6 due to damage merchandise 2500
. 12-Jan Issued check 001 for the cash purchase of merchandise amounting 35,000
. 12-Jan Recived cash from Customer A and issued OR 101
. 13-Jan Received cash fromCustomer B, issued OR 102
. 16-Jan Purchase Furnitures and fixtures on account from SM store cost 60K, term n/30
. 17-Jan Issued check 002 to Ten Mdsing for mdse purchased June 6
. 20-Jan Purchased mdse from Eleven Inc. 30K term FOB destination 3/15, n/30
. 21-Jan Issued invoice 113 to Customer C amounting to 30,000
. 22-Jan Cash withdrawal by the owner 50K
. 23-Jan Received return from invoice 113 wrong sizes 2000
. 23-Jan Purchase of merchandise from Twelve Inc. 25K term FOB shipping pt 3/15, n/3
. 25-Jan Paid freight of 1000 for the purchase made on Jan 23
. 25-Jan Issued ck 003 as payment on purchases made Jan20
. 26-Jan Issued invoice 114 Customer D 30,000
. 26-Jan Purchase of merchandise from Thirteen Corp 30K term FOB destination 2/10 ,n
. 28-Jan Issued check 004 to SM store as payment for June 16 purchase
. 28-Jan Return of merchandise sold June 21 1,500
. 28-Jan Purchased merchandise for Fourteen Corp 10,000,Fob destination 3/10,n/30
. 29-Jan Issued invoice 115 to Customer E 15,000
. 29-Jan Cash collection from Customer C, issued OR 103
. 30-Jan Issued check 005 for purchases on Jan 23
. 30-Jan Cash sales 30K OR 104
31-Jan Paid salaries thru check 005 amounting to 35,000
31-Jan Paid utilities thru check 006 amounting to 9000
Additional information
> The entity has the policy of providing 3 percent discount for collections of on
> 40% mark up on cost is uniformly followed for all goods sold

Required
Record the above transaction in the special journals and prepare UTB, Adjus

Items for Adjustment

insurance expense
Supplies on hand Jan 31, 10%
Assume one month depreciation
Interest on loans
Accrued salaries 5K
100pts
UTB
Cash ₱ 132,565.00
Accounts Receivable ₱ 43,500.00
Prepaid Insurance ₱ 25,000.00
Inventory ₱ 120,400.00
Supplies ₱ 10,000.00
Furniture and Fixture ₱ 60,000.00
Accounts Payable
Loans pay
Capital
Withdrawals 50000
Sales
SRA ₱ 7,000.00
Sdisc ₱ 2,835.00
Cost of Sales ₱ 67,200.00
Salaries ₱ 35,000.00
Utilities ₱ 9,000.00
Totals ₱ 562,500.00

Adjustments:
Insurance expense
Accumulated Depreciation
Depreciation Expense
Supplies Expense
Salaries Expense
Salaries payable
Interest expense
Interest Payable
Income Summary
Totals
Net Income
Totals
wing sales and collections for the month of January

Malayan insurance amounting to 25,000

bank 200,000, the loan is payable in one year covered by interest bearing note of 15%
to Customer A 30000
Nine Mdse amounting to 10,000
on account 40,000
g specification 3000
Ten Mdsing 60,000 term 3/15, n/30. FOB destination
merchandise 500
damage merchandise 2500
of merchandise amounting 35,000
ued OR 101

ount from SM store cost 60K, term n/30. Estimated life 5years no estimated scrap value
se purchased June 6
erm FOB destination 3/15, n/30
unting to 30,000

g sizes 2000
Inc. 25K term FOB shipping pt 3/15, n/30
ade on Jan 23
made Jan20

Corp 30K term FOB destination 2/10 ,n/30

nt for June 16 purchase

orp 10,000,Fob destination 3/10,n/30

g 3 percent discount for collections of on account sales with in 10 days

lowed for all goods sold

ecial journals and prepare UTB, Adjustment and ATB

 33pts 10pts 17pts
UTB Adjustments Adjusted Trial Balance
  ₱ 132,565.00
    ₱ 43,500.00
  ₱ 2,083.33 ₱ 22,916.67
₱ 120,400.00
  ₱ 9,000.00 ₱ 1,000.00
    ₱ 60,000.00
₱ 37,500.00     ₱ 37,500.00
₱ 200,000.00     ₱ 200,000.00
₱ 150,000.00     ₱ 150,000.00
50000
₱ 175,000.00     ₱ 175,000.00
    ₱ 7,000.00
    ₱ 2,835.00
    ₱ 67,200.00
    ₱ 35,000.00
    ₱ 9,000.00
₱ 562,500.00    

   
₱ 2,083.33   ₱ 2,083.33  
    ₱ 1,000.00   ₱ 1,000.00
  ₱ 1,000.00   ₱ 1,000.00  
  ₱ 9,000.00   ₱ 9,000.00  
₱ 5,000.00 ₱ 5,000.00
₱ 5,000.00 ₱ 5,000.00
₱ 2,500.00 ₱ 2,500.00
₱ 2,500.00 ₱ 2,500.00

₱ 19,583.33 ₱ 19,583.33 ₱ 571,000.00 ₱ 571,000.00

DATE INVOICE
2-Jan 111
4-Jan 112
21-Jan 113
26-Jan 114
29-Jan 115

5-Jan SRA
Account Receivable

8-Jan SRA
Accounts Receivable

23-Jan SRA
Accounts Receivable

28-Jan SRA
Accounts Receivable

DATE OR
1-Jan
2-Jan
12-Jan 101
13-Jan 102
29-Jan 103
30-Jan 104
 10pts 10pts 10pts
IS BS   Closing
    ₱ 132,565.00  
    ₱ 43,500.00
    ₱ 22,916.67  
₱ 120,400.00  
    ₱ 1,000.00  
    ₱ 60,000.00  
    ₱ 37,500.00  
    ₱ 200,000.00  
    ₱ 150,000.00 ₱ 50,000.00
50000  
₱ 175,000.00     ₱ 175,000.00
₱ 7,000.00      
₱ 2,835.00      
₱ 67,200.00      
₱ 35,000.00      
₱ 9,000.00      
         

         
₱ 2,083.33        
       
₱ 1,000.00     ₱ 1,000.00
₱ 9,000.00    
₱ 5,000.00
₱ 5,000.00
₱ 2,500.00
₱ 2,500.00
₱ 175,000.00
₱ 140,618.33 ₱ 175,000.00 ₱ 430,381.67 ₱ 396,000.00
₱ 34,381.67 ₱ 34,381.67
₱ 175,000.00 ₱ 175,000.00 ₱ 430,381.67 ₱ 430,381.67 ₱ 400,000.00
 SALES JOURNAL
ACCOUNT   AR SALES COS
Customer A ₱ 30,000.00 ₱ 30,000.00 ₱ 12,000.00
Customer B ₱ 40,000.00 ₱ 40,000.00 ₱ 16,000.00
Customer C ₱ 30,000.00 ₱ 30,000.00 ₱ 12,000.00
Customer D ₱ 30,000.00 ₱ 30,000.00 ₱ 12,000.00
Customer E ₱ 15,000.00 ₱ 15,000.00 ₱ 6,000.00
₱ 145,000.00 ₱ 145,000.00 ₱ 58,000.00

GENERAL JOURNAL
₱ 3,000.00 Inventory
ount Receivable ₱ 3,000.00 COS

₱ 500.00 Inventory
ounts Receivable ₱ 500.00 COS

₱ 2,000.00 Inventory
ounts Receivable ₱ 2,000.00 COS

₱ 1,500.00 Inventory
ounts Receivable ₱ 1,500.00 COS
₱ 7,000.00 ₱ 7,000.00

CASH RECEIPTS
CASH DISC AR SALES SUNDRY
₱ 150,000.00 Capital
₱ 200,000.00 Loan Payable
₱ 26,190.00 ₱ 810.00 ₱ 27,000.00
₱ 38,315.00 ₱ 1,185.00 ₱ 39,500.00
₱ 27,160.00 ₱ 840.00 ₱ 28,000.00
₱ 30,000.00 ₱ 30,000.00 COS
Inventory

₱ 471,665.00 ₱ 2,835.00 ₱ 94,500.00 ₱ 30,000.00

474,500.00 474,500.00
10pts 10pts
PCTB
  ₱ 132,565.00
₱ 43,500.00
  ₱ 22,916.67
  ₱ 120,400.00
  ₱ 1,000.00
  ₱ 60,000.00
  ₱ 37,500.00
  ₱ 200,000.00
₱ 34,381.67 ₱ 134,381.67
₱ 50,000.00    
   
₱ 7,000.00  
₱ 2,835.00    
₱ 67,200.00    
₱ 35,000.00    
₱ 9,000.00    
     

     
₱ 2,083.33    
     
₱ 1,000.00 ₱ 1,000.00
₱ 9,000.00
₱ 5,000.00
₱ 5,000.00
₱ 2,500.00
₱ 2,500.00
₱ 175,000.00

₱ 400,000.00 ₱ 380,381.67 ₱ 380,381.67

 INVENTORY  
₱ 12,000.00 DATE
₱ 16,000.00 6-Jan
₱ 12,000.00 16-Jan
₱ 12,000.00 20-Jan
₱ 6,000.00 23-Jan
₱ 58,000.00 26-Jan
28-Jan

₱ 1,200.00
₱ 1,200.00
9-Jan
₱ 200.00
₱ 200.00

₱ 800.00
₱ 800.00 DATE
1-Jan
₱ 600.00 3-Jan
₱ 600.00 12-Jan
₱ 2,800.00 ₱ 2,800.00 17-Jan
22-Jan
25-Jan
25-Jan
28-Jan
SUNDRY 30-Jan
₱ 150,000.00 31-Jan
₱ 200,000.00 31-Jan

₱ 12,000.00
₱ 12,000.00

₱ 12,000.00 ₱ 362,000.00
 PURCHASE JOURNAL
    PURCHASES  
ACCOUNT AP INVENTORY SUPPLIES
Ten ₱ 60,000.00 ₱ 60,000.00
SM Store ₱ 60,000.00
Eleven Inc. ₱ 30,000.00 ₱ 30,000.00
Twelve Inc. ₱ 25,000.00 ₱ 25,000.00
Thirteen Corp ₱ 30,000.00 ₱ 30,000.00
Fourteen Corp ₱ 10,000.00 ₱ 10,000.00
₱ 215,000.00 ₱ 155,000.00

GENERAL JOURNAL
Accounts Payable ₱ 2,500.00
Inventory ₱ 2,500.00

CASH PAYMENT JOURNAL

CHECK ACCOUNT AP INVENTORY
Insurance
Nine
check 001 ₱ 35,000.00
check 002 Ten ₱ 60,000.00

₱ 1,000.00
check 003 Eleven ₱ 30,000.00 -₱ 900.00
check 004 SM Store ₱ 60,000.00
check 005 Twelve Inc. 25,000
check 006
check 007
₱ 175,000.00 ₱ 35,100.00
₱ 339,100.00
AL
     
SUNDRY

Furniture's & Fixtures ₱ 60,000.00

₱ 60,000.00

T JOURNAL
CASH SUNDRY
₱ 25,000.00 Prepaid Insurance ₱ 25,000.00
₱ 10,000.00 Supplies ₱ 10,000.00
₱ 35,000.00
₱ 60,000.00
₱ 50,000.00 Withdrawals ₱ 50,000.00
₱ 1,000.00
₱ 29,100.00
₱ 60,000.00
₱ 25,000.00
₱ 35,000.00 Salaries ₱ 35,000.00
₱ 9,000.00 Utilities ₱ 9,000.00
₱ 339,100.00 ₱ 129,000.00