Accounting Practice Set

Requirements:

1. Students will secure copies of each source documents and journals to be used.
2. Students will provide a long brown envelope to file their practice sets copies.
3. StudentwillcuteachsourcedoNcaumeents.

Transactions
AngTindahan Co. is a wholesaler of office and school supplies. The following are the transactions of AngTindahan Co. for the first month of its
operations. All cash disbursements are made by bank check. Assume perpetual inventory method is used.

Business/Bank forms
Date Transactions Amount Journal Journal Entry
to be filled up
DR. CASH 200,000
Rachel Dy made initial contribution to the business by depositing
July 1 ₱200,000 CASH DEPOSIT SLIP CASH RECEIPTS CR. DY, CAPITAL 200,000
money in the company's bank account.
PURCHASE ORDER DR. OFFICE EQUIPMENT 45,000
Purchased laptop from Computershop Inc. for office use.
July 1 ₱45,000 CHECK VOUCHER CASH CR. CASH 45,000
Payment term: COD (cash on Delivery) BANK CHECK DISBURSEMENT
DR. PREPAID EXPENSE 30,000
Paid advance rental for 6 month. Issued payment to Juan Dela
July 2 ₱30,000 CHECK VOUCHER CASH CR. CASH 30,000
Cruz Property Rental. BANK CHECK DISBURSEMNT
PURCHASE ORDER PURCHASE DR. INVENTORY 25,000
Receive 200 reams of bond papers (inventory) ordered from Jude
July 4 ₱25,000 RECEIVING REPORT JOURNAL CR. ACCOUNTS PAYABLE 25,000
Corp. Payment terms: 2/10, n/30
Delivered 150 reams of bond papers to Aurora Company. DELIVERY RECEIPT SALES JOURNAL DR. ACCCOUNTS RECEIVALE
July 7 Payment terms: 2/10, n/20; Cost of merchandise was ₱41,250 SALES INVOICE 41,250
₱18,750 CR. SALES 41,250

DR. COST OF SALES 18, 750

CR. INVENTORY 18,750
CHECK VOUCHER CASH DR. ACCOUNTS PAYABLE 25,000
July 8 Paid the July 4 purchases ₱24,500 BANK CHECK DISBURSEMENT CR. CASH 24,500
CR. INVENTORY 500
CHECK VOUCHER GENERAL DR. SALARIES EXPENSE 7,000
Paid salary of employee. Check was issued payable to cash.
July 15 ₱7,000 BANK CHECK JOURNAL CR. CASH 7,000

Received payment from the July 7 sales. COLLETION RECEIPT CASH RECEIPT DR. CASH 40,425
Check details: CHECK DEPOSIT SLIP DR. SALES DISCOUNT 825
CR. ACCOUNTS RECEIVABLE
July 16 Issuing bank: XTD Bank – XXXX Branch Check ₱40,425
41,250
#: 0000225123
Check Date: 15 July 2023
Sold 20 reams of bond papers to Audry Company. SALES INVOICE SALES JOURNAL DR. ACCOUNTS RECEIVABLE 5,500
July 18 Audrey picked up the merchandise from the store. Payment ₱5,500 CR. SALES 5,500
 term: 15 days; Cost of merchandise was ₱2,500
DR. COST OF SALES 2,500
CR. INVENTORY 2,500
Business/Bank
Date Transactions Amount Journal Journal Entry
forms to be filled
Received 10 boxes of ballpoint pens from Mickey Inc. Payment PURCHASE ORDER CASH DR. INVENTORY 25,000
July 19 ₱25,000 RECEIVING REPORT DISBURSEMENT CR. CASH 25,000
terms: COD
CHECK VOUCHER
BANK CHECK
Over the counter sale of 4 boxes of ballpoint pens to Happy SALES INVOICE CASH RECEIPT DR. CASH 22,000
July 22 ₱22,000 JOURNAL, CR. SALES 22,000
Company. Cost of merchandise was ₱10,000
GENERAL
JOURNAL DR. COST OF SALES 10,000
CR. INVENTORY 10,000
Received 10 calsulators from Plusminus Corporation. Payment PURCHASE ORDER PURCHASES DR. INVENTORY 3,000
July 23 ₱3,000 RECEIVING REPORT JOURNAL CR. ACCOUNTS PAYABLE 3,000
terms: 30 days
Sold 6 calculators to Joel Company. Joel picked up the SALES INVOICE SALES JOURNAL DR. ACOUNTS RECEIVABLE
July 24 merchandise from the store. Payment term: 15 days; Cost of ₱3,960 3,960
merchandise was ₱1,800 CR. SALES 3,960

DR. COST OF SALES 1,800

CR. INVENTORY 1,800
CHECK VOUCHER CASH DR. UTILITIES EXPENSE 7,400
July 25 Paid electricity bill to Meralco for the month. ₱7,400 BANK CHECK DISBURSEMENT CR. CASH 7,400

Received 2 defective calculators from Joel Company. Cost of GENERAL DR. SALES RETURN 1,320
July 26 ₱1,320 JOURNAL CR. ACCOUNTS RECEIVABLE
defective calculators is ₱600
1,320

DR. INVENTORY 600

CR. COST OF SALES 600
Over the counter cash withdrawal by the owner, Rachel Dy, for WITHDRAWAL SLIP CASH DY, DRAWING 10,000
July 31 ₱10,000 DISBURSEMENT CR. CASH 10,000
her personal expenses.
JOURNAL

1. Identify and indicate the following on the spaces provided:

a. Business or bank forms to be used by AngTindahan Co. to document the above transactions.
b. Journal to be used to record the original entry for the respective transactions.
2. Prepare the journal entry (debit-credit format) to record the above transactions. Use only the accounts listed on the chart of accounts given below.
3. Fill up the relevant forms based on the answer in 1a. Follow the numbering instructions.
4. Based on your answer in 1b, record the transactions in the appropriate journals.
5. Post the journal entries in the appropriate subsidiary ledgers and general ledger accounts.
6. Summarize the ledger accounts and list the balances on the trial balance.
7. Record the following adjusting entries.
 a. Accrual of one month rent
b. One month depreciation of laptop computer. Estimated life is 5 years.
c. Accrue employee salary, ₱7,000
8. Prepare the financial statements from the trial balance.
9. Prepare necessary closing entries and record on the general journal and ledger.
10. Perform financial statement analysis on the completed financial statements.

Instructions for business and bank forms:

Provide the last digit of business form numbers. Begin with "1" for the first form used.
Chart of Accounts Accounts Receivable - Subsidiary Ledger
Account Number Account Name Customer ID Number Customer Name
1000 Cash 1200-00001 Audrey Company
1200 Accounts Receivable 1200-00002 Aurora Company
1201 Allowance for Bad Debts 1200-00003 Happy Company
1300 Inventory 1200-00004 Joel Company
1400 Prepaid Expenses
1600 Office Equipment
1601 Accum. Dep'n - Office Equip't Accounts Payable - Subsidiary Ledger
1800 Land Supplier ID Number Supplier Name
2000 Accounts Payable 2000-00001 Computershop Inc.
2100 Notes Payable 2000-00002 Jude Corp.
2201 Salaries Payable 2000-00003 Plusminus Corporation
2202 Utilities Payable 2000-00004 Juan Dela Cruz Property Rental
3000 Dy, Drawings
3100 Dy, Capital
4100 Sales
4101 Sales Returns and Allowances
4102 Sales Discount
5100 Cost of Sales
6100 Salaries Expense
6150 Supplies Expense
6200 Utilities Expense
6250 Travel Expense
6300 Rental Expense
6350 Fuel Expense
6400 Advertising Expense
6450 Commission Expense
6500 Depreciation Expense
6700 Interest Expense