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XED1 Bz.

, a merchandising company owned by the sole proprietor Xylia En Dela Cruz just opened its store in June 1, 2016 at
UPS 5 Brgy. San Isidro, Sucat Paraaque City and had the following transactions during the month.

1-Jun Invested P700,000 cash and the following assets:


Store Equipment P 10,000
Office Equipment P 23,000
Delivery Vehicle P 100,000
2-Jun Paid three months advanced rental for the store/office space for P45,000 and P30,000 as two months rental deposit to PQ Co
Purchased the following equipments amounting to P35,000 at Ace hardware
computer unit P25,000
barcode reader P10,000
3-Jun Purchased 2 airconditioning unit for P30,000 in cash at ace hardware.
Purchased furnitures and fixtures for P15,632 at SM appliances on account.
Purchased P10,000 worth of supplies in cash at Office Warehouse. P6,500 allocated to office supplies and P3,500 to store sup

4-Jun Purchased P150,080 worth of merchandise inventory from HousePapers Company on account 2%/n30
Purchased merchandise amounting to P 100,800 in cash to Penshop Company
5-Jun Purchased merchandise amounting to P128,800 on account to DigiTech Corp.
8-Jun Sold merchandise amounting to P78,400 to Genuine Company on account, 2%/n15.
9-Jun Returned P 1,120 worth of merchandise purchased to HousePapers Company due to damages
10-Jun Received P 21,280 cash for merchandise sold to Ms. Sharon
Sold P54,208 worth of school supplies to Montgomery Company with terms 2%/15

11-Jun Received P800.8 worth of returned merchandise from Genuine Company.


Issue ck.#001 for payment of account to SM Appliances.
12-Jun Sold a total amount of P28,000 school supplies to customers.

15-Jun Paid P5,500 salary of staff for the period June 1-15.
Paid P6,000 fixed salary of company driver for the half of the month.
17-Jun Issue ck.#002 for payment of account to HousePaper Companto
18-Jun Josephine an office staff, advanced P1,000 for personal use and promised to pay in July.
19-Jun Received P19,040 cash for merchandise sold to customers.

21-Jun Received ck. from Genuine Company in payment for merchandised purchased with terms 2%/n15.
25-Jun Received ck. from Montgomery Company in payment for merchandised purchased with terms 2%/n15.
28-Jun Received telephone bills and recorded it as liability for P5,500
Received electricty bill and paid P12,745 in cash.
Received water bill and paid P3,985 in cash.
29-Jun Paid salary to employees for the period August 16-31 as follows:
Joseph (company driver) P6,000
Josephine (store staff) P5,500
The proprietor incurred official gasoline expenses for P5,000 and was reimbursed by the staff
30-Jun The owner withdraws cash for P20,000
June 1, 2016 at

months rental deposit to PQ Company.

pplies and P3,500 to store supplies

account 2%/n30
Company Name: QUICK MERCHANDISING Page No. 0 1
GENERAL JOURNAL
DATE Account Title & Explanation PR DEBIT CREDIT
2017
June 1 Cash 100-01 70 0 0 0 0
Store supplies 100-08 1 0 0 0 0
Delivery vehicle 101-02 10 0 0 0 0
Office equipment 101-01 2 3 0 0 0
Dela Cruz Capital 300 8 0 3 000
To record initial capital investment
of Xylia En Dela Cruz to the business

2 Prepaid Rent 100-08 4 5 0 00


Rental Deposit 101-08 3 0 0 00
Cash 100-01 7 5 000
To record three months advanced rent
& two months rental deposit

2 Office Equipment 101-01 2 5 0 00


Store Equipment 1 0 0 00
Cash 100-01 3 5 000
To record purchases of computer and
printer units in cash

3 Office Equipment 101-01 3 0 0 00


Cash 100-01 3 0 000
To record purchases of airconditioning
unit

3 Furniture and Fixtures 101-04 1 5 6 32


Accounts Payable 200-01 1 5 632
To record purchases of furnitures
and fixtures

Company Name: QUICK MERCHANDISING Page No. 0 2


GENERAL JOURNAL
DATE Account Title & Explanation PR DEBIT CREDIT
2017
June 3 Office Supplies 100-06 6 5 00
Store Supplies 3 5 00
Cash 100-01 1 0 000
To record purhcases of supplies
4 Purchases 500-01 13 4 0 00
VAT input tax 100-13 1 6 0 80
Accounts payable 200-01 1 5 0 080
To record purchases on account from
HousePaper Company.

4 Purchases 500-01 9 0 0 00
VAT input tax 100-13 1 0 8 00
Cash 100-01 1 0 0 800
To record cash purchases

Freight - in 1 0 00
Cash 100-01 1 000
To record delivery charge.

5 Purchases 500-01 11 5 0 00
VAT input tax 100-13 1 3 8 00
Accounts payable 200-01 1 2 8 800
To record purchases on account from
Digitech Corp.

8 Accounts receivable 100-03 7 8 4 00


Sales 400-01 7 0 000
VAT output payable 200-07 8 400
To record sales on account to Genuine Co.

9 Accounts Payable 100-01 1 1 20


Purchase returns & allowances 500-02 1 000
VAT input tax 100-13 120
To record return of defective goods

Company Name: QUICK MERCHANDISING Page No. 0 3


GENERAL JOURNAL
DATE Account Title & Explanation PR DEBIT CREDIT
2017
June 10 Cash 100-01 2 1 2 80
Sales 400-01 1 9 000
VAT payable 200-07 2 280
To record cash sales to Ms. Sharon

10 Accounts receivable 100-03 5 4 2 08


Sales 400-01 4 8 400
VAT output payable 200-07 5 808
To record sales on account to
Montgomery Co.

11 Sales returns & allowances 400-02 7 15


VAT payable 200-07 8 5 80
Accounts Receivable 100-03 8 0 0 80
To record returns by Genuine Co.

11 Accounts payable 200-01 1 5 6 32


Cash 100-01 1 5 632
To record payment of account
to SM Appliances

12 Cash 100-01 2 8 0 00
Sales 400-01 2 5 000
VAT payable 200-07 3 000
To record cash sales to customers

15 Salaries, wages & benefits 500-07 1 1 5 00


Cash 100-01 1 1 500
To record salaries for June 1-15

Company Name: QUICK MERCHANDISING Page No. 0 4


GENERAL JOURNAL
DATE Account Title & Explanation PR DEBIT CREDIT
2017
June 17 Accounts payable 200-01 14 8 9 60
Cash 100-01 1 4 8 960
To record payment of account
to HousePapers Co.

18 Advances to employees 100-05 1 0 00


Cash 100-01 1 000
To record cash advance of staff

19 Cash 100-01 1 9 0 40
Sales 400-01 1 7 000
VAT payable 200-07 2 040
To record cash sales to customers
21 Cash 100-01 7 6 0 4 7 22
Sales Discounts 400-01 1 5 5 1 98
Accounts Receivable 100-03 7 4 8 0 0 20
To record the payment of Genuin Co.

25 Cash 100-01 5 3 1 2 3 84
Sales Discounts 400-01 1 0 8 4 16
Accounts Receivable 100-03 5 4 208
To record the payment of Montgomery Co.

28 Communication Expense 500-13 5 5 00


Accounts Payable 200-01 5 500
To record telephone bill on account

28 Light and Water 500-05 1 6 7 30


Cash 100-01 1 6 730
To record payment of electricity bill

Company Name: BAA ACCOUNTING FIRM Page No. 0 5


GENERAL JOURNAL
DATE Account Title & Explanation PR DEBIT CREDIT
2017
June 29 Salaries, wages & benefits 500-07 1 1 5 00
Cash 100-01 1 1 500
To record salaries for Aug 16-31

31 Ms. Dela Cruz Drawings 301 2 0 0 00


Cash 100-01 2 0 000
To record owner's drawings
QUICK MERCHANDISING
Disbursement Journal
September 30,2016

Ref CASH PURCHASES ACCTS PAYABLE VAT INPUT


DATE Paticulars No. CREDIT DEBIT DEBIT DEBIT
2017
June 2 PQ Company GJ1 7 5 0 0 0

2 Ace Hardware GJ1 3 5 0 0 0

3 Office Warehouse GJ2 1 0 0 0 0

4 PURCHASES FROM SUPPLIER GJ2 1 0 0 8 0 0 9 0 0 0 0 1


TRUCKING COMPANY 1 0 0 0
11 SM APPLIANCES GJ3 1 5 6 3 2 1 5 6 3 2
15 XED GJ3 1 1 5 0 0
17 HOUSEPAPERS COMPANY GJ4 1 4 8 9 6 0 1 4 8 9 6 0 0
18 XED GJ4 1 0 0 0
MERALCO GJ4 1 2 7 4 5
MWSS GJ4 5 5 0 0
15 XED GJ5 1 1 5 0 0
15 XED GJ5 2 0 0 0 0
VAT INPUT SUNDRY ACCOUNTS
DEBIT ACCOUNT NAME DEBIT CREDIT

Prepaid Rent 4 5 0 0 0
Rental Deposit 3 0 0 0 0
Office Equipment 2 5 0 0 0
Store Equipment 1 0 0 0 0
Office Supplies 6 5 0 0
Store Supplies 3 5 0 0
0 8 0 0
Freight in 1 0 0 0

Salaries and Wages 1 1 5 0 0

Advances to employees 1 0 0 0
Light and Water 1 2 7 4 5
Light and Water 5 5 0 0
Salaries and Wages 1 1 5 0 0
Salaries and Wages 2 0 0 0 0
QUICK MERCHANDISING
Receipts Journal
September 30,2016

Ref CASH SALES ACCTS RECEIVABLE


DATE Paticulars No, DEBIT CREDIT CREDIT
2016
Sept 1 Initial investment from owner 70 0 0 0 0
6 Cash sales- Ms. Sharon 2 1 2 8 0 1 9 0 0 0
16 Cash sales to a loyal customer 2 8 0 0 0 2 5 0 0 0
16 Cash sales to a loyal customer 1 9 0 4 0 1 7 0 0 0
5 Reimbursement of returned goods 1 1 2 0

6 Cash sales- Mr. Ayala 1 1 2 0 0 1 0 0 0 0


16 Cash sales to a loyal customer 1 5 6 8 0 1 5 0 0 0
18 Collection from ABC Company 1 0 0 0 0 1 0 0 0 0
28 Cash sales 8 9 6 0 0 8 0 0 0 0

TOTAL 52 7 6 00 1 0 5 0 0 0 1 0 0 0 0
VAT PAYABLE SUNDRIES
CREDIT ACCOUNT NAME DEBIT CREDIT

Dela Cruz Capital 7 0 0 000


2 2 8 0
3 0 0 0
2 0 4 0
Purchase returns 1 000
VAT input tax 120
1 2 0 0
1 6 8 0 Sales discount 1 0 0 0

9 6 0 0

1 2 4 8 0 1 0 0 0 4 0 1 120
QUICK MERCHANDISING
Sales Journal
September 30,2016

ACCTS RECEIVALBE SALES VAT PAYABLE


DATE Paticulars Ref No. DEBIT CREDIT CREDIT
2016
Sept 9 ABC COMPANY 2 2 4 00 2 0 0 0 0 2 4 0 0
28 DEF COMPANY 6 7 2 00 6 0 0 0 0 7 2 0 0

TOTAL 8 9 6 00 8 0 0 0 0 9 6 0 0
QUICK MERCHANDISING
Purchase Journal
September 30,2016

PURCHASES VAT INPUT ACCTS PAYABLE


DATE Paticulars Ref No. DEBIT DEBIT CREDIT
2016
Sept 7 YU TRADING 5 0 0 00 6 0 0 0 5 6 0 0 0
13 ZET MERCHANDISING 3 5 0 00 4 2 0 0 3 9 2 0 0
24 TAN TRADING 3 5 0 00 4 2 0 0 3 9 2 0 0

TOTAL 12 0 0 00 1 4 4 0 0 1 3 4 4 0 0
134400
COMPANY'S NAME: QUICK MERCHANDISING GENERAL LEDGER
Account Title: CASH Account No. 100-01

DATE EXPLANATION PR DEBIT CREDIT BALANCE


2016
Sept 1 Owners investment RJ1 400000
4 Purhases in cash DJ1 67200
Delivery charges-purc DJ1 1000
5 Return of purchases RJ1 1120
6 Cash sales to Mr, Ayala RJ1 11200
7 Return of sales DJ1 22 4 0
9 Delivery charges-sales DJ1 5 0 0
11 Payment to Yu Trading DJ1 300 0 0
15 Cash purchases DJ1 201 6 0
Delivery charges DJ1 5 0 0
16 Cash sales RJ1 15680
18 Collection from ABC Co. RJ1 10000
21 Full paymt to Yu Trading DJ1 26000
24 Delivery charges DJ1 2500
28 Cash sales RJ1 89600
29 Cash purchases DJ1 13440 274460

Account Title: LUZ EBONA CAPITAL Account No. 300

DATE EXPLANATION PR DEBIT CREDIT BALANCE


2016
Sept 1 Owner's investment GJ1 820000 ( 8 2 0 0 0 0)

Account Title: STORE SUPPLIES Account No. 100-08

DATE EXPLANATION PR DEBIT CREDIT BALANCE


2016
Sept 1 Initial investment GJ1 20000 20000

Account Title: DELIVERY VEHICLE Account No. 101-02

DATE EXPLANATION PR DEBIT CREDIT BALANCE


2016
Sept 1 Initial investment GJ1 300000 300000

Account Title: OFFICE EQUIPMENT Account No. 101-01


DATE EXPLANATION PR DEBIT CREDIT BALANCE
2016
Sept 1 Initial investment GJ1 1 00000 100000

Account Title: PURCHASES Account No. 500-01

DATE EXPLANATION PR DEBIT CREDIT BALANCE


2016
Sept 4 Purchases for cash DJ1 6 0 0 0 0
7 On acct from Yu Trading PJ1 5 0 0 0 0
13 On acct from Zet Mdsing PJ1 3 5 0 0 0
15 Cash purchases DJ1 1 8 0 0 0
24 On acct Tan Trading PJ1 3 5 0 0 0
29 Cash purchases DJ1 1 2 0 0 0 210000

Account Title: VAT INPUT TAX Account No. 100-13

DATE EXPLANATION PR DEBIT CREDIT BALANCE


2016
Sept 4 Purchase in cash DJ1 7200
5 Return of purchases RJ1 120
7 Purchases on account PJ1 6 0 0 0
13 Purchases on account PJ1 4 2 0 0
15 Cash purchases DJ1 2 1 6 0
24 Purchases on account PJ1 4 2 0 0
29 Cash purchases DJ1 1 4 4 0 25080

Account Title: FREIGHT IN Account No. 500-04

DATE EXPLANATION PR DEBIT CREDIT BALANCE


2016
Sept 4 Delivery charges DJ1 1000
15 Delivery charges DJ1 500
24 Delivery charges DJ1 2500 4000

Account Title: PURCHASE RETURNS & ALLOWANCES Account No. 500-02

DATE EXPLANATION PR DEBIT CREDIT BALANCE


2016
Sept 5 Returns of purchases RJ1 1000 ( 1 0 0 0)
Account Title: SALES Account No. 400-01

DATE EXPLANATION PR DEBIT CREDIT BALANCE


2016
Sept 6 Cash sales to Mr. Ayala RJ1 1 0 0 0 0
9 Sales on acct to ABC Co. SJ1 2 0 0 0 0
16 Cash sales RJ1 1 5 0 0 0
28 Sales on acct to DEF Co. SJ1 6 0 0 0 0
28 Cash sales RJ1 8 0 0 0 0 ( 1 8 5 0 0 0)

Account Title: VAT PAYABLE Account No. 200-07

DATE EXPLANATION PR DEBIT CREDIT BALANCE


2016
Sept 6 Cash sales RJ1 1200
7 Return sales DJ1 240
9 Sales on account SJ1 2 4 0 0
16 Cash sales RJ1 1 6 8 0
28 Sales on account SJ1 7 2 0 0
28 Cash sales RJ1 9 6 0 0 ( 2 1 8 4 0)

Account Title: SALES RETURNS & ALLOWANCES Account No. 400-02

DATE EXPLANATION PR DEBIT CREDIT BALANCE


2016
Sept 7 Return of sales DJ1 2000 2000

Account Title: ACCOUNTS PAYABLE Account No. 200-01

DATE EXPLANATION PR DEBIT CREDIT BALANCE


2016
Sept 7 Yu Trading PJ1 56000
11 Paymt to Yu Trading DJ1 30000
13 Zet Merchandising PJ1 39200
21 Full paymt to Yu Trading DJ1 26000
24 Tan Trading PJ1 39200 ( 7 8 4 0 0)

Account Title: ACCOUNTS RECEIVABLE Account No. 100-03


DATE EXPLANATION PR DEBIT CREDIT BALANCE
2016
Sept 9 ABC Company SJ1 22400
18 Collection from ABC Co. RJ1 10000
28 DEF Company SJ1 67200 79600

Account Title: FREIGHT OUT Account No. 600-15

DATE EXPLANATION PR DEBIT CREDIT BALANCE


2016
Sept 9 Delivery charges DJ1 500 500

Account Title: SALES DISCOUNT Account No. 400-03

DATE EXPLANATION PR DEBIT CREDIT BALANCE


2016
Sept 16 Cash sales to loyal cust RJ1 1000 1000
527600 163540 364060

820000

20000

300000
100000

210 210000

25080 25080

4000

1000
185000

12240 21840

2000

78400
79600 79600

500

1000

1106240 1106240
0
0
SUBISDIARY LEDGER
NAME: ABC COMPANY Account Title: Accounts Receivable

DATE Particulars Ref No. DEBIT CREDIT BALANCE


2016
Sept 9 Sale of goods 2 2 4 0 0
18 Payment of account 1 0 0 0 0 1 2 4 0 0

NAME: DEF COMPANY Account Title: Accounts Receivable

DATE Particulars Ref No. DEBIT CREDIT BALANCE


2015
Sept 28 Sale of goods 6 7 2 0 0 6 7 2 0 0

NAME: YU TRADING Account Title: Accounts Payable

DATE Particulars Ref No. DEBIT CREDIT BALANCE


Sept 7 Purhases of goods 5 6 0 0 0
11 Partial payment 3 0 0 0 0 2 6 0 0 0
21 Full payment 2 6 0 0 0

NAME: ZET MERCHANDISING Account Title: Accounts Payable

DATE Particulars Ref No. DEBIT CREDIT BALANCE


Sept 13 Purchases of goods 3 9 2 0 0 3 9 2 0 0

NAME: TAN TRADING Account Title: Accounts Payable

DATE Particulars Ref No. DEBIT CREDIT BALANCE


Sept 24 Purchases of goods 3 9 2 0 0 3 9 2 0 0

NAME: Account Title:

DATE Particulars Ref No. DEBIT CREDIT BALANCE


NAME: Account Title:

DATE Particulars Ref No. DEBIT CREDIT BALANCE


QUICK MERCHANDISING
Trial Balance
September 30,2016
Debit Credit
100-01 Cash 364,060.00
100-03 Accounts receivable 79,600.00
100-08 Store supplies 20,000.00
100-13 VAT input tax 25,080.00
101-01 Office equipment 100,000.00
101-02 Delivery vehicle 300,000.00
200-01 Accounts payable 78,400.00
200-07 Vat payable 21,840.00
300-00 Luz Ebona Capital 820,000.00
400-01 Sales 185,000.00
400-02 Sales returns & allowances 2,000.00
400-03 Sales discount 1,000.00
500-01 Purchases 210,000.00
500-02 Purchase returns 1,000.00
500-04 Freight in 4,000.00
600-15 Freight out 500.00
1,106,240.00 1,106,240.00
QUICK MERCHANDISING
Statement of Cost of Sales
For the Month Ended September 30,2016

Purchases 210,000
Freight In 4,000
Total Purchases 214,000
Less: Purchase Returns 1,000

Total Goods Available for Sale 213,000


Less: Merchandise Inventory, end 115,000

Cost of Sales 98,000