You are on page 1of 12

ACCOUNTING EXRECISE

PERIODIC INVENTORY SYSTEM


Here is the CHART OF ACCOUNTS you will use.
The following transactions completed by Mr. Antonio Gozon, owner
and operator of Seven Kapuso Auto Repair Shop for the month of
June 2017.
Jun. 01 - Mr. Antonio Gozon invested ₱60,000.
Jun. 02 - Purchase merchandise on account from IMReady Supply Co.
amounting to ₱16,500 with terms 2/10, n/30.
Jun. 02 - Purchase an office equipment for ₱25,000 cash.
Jun. 02 - Bought office supplies on cash basis amounting to ₱900.
Jun. 05 - Sold merchandise on account to SUPER RADYO Trading
amounting to ₱19,500 , FOB Destination with terms 2/10, n/30.
Jun. 05 - Paid freight related to sales to SUPER RADYO amounting to
₱350.
The following transactions completed by Mr. Antonio Gozon, owner
and operator of Seven Kapuso Auto Repair Shop for the month of
June 2017.
Jun. 07 - Return a merchandise to IMReady Supply Co. and received a
credit memo amounting to ₱500.
Jun. 10 - Paid the full account to IMReady Supply Co.
Jun. 12 - Collected the amount in full for sales made to SUPER RADYO.
Jun. 13 - Bought merchandise by paying ₱13,000.
Jun. 15 - Paid salaries amounting to ₱2,000.
Jun. 16 - Borrowed money from BPI, signed a promissory note for
₱15,000.
Jun. 18 - Received refund from a supplier on cash purchase of June 14,
₱500.
The following transactions completed by Mr. Antonio Gozon, owner
and operator of Seven Kapuso Auto Repair Shop for the month of
June 2017.
Jun. 18 - Bought merchandise from DOBOL B, ₱12,400 terms FOB
Shipping Point, 2/10, n/30.
Jun. 20 - Paid freight on the above purchase to DOBOL B, ₱500.
Jun. 25 - Sold merchandise for ₱22,500.
Jun. 26 - Bought merchandise for cash, ₱12,300.
Jun. 27 -Paid DOBOL B on the June 18 purchase, ₱9,000. No discount
allowed on partial payment.
Jun. 28 - Mr. Antonio Gozon withdrew cash from the business, ₱2,500.
The following transactions completed by Mr. Antonio Gozon, owner
and operator of Seven Kapuso Auto Repair Shop for the month of
June 2017.
Jun. 29 - Made refund to cash customers from defective merchandise,
₱1,000.
Jun. 30 - Sold merchandise on account to NEWSTV Co, ₱17,250 , terms
n/30.
Jun. 30 - Paid the following expenses:
Advertising ₱1,500
Utilities ₱800
Rent ₱5,000
Salaries ₱2,000
DATE PARTICULARS PR DEBIT CREDIT
JUN 1 Cash 101 ₱ 60,000.00
A. Gozon, Capital 301 ₱ 60,000.00
Initial investment

2 Purchases 501 ₱ 16,500.00


Accounts Payable 201 ₱ 16,500.00
Purchase on account

/ Office Equipment 120 ₱ 25,000.00


Cash 101 ₱ 25,000.00
Equipment purchased

/ Supplies 110 ₱ 900.00


Cash 101 ₱ 900.00
Bought office supplies
DATE PARTICULARS PR DEBIT CREDIT
JUN 5 Accounts Receivable 102 ₱ 19,500.00
Sales 401 ₱ 19,500.00
Sold merchandise on account

/ Freight Out 605 ₱ 350.00


Cash 101 ₱ 350.00
Paid freight on sales

7 Accounts Payable 201 ₱ 500.00


Purchase Returns & Allowances 502 ₱ 500.00
Merchandise returned on account

10 Accounts Payable 201 ₱ 16,000.00


Purchase Discount 503 ₱ 320.00
Cash 101 ₱ 15,680.00
Full payment of account
DATE PARTICULARS PR DEBIT CREDIT
JUN 12 Cash 101 ₱ 19,110.00
Sales Discount 403 ₱ 390.00
Accounts Receivable 102 ₱ 19,500.00
Collection received

13 Purchases 501 ₱ 13,000.00


Cash 101 ₱ 13,000.00
Bought merchandise on purchase

15 Salaries Expense 615 ₱ 2,000.00


Cash 101 ₱ 2,000.00
Paid salaries

16 Cash 101 ₱ 15,000.00


Notes Payable 205 ₱ 15,000.00
Borrowed money
DATE PARTICULARS PR DEBIT CREDIT
JUN 18 Cash 101 ₱ 500.00
Purchase Returns & Allowances 502 ₱ 500.00
Received refund on cash purchased

/ Purchases 501 ₱ 12,400.00


Account Payable 201 ₱ 12,400.00
Bought merchandise on account

20 Freight In 504 ₱ 500.00


Cash 101 ₱ 500.00
Paid freight on the above purchase

25 Cash 101 ₱ 22,500.00


Sales 401 ₱ 22,500.00
Sold merchandise for cash
DATE PARTICULARS PR DEBIT CREDIT
JUN 26 Purchases 501 ₱ 12,300.00
Cash 101 ₱ 12,300.00
Bought merchandise for cash

27 Accounts Payable 201 ₱ 9,000.00


Cash 101 ₱ 9,000.00
Partial payment

28 A. Gozon, Drawings 302 ₱ 2,500.00


Cash 101 ₱ 2,500.00
Cash withdrawal

29 Sales Returns & Allowances 402 ₱ 1,000.00


Cash 101 ₱ 1,000.00
Cash refund for defective merchandise
DATE PARTICULARS PR DEBIT CREDIT
JUN 30 Accounts Receivable 102 ₱ 17,250.00
Sales 401 ₱ 17,250.00
Sold merchandise on account

/ Advertising Expense 601 ₱ 1,500.00


Rent Expense 610 ₱ 5,000.00
Salaries Expense 615 ₱ 2,000.00
Light & Water Expense 620 ₱ 800.00
Cash 101 ₱ 9,300.00
Payment of expenses

You might also like