T Act. 2
T Act. 2
T Act. 2
Activity 7
PRINCESS
Merchandising
Date
Description P/R Debit Credit
2016
Dec 01 Cash ₱ 4 2 0 0 0 0 00
Merchandise inventory 1 8 0 0 0 0 00
Princess, capital ₱ 6 0 0 0 0 0 00
03 Rent expense 1 8 0 0 0 00
Cash 1 8 0 0 0 00
05 Insurance expense 2 4 0 0 0 00
Cash 2 4 0 0 0 00
07 Purchases 5 6 0 0 0 00
Cash 5 6 0 0 0 00
08 Purchases 2 0 0 0 0 00
Accounts payable 2 0 0 0 0 00
09 Purchases 2 8 0 0 0 00
Cash 5 6 0 0 00
Accounts payable 2 2 4 0 0 00
09 Purchases 4 5 0 0 0 00
Accounts payable 4 5 0 0 0 00
10 Accounts receivable 2 0 0 0 00
Purchases returns and allowances 2 0 0 0 00
12 Purchases 1 2 0 0 0 00
Accounts payable 1 2 0 0 0 00
12 Cash 1 7 0 0 0 00
Sales 1 7 0 0 0 00
13 Accounts receivable 1 5 0 0 0 00
Sales 1 5 0 0 0 00
13 Accounts receivable 1 2 0 0 0 00
Sales 1 2 0 0 0 00
₱ 9 2 1 0 0 0 00 ₱ 9 2 1 0 0 0 00
General Journal Page 2
Date
Description P/R Debit Credit
2016
Dec 13 Balance forwarded ₱ 9 2 1 0 0 0 00 ₱ 9 2 1 0 0 0 00
14 Accounts receivable 1 1 5 0 0 0 00
Sales 1 1 5 0 0 0 00
14 Purchases 6 7 0 0 0 00
Accounts payable 6 7 0 0 0 00
14 Purchases 2 5 0 0 0 00
Cash 2 5 0 0 0 00
15 Cash 3 5 0 0 0 00
Sales 3 5 0 0 0 00
15 Salaries expense 2 5 0 0 0 00
Pag-IBIG contributions 5 0 0 00
SSS contributions 5 0 0 00
PhilHealth contributions 8 0 0 00
Cash 232 0 0 00
15 Purchases 2 5 0 0 0 00
Accounts payable 2 5 0 0 0 00
16 Freight-out 5 0 0 00
Cash 5 0 0 00
17 Purchases 2 5 0 0 0 00
Accounts payable 2 5 0 0 0 00
17 Utilities expense 2 0 0 0 00
Cash 2 0 0 0 00
17 Cash 2 3 0 0 0 00
Sales 2 3 0 0 0 00
17 Transportation equipment 2 2 5 0 0 0 00
Cash 2 2 5 0 0 0 00
18 Accounts payable 4 5 0 0 0 00
Purchase discount 9 0 0 00
Cash 4 4 1 0 0 00
19 Accounts payable 2 2 4 0 0 00
Purchase discount 4 4 8 00
Cash 2 1 9 5 2 00
20 Accounts payable 5 0 0 0 00
Cash 5 0 0 0 00
₱ 1 5 6 1 9 0 0 00 ₱ 1 5 6 1 9 0 0 00
General Journal Page 3
Date
Description P/R Debit Credit
2016
Dec 20 Balance forwarded ₱ 1 5 6 1 9 0 0 00 ₱ 1 5 6 1 9 0 0 00
21 Cash 2 6 0 0 0 00
Sales 2 6 0 0 0 00
21 Accounts receivable 2 2 0 0 0 00
Sales 2 2 0 0 0 00
22 Cash 2 8 0 0 0 00
Sales 2 8 0 0 0 00
22 Purchases 2 8 0 0 00
Cash 2 8 0 0 00
23 Cash 1 1 7 6 0 00
Sales discount 2 4 0 00
Accounts receivable 1 2 0 0 0 00
23 Accounts receivable 2 5 0 0 0 00
Sales 2 5 0 0 0 00
24 Cash 2 0 0 0 0 00
Sales 2 0 0 0 0 00
25 Purchases 2 5 0 0 0 00
Accounts payable 2 5 0 0 0 00
25 Accounts receivable 2 0 0 0 0 00
Sales 2 0 0 0 0 00
25 Cash 5 0 0 0 0 00
Sales 5 0 0 0 0 00
30 Salaries expense 3 5 0 0 0 00
Withholding tax 5 0 0 0 00
Cash 3 0 0 0 0 00
30 SSS contributions 5 0 0 00
Pag-IBIG contributions 5 0 0 00
PhilHealth contributions 6 0 0 00
Cash 1 6 0 0 00
30 Purchases 4 5 0 0 0 00
Accounts payable 4 5 0 0 0 00
30 Cash 1 1 5 0 0 0 00
Accounts receivable 1 1 5 0 0 0 00
₱ 1 9 9 0 3 0 0 00 ₱ 1 9 9 0 3 0 0 00
General Journal Page 4
Date
Description P/R Debit Credit
2016
Dec 30 Balance forwarded ₱ 1 9 9 0 3 0 0 00 ₱ 1 9 9 0 3 0 0 00
31 Accounts payable 1 2 0 0 0 00
Cash 1 2 0 0 0 00
31 Princess, drawing 1 5 0 0 0 00
Cash 1 5 0 0 0 00
Date
Item P/R Debit Credit Balance
2016
Dec 01 GJ1 ₱ 4 2 0 0 0 0 00 ₱ 4 2 0 0 0 0 00
03 GJ1 ₱ 18 0 0 0 00 4 0 2 0 0 0 00
04 GJ1 8 0 0 0 00 3 9 4 0 0 0 00
04 GJ1 60 0 0 0 00 3 3 4 0 0 0 00
05 GJ1 24 0 0 0 00 3 1 0 0 0 0 00
06 GJ1 4 0 0 0 00 3 0 6 0 0 0 00
07 GJ1 56 0 0 0 00 2 5 0 0 0 0 00
09 GJ1 5 6 0 0 00 2 4 4 4 0 0 00
12 GJ1 1 7 0 0 0 00 2 6 1 4 0 0 00
14 GJ2 2 5 0 0 0 00 2 3 6 4 0 0 00
15 GJ2 3 5 0 0 0 00 2 7 1 4 0 0 00
15 GJ2 2 3 2 0 0 00 2 4 8 2 0 0 00
16 GJ2 5 0 0 00 2 4 7 7 0 0 00
17 GJ2 2 0 0 0 00 2 4 5 7 0 0 00
17 GJ2 2 3 0 0 0 00 2 6 8 7 0 0 00
17 GJ2 22500 0 00 4 3 7 0 0 00
18 GJ2 4410 0 00 ( 4 0 0 00)
19 GJ2 2195 2 00 ( 22 3 5 2 00)
20 GJ2 500 0 00 ( 27 3 5 2 00)
21 GJ3 2 6 0 0 0 00 ( 1 3 5 2 00)
22 GJ3 2 8 0 0 0 00 26 6 4 8 00
22 GJ3 2 8 0 0 00 23 8 4 8 00
23 GJ3 1 1 7 6 0 00 35 6 0 8 00
24 GJ3 1 0 0 0 00 34 6 0 8 00
24 GJ3 2 0 0 0 0 00 54 6 0 8 00
25 GJ3 5 0 0 0 0 00 1 04 6 0 8 00
30 GJ3 3 0 0 0 0 00 74 6 0 8 00
30 GJ3 1 6 0 0 00 73 0 0 8 00
30 GJ3 1 1 5 0 0 0 00 1 88 0 0 8 00
31 GJ4 1 2 0 0 0 00 1 76 0 0 8 00
31 GJ4 1 5 0 0 0 00 1 61 0 0 8 00
31 GJ4 7 8 0 0 00 1 53 2 0 8 00
Accounts receivable Account # 102
Date
Item P/R Debit Credit Balance
2016
Dec 10 GJ1 ₱ 200 0 00 ₱ 2 0 0 0 00
13 GJ1 1500 0 00 1 7 0 0 0 00
13 GJ1 1200 0 00 2 9 0 0 0 00
14 GJ2 11500 0 00 1 4 5 0 0 0 00
15 GJ2 ₱ 1 0 0 0 00 1 4 4 0 0 0 00
21 GJ3 2 2 0 0 0 00 1 6 6 0 0 0 00
23 GJ3 1 2 0 0 0 00 1 5 4 0 0 0 00
23 GJ3 2 5 0 0 0 00 1 7 9 0 0 0 00
25 GJ3 2 0 0 0 0 00 1 9 9 0 0 0 00
30 GJ3 1 1 5 0 0 0 00 8 3 0 0 0 00
Merchandise inventory Account # 103
Date
Item P/R Debit Credit Balance
2016
Dec 01 GJ1 ₱ 1 8 0 0 0 0 00 ₱ 1 8 0 0 0 0 00
Delivery equipment Account # 104
Date
Item P/R Debit Credit Balance
2016
Dec 17 GJ2 ₱ 2 2 5 0 0 0 00 ₱ 2 2 5 0 0 0 00
Furniture and fixtures Account # 105
Date
Item P/R Debit Credit Balance
2016
Dec 04 GJ1 ₱ 6 0 0 0 0 00 ₱ 6 0 0 0 0 00
Accounts payable Account # 201
Date
Item P/R Debit Credit Balance
2016
Dec 08 GJ1 ₱ 2 0 0 0 0 00 ₱ 2 0 0 0 0 00
09 GJ1 2 2 4 0 0 00 4 2 4 0 0 00
09 GJ1 4 5 0 0 0 00 8 7 4 0 0 00
12 GJ1 1 2 0 0 0 00 9 9 4 0 0 00
14 GJ2 6 7 0 0 0 00 1 1 6 4 0 0 00
15 GJ2 2 5 0 0 0 00 1 9 1 4 0 0 00
17 GJ2 2 5 0 0 0 00 2 1 6 4 0 0 00
18 GJ2 ₱ 4 5 0 0 0 00 1 7 1 4 0 0 00
19 GJ2 2 2 4 0 0 00 1 4 9 0 0 0 00
20 GJ2 5 0 0 0 00 1 4 4 0 0 0 00
25 GJ3 2 5 0 0 0 00 1 6 9 0 0 0 00
30 GJ3 4 5 0 0 0 00 2 1 4 0 0 0 00
31 GJ4 1 2 0 0 0 00 2 0 2 0 0 0 00
Tax payable Account # 202
Date
Item P/R Debit Credit Balance
2016
Dec 30 GJ3 ₱ 5 0 0 0 00 ₱ 5 0 0 0 00
Princess, capital Account # 301
Date
Item P/R Debit Credit Balance
2016
Dec 01 GJ1 ₱ 6 0 0 0 0 0 00 ₱ 6 0 0 0 0 0 00
Princess, drawing Account # 302
Date
Item P/R Debit Credit Balance
2016
Dec 30 GJ4 ₱ 1 5 0 0 0 00 ₱ 1 5 0 0 0 00
Sales Account # 401
Date
Item P/R Debit Credit Balance
2016
Dec 12 GJ1 ₱ 1 7 0 0 0 00 ₱ 1 7 0 0 0 00
13 GJ1 1 5 0 0 0 00 3 2 0 0 0 00
13 GJ1 1 2 0 0 0 00 4 4 0 0 0 00
14 GJ2 11 5 0 0 0 00 1 5 9 0 0 0 00
15 GJ2 3 5 0 0 0 00 1 9 4 0 0 0 00
17 GJ2 2 3 0 0 0 00 2 1 7 0 0 0 00
21 GJ3 2 6 0 0 0 00 2 4 3 0 0 0 00
21 GJ3 2 2 0 0 0 00 2 6 5 0 0 0 00
22 GJ3 2 8 0 0 0 00 2 9 3 0 0 0 00
23 GJ3 2 5 0 0 0 00 3 1 8 0 0 0 00
24 GJ3 2 0 0 0 0 00 3 3 8 0 0 0 00
25 GJ3 2 0 0 0 0 00 3 5 8 0 0 0 00
25 GJ3 5 0 0 0 0 00 4 0 8 0 0 0 00
Sales returns and allowances Account # 402
Date
Item P/R Debit Credit Balance
2016
Dec 15 GJ2 ₱ 1 0 0 0 00 ₱ 1 0 0 0 00
24 GJ3 1 0 0 0 00 2 0 0 0 00
Sales discount Account # 403
Date
Item P/R Debit Credit Balance
2016
Dec 23 GJ3 ₱ 2 4 0 00 ₱ 2 4 0 00
Purchases Account # 501
Date
Item P/R Debit Credit Balance
2016
Dec 07 GJ1 ₱ 56 0 0 0 00 ₱ 5 6 0 0 0 00
08 GJ1 20 0 0 0 00 7 6 0 0 0 00
09 GJ1 28 0 0 0 00 1 0 4 0 0 0 00
09 GJ1 45 0 0 0 00 1 4 9 0 0 0 00
12 GJ1 12 0 0 0 00 1 6 1 0 0 0 00
14 GJ2 67 0 0 0 00 2 2 8 0 0 0 00
14 GJ2 25 0 0 0 00 2 5 3 0 0 0 00
15 GJ2 25 0 0 0 00 2 7 8 0 0 0 00
17 GJ2 25 0 0 0 00 3 0 3 0 0 0 00
22 GJ3 2 8 0 0 00 3 0 5 8 0 0 00
25 GJ3 25 0 0 0 00 3 3 0 8 0 0 00
30 GJ3 45 0 0 0 00 3 7 5 8 0 0 00
Purchase returns and allowances Account # 502
Date
Item P/R Debit Credit Balance
2016
Dec 10 GJ1 ₱ 2 0 0 0 00 ₱ 2 0 0 0 00
Purchase discount Account # 503
Date
Item P/R Debit Credit Balance
2016
Dec 18 GJ2 ₱ 9 0 0 00 ₱ 9 0 0 00
19 GJ2 4 4 8 00 1 3 4 8 00
Rent expense Account # 504
Date
Item P/R Debit Credit Balance
2016
Dec 03 GJ1 ₱ 1 8 0 0 0 00 ₱ 1 8 0 0 0 00
Store supplies expense Account # 505
Date
Item P/R Debit Credit Balance
2016
Dec 04 GJ1 ₱ 8 0 0 0 00 ₱ 8 0 0 0 00
Insurance expense Account # 506
Date
Item P/R Debit Credit Balance
2016
Dec 05 GJ1 ₱ 2 4 0 0 0 00 ₱ 2 4 0 0 0 00
Office supplies expense Account # 507
Date
Item P/R Debit Credit Balance
2016
Dec 06 GJ1 ₱ 4 0 0 0 00 ₱ 4 0 0 0 00
Salaries expense Account # 508
Date
Item P/R Debit Credit Balance
2016
Dec 15 GJ2 ₱ 2 5 0 0 0 00 ₱ 2 5 0 0 0 00
30 GJ3 3 5 0 0 0 00 6 0 0 0 0 00
Freight-out Account # 509
Date
Item P/R Debit Credit Balance
2016
Dec 16 GJ2 ₱ 5 0 0 00 ₱ 5 0 0 00
Pag-IBIG contributions Account # 510
Date
Item P/R Debit Credit Balance
2016
Dec 15 GJ2 ₱ 5 0 0 00 ₱ 5 0 0 00
30 GJ3 ₱ 5 0 0 00 -- --
SSS contributions Account # 511
Date
Item P/R Debit Credit Balance
2016
Dec 15 GJ2 ₱ 5 0 0 00 ₱ 5 0 0 00
30 GJ3 ₱ 5 0 0 00 -- --
PhilHealth contributions Account # 512
Date
Item P/R Debit Credit Balance
2016
Dec 15 GJ2 ₱ 8 0 0 00 ₱ 8 0 0 00
30 GJ3 ₱ 6 0 0 00 ( 2 0 0 00)
Utilities expense Account # 513
Date
Item P/R Debit Credit Balance
2016
Dec 17 GJ2 ₱ 2 0 0 0 00 ₱ 2 0 0 0 00
Taxes and licenses expense Account # 514
Date
Item P/R Debit Credit Balance
2016
Dec 31 GJ4 ₱ 7 8 0 0 00 ₱ 7 8 0 0 00
PRINCESS Merchandising
Trial Balance
December 31, 2016
Account No. Account Title P/R Debit Credit
101 Cash ₱ 15 3 2 0 8 00
102 Accounts receivable 8 3 0 0 0 00
103 Merchandise inventory 18 0 0 0 0 00
104 Delivery equipment 22 5 0 0 0 00
105 Furniture and fixtures 6 0 0 0 0 00
201 Accounts payable ₱ 2 0 2 0 0 0 00
202 Tax payable 5 0 0 0 00
301 Princess, capital 6 0 0 0 0 0 00
302 Princess, drawing 1 5 0 0 0 00
401 Sales 4 0 8 0 0 0 00
402 Sales returns and allowances 2 0 0 0 00
403 Sales discount 2 4 0 00
501 Purchases 3 7 5 8 0 0 00
502 Purchase returns and allowances 2 0 0 0 00
503 Purchase discount 1 3 4 8 00
504 Rent expense 18 00 0 00
505 Store supplies expense 8 00 0 00
506 Insurance expense 24 00 0 00
507 Office supplies expense 4 00 0 00
508 Salaries expense 60 00 0 00
509 Freight-out 50 0 00
510 Pag-IBIG contributions -- --
511 SSS contributions -- --
512 PhilHealth contributions ( 20 0 00)
513 Utilities expense 200 0 00
514 Licenses and fees expense 780 0 00
Totals ₱ 12 1 8 3 4 8 00 ₱ 1 2 1 8 3 4 8 00
Adjusting Entries Page 1
Date
Description P/R Debit Credit
2016
Dec 31 Utilities expense ₱ 4 5 0 0 00
Utilities payable ₱ 4 5 0 0 00
31 Depreciation expense 2 8 5 0 0 00
Accumulated depreciation-Delivery equipment 2 2 5 0 0 00
Accumulated depreciation-Furniture and fixtures 6 0 0 0 00
101 Cash ₱ 1 5 3 2 0 8 00
102 Accounts receivable 8 3 0 0 0 00
102-a Allowance for doubtful accounts ₱ 4 1 5 0 00
103 Merchandise inventory 1 8 0 0 0 0 00
104 Delivery equipment 2 2 5 0 0 0 00
104-a Accumulated depreciation-Delivery equipment 2 2 5 0 0 00
105 Furniture and fixtures 6 0 0 0 0 00
105-a Accumulated depreciation-Furniture and fixtures 6 0 0 0 00
106 Prepaid office supplies 1 5 0 0 00
107 Prepaid store supplies 1 8 0 0 00
201 Accounts payable 202 0 0 0 00
202 Tax payable 5 0 0 0 00
203 Utilities payable 4 5 0 0 00
301 Princess, capital 600 0 0 0 00
302 Princess, drawing 1 5 0 0 0 00
401 Sales 4 0 8 0 0 0 00
402 Sales returns and allowances 2 0 0 0 00
403 Sales discount 2 4 0 00
501 Purchases 3 7 5 8 0 0 00
502 Purchase returns and allowances 2 0 0 0 00
503 Purchase discount 1 3 4 8 00
504 Rent expense 18 00 0 00
505 Store supplies expense 6 20 0 00
506 Insurance expense 24 00 0 00
507 Office supplies expense 2 50 0 00
508 Salaries expense 60 00 0 00
509 Freight-out 50 0 00
510 Pag-IBIG contributions -- --
511 SSS contributions -- --
512 PhilHealth contributions ( 20 0 00)
513 Utilities expense 650 0 00
514 Licenses and fees expense 780 0 00
515 Depreciation expense 2850 0 00
516 Bad debts expense 415 0 00
Totals ₱ 12 5 5 4 9 8 00 ₱ 1 2 5 5 4 9 8 00
PRINCESS Merchandising
Statement of Comprehensive Income
For the month ended December 31, 2016
Assets
Current Assets:
Cash ₱ 15320 8 00
Trade and other receivables (Note 1) 7885 0 00
Merchandise inventory 26000 0 00
Prepaid expenses (Note 2) 330 0 00
Total current assets ₱ 4 9 5 3 5 8 00
Non-current Assets:
Property, plant, and equipment (Note 3) 2 5 6 5 0 0 00
Total Assets ₱ 7 5 1 8 5 8 00
Owner's Equity:
Princess, capital 5 4 0 3 5 8 00
Total Liabilities and Owner's Equity ₱ 7 5 1 8 5 8 00