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    Izzy Trading Transaction Entries Special Journals SOLUTIONS

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    Franze Beatriz FLORES
    The document summarizes sales, purchases, cash receipts and cash disbursements for a company over December. It shows sales of $338,000 with $40,560 in output tax. Purchases totaled $170,000 with $20,400 in input tax. The company received $330,870 in cash from customers and paid out $129,920 to suppliers.

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    Izzy Trading Transaction Entries Special Journals SOLUTIONS

    Uploaded by

    Franze Beatriz FLORES
    44 views10 pages
    The document summarizes sales, purchases, cash receipts and cash disbursements for a company over December. It shows sales of $338,000 with $40,560 in output tax. Purchases totaled $170,000 with $20,400 in input tax. The company received $330,870 in cash from customers and paid out $129,920 to suppliers.

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    The document summarizes sales, purchases, cash receipts and cash disbursements for a company over December. It shows sales of $338,000 with $40,560 in output tax. Purchases totaled $170,000 with $20,400 in input tax. The company received $330,870 in cash from customers and paid out $129,920 to suppliers.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    44 views10 pages

    Izzy Trading Transaction Entries Special Journals SOLUTIONS

    Uploaded by

    Franze Beatriz FLORES
    The document summarizes sales, purchases, cash receipts and cash disbursements for a company over December. It shows sales of $338,000 with $40,560 in output tax. Purchases totaled $170,000 with $20,400 in input tax. The company received $330,870 in cash from customers and paid out $129,920 to suppliers.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 10

    SALES JOURNAL

    INVOICE #
    DATE ACCOUNT (CUSTOMER) PR Terms

    Dec. 03 Angel Trading SL-AR 1001 2/10, n/30


    Dec. 08 Yvone Trading SL-AR 1002 2/10, n/30
    Dec. 17 Angel Trading SL-AR 1003 2/10, n/30
    Dec. 28 Jenny Trading SL-AR 1004 2/10, n/30

    TOTAL
    PAGE 1
    Accounts
    Sales
    Receivable Output
    Dr. Cr. Tax (Cr)
    100,800.00 90,000.00 10,800.00
    120,960.00 108,000.00 12,960.00
    89,600.00 80,000.00 9,600.00
    67,200.00 60,000.00 7,200.00

    378,560.00 338,000.00 40,560.00


    (102) (401) (210)

    0.00
    PURCHASE JOURNAL
    DATE ACCOUNT PR INVOICE # Terms Purchases
    (Payee) Dr.
    Dec. 05 Hyzel Trading SL-AP 1324 2/10, n/30 60,000.00
    Dec. 12 Nicanor Trading SL-AP 8988 2/10, n/30 60,000.00
    Dec. 25 Hyzel Trading SL-AP 1398 2/10, n/30 50,000.00

    TOTAL 170,000.00
    (501)

    -
    PAGE 1
    Input Tax Accounts Payable
    Dr. Cr.
    7,200.00 67,200.00
    7,200.00 67,200.00
    6,000.00 56,000.00

    20,400.00 190,400.00
    (109) (201)
    CASH RECEIPTS JOURNAL
    DATE ACCOUNT COLLECTION Dr. Dr.
    PR RECEIPT # Cash Sales Discount
    Dec. 03 Princess Trading 0001 28,000.00
    Dec. 12 Angel Trading 402 0002 96,588.80 1,760.00
    Dec. 17 Yvone Trading 402 0003 115,248.00 2,100.00
    Dec. 27 Angel Trading 402 0004 85,612.80 1,560.00

    TOTAL 325,449.60 5,420.00


    (101)

    Total Debit 330,870


    Total Credit 330,870
    -
    PAGE 1
    Cr. Cr. Cr.
    Accounts Receivable Sales Output VAT
    25,000.00 3,000.00
    98,560.00 (211.20) *negative entry means it's Debit
    117,600.00 (252.00) *negative entry means it's Debit
    87,360.00 (187.20) *negative entry means it's Debit

    303,520.00 25,000.00 2,349.60


    (102) (401) (210)
    means it's Debit
    means it's Debit
    means it's Debit
    CASH DISBURSEMENT JOURNAL

    DATE ACCOUNT CHECK # PR Dr.


    Accounts Payable

    Dec. 02 ABM Commercial 120001 602


    Allan Supplies 120002 604
    Allan Supplies 120002 605
    JJ Insurance Co. 120003 603
    City Treasurer 120004 609
    Dec. 03 Speed Forwarder 120005 610
    Speed Forwarder 120006 610
    Dec. 05 Speed Forwarder 120007 502
    Dec. 12 Speed Forwarder 120008 502
    Dec. 15 Jocelyn Trading 120009
    Speed Forwarder 120010 502
    Hyzel Trading 120011 503 63,840.00
    Payment of Salaries 120012 601
    Dec. 17 Speed Forwarder 120013 610
    Dec. 22 Nicanor Trading 120014 503 66,080.00
    Dec. 30 SSS 120015 206
    Pag-IBIG 120015 207
    PhilHealth Insurance Corp 120015 208
    BIR 120015 209
    Payment of Salaries 120015 601

    TOTAL 129,920.00
    (201)

    Total Debit
    Total Credit
    Dr. Dr. Cr. Cr.
    Purchases Input VAT Cash Purchase Discount

    15,000.00
    10,000.00
    8,000.00
    15,000.00
    8,000.00
    2,000.00
    1,000.00
    1,800.00
    1,500.00
    40,000.00 4,800.00 44,800.00
    1,000.00
    (136.80) 62,563.20 1,140.00
    25,000.00
    1,000.00
    (141.60) 64,758.40 1,180.00
    34,000.00

    40,000.00 4,521.60 295,421.60 2,320.00


    (501) (109) (101)

    303,741.60
    303,741.60
    -
    Page 1

    Sundries Transactions Dr. Cr.


    Account Titles Amount Amount

    Rent Expense 15,000.00


    Office Supplies Expense 10,000.00
    Store Supplies Expense 8,000.00
    Insurance Expense 15,000.00
    Taxes and Licenses Expense 8,000.00
    Freight - Out 2,000.00
    Freight - Out 1,000.00
    Freight - In 1,800.00
    Freight - In 1,500.00

    Freight - In 1,000.00

    Salaries Expense 25,000.00


    Freight - Out 1,000.00

    SSS Premiun Payable 1,000.00


    Pag-IBIG Premium Payable 500.00
    Philhealth Payable 500.00
    Witholding Tax Payable 4,000.00
    Salaries Expense 40,000.00

    129,300.00 6,000.00

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