Review in Fundamentals of Accountancy, Business

and Management 2 -NC III-Bookkeeping

(Use Periodic and Perpetual Inventory System)
(For Weeks 8-9)

Mr. COVID, the owner of COVID-19 Merchandising Company, had the following transactions
for the month of December, 2020:
Dec. 1 Mr. Covid invested P800,000 to start the business.
1 Bought delivery truck for P500,000, cash.
4 Purchased merchandise on account from Gaisano worth P40,000. Terms:
2/10, n/30.
5 Sold merchandise to Oliver Co. on account for P20,000. Terms 2/10, n/30.
The cost of merchandise amounted to P14,000.
6 Received credit memorandum from Gaisano for merchandise returned, P500
7 Bought office supplies for cash, P500.
7 Paid freight on Dec. 5 sales, P1,000.
9 Received cash from Oliver Co.
11 Paid Gaisano for the merchandise purchased on Dec. 4.
12 Purchased merchandise from Bros Co. on a cash basis, P17,000.
15 Paid salaries of employees, P3,000.
16 Sold merchandise for cash, P20,500. The cost of merchandise amounted to
P17,000.
18 Received cash refund from Bros Co. for faulty merchandise returned, P500.
21 Borrowed money from Veterans Bank, P50,000, and signed a promissory note.
22 Purchased P17,200 worth of merchandise from Robinsons Co. Terms 2/10, n/30.
24 Paid freight bill on Dec. 22 purchases, P600
25 Made cash refund to customers for merchandise returned, P500. The cost of
merchandise amounted to P300.
27 Purchased merchandise from Jobelle Co. P21,000 on account.
27 Paid Jobelle Co. amounted to P15,000. Discount is not allowed on partial
payment.
29 Mr. COVID withdrew cash from the business for his personal use, P4,000.
30 Sold merchandise to Doms Co. for P55,000. Terms: 2/10, n/30. The cost of
merchandise amounted to P40,000
31 Paid the following expenses: Salaries– P3,000; Utilities – P500;
Rent – P2,500; and Advertising – P1,500.

Required:
1. General Journal 6. Statement of Financial Position
2. Ledger 7. Statement of Cash Flow
3. Trial Balance 8. Closing Entries
4. Statement of Comprehensive Income 9. Post-Closing Trial Balance
5. Statement of Changes in Equity
 CHART OF ACCOUNTS

Assets Income
110 Cash 410 Sales
120 Accounts Receivable 420 Sales Return
130 Merchandise Inventory 430 Sales Discount
140 Supplies Cost
150 Delivery Equipment 510 Cost of Goods Sold
Liabilities Expense
210 Accounts Payable 610 Freight Out
220 Notes Payable 620 Utilities Expense
Owner’s Equity 630 Salaries Expense
310 Covid, Capital 640 Advertising Expense
320 Covid, Drawing 650 Rent Expense
330 Income Summary
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GENERAL JOURNAL ENTRIES
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DATE DESCRIPTIONS PR DEBIT CREDIT
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GENERAL JOURNAL ENTRIES
DECEMBER 1 – 31, 2020

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DATE DESCRIPTIONS PR DEBIT CREDIT
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GENERAL JOURNAL ENTRIES
DECEMBER 1 – 31, 2020

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DATE DESCRIPTIONS PR DEBIT CREDIT
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TRIAL BALANCE
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ACCOUNT TITLES DEBIT CREDIT

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STATEMENT OF COMPREHENSIVE INCOME
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STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED ________________
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STATEMENT OF FINANCIAL POSITION
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STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED __________________
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CLOSING ENTRIES
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DATE DESCRIPTIONS PR DEBIT CREDIT
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POST-CLOSING TRIAL BALANCE
DECEMBER 31, 2020

ACCOUNT TITLES DEBIT CREDIT