The December 31, 2018 post-closing trial balance for the Ricardo Pangan Company

Ricardo Pangan Company

Post-Closing Trial Balance
December 31, 2018

110
120
130
140
150
160
165
210
220
230
310
320
330
410
420
430
510
520
530
540
610
620
630
640
650

January 2

3
 4

10

11

11

12

13

14
15

17

18

19

21

22

22

23

24

25

25
26

27

28

29

30

30
 The December 31, 2018 post-closing trial balance for the Ricardo Pangan Company follows"

Ricardo Pangan Company

Post-Closing Trial Balance
December 31, 2018

Cash
Accounts Receivable
Merchandise Inventory
Prepaid rent
Office Supplies
Office Equipment
Accumulated Depreciation
Notes Payable
Accounts Payable
Salaries Payable
Pangan, Capital
Pangan, Withdrawals
Income Summary
Sales
Sales Returns and Allwances
Sales discounts
Purchases
Purchase Returns and Allowances
Purchase Discounts
Transportation in
Salaries Expense
Rent Expense
Office Supplies Expense
Depreciation Expnese
Interest Expense

Accounts receivable of 210,000 is related to a sale to R. Loyola on December 28, 2018, all credit sales are 2/10, n/30.
The account payable balance of 130,000 is attributable to a purchase on December 29, 2018 from E. Samonte Company.
All credit purchases are 3/10,n/30.

During the month of January 2019, the following transactions were completed.

Sold merchandise on credit to B. Bandonell, P 240,000. Invoice no. 316.

Debit Accounts Receivable 240,000
Credit Sales 240,000

Purchase merchandise on account from T. Arenas Company, P 90,000. Invoice dated Jan. 2
Debit Purchases 90,000
 Credit Accounts Payable 90,000

Collected amount due from Dec. 28 sale to R Loyola less discounts.

Debit Cash 205,800
Debit Sales Discount 4,200
Credit Accounts Receivable 210,000

Sold merchandise for cash , P 430,000.

Debit Cash 430,000
Credit Sales 430,000

Paid amount due to E. Samonte Company for the purchase of Dec. 29, 2018 less discounts. Issued check no. 83.
Debit Accounts Payable 130,000
Credit Purchase Discount 3,900
Credit Cash 126,100

Sold merchandise on account to G. Sevidal, P 310,000. Invoice no. 317.

Debit Accounts Receivable 310,000
Credit Sales 310,000

Returned merchandise purchased from T, Arenas Company, P 10,000.

Debit Accounts Payable 10,000
Credit Purchase Returns 10,000

Collected amount due from B Bandonell less discounts.

Debit Cash 235,200
Debit Sales Discounts 4,800
Credit Accounts Receivable 240,000

Purchased merchandise on account from L Viray Company, P 120,000. Invoice dated January 10.
Debit Purchases 120,000
Credit Accounts Payable 120,000

Paid T Arenas Company amount due less returns and discounts. Issued check no. 84.
Debit Accounts Payable 80,000
Credit Purchase Discount 2,400
Credit Cash 77,600

Purchased merchandise for cash, P 70,000. Issued check no. 85.

Debit Purchases 70,000
Credit Cash 70,000

Sold merchandise on account M. Cerda, P 130,000, Invoice no. 318.

Debit Accounts Receivable 130,000
Credit Sales 130,000

Paid interest on the note payable, P 10,000. Issued check no. 86.
 Debit Interest Expense 10,000
Credit Cash 10,000

Paid salaries, P 80,000. Issued check no. 87.

Debit Salaries Expense 80,000
Credit Cash 80,000

Purchased merchandise on account from E. Samonte Company, 190,000. Invoice dated Jan.14.
Debit Purchases 190,000
Credit Accounts Payable 190,000

Sold merchandise on account to R. Loyola , 460,000. Invoice no. 319.

Debit Accounts Receivable 460,000
Credit Sales 460,000

Pangan Withdrew 100,000 from the business. Issued check no. 88.
Debit Pangan,Withdrawals 100,000
Credit Cash 100,000

Acquired office supplies for cash, 40,000. Issued check no. 89.
Debit Office Supplies 40,000
Credit Cash 40,000

Paid freight charges on the merchandise purhcased from E. Samonte company on jan. 17, P 20,000. Issued check no. 90
Debit Transportation In 20,000
Credit Cash 20,000

Collected amount due from M Cerda less discounts.

Debit Cash 127,400
Debit Sales Discount 2,600
Credit Accounts Receivable 130,000

Sold merchandise on credit to B. Bandonell, P 110,000. Invoice no. 320.

Debit Accounts Receivable 110,000
Credit Sales 110,000

Received returned merchandise from G. Sevidal, P 30,000.

Debit Sales Returns 30,000
Credit Accounts Receivable 30,000

Received amount due from G. Sevidal on the sale on Jan. 8 less returns.
Debit Cash 280,000
Credit Accounts Receivable 280,000

Purchased merchandise on account from A. Braganza Company, 340,000. Invoice dated Jan. 24.
Debit Purchases 340,000
Credit Accounts Payable 340,000
Paid 90,000 to E. Samonte Company in partial payment of account. Issued check no. 91.
Debit Accounts Payable 90,000
Credit Cash 90,000

Received 170,000 loan from First Morayta Bank and issued a note payable.
Debit Cash 170,000
Credit Notes Payable 170,000

Purchased merchandise on account from L. Viray Company P 270,000. Invoice dated Jan. 27.
Debit Purchases 270,000
Credit Accounts Payable 270,000

Sold Merchandise on account to M. Cerda, P 170,000. Invoice no. 321.

Debit Accounts Receivable 170,000
Credit Sales 170,000

Purchase merchandise on account from T. Arenas Company , P 360,000. Invoice dated January 29.
Debit Purchases 360,000
Credit Accounts Payable 360,000

Sold Merchandise for cash , P 1,310,000.

Debit Cash 1,310,000
Credit Sales 1,310,000
ows"

240,000
210,000
730,000
90,000
160,000
1,000,000
250,000
400,000
130,000

1,650,000

2,430,000 2,430,000