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

Ricardo Pangan Company

Post-Closing Trial Balance
December 31, 2018

110 Cash 240,000

120 Accounts Receivable 210,000
130 Merchandise Inventory 730,000
140 Prepaid rent 90,000
150 Office Supplies 160,000
160 Office Equipment 1,000,000
165 Accumulated Depreciation 250,000
210 Notes Payable 400,000
220 Accounts Payable 130,000
230 Salaries Payable
240 Vat Payable
310 Pangan, Capital 1,650,000
320 Pangan, Withdrawals
330 Income Summary
410 Sales
420 Sales Returns and Allwances
430 Sales discounts
431 Output tax
510 Purchases
520 Purchase Returns and Allowances
530 Purchase Discounts
540 Input tax
541 Transportation in
610 Salaries Expense
620 Rent Expense
630 Office Supplies Expense
640 Depreciation Expnese
650 Interest Expense
2,430,000 2,430,000

Accounts receivable of 210,000 is related to a sale to R. Loyola on December 28, 2018, all credit sales are
The account payable balance of 130,000 is attributable to a purchase on December 29, 2018 from E. Sam
All creit purchases are 5/10,n/30.

During the month of January 2019, the following transactions were completed.
January 1 2 Sold merchandise on credit to B. Bandonell, P 480,000 and gave a 5% trade discount. Invoice no. 316.
2 3 Purchase merchandise on account from T. Arenas Company, P 190,000 and was given a 10 % trade disco
3 4 Collected amount due from Dec. 28 sale to R Loyola less discounts.
4 5 Sold merchandise for cash , P 480,000.
 5 7 Paid amount due to E. Samonte Company for the purchase of Dec. 29, 2018 less discounts. Issued check
6 8 Sold merchandise on account to G. Sevidal, P 510,000 and gave a 3% trade discount. Invoice no. 317.
7 9 Returned merchandise purchased from T, Arenas Company, P 10,000.
8 10 Collected amount due from B Bandonell less discounts.
9 11 Purchased merchandise on account from L Viray Company, P 270,000 and was given a 15% trade discoun
10 11 Paid T Arenas Company amount due less returns and discounts. Issued check no. 84.
11 12 Purchased merchandise for cash, P 70,000. Issued check no. 85.
12 13 Sold merchandise on account M. Cerda, P 130,000, Invoice no. 318.
13 14 Paid interest on the note payable, P 10,000. Issued check no. 86.
14 15 Paid salaries, P 80,000. Issued check no. 87.
15 17 Purchased merchandise on account from E. Samonte Company, 150,000. Invoice dated Jan.14.
16 18 Sold merchandise on account to R. Loyola , 410,000. Invoice no. 319.
17 19 Pangan Withdrew 67,000 from the business. Issued check no. 88.
18 21 Acquired office supplies for cash, 32,000. Issued check no. 89.
19 22 Paid freight charges on the merchandise purhcased from E. Samonte company on jan. 17, P 22,000. Issu
20 22 Collected amount due from M Cerda less discounts.
21 23 Sold merchandise on credit to B. Bandonell, P 210,000. Invoice no. 320.
22 24 Received returned merchandise from G. Sevidal, P 30,000.
23 25 Received amount due from G. Sevidal on the sale on Jan. 8 less returns.
24 25 Purchased merchandise on account from A. Braganza Company, 340,000. Invoice dated Jan. 24.
25 26 Paid 95,000 to E. Samonte Company in partial payment of account. Issued check no. 91.
26 27 Received 190,000 loan from First Morayta Bank an
27 28 Purchased merchandise on account from L. Viray Company P 280,000. Invoice dated Jan. 27.
28 29 Sold Merchandise on account to M. Cerda, P 130,000. Invoice no. 321.
29 30 Purchase merchandise on account from T. Arenas Company , P 320,000. Invoice dated January 29.
30 30 Sold Merchandise for cash , P 760,000.

REQUIRED:

1. JOURNALIZE THE ABOVE TRANSACTIONS ASSUMING VAT IS INCLUSIVE AND EXLUSIVE.

er 28, 2018, all credit sales are 3/10, n/30.
ecember 29, 2018 from E. Samonte Company.

discount. Invoice no. 316.

d was given a 10 % trade discount. Invoice dated Jan. 2
8 less discounts. Issued check no. 83.
discount. Invoice no. 317.

was given a 15% trade discount. Invoice dated January 10.

nvoice dated Jan.14.

any on jan. 17, P 22,000. Issued check no. 90

nvoice dated Jan. 24.

check no. 91.

ice dated Jan. 27.

voice dated January 29.

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

Ricardo Pangan Company

Post-Closing Trial Balance
December 31, 2018

110 Cash 240,000

120 Accounts Receivable 210,000
130 Merchandise Inventory 730,000
140 Prepaid rent 90,000
150 Office Supplies 160,000
160 Office Equipment 1,000,000
165 Accumulated Depreciation 250,000
210 Notes Payable 400,000
220 Accounts Payable 130,000
230 Salaries Payable
310 Pangan, Capital 1,650,000
320 Pangan, Withdrawals
330 Income Summary
410 Sales
420 Sales Returns and Allwances
430 Sales discounts
510 Purchases
520 Purchase Returns and Allowances
530 Purchase Discounts
540 Transportation in
610 Salaries Expense
620 Rent Expense
630 Office Supplies Expense
640 Depreciation Expnese
650 Interest Expense
2,430,000 2,430,000

Accounts receivable of 210,000 is related to a sale to R. Loyola on December 28, 2018, all credit sales are
The account payable balance of 130,000 is attributable to a purchase on December 29, 2018 from E. Sam
All credit purchases are 5/10,n/30.

During the month of January 2019, the following transactions were completed.
January 1 2 Sold merchandise on credit to B. Bandonell, P 480,000 and gave a 5% trade discount. Invoice no. 316.

2 3 Purchase merchandise on account from T. Arenas Company, P 190,000 and was given a 10 % trade discou
 3 4 Collected amount due from Dec. 28 sale to R Loyola less discounts.

4 5 Sold merchandise for cash , P 480,000.

5 7 Paid amount due to E. Samonte Company for the purchase of Dec. 29, 2018 less discounts. Issued check

6 8 Sold merchandise on account to G. Sevidal, P 510,000 and gave a 3% trade discount. Invoice no. 317.

7 9 Returned merchandise purchased from T, Arenas Company, P 10,000.

8 10 Collected amount due from B Bandonell less discounts.

9 11 Purchased merchandise on account from L Viray Company, P 270,000 and was given a 15% trade discoun

10 11 Paid T Arenas Company amount due less returns and discounts. Issued check no. 84.

11 12 Purchased merchandise for cash, P 70,000. Issued check no. 85.

12 13 Sold merchandise on account M. Cerda, P 130,000, Invoice no. 318.

13 14 Paid interest on the note payable, P 10,000. Issued check no. 86.

14 15 Paid salaries, P 80,000. Issued check no. 87.

15 17 Purchased merchandise on account from E. Samonte Company, 150,000. Invoice dated Jan.14.

16 18 Sold merchandise on account to R. Loyola , 410,000. Invoice no. 319.

17 19 Pangan Withdrew 67,000 from the business. Issued check no. 88.

18 21 Acquired office supplies for cash, 32,000. Issued check no. 89.

19 22 Paid freight charges on the merchandise purhcased from E. Samonte company on jan. 17, P 22,000. Issue

20 22 Collected amount due from M Cerda less discounts.

21 23 Sold merchandise on credit to B. Bandonell, P 210,000. Invoice no. 320.

22 24 Received returned merchandise from G. Sevidal, P 30,000.

23 25 Received amount due from G. Sevidal on the sale on Jan. 8 less returns.

24 25 Purchased merchandise on account from A. Braganza Company, 340,000. Invoice dated Jan. 24.
25 26 Paid 95,000 to E. Samonte Company in partial payment of account. Issued check no. 91.

26 27 Received 190,000 loan from First Morayta Bank and issued a note payable.

27 28 Purchased merchandise on account from L. Viray Company P 280,000. Invoice dated Jan. 27.

28 29 Sold Merchandise on account to M. Cerda, P 130,000. Invoice no. 321.

29 30 Purchase merchandise on account from T. Arenas Company , P 320,000. Invoice dated January 29.

30 30 Sold Merchandise for cash , P 760,000.

 PARTICULARS

er 28, 2018, all credit sales are 3/10, n/30.

ecember 29, 2018 from E. Samonte Company. VAT INCLUSIVE

discount. Invoice no. 316. ACCOUNTS RECEIVABLE - B. BANDONELL

SALES
OUTPUT TAX
d was given a 10 % trade discount. Invoice dated Jan. 2
PURCHASES
INPUT TAX
ACCOUNTS PAYABLE - T. ARENAS
 CASH
SALES DISCOUNTS
OUTPUT TAX
ACCOUNTS RECEIVABLE- R. LOYOLA

CASH
SALES
OUTPUT TAX

8 less discounts. Issued check no. 83. ACCOUNTS PAYABLE -E. SAMONTE
PURCHASE DISCOUNTS
INPUT TAX
CASH

discount. Invoice no. 317. ACCOUNTS RECEIVABLE - G. SEVIDAL

SALES
OUTPUT TAX

ACCOUNTS PAYABLE - T. ARENAS

PURCHASE RETURNS AND ALLOWANCES
INPUT TAX

CASH
SALES DISCOUNTS
OUTPUT TAX
ACCOUNTS RECEIVABLE- B. BANDONELL

was given a 15% trade discount. Invoice dated January 10. PURCHASES
INPUT TAX
ACCOUNTS PAYABLE - L. VIRAY COMPANY

ACCOUNTS PAYABLE - T. ARENAS

PURCHASE DISCOUNTS
INPUT TAX
CASH

PURCHASES
INPUT TAX
CASH

ACCOUNTS RECEIVABLE - M. CERDA

SALES
 OUTPUT TAX

INTEREST EXPENSE
CASH

SALARIES EXPENSE
CASH

nvoice dated Jan.14. PURCHASES

INPUT TAX
ACCOUNTS PAYABLE - E. SAMONTE

ACCOUNTS RECEIVABLE - R. LOYOLA

SALES
OUTPUT TAX

PANGAN WITHDRAWALS
CASH

OFFICE SUPPLIES
INPUT TAX
CASH

any on jan. 17, P 22,000. Issued check no. 90 TRANSPORTATION IN

INPUT TAX
CASH

CASH
SALES DISCOUNTS
OUTPUT TAX
ACCOUNTS RECEIVABLE- M CERDA

ACCOUNTS RECEIVABLE - B. BANDONELL

SALES
OUTPUT TAX

SALES RETURNS AND ALLOWANCES

OUTPUT TAX
ACCOUNTS RECEIVABLE - G. SEVIDAL

CASH
ACCOUNTS RECEIVABLE- G SEVIDAL

nvoice dated Jan. 24. PURCHASES

INPUT TAX
 ACCOUNTS PAYABLE - A. BRAGANZA

check no. 91. ACCOUNTS PAYABLE- E SAMONTE

CASH

CASH
NOTES PAYABLE

ice dated Jan. 27. PURCHASES

INPUT TAX
ACCOUNTS PAYABLE - L. VIRAY

ACCOUNTS RECEIVABLE - M. CERDA

SALES
OUTPUT TAX

voice dated January 29. PURCHASES

INPUT TAX
ACCOUNTS PAYABLE - T. ARENAS

CASH
SALES
OUTPUT TAX
DEBIT CREDIT PARTICULARS DEBIT CREDIT

VAT EXCLUSIVE

456,000 ACCOUNTS RECEIVABLE - B. BANDONELL 510,720

407,143 SALES 456,000
48,857 OUTPUT TAX 54,720

152,679 PURCHASES 171,000

18,321 INPUT TAX 20,520
171,000 ACCOUNTS PAYABLE - T. ARENAS 191,520
203,700 CASH 203,700
5,625 SALES DISCOUNTS 5,625
675 OUTPUT TAX 675
210,000 ACCOUNTS RECEIVABLE- R. LOYOLA 210,000

480,000 CASH 537,600

428,571 SALES 480,000
51,429 OUTPUT TAX 57,600

130,000 ACCOUNTS PAYABLE -E. SAMONTE 130,000

5,804 PURCHASE DISCOUNTS 5,804
696 INPUT TAX 696
123,500 CASH 123,500
-
494,700 ACCOUNTS RECEIVABLE - G. SEVIDAL 554,064
441,696 SALES 494,700
53,004 OUTPUT TAX 59,364

10,000 ACCOUNTS PAYABLE - T. ARENAS 11,200

8,929 PURCHASE RETURNS AND ALLOWANCES 10,000
1,071 INPUT TAX 1,200

442,320 CASH 495,398

12,214 SALES DISCOUNTS 13,680
1,466 OUTPUT TAX 1,642
456,000 ACCOUNTS RECEIVABLE- B. BANDONELL 510,720

204,911 PURCHASES 229,500

24,589 INPUT TAX 27,540
229,500 ACCOUNTS PAYABLE - L. VIRAY COMPANY 257,040

161,000 ACCOUNTS PAYABLE - T. ARENAS 180,320

7,188 PURCHASE DISCOUNTS 8,050
863 INPUT TAX 966
152,950 CASH 171,304

62,500 PURCHASES 70,000

7,500 INPUT TAX 8,400
70,000 CASH 78,400

130,000 ACCOUNTS RECEIVABLE - M. CERDA 145,600

116,071 SALES 130,000
 13,929 OUTPUT TAX 15,600

10,000 10,000 INTEREST EXPENSE 190,000 190,000

CASH

80,000 80,000 SALARIES EXPENSE 460,000 460,000

CASH

133,929 PURCHASES 150,000

16,071 INPUT TAX 18,000
150,000 ACCOUNTS PAYABLE - E. SAMONTE 168,000

410,000 ACCOUNTS RECEIVABLE - R. LOYOLA 459,200

366,071 SALES 410,000
43,929 OUTPUT TAX 49,200

100,000 100,000 PANGAN WITHDRAWALS 20,000 20,000

CASH

28,571 OFFICE SUPPLIES 32,000

3,429 INPUT TAX 3,840
32,000 CASH 35,840

17,857 TRANSPORTATION IN 20,000

2,143 INPUT TAX 2,400
20,000 CASH 22,400

126,100 CASH 141,232

3,482 SALES DISCOUNTS 3,900
418 OUTPUT TAX 468
130,000 ACCOUNTS RECEIVABLE- M CERDA 145,600

210,000 ACCOUNTS RECEIVABLE - B. BANDONELL 235,200

187,500 SALES 210,000
22,500 OUTPUT TAX 25,200

26,786 SALES RETURNS AND ALLOWANCES 30,000

3,214 OUTPUT TAX 3,600
30,000 ACCOUNTS RECEIVABLE - G. SEVIDAL 33,600

464,700 CASH 520,464

464,700 ACCOUNTS RECEIVABLE- G SEVIDAL 520,464

303,571 PURCHASES 340,000

36,429 INPUT TAX 40,800
 340,000 ACCOUNTS PAYABLE - A. BRAGANZA 380,800

95,000 ACCOUNTS PAYABLE- E SAMONTE 95,000

95,000 CASH 95,000

190,000 CASH 190,000

190,000 NOTES PAYABLE 190,000

250,000 PURCHASES 280,000

30,000 INPUT TAX 33,600
280,000 ACCOUNTS PAYABLE - L. VIRAY 313,600

130,000 ACCOUNTS RECEIVABLE - M. CERDA 145,600

116,071 SALES 130,000
13,929 OUTPUT TAX 15,600

285,714 PURCHASES 320,000

34,286 INPUT TAX 38,400
320,000 ACCOUNTS PAYABLE - T. ARENAS 358,400

760,000 CASH 851,200

678,571 SALES 760,000
81,429 OUTPUT TAX 91,200
SALES 210,000
SALES RETURNS AND ALLOWANCES 0
NET SALES 210,000
X DISCOUNT RATE 2%
SALES DISCOUNT 4200

PURCHASES 130,000
PURCHASE RETURNS AND ALLOWANCES 0
NET PURCHASES 130,000
X DISCOUNT RATE 3%
SALES DISCOUNT 3900

SALES 240,000
SALES RETURNS AND ALLOWANCES 0
NET SALES 240,000
X DISCOUNT RATE 2%
SALES DISCOUNT 4800

PURCHASES 152,679
PURCHASE RETURNS AND ALLOWANCES -
NET PURCHASES 152,679
X DISCOUNT RATE 3%
SALES DISCOUNT 4580.357
 0
SALES 0

SALES RETURNS AND ALLOWANCES 0

NET SALES 2%
X DISCOUNT RATE 0
SALES DISCOUNT
ACCOUNTS PAYABLE - T ARENAS
10,000 171,000
161,000 ENDING BALANCE