TEST II Working Paper #1

1 Misplaced Check (AR) 37,500.00

Cash in Bank-BPI

(Form of Window 2 Cash in Bank-BPI 28,709.00

Dressing) Cash on Hand (AP)

3 Interest Payable 83,700.00

Cash in Bank-BPI

4 Cash in Bank- UCPB 25,000.00

Cash in Bank-BPI

5 Accounts Receivable 122,500.00

Sales

COGS 91,875.00
Inventory

6 Cash-SBTC Account 73,690.00

Accounts Receivable

Bad Debts Expense 178,888.45

Allowance for Bad Debts

BPI
Balance per Bank 15,646,340.00
Deposit in transit 150,125.00
OC (242,665.00)
Reconciled Balance 16,039,130.00
Note Charged 83,700.00
Cash-BPI ₱ 16,122,830.00

Cash-BPI
Cash-UCBP (225,000.00)
25,000.00
Cash-SBTC
Total Cash Balance

(Any debit balance of other bank shouldn't be offset with other.

 37,500.00

28,709.00

83,700.00 4

25,000.00

122,500.00

91,875.00

73,690.00

178,888.45

16,122,830.00 1)
 ₱ (200,000.00) 2)
375,000.00
₱ 16,297,830.00 3)

dn't be offset with other.)

Working Paper no 2
Accounts Receivable
Beg 8,047,054.00
Sales 122,500.00 375,215.00 Write-off
73,690.00 Collections
7,720,649.00 total adjusted balance

A/R, gross 7,720,649.00

Allowance (836,532.45)
A/R, net ₱ 6,884,116.55

Working Paper No. 3

Current 1,737,690.00 2% 34,753.80
Jan-30 1,617,340.00 5% 80,867.00
31-60 1,437,706.50 10% 143,770.65
61-90 1,474,450.00 15% 221,167.50
Over 90 1,779,867.50 20% 355,973.50
Total 8,047,054.00 ₱ 836,532.45

Allowance for D.A

815,000.00
375,215.00 217,859.00
₱ 178,888.45 Bad Debt Expense
836,532.45
usted balance

Allowance for Doubtful Account 5)

t Expense
 TEST III
Journal Entry
1 No Entry (Goods on consignment)

2 Accounts Payable 4,600.00

Purchases

3 Purchases 4,100.00
Accounts Payable

4 Accounts Receivable 3,600.00

Sales

Cost of Goods Sold 2,500.00

Inventory

5 No Entry (Overlooked goods)

6 Accounts Payable 3,100.00

Purchases
 Inventory
Beginning Balances 21,000.00
4,600.00
1 (3,000.00)
2
4,100.00 3
4 (2,500.00)
5 800.00
3,600.00 6
Adjusted Balances ₱ 16,300.00
14,500.00 23,500.00
2,500.00 14500 Purchases 41,400.00
Ending Inventory (16,300.00)
Cost of Goods Sold ₱ 25,100.00
35500

3,100.00
 Purchases Accounts Payable Accounts Receivable Sales
45,000.00

(4,600.00) (4,600.00)
4,100.00 4,100.00
3,600.00 3,600.00

(3,100.00) (3,100.00)
₱ 41,400.00 ₱ (3,600.00) ₱ 3,600.00 ₱ 3,600.00
44,500.00
Add: 4100 (Inventory)
Removed 3100 in Purchases, Add 3100 in Inventory)
 COGS

2,500.00

₱ 2,500.00