A B C D E

1) List Price 120,000.00 120,000.00 120,000.00 120,000.00 120,000.00

Trade Disc 36,000.00 48,000.00 - 24,000.00 48,000.00
Sales 84,000.00 72,000.00 120,000.00 96,000.00 72,000.00
1 1 1 1 1

2) Accounts R 84,000.00 72,000.00 120,000.00 96,000.00 72,000.00

Cash Disco 1,680.00 - 2,400.00 960.00 -
Cash 82,320.00 72,000.00 117,600.00 95,040.00 72,000.00
1 1 1 1 1
Date Account Titles and Explanation Debit Credit
2020
15-May Purchases 91,800.00 2
Accounts Payable 91,800.00 2
To record the acquisition of books for resale. 1

20-May Accounts Payable 91,800.00 2

Puchase Discount 1,836.00 2
Cash 89,964.00 2
To record payment made on the acquisition made on 1
 A B C D
1) List Price 12,000.00 24,000.00 28,000.00 40,000.00
Purchases Returns and A 3,000.00 2,000.00 4,000.00 -
Net 9,000.00 22,000.00 24,000.00 40,000.00
Purchases Discount 180.00 440.00 480.00 800.00
8,820.00 21,560.00 23,520.00 39,200.00
Freight in 1,000.00 - - 3,000.00
9,820.00 21,560.00 23,520.00 42,200.00
2 2 2 2
 1) 2)
A - 30,000.00
B 75,000.00 75,000.00
C 40,000.00 40,000.00
D 60,000.00 60,000.00
E 75,000.00
F -

250,000.00 205,000.00
6 6
 A B C D E
List Price 224,000.00 126,000.00 90,000.00 41,000.00 357,000.00
Trade Discount 67,200.00 25,200.00 - 10,250.00 71,400.00
156,800.00 100,800.00 90,000.00 30,750.00 285,600.00
Purchase Return and Allo 21,000.00 - 7,000.00 9,000.00 24,000.00
135,800.00 100,800.00 83,000.00 21,750.00 261,600.00
Purchase Discount 2,716.00 1,008.00 1,660.00 - 7,848.00
133,084.00 99,792.00 81,340.00 21,750.00 253,752.00
Freight in 4,000.00 - 2,000.00 1,000.00 -
137,084.00 99,792.00 83,340.00 22,750.00 253,752.00
2 2 2 2 2
Date Account Titles and Explanation Debit Credit
2020
1-Jun Cash 180,000.00 2
Sales 180,000.00 2
To record cash sales. 1

4-Jun Accounts Receivable 650,000.00 2

Sales 650,000.00 2
To record sales on account. 1

7-Jun Sales Returns and Allowances 90,000.00 2

Accounts Receivable 90,000.00 2
To record the returned merchandise. 1

10-Jun Cash 548,800.00 2

Sales Discount 11,200.00 2
Accounts Receivable 560,000.00 2
To record the payment made on merchandise purchas 1
Date Account Titles and Explanation Debit Credit
2020
6-Oct Purchases 200,000.00 2
Cash 200,000.00 2
To record purchase merchandise. 1

12-Oct Purchases 700,000.00 2

Accounts Payable 700,000.00 2
To record purchase merchandise on account. 1

15-Oct Accounts Payable 50,000.00 2

Purchases Returns and Allowances 50,000.00 2
To record the returned merchandise purchased on account. 1

17-Oct Accounts Payable 650,000.00 2

Purchase Discount 19,500.00 2
Cash 630,500.00 2
To record the payment made on the merchandise purchased on ac 1

19-Oct Freight In 7,000.00 2

Cash 7,000.00 2
To record the payment made on the shipping cost. 1
 Cash Accounts Payable Purchases
1) 35,000.00 a 35,000.00
45,000.00 b 45,000.00

2) a 40,000.00 a 40,000.00
b 28,000.00 b 28,000.00
39,200.00 c 40,000.00
28,000.00 d 28,000.00

3) a 56,000.00 a 56,000.00
b 6,000.00
49,000.00 c 50,000.00

4) a 38,800.00 a 38,000.00
38,800.00 b 38,800.00

Purchases Discounts Transportation-In

2) 800.00
3) 1,000.00
4) a 800.00
Purchases Purchases Returns and Allowances
2
2

2
2
2
2

2
b 6,000.00 2
2

2
2

1
1
1
 Books of Ilano
Date Account Titles and Explanation Debit Credit
2020
A) 16-Jun Accounts Receivable 6,000.00 2
Sales 6,000.00 2
To record the sale made on account. 1

25-Jun Cash 5,880.00 2

Sales Discount 120.00 2
Accounts Receivable 6,000.00 2
To record the collection of sales on account. 1

B) 17-Jun Accounts Receivable 6,000.00 2

Transportation Out 600.00 2
Sales 6,000.00 2
Cash 600.00 2
To record the sale made on account and the payment made on 1

25-Jun Cash 5,880.00

Sales Discount 120.00
Accounts Receivable 6,000.00
To record the collection of sales on account.

C) 16-Jun Accounts Receivable 6,600.00 2

Sales 6,000.00 2
Cash 600.00 2
To record the sale made on account and the payment made on 1

25-Jun Cash 6,480.00 2

Sales Discount 120.00 2
Accounts Receivable 6,600.00 2
To record the collection of sales on account. 1

D) 17-Jun Accounts Receivable 5,400.00 2

Transportation Out 600.00 2
Sales 6,000.00 2
To record the sale made on account and the shipping costs. 1

25-Jun Cash 5,280.00 2

Sales Discount 120.00 2
Accounts Receivable 5,400.00 2
To record the collection of sales on account. 1
49,200.00 49,200.00
 Books of Pascual
Date Account Titles and Explanation Debit Credit
2020
17-Jun Purchases 6,000.00 2
Transportation In 600.00 2
Accounts Payable 6,000.00 2
Cash 600.00 2
To record the acquisition of merchandise on account and paym 1

24-Jun Accounts Payable 6,000.00 2

Purchase Discount 120.00 2
Cash 5,880.00 2
To record the payment made on the merchandise purchased on 1

17-Jun Purchases 6,000.00 2

Accounts Payable 6,000.00 2
To record the acquisition of merchandise on account. 1

24-Jun Accounts Payable 6,000.00 2

Purchase Discount 120.00 2
Cash 5,880.00 2
To record the payment made on the merchandise purchased on 1

17-Jun Purchases 6,000.00 2

Transportation In 600.00 2
Accounts Payable 6,600.00 2
To record the acquisition of merchandise on account and the sh 1

24-Jun Accounts Payable 6,600.00 2

Purchase Discount 120.00 2
Cash 6,480.00 2
To record the payment made on the merchandise purchased on 1

17-Jun Purchases 6,000.00 2

Accounts Payable 5,400.00 2
Cash 600.00 2
To record the acquisition of merchandise on account and paym 1

24-Jun Accounts Payable 5,400.00 2

Purchase Discount 120.00 2
Cash 5,280.00 2
To record the payment made on the merchandise purchased on 1
49,200.00 49,200.00
 Books of Ramos Distributors
Date Account Titles and Explanation Debit Credit
2020
4-May Accounts Receivable 162,000.00 2
Sales 162,000.00 2
To record the sale made on account. 1

5-May Accounts Receivable 710,000.00 2

Sales 710,000.00 2
To record the sale made on account. 1

7-May Sales Returns and Allowances 12,000.00 2

Accounts Receivable 12,000.00 2
To record the returned merchandise sold on account. 1

9-May Cash 147,000.00 2

Sales Discount 3,000.00 2
Accounts Receivable 150,000.00 2
To record the collection made on the merchandise sold on account. 1

10-May Transportation Out 2,000.00 2

Cash 2,000.00 2
To record the payment made on the shipping costs. 1

12-May Cash 695,800.00 2

Sales Discount 14,200.00 2
Accounts Receivable 710,000.00 2
To record the collection made on the merchandise sold on account. 1

18-May Accounts Receivable 150,000.00 2

Sales 150,000.00 2
To record the sale made on account. 1

23-May Cash 147,000.00 2

Sales Discount 3,000.00 2
Accounts Receivable 150,000.00 2
To record the collection made on the merchandise sold on account. 1
2,046,000.00 2,046,000.00
 Books of Cammayo Retailers
Date Account Titles and Explanation Debit Credit
2020
5-May Puchases 162,000.00 2
Accounts Payable 162,000.00 2
To record the acquisition of merchandise on account. 1

5-May Puchases 710,000.00 2

Accounts Payable 710,000.00 2
To record the acquisition of merchandise on account. 1

6-May Transportation In 8,000.00 2

Cash 8,000.00 2
To record the payment made on the merchandise purchased on acc 1

7-May Accounts Payable 12,000.00 2

Purchases Returns and Allowances 12,000.00 2
To record the returned merchandise purchased on account. 1

9-May Accounts Payable 150,000.00 2

Purchase Discount 3,000.00 2
Cash 147,000.00 2
To record the payment made on the merchandise purchased on acc 1

12-May Accounts Payable 710,000.00 2

Purchase Discount 14,200.00 2
Cash 695,800.00 2
To record the payment made on the merchandise purchased on acc 1

18-May Puchases 150,000.00 2

Accounts Payable 150,000.00 2
To record the acquisition of merchandise on account. 1

21-May Transportation In 3,000.00 2

Cash 3,000.00 2
To record the payment made on the shipping costs. 1

23-May Accounts Payable 150,000.00 2

Purchase Discount 3,000.00 2
Cash 147,000.00 2
To record the payment made on the merchandise purchased on acc 1
2,055,000.00 2,055,000.00
Date Account Titles and Explanation Debit Credit
2020
2-Mar Purchases 74,000.00 2
Accounts Payable 74,000.00 2
To record purchases on account. 1

3-Mar Accounts Receivable 10,000.00 2

Sales 10,000.00 2
To record sales on account. 1

5-Mar Cash 7,000.00 2

Sales 7,000.00 2
To record cash sales. 1

6-Mar Purchases 42,000.00 2

Accounts Payable 42,000.00 2
To record purchases on account. 1

7-Mar Transportation-In 570.00 2

Accounts Payable 570.00 2
To record the bill on shipping costs. 1

9-Mar Accounts Receivable 38,000.00 2

Sales 38,000.00 2
To record sales on account. 1

10-Mar Purchases 26,500.00 2

Transportation In 500.00 2
Accounts Payable 27,000.00 2
To record purchases and shipping costs on account. 1

11-Mar Transportation Out 291.00 2

Accounts Payable 291.00 2
To record the bill on shipping costs. 1

12-Mar Accounts Payable 74,000.00 2

Purchase Discount 1,480.00 2
Cash 72,520.00 2
To record the payment made on the merchandise purchased 1

13-Mar Cash 9,900.00 2

Sales Discount 100.00 2
Accounts Receivable 10,000.00 2
To record the collection made on the merchandise sold on a 1
14-Mar Accounts Payable 21,000.00 2
Purchase Discount 420.00 2
Cash 20,580.00 2
To record the payment made on the merchandise purchased 1

15-Mar Accounts Payable 3,000.00 2

Purchases Returns and Allowances 3,000.00 2
To record the returned merchandise purchased on account. 1

16-Mar Purchases 4,780.00 2

Accounts Payable 4,780.00 2
To record the office supplies purchased on account. 1

17-Mar Cash 18,810.00 2

Sales Discount 190.00 2
Accounts Receivable 19,000.00 2
To record the collection made on the merchandise sold on a 1

18-Mar Accounts Payable 24,000.00 2

Purchases Discount 480.00 2
Cash 23,520.00 2
To record the payment made on the merchandise purchased 1

19-Mar Accounts Receivable 7,800.00 2

Sales 7,800.00 2
To record sales on account. 1

20-Mar Accounts Payable 1,280.00 2

Purchases Returns and Allowances 1,280.00 2
To record the returned merchandise purchased on account. 1

22-Mar Sales Returns and Allowances 1,800.00 2

Accounts Receivable 1,800.00 2
To record the returned merchandise sold on account. 1

25-Mar Accounts Payable 3,500.00 2

Cash 3,500.00 2
To record the payment made on the merchandise purchased 1

26-Mar Accounts Payable 861.00 2

Cash 861.00 2
To record the payment made on the shipping costs on accou 1

27-Mar Cash 5,880.00 2

Sales Discount 120.00 2
 Accounts Receivable 6,000.00 2
To record the collection made on the merchandise sold on a 1

28-Mar Accounts Payable 21,000.00 2

Cash 21,000.00 2
To record the payment made on the merchandise purchased 1

31-Mar Cash 9,730.00 2

Sales 9,730.00 2
To record cash sales. 1
 Leopoldo Valdez School Chairs
Partial Income Statement 1
For the Year Ended December 31, 2020

Cost of Goods Sold

Merchandise Inventory, 1/1/2020 1,200,000.00 1
Purchases 4,300,000.00 1
Less: Purchases 129,000.00 1
Purchases 215,000.00 344,000.00 2
Net Purchases 3,956,000.00 1
Transportation In 172,000.00 1
Net Cost of Purchases 4,128,000.00 1
Good Available for Sale 5,328,000.00 1
Less: Merchandise Inventory, 12/31/2020 1,900,000.00 1
Cost of Goods Sold 3,428,000.00 5
Merchandise Inventory, 1/1/2020 300,000.00
Purchases 1,320,000.00
Less: Purchases 46,200.00
Purchases 26,400.00 72,600.00
Net Purchases 1,247,400.00
Transportation In 39,600.00
Net Cost of Purchases 1,287,000.00
Good Available for Sale 1,587,000.00
Less: Merchandise Inventory, 12/31/2020 327,000.00 SQUEEZE 15
Cost of Goods Sold 1,260,000.00
 1 2 3 4 5
Net Sales 120,000.00 180,000.00 250,000.00 290,000.00 400,000.00
Merchandise Inventory, 1/1/2020 30,000.00 50,000.00 70,000.00 40,000.00 120,000.00
Net Cost of Purchases 80,000.00 110,000.00 190,000.00 160,000.00 390,000.00
Goods Available For Sale 110,000.00 160,000.00 260,000.00 200,000.00 510,000.00
Merchandise Inventory, 12/31/2020 40,000.00 20,000.00 30,000.00 70,000.00 130,000.00
Cost of Good Sold 70,000.00 140,000.00 230,000.00 130,000.00 380,000.00

Gross Profit 50,000.00 40,000.00 20,000.00 160,000.00 20,000.00

4
4
4
6
4
4

4
 1 2 3 4
Beginning Inventory 50,000.00 36,000.00 36,000.00 44,000.00
Net Cost of Purchases 90,000.00 110,000.00 100,000.00 90,000.00
Goods Available for Sale 140,000.00 146,000.00 136,000.00 134,000.00
Ending Inventory 36,000.00 36,000.00 44,000.00 32,000.00
Cost of Goods Sold 104,000.00 110,000.00 92,000.00 102,000.00
5 5 5 5