ABC TRADING

PURCHASE JOURNAL
DATE SUPPLIERS RR# TERMS DEBITS CREDIT SUNDRIES
2020 PURCHASES ACCOUNTS PAYABLE ACCOUNT TITLE F
Jan. 3 T. Arenas Company 0001 3/10, n/30 90,000 90,000
Jan. 11 L. Viray Company 0002 3/10, n/30 120,000 120,000
Jan. 12 Cash Purchases 0003 COD 70,000 70,000
Jan. 17 E. Samonte Company 0004 3/10, n/30 190,000 190,000
Jan 21 Cash Purchase of supplies 0005 COD 40,000 Office Supplies GL-6
Jan. 25 A. Braganza Company 0006 3/10, n/30 340,000 340,000
Jan. 28 L. Viray Company 0007 3/10, n/30 270,000 270,000
Jan. 30 T. Arenas Company 0008 3/10, n/30 360,000 360,000

1,440,000 1,480,000
GL- 18 GL-10
SUNDRIES
DEBIT CREDIT

40,000

40,000
DATE JV NO. PARTICULARS F DEBIT CREDIT

GENERAL JOURNAL Page 4

CLOSING ENTRIES
DATE JV NO. PARTICULARS F DEBIT CREDIT
ADDITIONAL ADJUSTMENTS
1 Prepaid Rent of P30,000 has expired.
2 Office supplies at month end amounted to
P70,000
Monthly depreciation on the office equipment
amounted to P10,000
3
4 Salaries of P90,000 have accrued
The company estimated that 3% of the Accounts
Receivable is doubtful of collection.
5
Physical count of merchandise at month end
revealed that unsold MDSE amounted to
6 P470,000.
PANGAN COMPANY
WORKSHEET
JAN. 31. 2020
UNADJUSTED TRIAL BALANCE ADJUSTMENTS adjusted trial balance
Debit Credit REF Debit Credit Debit Credit

TOTAL - - -

Net Profit -
 income statement balance sheet
Debit Credit Debit Credit
 ACCOUNTS Page No.
Cash 1
Accounts Receivable 2
Allowance for doubtful accounts 3
MDSE Inventory 4
Prepaid Rent 5
Office Supplies 6
Office Equipment 7
Accum Depreciation-Office Equipment 8
Notes Payable 9
Accounts Payable 10
Salaries Payable 11
Pangan Capital 12
Pangan Drawing 13
Income Summary 14
 ACCOUNTS Page No.
Sales 15
Sales discounts 16
Sales Returns & Allowances 17
Purchases 18
Purchase discount 19
Purchase Returns and Allowances 20
Freight In 21
Salaries Expense 22
Rent Expense 23
Office Supplies Expense 24
Depreciation Expense 25
Doubtful Account Expense 26
Interest Expense 27
CASH DIBURSEMENT JOURNAL
CREDITS DEBITS
DATE PAYEE CV No. CK No. CASH Purchase Disc A/P Freight In Freight Out Salaries Taxes & Sales Input tax
Expense Licenses Returns

2020
Jan. 7 E. Samonte Company 5001 83 126,100 3,900 130,000
Jan. 11 T. Arenas Company 5002 84 77,600 2,400 80,000
Jan. 12 Cash Purchases 5003 85 70,000 70,000
Jan. 14 Payment of Interest of Loa 5004 86 10,000
Jan. 15 Payment of salaries 5005 87 80,000 80,000
Jan. 19 Withdrawal of Pangan 5006 88 100,000
Jan. 21 Acquired Supplies 5007 89 40,000 40,000
Jan. 22 Payment of Freight 5008 90 20,000 20,000
Jan. 26 E. Samonte Company 5009 91 184,300 5,700 190,000

TOTAL 708,000 12,000 510,000 20,000 - 80,000 - - -

GL-1 GL-19 GL-10 GL- 21 GL-22

debit 720,000
credit 720,000
How to record payroll
amount of payroll 1,200,000
Less : deductions
SSS/PHIC/HDMF 35,000
w/holding tax 10,000
advances 20,000
net pay 1,135,000

Entry:
salaries expense 1,200,000
cash 1,135,000
SSS/PHIC/HDMF pay 35,000
w/holding tax payable 10,000
Advances of employees 20,000
DEBIT Credit Debit Credit SUNDRIES
SSS/PHIC/HDMF w/holding tax payable Account Title F Debit Credit
payable

Interest Expense GL- 27 10,000

Pangan Drawing GL- 13 100,000

- - - - 110,000 -
 SALES JOURNAL
CUSTOMERS Debit Debit Credit
DATE Inv. No. Terms CASH A/R Sales
2020
Jan. 2 B. Bandonell 316 2/10, N/30 240,000 240,000
Jan. 5 Cash Sales 317 COD 430,000 430,000
Jan. 8 G. Servidal 318 2/10, N/30 310,000 310,000
Jan. 13 M. Cerda 319 2/10, N/30 130,000 130,000
Jan. 18 R. Loyola 320 2/10, N/30 460,000 460,000
Jan. 23 B. Bandonell 321 2/10, N/30 110,000 110,000
Jan. 29 M. Cerda 322 2/10, N/30 170,000 170,000
Jan. 30 Cash Sales 323 COD 1,310,000 1,310,000

TOTAL 1,740,000 1,420,000 3,160,000

GL-1 GL-2 GL-15
 RICARDO PANGAN COMPANY
INCOME STATEMENT
For one month period ended January 31, 2020

REVENUES:
Sales P -
Less: Sales Discount -
Sales Returns and Allowances - -
Net Sales P -

LESS: COST OF SALES

Purchases P -
Less: Purchase Discount -
Purchase Returns and Allowances - -
Net Purchases -
Add: Freight In -
Goods available for sales -
Less: MDSE Inventory end -
COST OF SALES -

GROSS PROFIT P -
Commission Income
Less: Operating expenses
Salaries Expense P
Store Supplies Expense
Rent Expense
Freight Out
Taxes and Licenses
Doubtful Accounts Expense
Depreciation Expense
Miscellaneous Expense
Light and Water Expense
Bookkeeping Service
Communication Expense
SSS/PHIC/HDMF contribution P -
Operating Profit P -
Less: Interest Expense
Net Income before tax P -
CASH RECEIPTS JOURNAL
DATE PARTICULARS OR # CASH Sales Discount A/R
2020 DEBIT Debit Credit
Jan. 4 R. Loyola 3001 205,800 4,200 210,000
Jan. 10 B. Bandonell 3002 235,200 4,800 240,000
Jan. 22 M. Cerda 3003 127,400 2,600 130,000
Jan. 25 G. Servidal 3004 280,000 280,000
Jan. 27 First Morayta Bank 3005 170,000

TOTAL 1,018,400 11,600 - 860,000

GL-1 GL-16 GL-2

debit 1,030,000
credit 1,030,000
 SUNDRIES
F Debit Credit

Notes Payable GL- 9 170,000

- 170,000
RICARDO PANGAN COMPANY
POST CLOSING TRIAL BALANCE
DECEMBER 31, 2019
DEBIT CREDIT
CASH 240,000
ACCOUNTS RECEIVABLE 210,000
MERCHANDISE INVENTORY 730,000
PREPAID RENT 90,000
OFFICE SUPPLIES 160,000
OFFICE EQUIPMENT 1,000,000
ACCUMULATED DEPRECIATION 250,000
NOTES PAYABLE 400,000
ACCOUNTS PAYABLE 130,000
PANGAN CAPITAL 1,650,000
2,430,000 2,430,000