SHOTOPS

Journal Entries
Date Debit Credit
Jul-01 Cash 250
Bacalan, Capital 50
Baron, Capital 50
D. Reyes, Capital 50
Pansoy, Capital 50
Sanchez, Capital 50
Initial investment
Jul-02 Purchases - Shorts 200
Cash 200
Purchases of shorts
Jul-03 Purchases - Curly Tops 36.55
Cash 36.55
Purchases of curly tops
Jul-03 Cash 200
Sales - Shorts 200
Sale of shorts( 2 pcs. @ 100 each)
Jul-03 Cash 60
Sales - Curly Tops 60
Sale of curly tops(30 pcs. @ P2 each)
Jul-04 Cash 160
Sales - Shorts 160
Sale of shorts( 2 pcs. @ 80 each)
Jul-04 Purchases - Shorts 100
Cash 100
Purchases of shorts
Jul-05 Purchases - Kay kay 40
cash 40
Purchase of kay kay
Jul-06 Cash 72
Sales - Kay kay 74
Sale of kay kay(24 pcs. @ P3 each)
Jul-06 Purchases - Flat tops 121.55
Cash 121.55
Purchase of flat tops
Jul-07 Cash 200
Sales - Flat tops 200
Sale of flat tops(100 pcs. @ P2 each)
Jul-10 Purchases - Flat tops 243.1
Cash 243.1
Purchase of flat tops
Jul-10 Cash 400
Sales - Flat tops 400
 Sale of flat tops(200 pcs. @ P2 each)
Jul-10 Cash 80
Sales - Shorts 80
Sale of shorts(1 pc. @ 80)
Jul-11 Purchases - Flat tops 364.65
Cash 364.65
Purchase of flat tops
Jul-11 Cash 600
Sales - Flat tops 600
Sale of flat tops(300 pcs. @ P2 each)
Jul-11 Purchases - Flat tops 364.65
Cash 364.65
Purchase of flat tops
Jul-12 Cash 600
Sales - Flat tops 600
Sale of flat tops(300 pcs. @ P2 each)
Jul-12 Purchases - Flat tops 364.65
Cash 364.65
Purchase of flat tops
Jul-12 Cash 600
Sales- Flat tops 600
Sale of flat tops( 300 pcs. @ P2 each)
Jul-13 Cash 80
Sales - Shotrs 80
Sale of shorts(1 pc. @ P80)
Jul-13 Accounts Receivable 140
Sales - Shorts 140
Sale of shorts(2 pcs. @ 70 each credit sales)
Jul-14 Cash 140
Accounts Receivable 140
Cash received from credit sales
Jul-15 Purchases -Cake 300
Freight-in 3
Cash 303
Purchase of cake and delivery expense
Jul-17 Cash 120
Sales - Cake 120
Sale of cake(12 pcs. @ P10 each)
Jul-18 Cash 40
Sales - Cake 40
Sale of cake(4 pcs. @ P10 each)
Jul-19 Cash 80
Sale - Cake 80
Sale of cake(8 pcs. @P10 each)
Jul-20 Cash 60
 Sales - Cake 60
Sale of cake(6 pcs. @ P10 each)
Jul-20 Accounts Receivable 20
Sales 20
Sale of cake(2 pcs. @ P10 each credit sales)
Jul-21 Cash 20
Accounts Receivable 20
Cash received from credit sales
Jul-21 Cash 140
Purchase Returns 140
Returned product to supplier
Date Debit Credit
Printing Expense 4
Cash 4
#Payment for printing for report
Printing Expense 12
Cash 12
#Payment for printing of report
Supplies Expense 14.75
Cash 14.75
#Payment for purchase of folder
25-Jul Purchases 243.1
Cash 243.1
#Purchase of 2 packs of flat tops(100 pcs. Each pack)
25-Jul Cash 60
Sales-Flat tops 60
#Sale of flat tops(30 pcs. @ P2 each
26-Jul Cash 106
Sales- Flat tops 106
#Sale of flat tops(53 pcs. @ P2 each)
27-Jul Cash 188
Sales-Flat tops 188
#Sale of flat tops( 94 pcs. @ P2 each)
28-Jul Cash 46
Sales-Flat tops 46
#Sale of flat tops(23 pcs. @ P2 each)
31-Jul Purchases 243.1
Cash 243.1
#Purchase of 2 packs of flat tops(100 pcs. Each pack)
1-Aug Cash 86
Sales-Flat tops 86
#Sale of flat tops(43 pcs. @ P2 each)
2-Aug Cash 48
Sales-Flat tops 48
#Sale of flat tops(24 pcs. @ P2 each)
 3-Aug Cash 60
Sales 60
#Sale of flat tops(30 pcs. @ P2 each )
4-Aug Cash 134
Sales-Flat tops 134
#Sale of flat tops(67 pcs. @ P2 each )
7-Aug Cash 72
Sales-Flat tops 72
#Sale of flat tops( 36 pcs. @ P2 each)
8-Aug Purchases 200
Accounts Payable 200
#Purchase of cake( 40 pcs. @ P5 each slice)
8-Aug Freight in 3
Accounts Payable 3
8-Aug Cash 148
Sales-Cake 148
#Sales of cake (14 pcs. @P10 each slice, 1 slc. @ P
9-Aug Cash 150
Sales- Cake 150
#Sales of cake 15 pcs. @ P10 each slice)
10-Aug Cash 100
Sales- Cake 100
#Sales of cake ( 10 pcs. @ P10 each slice)
10-Aug Accounts Payable 203
Cash 203
#Payment of the purchase of cake and frieght cha
 SHOTOPS
Closing Entries

1 Income Summary 2,138.15

Beginning Inventory 0
Purchases 2,135.15
Freight-in 3
*Close beginning inventory and nominal accounts with debit balances
2 Ending Inventory 33.33
Sales 3,512
Purchase Returns 140
Income Summary 3,685.33
*Set up ending inventory and close nominal accounts with credit balances
3 Income Summary 1,547.18
Bacalan, Capital 309.436
Baron, Capital 309.436
D. Reyes, Capital 309.436
Pansoy, Capital 309.436
Sanchez, Capital 309.436
*Close income summary to capital
4 Bacalan, Capital 0
Baron, Capital 0
D. Reyes, Capital 0
Pansoy, Capital 0
Sanchez, Capital 0
Bacalan, Drawing 0
Baron, Drawing 0
D. Reyes, Drawing 0
Pansoy, Drawing 0
Sanchez, Drawing 0
*Close drawing account to capital