JOURNAL

DATE PARTICULARS DEBIT

SEP. 1 CASH ₱300,000.00
VANESSA CAPITAL
TO RECORD THE INVESTMENT MADE BY THE OWNER

2 BUSINESS PERMIT & LISCENSES ₱3,500.00

CASH
TO RECORD PAYMENT FOR SECURING BUSINESS PERMITS

5 OFFICE EQUIPMENT ₱35,000.00

CASH
TO RECORD PURCHASE OF COMPUTER

6 PURCHASES ₱38,250.00
ACCOUNTS PAYABLE
TO RECORD THE PURCHASE OF INVENTORIES ON ACCOUNT 10,15,3/15,n/45

7 ACCOUNTS RECEIVABLE ₱30,000.00

SALES
TO RECORD THE SALE OF INVENTORY ON CREDIT 2/10, 1/5, N/30 FOB SHIPPING POINT, FREIG

9 PURCHASES ₱120,000.00
ACCOUNTS PAYABLE
CASH
TO RECORD THE PURCHASE OF GOODS ON ACCOUNT 20,2/10,N/30 FOB DESTINATION, FREIGH

15 PURCHASES ₱57,712.50
FREIGHT-IN ₱500.00
ACCOUNTS PAYABLE
TO RECORD THE PURCHASE OF GOODS ON ACCOUNT 10,10,5,1/10,N/30 FOB SHIPPING POINT ,

15 SALARIES EXPENSE ₱5,000.00

CASH
TO RECORD THE PAYMENT OF SALARIES

16 ACCOUNTS PAYABLE ₱8,000.00

PURCHASE RETURNS AND ALLOWANCES
TO RECORD RETURNS OF GOODS PURCHASED

17 CASH ₱29,400.00
SALES DISCOUNT ₱600.00
ACCOUNTS RECEIVABLE
 TO RECORD COLLECTIONS AND GRANTING DISCOUNT TO CUSTOMER

18 ACCOUNTS PAYABLE ₱111,400.00

PURCHASE DISCOUNT
CASH
TO RECORD PAYMENT OF ACCOUNT PURCHASES

20 RENT EXPENSE ₱15,000.00

CASH
TO RECORD PAYMENT OF RENT

22 ACCOUNTS PAYABLE ₱38,250.00

CASH
TO RECORD THE PAYMENT OF ACCOUNT PURCHASES

25 ACCOUNTS RECEIVABLE ₱80,000.00

SALES
TO RECORD THE SALE OF GOODS ON CREDIT 2/15,N/30

28 OFFICE SUPPLIES ₱10,000.00

CASH
TO RECORD PURCHASE OF OFFICE SUPPLIES

30 SALES RETURNS AND ALLOWANCES ₱5,000.00

ACCOUNTS RECEIVABLE
TO RECORD RETURNS OF GOODS PREVIOUSLY SOLD

30 SUPPLIES EXPENSE ₱4,000.00

OFFICE SUPPLIES
TO RECORD THE USED PORTION OF THE OFFICE SUPPLIES

30 DEPRECIATION EXPENSE ₱583.33

ACCUMULATED DEPRECIATION
TO RECORD COMPUTER DEPRECIATION EXPENSE

30 INVENTORY ₱140,000.00
INCOME SUMMARY
TO RECORD ADJUSTMENT OF INVENTORY AND RECORDING OF COGS
 CREDIT

₱300,000.00

₱3,500.00

₱35,000.00

₱38,250.00
T 10,15,3/15,n/45

₱30,000.00
N/30 FOB SHIPPING POINT, FREIGHT COLLECT

₱119,400.00
₱600.00
0,N/30 FOB DESTINATION, FREIGHT COLLECT

₱58,212.50
5,1/10,N/30 FOB SHIPPING POINT , FREIGHT PREPAID

₱5,000.00

₱8,000.00

₱30,000.00
CUSTOMER

₱2,228.00
₱109,172.00

₱15,000.00

₱38,250.00

₱80,000.00

₱10,000.00

₱5,000.00

₱4,000.00

₱583.33

₱140,000.00
G OF COGS
 CASH ACCOUNTS RECEIVABLE MERCHANDISE INVENTORY
₱300,000.00 ₱3,500.00 ₱30,000.00 ₱30,000.00 ₱140,000.00
₱29,400.00 ₱35,000.00 ₱80,000.00 ₱5,000.00
₱600.00
₱5,000.00
₱109,172.00
₱15,000.00 ₱110,000.00 ₱35,000.00
₱38,250.00
₱10,000.00
₱329,400.00 ₱216,522.00
₱112,878.00 ₱75,000.00 ₱140,000.00

ACCOUNTS PAYABLE VANESSA CAPITAL PURCHASES

₱8,000.00 ₱38,250.00 ₱300,000.00 ₱38,250.00
₱111,400.00 ₱119,400.00 ₱120,000.00
₱38,250.00 ₱58,212.50 ₱57,712.50

₱157,650.00 ₱215,862.50

₱58,212.50 ₱300,000.00 ₱215,962.50

SALES SALES R&A SALES DISCOUNT

₱30,000.00 ₱5,000.00 ₱600.00
₱80,000.00

₱110,000.00 ₱5,000.00 ₱600.00

RENT EXPENSE PERMITS AND LICESNSES SALARIES EXPENSE

₱15,000.00 ₱3,500.00 ₱5,000.00

₱15,000.00 ₱3,500.00 ₱5,000.00

ERCHANDISE INVENTORY OFFICE SUPPLIES OFFICE EQUIPMENT
₱10,000.00 ₱4,000.00 ₱35,000.00

₱6,000.00 ₱35,000.00

PURCHASES PURCHASE DISCOUNT PURCASE R&A

₱2,228.00 ₱8,000.00

₱2,228.00 ₱8,000.00

SALES DISCOUNT INCOME SUMMARY

₱140,000.00

₱140,000.00

SALARIES EXPENSE DEPRECIATION EXPENSE SUPPLIES EXPENSE

₱583.33 ₱4,000.00

₱583.33 ₱4,000.00
ACCUMULATED DEPRECIATION
₱583.33

₱583.33

FREIGHT-IN
₱500.00

₱500.00
 VANESSA MERCHANDISING
ADJUSTED TRIAL BALANCE
AS OF SEPTEMBER 30, 2020

ACCOUNTS DEBIT CREDIT

CASH ₱112,878.00
ACCOUNTS RECEIVABLE ₱75,000.00
MERCHANDISE INVENTORY ₱0.00
OFFICE SUPPLIES ₱6,000.00
OFFICE EQUIPMENT ₱35,000.00
ACCUMULATED DEPRECIATION ₱583.33
ACCOUNTS PAYABLE ₱58,212.50
VANESSA CAPITAL ₱300,000.00
PURCHASES ₱215,962.50
PURCHASE DISCOUNT ₱2,228.00
PURCHASE RETURN AND ALLOWANCES ₱8,000.00
FREIGHT-IN ₱500.00
SALES ₱110,000.00
SALES RETURN AND ALLOWANCES ₱5,000.00
SALES DISCOUNT ₱600.00
RENT EXPENSE ₱15,000.00
PERMITS AND LISCENCES ₱3,500.00
SALARIES EXPENSE ₱5,000.00
DEPRECIATION EXPENSE ₱583.33
SUPPLIES EXPENSE ₱4,000.00
MERCHANDISE INVENTORY END ₱140,000.00
INCOME SUMMARY ₱140,000.00
TOTALS ₱619,023.83 ₱619,023.83
 VANESSA MERCHANDISING
INCOME STATEMENT
FOR THE PERIOD ENDED SEPTEMBER 30, 2020

SALES ₱110,000.00
LESS:
SALES DISCOUNT ₱600.00
SALES RETURN AND ALLOWANCES ₱5,000.00 ₱5,600.00
NET SALES ₱104,400.00

PURCHASES ₱215,962.50
ADD: FREIGHT IN ₱500.00 ₱216,462.50
LESS:
PURCHASE DISCOUNT ₱2,228.00
PURCHASE RETURN AND ALLOWANCES ₱8,000.00 ₱10,228.00
NET PURCHASE ₱206,234.50
TGAS -
LESS: ENDING INVENTORY ₱140,000.00
COGS ₱66,234.50
GROSS PROFIT ₱38,165.50

LESS:OPERATING EXPENSES
RENT EXPENSE ₱15,000.00
PERMITS & LISCENCES ₱3,500.00
SALARIES EXPENSE ₱5,000.00
DEPRECIATION EXPENSE ₱583.33
SUPPLIES EXPENSE ₱4,000.00 ₱28,083.33
NET INCOME ₱10,082.17
0
 VANESSA MERCHANDISING
STATEMENT OF CHANGES IN OWNER'S EQUITY
AS OF SEPTEMBER 30, 2020

VANESSA CAPITAL BEG. ₱300,000.00

NET INCOME ₱10,082.17 ₱310,082.17
VANESSA WITHDRAWALS -
VANESSA CAPITAL END ₱310,082.17
 VANESSA MERCHANDISING
BALANCE SHEET
AS OF SEPTEMBER 30, 2020

ASSETS
CURRENT ASSETS
CASH ₱112,878.00
ACCOUNTS RECEIVABLE ₱75,000.00
MERCHANDISE INVENTORY ₱140,000.00
OFFICE SUPPLIES ₱6,000.00
TOTAL CURRENT ASSETS ₱333,878.00

NON CURRENT ASSETS

OFFICE EQUIPMENT ₱35,000.00
LESS: ACCUMULATED DEPRECIATION ₱583.33
TOTAL NON CURRENT ASSETS ₱34,416.67
TOTAL ASSETS ₱368,294.67

LIABILITIES
CURRENT LIABILITY
ACCOUNTS PAYABLE ₱58,212.50
TOTAL CURRENT LIABILITY ₱58,212.50

CAPITAL
VANESSA CAPITAL END ₱310,082.17
TOTAL LIABILITIES AND OWNERS EQUITY ₱368,294.67