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Problem 2: Compute the cost of goods sold under each of the following independent situations:
Place of Place of Invoice date Invoice Sales returns Credit terms FOB Date paid
buyer seller amount
Davao Manila 1/1 P 44,800 16,800 2/10,n/30 Dest., collect 1/11
Cebu Manila 2/2 336,000 56,000 n/45 Dest., collect 2/28
Batangas Cebu 3/3 280,000 - 3/10,n/60 Ship. Point, 3/13
collect
Problem 4: River opened Clothes For Us Retail on June 1, 2018 and initially invested P 1,000,000 cash and a land worth P 1,200,000.
The following are the transactions that also happened for the month of June 2018:
June 4 Bought 2 computers for P 50,000 each. The estimated useful life of each computer is 5 years and the company
opted to use straight-line method of depreciation.
5 Bought supplies worth P 15,000
7 Issued a promissory note to ABC Finance Co. to borrow P 25,000 at 12% interest. The principal and the interest are
due on August 31, 2018.
10 Purchased inventories on account from Apartment 10 Clothing for P 250,000. Terms: FOB Destination, Freight
prepaid. As of June 10, 2018, goods are not yet received.
12 Purchase inventories on credit from Forever Agape & Co. for P 300,000. Terms: 2/10, n/30.
15 Paid electricity and water bill of P 10,000 and P 2,000, respectively.
17 Sold 5,000 worth of inventories with 20% gross profit rate.
19 Received the 250,000 worth of inventories and invoice. Shipping costs were also paid worth P 5,000.
20 Paid the June 12, 2018 transaction.
25 River withdraw P 15,000 cash for personal use.
26 Unused supplies, P 7,500.
30 Salaries for sales assistants, P 55,000.
Required:
a. ) Journalize, post, adjust and close the following transactions and supply the balances as of June 30,2018 of the following:
1.) Cash 7.) Notes payable
2.) Inventories 8.) Total Assets
3.) Land 9.) Total liabilities
4.) Computer Equipment, net 10.) River, Capital
5.) Supplies 11.) Net Sales
6.) Interest Payable 12.) Net Income/Loss
Problem 5: Give the entries for the ff. transactions of Bicol Bookstore for the month of April 2018. Post to ledger and make a trial
balance as of April 30, 2018.
April
1 J. Manuel opens a bookstore investing the ff. assets: P 160,000 cash, a 30-day, 6% note from V.Cruz for P 16,600, P
20,400 store equipment and books and school supplies worth P 132,000
2 Paid rent for the month, P 13,200
3 Purchased books from National bookstore for cash P 56,000.
5 Sold merchandise to J. Agbayani Store on account, P 20,160. Terms: 2/10, n/60 FOB Bicol, prepaid, freight cost, P 900.
6 J. Agbayani Store returned merchandise worth P 2,240, credit memo was issued for the same amount.
12 Purchased books from C. Silayan Store, P 67,200. Terms: 20% down and the balance, 2/10, n/30.
13 J. Manuel withdrew books costing P 5,000 and 2,000 cash from the business for personal use.
14 Sold merchandise to C. Martin store on account P 16,800. Terms: 2/10, n/30, FOB Caloocan, prepaid, freight cost, P 600.
15 Received credit memo from C. Silayan store for books returned, P 4,448
19 Received P 3,360 allowance for inferior quality of books purchased for cash.
20 Purchased books for and school supplies for sale from L. Alindogan Store for P 44,800,paying P 4,480 d0wn, issuing a
10-day, 6% note for P 20,000, and the balance, n/30.
21 Purchased an adding machine from Casio Phil. For P 7,000. Terms: 1/15, n/30.
22 Purchased books for cash P 33,600, FOB Quezon City, prepaid, freight cost, P800.
23 Sold L. Tolentino Store merchandise, P 44,800 list price, marked 10% and 20% off. Terms:1/15, n/30.
Problem 6: At the end of December 31, 2018, the following invoices for purchase of inventory were not recorded by ABC Co.
As of December 31, 2018, the unadjusted balance of the inventory account is 1,500,000. How much is the adjusted inventory
account?
Answer:
Problem 3
Problem 4
GENERAL JOURNAL
4 Equipment 100,000
Cash 100,000
Purchased computers (est. life: 5 years)
5 Supplies 15,000
Cash 15,000
Purchased Supplies
7 Cash 25,000
Notes Payable 25,000
Borrowed to ABC Finance Co. with a 12% interest
12 Inventories 300,000
Accounts Payable 300,000
Purchased inventory on account to Forever Agape & Co. (2/10,n/30)
15 Electric Expense 10,000
Water Expense 2,000
Cash 12,000
Paid electricity and water expense
17 Cash 6,000
Sales Revenue 6,000
19 Inventory 245,000
Accounts Payable 245,000
Purchased inventory with a shipping cost of 5,000
25 Cash 15,000
River, Withdrawal 15,000
River withdrew for personal use
GENERAL LEDER
Cash
June 1 P 1,000,000
4 100,000
5 15,000
7 25,000
15 12,000
17 6,000
20 240,000
25 15,000
30 1,031,000 55,000
P 594,000 437,000
Supplies
June 5 15,000
26 7,500 7,500
Inventory
June 12 P 300,000
17 5,000
19 245,000
20 545,000 60,000
480,000 65,000
Land
June 1 P 1,200,000
P 1,200,000
Equipment
June 4 P 100,000
P 100,000
Notes Payable
June 7 P 25,000
P 25,000
Accounts Payable
June 12 P 300,000
300,000
245,000
245,000
Sales Revenue
June 17 P 6,000
P 6,000
June 17 P 5,000
P 5,000
Electricity Expense
June 15 P 10,000
P 10,000
Water Expense
June 15 P 2,000
P 2,000
Supplies Expense
June 26 P 7,500
P 7,500
Salaries Expense
June 30 P 55,000
P 55,000
River, Capital
June 1 P 220,000
P 220 ,000
River, Withdrawal
June 7 P 15,000
P 15,000
TRIAL BALANCE
Accounts Debit Credit
Cash P 594,000
Supplies 7,500
Inventory 480,000
Land 1,200,000
Equipment 100,000
Notes Payable 25,000
Accounts Payable 245,000
Sales Revenue 6,000
Cost of Goods Sold 5,000
Electricity Expense 10,000
Water Expense 2,000
Supplies Expense 7,500
Salaries Expense 55,000
River, Capital 2,200,000
River, Withdrawal 15,0000
TOTAL 2,476,000 2,476,000
Dr Cr Dr Cr Dr Cr Dr Cr
Cash 594,000 594,000
Supplies 7,500 7,500
Inventory 480,000 480,000
Land 1,200,000 1,200,000
Equipment 100,000 100,000
Accumulated 138.89 138.89
Depreciation
Notes 25,000 25,000
Payable
Accounts 245,000 245,000
Payable
Interest 3,000 3,000
Payable
River, Capital 2,200,000 2,200,000
River, 15,000 15,000
Withdrawal
Sales 6,000 6,000 6,000
Revenue
Cost of 5,000 5,000 5,000
Goods Sold
Electricity 10,000 10,000 10,000
Expense
Water 2,000 2,000 2,000
Expense
Supplies 7,500 7,500 7,500
Expense
Salaries 55,000 55,000 55,000
Expense
Depreciation 138.89 138.89 138.89
Expense
Interest 3,000 3,000 3,000
Expense
TOTAL 2,476,000 2,476,000 141.8 141.89 2,476,141. 2,476,141. 82,638.89 6,000
9 89 89
NET 76,638.89
PROFIT/LOS
S
Kadugtong po ng 10 columns
Accounts Balance Sheet
Dr Cr
Cash 594,000
Supplies 7,500
Inventory 480,000
Land 1,200,000
Equipment 100,000
Accumulated Depreciation 138.89
Notes Payable 25,000
Accounts Payable 245,000
Interest Payable 3,000
River, Capital 2,200,000
River, Withdrawal 15,000
Sales Revenue
Cost of Goods Sold
Electricity Expense
Water Expense
Supplies Expense
Salaries Expense
Depreciation Expense
Interest Expense
TOTAL 2,396,500 2,473,138.89
NET PROFIT/LOSS 76,638.89
CLOSING ENTRIES
June 31 Closing Entries:
PROBLEM 5:
CASH 101
DATE Item F Debit Credit
April 1 176,000
2 13,200
3 56,000
12 13,400
13 2,000
18 17,920
19 3,360
20 4,480
22 33,600
23 49,312
26 16,800
28 214,080 6,300
29 2,692 15,500
30 17,596
211,388
EQUIPMENT 104
DATE Item F Debit Credit
April 1 20,400
21 7,000
27,400
Cash 2,692
Equipment 27,400
Accounts Payable 0
Total:
Problem 6:
28 Inventory 750,000
Accounts Payable 750,000
30 Inventory 230,000
Accounts Payable 230,000
31 Inventory 50,000
Accounts Payable 50,000
31 Inventory 130,000
Accounts Payable 130,000
TOTAL P 1,560,000 P 1,560,000
Use periodic if there is no given profit rate for the
9. Constitutional commission
10. RA 5185
11.provides nottion of accountability which implies leaders should be open for criticism
1943 constitution
Article II Section 1
Legislative Branch
Judiciary Department
The rights of every person is being heard snd taken care off
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Executive branch
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