Date Account Title.

Debit Credit Accounts Receivable

4 Purchases 8,550 Apr-08 16755.20
Input Tax 1,026 Apr-19 8,400
Accounts Payable 9,576
Purchased on terms of
2/EOM, n/60 2,340

6 Freight-out 1,344 Accounts Payable

Cash 1,344 Apr-22 36,960
Delivery expense of
purchase on March 4 Apr-28 9,576

8 Accounts Receivable 16,755.20

Output Tax 2,284.80
Sales 19,040
Sold on terms of 2/10,
n/30, FOB Destination

Freight-out 604.8
Cash 604.8

Paid freight for goods sold

10 Purchases 66,000
Input Tax 7,920
Accounts Payable 73,920
Purchased on terms of
2/10, 1/20, n/30

15 Cash 19,040
Accounts Receivable 16,755.20
Output Tax 2,284.80
Received payment for
merchandise sold on account

19 Accounts Receivable 8,400

Sales 7,392
Output Tax 1,008
Sold on terms of 2/10,
n/30, FOB Destination

Freight-out 336
Cash 336

Paid freight for goods sold

20 Sales Returns and Allowances 560
Output Tax 67.2
Accounts Receivable 627.2
Defective item was
shipped to David

22 Accounts Payable 36,960

Purchase Discount 369.6
Cash 36,590
Partial Payment to Hong
Kong Sleepwell

25 Cash 5,390
Sales Discount 98.21
Output Tax 11.79
Accounts Receivable 5,500
Partial Collection from
David

28 Accounts Payable 9,576

Purchase Discount 191.52
Cash 9,384.48
Paid Concepcion Industries
on amount due
184,924 184,924
Accounts Receivable Supplier: Concepcion Industries
16755.2 Apr-15 Date Explanation Debit Credit Balance
560 Apr-20 Mar-04 purchased equipment 9,576 9,576
5,500 Apr-25 Mar-28 payment 9,576 0

Supplier: Hong Kong Sleepwell

Accounts Payable Date Explanation Debit Credit Balance
9,576 Apr-04 Mar-10 purchased comforters 73,920 73,920

73,920 Apr-10 Mar-22 partial payment 36,960 36,960

36,960
Customer: Susan Velasco
Date Explanation Debit Credit Balance
Mar-08 sold merchandise 19,040 19,040

Mar-15 partial payment 19,040 0

Customer:David company
Date Explanation Debit Credit Balance

Mar-19 sold merchandise 19,040 19,040

Mar-20 defective item 560 0
Mar-25 partial payment 5,500 13,540
a. Date Explanation Debit Credit
1 Merchandise Inventory 47,040
Accounts Payable 47,040
Purchase on account with
terms of n/10

Freight-in 1,400
Cash 1,400
Paid freight for merchandise

3 Accounts Receivable 62,000

Sales 62,000
Sold on account with terms of
1/10,n/30

Cost of Goods Sold 32,000

Merchandise Inventory 32,000

9 Accounts Payable 47,040

Cash 47,040
Paid the account to Bagsy

12 Cash 31,680
Sales Discount 320
Accounts Receivable 32,000
Received payment from Metro
World

17 Accounts Receivable 46,500

Sales 46,500
Sold on account with terms of
1/10,n/30

Cost of Goods Sold 24,000

Merchandise Inventory 24,000

18 Merchandise Inventory 51,000

Accounts Payable 51,000
Purchase on account with
terms of 1/10, n/30

Freight Out 9,000

Cash 9,000

20 Accounts Payable 8,500

Merchandise Inventory 8,500
Received credit from
Kingsmen
21 Cash 46,035
Sales Discount 465
Accounts Receivable 46,500
Received payment from Going
and Coming

22 Accounts Receivable 93,000

Sales 93,000
Sold on account with terms of
1/10,n/30

Cost of Goods Sold 49,500

Merchandise Inventory 49,500

29 Accounts Payable 42,500

Cash 42,500
Paid the account to Kingsmen

30 Sales Returns and Allowance 500

Accounts Receivable 500

592480 592480
Item: Travelling bags
Case no. 27
Received Issued Balance
2021 Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost

Jul-03 40 800 32,000 40 800 32,000

Jul-22 30 800 24,000 30 800 24,000
70 800 56,000
Item: Travelling bags
Case no. 28
Received Issued Balance
2021 Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost

Jul-01 60 800 48000 60 800 48,000

Jul-17 30 800 24,000 30 800 24,000
30 800 24,000
Item: Travelling bags
Case no. 29
Received Issued Balance
2021 Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost
Jul-18 60 850 51,000 60 850 51,000
Jul-20 10 850 8,500 10 850 8,500
Jul-22 30 850 25,500 30 850 25,500
totals 20 850 17,000

b. yes there were 50 unsold stocks

 Merchandise Inventory
Jul-01 47,040 32,000 Jul-03
Jul-18 51,000 24,000 Jul-17

8,500 Jul-20
49,500 Jul-22
98,040 114,000
15,960
Cost of Goods Sold
Jul-03 32,000
Jul-17 24,000
Jul-22 49,500

105,500

d. SalesRevenue 62,000
46,500
93,000 201,500
COGS 105,500
Gross Profit 96,000

Sales 201,500

Less: Sales Returns and Allowances 500

Net Sales 201,000

Purchases 99,000

Less: Purchases Returns and Allowances 8,500

Purchases Discounts 0
Net Purchases 90,500
Add: Freight-In 1,400
Total Goods Available for Sale 91,900

Gross Profit 109,100

Date Explanation Debit Credit Supplier: Ang's Furniture
5 Purchases 134,000 Date
Accounts Payable 134,000 May-05
Purchased on account with
terms of 2/10, n/30, May-10
May-15
Freight-in 6,160
Cash 6,160 Supplier: Hill Furnishings
Paid for freight Date
May-25
10 Accounts Payable 67,000 May-25
Cash 65,660 May-31
Purchase Discount 1340
Partial Payment to Ang's
Furniture Customer: Danilo's Apartelle
Date
14 Accounts Receivable 69,440 May-14
Sales 69,440 May-17
Sold on account with terms of
2/10, n/30, FOB Destination May-24

15 Accounts Payable 67,000 Customer: Mr. Ramos of Ayala Alabang

Cash 65,660 Date
Purchase Discount 1340 May-29
Full Payment to Ang's
Furniture May-29

16 Freight-out 1,680
Cash 1,680
Paid for shipment to Danilo's
Apartelle

17 Sales Return and Allowances 2,632

Accounts Receivable 2,632
Return by Danilo's Apartelle

24 Cash 65,472
Sales Discount 1336.16
Accounts Receivable 66,808
Received Full payment from
Danilo's Apartelle

25 Purchases 101,360
Cash 50680
Accounts Payable 50680
 Purchased on account with
terms of 2/10,n/30

Freight-in 5,600
Cash 5,600
Paid freight for purchases

29 Accounts Receivable 39,400

Cash 25,000
Sales 64,400
Sold on account with terms of
2/10, n/30

Freight-out 560
Cash 560
Paid for freight

31 Accounts Payable 50680

Purchase Discouunt 1013.6
Cash 49666.4

637,320 637,320
Supplier: Ang's Furniture Accounts Receiva
Explanation Debit Credit Balance Date
purchase furniture 134,000 134,000

partial payment 67,000 67,000 May-14

full payment 67,000 0 May-17
May-24
Supplier: Hill Furnishings May-29
Explanation Debit Credit Balance
purchased furniture 101,360 101,360 Accounts Payab
down payment 50,680 50,680 Date
full payment 50,680 0
May-05

Customer: Danilo's Apartelle May-10

Explanation Debit Credit Balance May-15
sold merchandise 69,440 69,440 May-25
return of furnitures 2,632 66,808 May-31

full payment 66,808 0

Customer: Mr. Ramos of Ayala Alabang

Explanation Debit Credit Balance
sold furnitures 64,400 0

down payment 25,000 39,400

 Accounts Receivable
Explanations Ref Debit Credit Balance Date
Debit Credit May-14

sold furnitures 102 69,440 69,440 May-17

returns 102 2,632 66,808 May-24
full payment of Danilo 102 66,808 0 May-29
downpayment of Mr. Ramos 102 39,440 39,440

Accounts Payable
Explanations Ref Debit Credit Balance Pu
Debit Credit Date
purchased furnitures 301 134,000 134,000 May-05

partial payment to Ang's 301 67,000 67,000 May-10

full payment to Ang's 301 67,000 0 May-15
purchased furnitures 301 50,860 50,860 May-25
full payment to Hill Furnishings 301 50,860 0

May-31
 Sales Control Account
Particulars Debit Credit
Sold on Account to Danilo 69,400

return of furnitures 2,632

full payment of Danilo 66,808
sold furnitures 64,400
down payment 25,000
39,400

Purchase Control Account

Particulars Debit Credit
purchase furniture 134,000

partial payment 67,000

full payment 67,000
purchased furniture 101,360
down payment 50,680

full payment 50,680

0