Date Account Title Debit Credit

1 Cash 200,000.00
Merchandise Inventory 50,000.00
Lopez, Capital 250,000.00

2 Purchases 7,500.00
Cash 2,500.00
Accounts Payable 5,000.00

3 Purchases 10,000.00
Accounts Payable 10,000.00

4 Freight In 750.00
Cash 750.00

5 Cash 15,000.00
Sales 15,000.00

7 Cash 4,000.00
Accounts Receivables 5,000.00
Sales 9,000.00

8 Office Supplies Expense 1,500.00

Cash 1,500.00

10 Accounts Payable 500.00

Purchases Returns & Allowances 500.00

12 Sales Returns & Allowances 220.00

Cash 220.00

13 Cash 4,950.00
Sales Discount 50.00
Accounts Receivables 5,000.00

15 Office Salaries 2,500.00

Sales Salaries 3,500.00
Cash 6,000.00

17 Cash 14,000.00
Sales 14,000.00
18 Accounts Payable 5,000.00
Cash 4,850.00
Purchase Discounts 150.00

19 Accounts Receivables 5,336.10

Sales 5,336.10

Accounts Receivables 500.00

Cash 500.00

20 Accounts Payable 4,500.00

Cash 4,500.00

25 Cash 1,067.22
Accounts Receivables 1,067.22

31 Sales Tax Expense 1,291.98

Cash 1,291.98
 SUBSIDIARY LEDGERS
Supplier: Manuela Shopping Mart
Date Particulars Ref Debit Credit
7 2/5, 1/10, n/30 5,000.00
13 Fully paid 5,000.00

Supplier: Marivic Peña

Date 1% & 2% trade discounts,
Particulars Ref Debit Credit
19 balance 2/10, n/30 5,836.10
25 Paid 20% 1,167.22

Supplier: Pax Candles

Date Particulars Ref Debit Credit
2 2/10, n/30 5,000.00
10 Purchases Returns & Allowances 500.00
20 Fully paid 4,500.00

Supplier: Divisoria Capiz Crafts

Date Particulars Ref Debit Credit
3 3/eom, n/30 10,000.00
18 Partial Payment 5,000.00
 T ACCOUNTS

Balance Purchases Sales

5,000.00 7,500.00 15,000.00
- 10,000.00 9,000.00
17,500.00 14,000.00
5,336.10
Balance Freight In 43,336.10
5,836.10 750.00
4,668.88 Lopez, Capital
750.00 250,000.00

Balance Merchandise Inventory 250,000.00

5,000.00 50,000.00
4,500.00 Purchase Discounts
- 50,000.00 150.00

Sales Returns & Allowances 150.00

Balance 220.00
10,000.00 Accounts Payable
5,000.00 220.00 500.00
5,000.00
Sales Salaries 4,500.00
3,500.00 5,000.00
10,000.00
3,500.00 10,000.00 15,000.00
5,000.00
Accounts Receivables
5,000.00 Purchase Returns & Allowances
5,336.10 500.00
500.00
5,000.00 500.00
1,167.22
10,836.10 6,167.22
4,668.88
 TRIAL BALANCE
Candle-Light
Office Salaries Trial Balance
2,500.00 July 31, 20XX
Cash 217,005.24
2,500.00 Merchandise Inventory 50,000.00
Lopez, Capital
Sales Discount Purchases 17,500.00
50.00 Accounts Payable
Freight In 750.00
50.00 Sales
Accounts Receivable 4,668.88
Office Supplies Expense Office Supplies Expense 1,500.00
1,500.00 Purchases Returns & Allowances
Sales Returns & Allowances 220.00
1,500.00 Sales Discount 50.00
Purchase Discount
Sales Tax Expense Office Salaries 2,500.00
1,291.98 Sales Salaries 3,500.00
Sales Tax Expense 1,291.98
1,291.98 298,986.10

Cash
200,000.00
15,000.00
4,000.00
4,950.00
14,000.00
1,167.22
2,500.00
750.00
1,500.00
220.00
6,000.00
4,850.00
500.00
4,500.00
1,291.98
239,117.22 22,111.98
217,005.24
250,000.00

5,000.00

43,336.10

500.00

150.00

298,986.10
 Candle-Light
Income Statement
For the month ended July 1, 20XX
Net Sales Note 1 43,066.10
Cost of Sales Note 2 24,100.00
Gross Profit 18,966.10
Sales Salaries 3,500.00
Administrative Expenses Note 3 4,000.00
Less Sales Tax Expense 1,291.98
Net Income 10,174.12

Note 1
Net Sales
Less Sales Returns & Allowances 220.00
Sales Discount 50.00
Net Sales

Note 2
Merchandise Inventory, July 1
Add Net Cost of Purchases:
Purchases 17,500.00
Add Freight In 750.00
Total Cost of Goods Delivered 18,250.00
Less Purchase Returns & Allowances 500.00
Purchase Discount 150.00 650.00
Total Goods Available for Sale
Less Merchandise Inventory, July 31
Cost of Sales

Note 3
Office Salaries 2,500.00
Office Supplies Expense 1,500.00
4,000.00
43,336.10

270.00
43,066.10

50,000.00

17,600.00
67,600.00
43,500.00
24,100.00