Accounting Practice Set

In Partial Fulfillment of the Course Requirements in

Fundamental of Accounting, Business Management

Presented to:

Mrs. Bethennie S. Labuguen

Fundamental of Accounting, Business Management 1 Teacher

Presented by:

Angelica Pagulayan

Christian Angelo Pataueg

Ronaldo Sebes

ABM 11-Rupiah
 Perform the Steps in the accounting cycle, from preparation of documents to the preparation analysis,
and interpretation of financial statements (ABM_FABM-IIE-g-14)
Ang Tindahan Co. is a wholesaler of office and school supplies. The following are the transactions of
Ang Tindahan Co.for the first month of its operations. All cash disbursements are made by bank
check. Assume perpetual inventory method is used.

Date Transaction Amount Business/ Journal Journal Entry

Bank
Forms to be
filled up
Rachel Dy made initial Cash 200,00
July 1 contribution to the business 200,000 Deposit Slip Cash receipt Capital 200,000
by depositing money in the Journal
company’s bank account.

Purchased laptop from Equipment 45,000

July 1 Computer Shop Inc. for 45,000 Purchase Order Cash Cash 45,000
office use. Payment term: Check Voucher Disbursement
COD (Cash on Delivery). Bank Check Journal

Paid advance rental for 6 Prepaid Rent 30,000

July 2 months. 30,000 Check Voucher Cash Cash 30,000
Bank Check Disbursement
Journal
Received 200 reams of bond Inventory 25,000
July 4 papers (Inventory) ordered 25,000 Purchase Order Purchase Accounts Payable
from Jude Corp. Receiving Journal 25,000
Payment Terms:2/10,n/30 Report

Delivered 150 reams of bond Cost of Sales 18,750

July 7 papers to Aurora company. 41,250 Delivery Sales Journal Inventory 18,750
Payment terms:2/10,n/20 Report Accounts Receivable
Cost of merchandise was P Sales Invoice 41,250
18,750. Sales 41,250

Accounts Payable
Paid the July 4 Purchases 24,500 Check Voucher Cash 25,000
July 8 Bank Check Disbursement Cash 24,500
Journal Inventory 500

Paid salary of employee Salary Expense 7,000

July 7,000 Check Voucher Cash Cash 7,000
15 Bank Check Disbursement
Journal
 Cash 40,425
July Received the payment Official Cash receipt Sales Discount 825
16 from the July 7 Sales 40,425 Receipt Journal Sales 41,250
Check
Deposit
Sold 20 reams of bond Accounts Receivable
July papers to Audrey 5,500 Sales Invoice Sales Journal 5,500
18 Company. Audrey picked Sale 5,500
up the merchandise from Cost of Sales 2,500
the store. Inventory 2,500
Payment term:15 Days
Cost of Merchandise was:

P 2,500
Received 10 boxes of ball Inventory 25,000
July points from Mickey Inc. 25,000 Purchase Cash Cash 25,000
19 Payment terms: COD Order Disbursement
Receiving Journal
Report
Over the counter sale of 4 Cash 22,000
July boxes of ball point pens to 22,000 Sales Invoice Cash receipt Sales 22,000
22 Happy Company Cost of Official Journal Cost of Sales 10,000
Merchandise was P Receipt Inventory 10,000
10,000
Received 10 calculators Purchase Inventory 3,000
July from Plusminus 3,000 Order Purchase Accounts Payable
23 Corporation Receiving Journal 3,000
Payment terms: 30 days Report
Sold 6 calculators to Joel Accounts Receivable
July Company. Joel picked up 3,960 Sales Invoice Sales Journal 3,960
24 merchandise from the Sales 3,960
store. Cost of Sales 1,800
Payment Term: 15Days Inventory 1,800
Cost of Merchandise was
P1,800
Utilities Expense 7,400
July Paid electricity bill 7,400 Check Cash Cash 7,400
25 Voucher Disbursement
Bank Check Journal
Received 2 defective Sales Return and
July calculators from Joel 1,320 Receiving General Allowances 1,320
26 Company. Report Journal Accounts Receivable
Cost of defective 1,320
Calculators is P 600 Inventory 600
Cost of Sales 600
Over the counter cash Drawing 10,000
July withdrawal by the owner, 10,000 Withdrawal Cash Cash 10,000
31 Rachel Dy for personal Receipt Disbursement
expenses Journal