SCORES

CASH 110 BALANCE

DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
JUNE 1 Deposited an amount in the name of the business. GJ-1 ₱100,000 ₱100,000.00
3 Acquired office supplies in cash GJ-1 ₱2,500.00 97,500.00
8 Paid the amount due to Nice Traders GJ-1 33,950.00 63,550.00
8 Paid Zoom Freight for delivering merchandise purchase last June 5 GJ-1 1,500.00 62,050.00
10 Purchased merchandise from Lockhart Company GJ-1 30,000.00 32,050.00
12 Received payment from Granitz Company GJ-2 52,430.00 84,480.00
13 Received refund for poor quality merchandise purchase on June 10 GJ-2 4,000.00 88,480.00
14 Borrowed cash from Metrobank by issuing a note GJ-2 25,000.00 113,480.00
15 Paid salaries GJ-2 21,000.00 92,480.00
16 Paid freight charges on the sale of June 16 GJ-2 2,000.00 90,480.00
23 Sold merchandise for cash GJ-3 54,000.00 144,480.00
26 Made refunds to cash customers for defective merchandise GJ-3 3,000.00 141,480.00
28 Withdrew cash from the business GJ-3 20,000.00 121,480.00
3 30 Paid the operating expenses GJ-3 31,640.00 ₱89,840.00

ACCOUNTS RECEIVABLE 120 BALANCE

DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
JUNE 6 Sold merchandise on account to Granitz Company; 2/10, n/30, FOB Shipping point GJ-1 ₱61,000.00 ₱61,000.00
11 Received returns from Granitz Company GJ-2 ₱7,500.00 53,500.00
12 Received payment from Granitz Company GJ-2 53,500.00 0.00
3 16 Sold merchandise on account to Jack Company; 2/10,n/30, FOB Destination GJ-2 60,000.00 ₱60,000.00

MERCHANDISE INVENTORY 130 BALANCE

DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
JUNE 5 Purchased merchandise on account from Nice Traders; 3/10,n/30, FOB Shipping point GJ-1 ₱35,000 ₱35,000.00
6 Sold merchandise on account to Granitz Company; 2/10, n/30, FOB Shipping point GJ-1 ₱30,500.00 4,500.00
8 Paid the amount due to Nice Traders GJ-1 1,050.00 3,450.00
8 Paid Zoom Freight for delivering merchandise purchase last June 5 GJ-1 1,500.00 4,950.00
10 Purchased merchandise from Lockhart Company GJ-1 30,000.00 34,950.00
11 Received returns from Granitz Company GJ-2 3,750.00 38,700.00
13 Received refund for poor quality merchandise purchase on June 10 GJ-2 4,000.00 34,700.00
16 Sold merchandise on account to Jack Company; 2/10,n/30, FOB Destination GJ-2 30,000.00 4,700.00
19 Purchased merchandise on account from Lockhart Company; 3/10,n/30, FOB Destination GJ-3 32,000.00 36,700.00
20 Returned merchandise purchased on June 19 GJ-3 3,000.00 33,700.00
23 Sold merchandise for cash GJ-3 27,000.00 6,700.00
26 Made refunds to cash customers for defective merchandise GJ-3 1,500.00 8,200.00
3 30 To record inventory shrinkage during the year GJ-4 500.00 ₱7,700.00

SUPPLIES 140 BALANCE

DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
JUNE 3 Acquired office supplies in cash GJ-1 ₱2,500.00 ₱2,500.00
25 Acquired supplies on account GJ-3 4,600.00 7,100.00
3 30 To record supplies on hand at the end of the period GJ-4 ₱2,100.00 ₱5,000.00

EQUIPMENT 150 BALANCE

DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
3 JUNE 2 Bought computer on account GJ-1 ₱20,000.00 ₱20,000.00

ACCUMULATED DEPRECIATION-EQUIPMENT 155 BALANCE

DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
3 JUNE 30 To record depreciation expense GJ-4 ₱1,000.00 ₱1,000.00

ACCOUNTS PAYABLE 210 BALANCE

DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
JUNE 2 Bought computer on account GJ-1 ₱20,000 ₱20,000
5 Purchased merchandise on account from Nice Traders; 3/10,n/30, FOB Shipping point GJ-1 35,000.00 55,000.00
8 Paid the amount due to Nice Traders GJ-1 ₱35,000 20,000.00
19 Purchased merchandise on account from Lockhart Company; 3/10,n/30, FOB Destination GJ-3 32,000.00 52,000.00
20 Returned merchandise purchased on June 19 GJ-3 3,000.00 49,000.00
3 25 Acquired supplies on account GJ-3 4,600.00 ₱53,600.00
 NOTES PAYABLE 220 BALANCE
DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
3 JUNE 14 Borrowed cash from Metrobank by issuing a note GJ-2 ₱25,000.00 ₱25,000.00

INTEREST PAYABLE 230 BALANCE

DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
3 JUNE 30 To record accrued interest for the amount borrowed at Metrobank GJ-4 ₱500.00 ₱500.00

B. MATIAS, CAPITAL 310 BALANCE

DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
JUNE 1 Deposited an amount in the name of the business. GJ-1 ₱100,000.00 ₱100,000.00
30 To close the income summary account GJ-5 22,440.00 122,440.00
3 30 To close the withdrawal account GJ-5 ₱20,000.00 ₱102,440.00

B. MATIAS, WITHDRAWAL 320 BALANCE

DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
JUNE 28 Withdrew cash from the business GJ-3 ₱20,000.00 ₱20,000.00
3 30 To close the withdrawal account GJ-5 ₱20,000.00 ₱0.00

INCOME SUMMARY 330 BALANCE

DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
JUNE 30 To close temporary accounts with credit balances GJ-5 ₱175,000 ₱175,000
30 To close temporary accounts with debit balances GJ-5 ₱152,560.00 22,440.00
3 30 To close the income summary account GJ-5 22,440.00 ₱0.00

SALES 410 BALANCE

DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
JUNE 6 Sold merchandise on account to Granitz Company; 2/10, n/30, FOB Shipping point GJ-1 ₱61,000 ₱61,000
16 Sold merchandise on account to Jack Company; 2/10,n/30, FOB Destination GJ-2 60,000.00 121,000.00
23 Sold merchandise for cash GJ-3 54,000.00 175,000.00
3 30 To close temporary accounts with credit balances GJ-5 ₱175,000.00 ₱0.00

SALES RETURNS AND ALLOWANCES 420 BALANCE

DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
JUNE 11 Received returns from Granitz Company GJ-2 ₱7,500 ₱7,500.00
26 Made refunds to cash customers for defective merchandise GJ-3 3,000.00 10,500.00
3 30 To close temporary accounts with debit balances GJ-5 ₱10,500.00 ₱0.00

SALES DISCOUNTS 430 BALANCE

DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
JUNE 12 Received payment from Granitz Company GJ-2 ₱1,070.00 ₱1,070.00
3 30 To close temporary accounts with debit balances GJ-5 ₱1,070.00 ₱0.00

COST OF GOODS SOLD 510 BALANCE

DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
JUNE 6 Sold merchandise on account to Granitz Company; 2/10, n/30, FOB Shipping point GJ-1 ₱30,500 ₱30,500.00
11 Received returns from Granitz Company GJ-2 ₱3,750.00 26,750.00
16 Sold merchandise on account to Jack Company; 2/10,n/30, FOB Destination GJ-2 30,000.00 56,750.00
23 Sold merchandise for cash GJ-3 27,000.00 83,750.00
26 Made refunds to cash customers for defective merchandise GJ-3 1,500.00 82,250.00
30 To record inventory shrinkage during the year GJ-4 500.00 82,750.00
3 30 To close temporary accounts with debit balances GJ-5 82,750.00 ₱0.00

SALARIES EXPENSE 520 BALANCE

DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
JUNE 15 Paid salaries GJ-2 ₱21,000.00 ₱21,000.00
30 Paid the operating expenses GJ-3 22,250.00 43,250.00
3 30 To close temporary accounts with debit balances GJ-5 ₱43,250.00 ₱0.00
 RENT EXPENSE 530 BALANCE
DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
JUNE 30 Paid the operating expenses GJ-3 ₱5,000.00 ₱5,000.00
3 30 To close temporary accounts with debit balances GJ-5 ₱5,000.00 ₱0.00

ADVERTISING EXPENSE 540 BALANCE

DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
JUNE 30 Paid the operating expenses GJ-3 ₱2,500.00 ₱2,500.00
3 30 To close temporary accounts with debit balances GJ-5 ₱2,500.00 ₱0.00

FREIGHT OUT 550 BALANCE

DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
JUNE 16 Paid freight charges on the sale of June 16 GJ-2 ₱2,000.00 ₱2,000.00
3 30 To close temporary accounts with debit balances GJ-5 ₱2,000.00 ₱0.00

UTILITIES EXPENSE 560 BALANCE

DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
JUNE 30 Paid the operating expenses GJ-3 ₱1,890.00 ₱1,890.00
3 30 To close temporary accounts with debit balances GJ-5 ₱1,890.00 ₱0.00

DEPRECIATION EXPENSE 570 BALANCE

DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
JUNE 30 To record depreciation expense GJ-4 ₱1,000.00 ₱1,000.00
3 30 To close temporary accounts with debit balances GJ-5 ₱1,000.00 ₱0.00

SUPPLIES EXPENSE 580 BALANCE

DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
JUNE 30 To record supplies on hand at the end of the period GJ-4 ₱2,100 ₱2,100.00
3 30 To close temporary accounts with debit balances GJ-5 ₱2,100.00 ₱0.00

INTEREST EXPENSE 590 BALANCE

DATE EXPLANATION JR DEBIT CREDIT DEBIT CREDIT
2021
JUNE 30 To record accrued interest for the amount borrowed at Metrobank GJ-4 ₱500.00 ₱500.00
3 30 To close temporary accounts with debit balances GJ-5 ₱500.00 ₱0.00

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