The Jimmy Corporation, a Vat-exempt company, had the following transactions for

June 2022, the first month of operation. The company uses the perpetual inventory
system.

June 1 the principal owner Josh Alberto and other investors invested P6, 000,000 in the
business by purchasing Ordinary shares of the Jimmy Corporation.

June 2 Purchased Product A for P2, 000,000, cost P200 per unit from Sam Company on
account. Terms 2/10, 1/15, n/30; bill dated June
2. Selling price per unit P400.

June 3 Purchased Equipment for P2, 400,000 on account, terms 2/30, n/60 from GG
Equipment Company. The useful life of the equipment is 5 years or 60 months. Bill date is
June 3.

June 3 Sold Product A to Khim, Inc., for P600, 000

Invoice #501. Terms: 2/10, 1/15, n/30; invoice dated June 3.

June 4 Paid Power Realty rent for the month, P150,000,

Check#1001.

June 7 Purchased Product B for P2, 000,000, cost 400 from Rex
Inc., on account, bill dated 6/7. Terms 2/10, 1/15, n/30.
Selling price per unit P800.

June 7 Sold Product B for P360,000, to Jess Company on

account 2/10, 1/15 & n/30, Invoice #502.

June 8 Purchased Product C for P2, 000,000, cost 500 from Conanan
Inc., on account, bill dated 6/8. Terms 2/10, 1/15, n/30.
Selling price per unit P1, 000.

June 10 A note payable was issued in the amount of P3, 000,000 for a
loan from the bank.

June 13 received payment from Khim Inc. for his account.

June 14 Purchased office supplies for cash, P400, 000 Check #1002.

June 16 Paid P240, 000 for one- year insurance policy, Check#1003.

June 20 Returned damaged product costing P80, 000 to Rex, Inc., and
received credit.

June 22 Sold product C worth P300, 000, to Wency Company on account,

Invoice #503, 2/10, 1/15, n/30.

June 22 Paid Rex Inc. for the product purchase on June 7. Check#1004.

June 25 Paid Sam Company for June 2 purchase .Check#1005.

June 26 Issued credit of P80, 000 to Jess Company for return of
damaged product.

June 28 Sold Product B for P480, 000, to Seth Company on account,

Invoice #504. Terms 2/10, 1/15, n/30

June 30 Cash sales for the month Product A P600, 000 and
Product B, P800, 000 and Product C P1, 000,000

June 30 Jess Company paid his account.

June 30 Wency Company paid his account.

June 30 Record the depreciation expense of the Equipment for month of June.

June 30 the bad debts expense for month of May is P20, 000.

June 30 Paid account regarding the purchase equipment from GG equipment. Chk#1006

Required:

1. Record the transactions above using QuickBooks Online.

2. After the recording of transactions. Prepare a bank reconciliation (screen shot

the bank reconciliation).Export the Balance sheet, Profit and Loss statement,
Cash and cash equivalents transactions, Accounts Receivable transactions, and
Accounts Payable transactions(Note: After Bank reconciliation)