PROBLEM 10: WORKSHEET (PERIODIC SYSTEM)

Requirement (a): Journal Entries

Purchases 420,000
1
Account Payable 420,000
Accounts Receivable 900,000
2
Sales 900,000
Cash 870,000
3
Accounts Receivable 870,000
Accounts Payable 390,000
4
Cash 390,000
Salaries Expense 520,000
5
Cash 520,000
Requirement (b) : Posting
ASSETS
Cash Accounts Receivable Inventory
beg. 80,000 beg 0 beg 40,000
870,000 390,000 900,000 870,000
520,000

Bal. 40,000 Bal. 30,000 Bal. 40,000

LIABILITIES INCOME
Accounts Payable Sales
beg 0 beg
390,000 420,000 900,000
Bal. 30,000 Bal. 900,000
ASSETS
Inventory Equipment Accum. Dep'n
beg 200,000 beg 20,000

Bal. 200,000 Bal. 20,000

EXPENSES
Salaries Expense Purchases
beg beg
520,000 420,000
Bal. 520,000 Bal. 420,000
 ENTITY B
UNADJUSTED TRIAL BALANCE
December 31, 20x1

ACCOUNTS Debits Credits

Cash ₱40,000
Accounts Receivable 30,000
Inventory, beg 40,000
Equipment 200,000
Accumulated Depreciation ₱20,000
Accounts Payable 30,000
Owner's Equity 300,000
Sales 900,000
Purchases 420,000
Salaries Expense 520,000
TOTALS ₱1,250,000 ₱1,250,000