LIST OF ACCOUNT TITLES

101 – Cash
102 – Accounts Receivable
103 – Merchandise Inventory
104 – Supplies
105 – Furniture and Fixtures
201 – Notes Payable
301 – E. Lorenzo, Capital
401 – E. Lorenzo, Withdrawals
501 – Sales
502 – Sale Returns and Allowances
503 – Sales Discount
601 – Purchases
602 – Purchase Returns and Allowances
603 – Purchase Discount
701 – Utilities Expense
702 – Interest Expense
703 – Salaries Expense

The following transaction occurred November 2020 for LORENZO FURNITURE and FIXTURES

2020
Nov. 2 – E. Lorenzo invested the merchandise worth Php400,000, supplies worth
Php650,000 and Furniture and Fixtures worth Php50,000 to start his business.
3 – Invested Cash worth Php600,000 from personal loan.
5 – Sold merchandise to Eula Shin worth Php15,000 on cash basis.
7 – Sold merchandise to Mr. Eizen Dalida worth Php20,000 on account.
Terms: 2/10, 1/20, n/30.
9 – Mr. Eizen Dalida returned Php1,500 worth of the Merchandise he purchased.
11 – E. Lorenzo withdrew Php8,000 worth of merchandise for his personal use.
13 – Sold merchandise to C. Sobelino worth Php70,000. Terms: Php25,000 down
payment and the balance is 2/10, n/30.
15 – Sold merchandise to Justenela Company worth Php150,000. Terms: 2% 10 EOM.
17 – Received the full payment of Mr. Eizen Dalida.
19 – Purchased merchandise from JCL Company, worth Php350,000. Gave
Php150,000 down payment and the remaining balance is supported by a 30-day
6% promissory note.
21 – Returned defective merchandise purchased to JCL Company and received a cash refund
25 – Received and paid the following utilities:
Water – Php2,500
Electricity – Php10,156.78
27 – Received cash from C. Sobelino as full settlement of her account.
29 – Paid the account due to JCL Company.
31 – Paid the salaries of the employees, Php24,000.