EQA Corporation

TIN 252-205-222-000 VAT REGISTERED

For the Month of May 2021

EQA CORPORATION
Statement of Financial Position
As of April 30,2021
Assets
Current Assets:
Cash and Cash Equivalents 352,000
Receivables 100,500
Inventories 95,200
Prepaid Expenses 50,000 597,700
Non-Current Assets:
Property Plant & Equipment 355,000 355,000
Total Assets 952,700

Liabilities
Accounts Payable 451,000
Total Liabilities 451,000

Equity
EQA Capital 501,700
Total Equity 501,700
Total Liabilities & Equity 952,700

Subsidiary Ledger of Accounts Receivable

Clients Amount
QL Corporation 38,200
KK Corporation 25,500
CG Corporation 36,800
Total 100,500
Subsidiary Ledger of Property Plant & Equipment

Clients Amount
Furniture & Fixture 175,000
Equipment 180,000
Total 355,000
Subsidiary Ledger of Prepaid Expenses

Amount
Office Supplies 27,000
Prepaid Rent 23,000
Total 50,000
Subsidiary Ledger of Accounts Payable

Supplier Amount
TBB Corporation 102,000
GFD Corporation 181,200
LPT Corporation 167,800
Total 451,000
Required for Periodic Inventory System

1. Cut all source documents of the company.

2. Arrange all the source documents as per special journal and general journal.

3. Record the above transactions to the special journals plus general journal to the general ledger.

4. Post the special journals and general journals to the general ledger.

5. Prepare the Preliminary Trial balance.

6. Prepare the Statement of cost of goods sold.

7. Prepare the statement of performance.

8. Prepare the statement of equity.

9. Prepare the statement of financial position.

10. Prepare the statement of cash flows.

11. Prepare the closing journal entries.

12. Prepare the post-closing trial balance.

Ending Inventory is 125,900

CHART OF ACCOUNTS

Use for Journalization and Posting to the Use of Preparation of Financial Statements
Ledger
100 Assets 100 Assets
101 Cash 101 Cash and Cash Equivalents
105 Accounts Receivable 105 Receivables
115 Merchandise Inventory 115 Inventories
120 Office Supplies 120 Prepaid Expense
125 Prepaid Rent 130 Accrued VAT Payable
130 Accrued VAT Payable 150 Property, Plant & Equipment
150 Machineries and Equipment 175 Accumulated Depreciation
155 Furniture & Fixtures 200 Liabilities
160 Transportation Equipment 201 Accounts Payable
165 Land and Land Improvements 202 Notes Payable
170 Building and Building Improvements 203 Mortgage Payable
175 Accumulated Depreciation 204 Loans Payable
200 Liabilities 205 SSS Payable
201 Accounts payable 206 Utilities Payable
202 Notes Payable 207 Salaries Payable
203 Mortgage Payable 208 Insurance Payable
204 Loans Payable 209 Rent Payable
205 SSS Payable 210 Advertising Payable
206 Utilities payable 211 VAT Payable
207 Salaries Payable 300 Equity
208 Insurance Payable 301 EQA, Capital
209 Rent Payable 302 EQA, Drawings
210 Advertising Payable 400 Income
211 VAT Payable 401 Sales / Sales Revenue
300 Equity 405 Sales Returns & Allowances
301 EQA, Capital 410 Sales Discounts
302 EQA, Drawing 415 Output Vat
400 Income 500 Expenses
401 Sales / Sales Revenue 501 Purchases
405 Sales Returns & Allowances 502 Purchase Returns & Allowances
410 Sales Discounts 503 Purchase Discounts
415 Output Vat 504 Input VAT
500 Expenses 505 Freight-in
501 Purchases 506 Advertising Expense
502 Purchase Returns & Allowances 507 Freight out
503 Purchase Discounts 508 Office Supplies Expense
504 Input VAT 509 Rent Expense
505 Freight-in 510 Insurance Expense
506 Advertising Expense 520 Salaries Expense
507 Freight out 525 SSS Expense
508 Office Supplies Expense 530 Utilities Expense
509 Rent Expense 535 Depreciation Expense
510 Insurance Expense 601 Income Summary
520 Salaries Expense
525 SSS Expense
530 Utilities Expense
535 Depreciation Expense
601 Income Summary
 EQA Corp. CASH RECIEPT JOURNAL

PAGE_____
Date Particulars PR Sundry Accounts Accounts Sales/Service Sales Cash
(Account (credit) Receivable Revenue Discount (debit)
Code) (credit) (credit) (Debit)

Total
(105) (401) (410) (101)

EQA Corp. SALES JOURNAL

PAGE_____
Invoice PR Accounts Sales/Sales Output VAT
Date Customer Number (Account Receivable Revenue (credit)
code) (debit) (credit)

Total
(105) (401) (415)

EQA Corp. PURCHASE JOURNAL

PAGE_____
Invoice PR Purchases Input Tax Accounts
Date Customer Number (Account (debit) (debit) Payable
code) (credit)

Total
(501) (504) (201)
 EQA Corp. CASH DISBURSEMENT JOURNAL

PAGE_____
Dat Voucher Cheque Account PR Sundry Expenses SSS PR Sundry
e Number Number Debited (Account Account Salaries Supplies Input Payabl (Account Accounts Cash
Code) s (debit) (debit) (debit) tax e Code) (credit) (credit)
(debit) (credit)

Total
(530) (120) (204) (203) (101)
 EQA Corp. GENERAL JOURNAL

Page Number GJ – 1
With Explanations
Date Description REF Current Journal Entries
Debit Credit
 EQA Corp. GENERAL LEDGERS

ACCOUNT 101 CASH

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 105 ACCOUNTS RECIEVABLE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 115 MERCHANDISE INVENTORY

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 120 OFFICE SUPPLIES

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 125 PREPAID RENT

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance
ACCOUNT 130 ACCRUED VAT PAYABLE
DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 150 MACHINERIES AND EQUIPMENT

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 155 FURNITURE & FIXTURES

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 160 TRANSPORTATION EQUIPMENT

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 165 LAND AND LAND IMPROVEMENTS

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance
ACCOUNT 170 BUILDING & BUILDING IMPROVEMENTS
DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 175 ACCUMULATED DEPPRECIATION

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 201 ACCOUNTS PAYABLE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 202 NOTES PAYABLE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 203 MORTGAGE PAYABLE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance
ACCOUNT 204 LOANS PAYABLE
DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 205 SSS PAYABLE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 206 UTILITIES PAYABLE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 207 SALARIES PAYABLE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 208 INSURANCE PAYABLE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance
ACCOUNT 209 RENT PAYABLE
DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 210 ADVERTISING PAYABLE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 211 VAT PAYABLE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 501 PURCHASES

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 502 PURCHASE RETURNS AND ALLOWANCES

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance
ACCOUNT 503 PURCHASE DISCOUNTS
DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 504 INPUT VAT

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 505 FREIGHT-IN

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 506 ADVERTIZING

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 507 FREIGHT OUT

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance
ACCOUNT 301 EQA, CAPITAL
DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 302 EQA, DRAWINGS

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 401 SALES

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 405 SALES RETURNS AND ALLOWANCES

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 410 SALES DISCOUNTS

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance
ACCOUNT 415 OUTPUT VAT
DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 508 OFFICE SUPPLIES EXPENSE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 509 RENT EXPENSE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 510 INSURANCE EXPENSE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 520 SALARIES EXPENSE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance
ACCOUNT 525 SSS EXPENSE
DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 530 UTILITIES EXPENSE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 535 DEPPRECIATION EXPENSE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance

ACCOUNT 601 INCOME SUMMARY

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg. balance
 EQA CORPORATION
PRELIMINARY TRIAL LBALANCE
MAY 31, 2021
PR ACCOUNT TITLES DEBIT CREDIT
101 Cash
105 Accounts Receivable
115 Merchandise Inventory
120 Office Supplies
125 Prepaid Rent
130 Accrued Tax Payable
150 Machineries & Equipment
155 Furniture & Fixtures
160 Transportation Equipment
165 Land and Land Improvement
170 Building & Building Improvement
175 Accumulated Depreciation
201 Accounts Payable
202 Notes Payable
203 Mortgage Payable
204 Loans Payable
205 SSS Payable
206 Utilities Payable
207 Salaries Payable
208 Insurance Payable
209 Rent Payable
210 Advertising Payable
211 VAT Payable
301 EQA, Capital
302 EQA, Drawings
401 Sales
405 Sales Returns & Allowances
410 Sales Discounts
415 Output VAT
501 Purchases
502 Purchase Returns & Allowances
503 Purchase Discounts
504 Input VAT
505 Freight-in
506 Advertising Expense
507 Freight Out
508 Office Supplies Expense
509 Rent Expense
510 Insurance Expense
520 Salaries Expense
525 SSS Expense
530 Utilities Expense
535 Depreciation Expense

TOTAL
S
 EQA CORPORATION
COST OF GOODS SOLD
FOR THE PERIOD ENDED MAY 31, 2021

EQA CORPORATION
STATEMENT OF PERFORMANCE
FOR THE PERIOD ENDED MAY 31, 2021

EQA CORPORATION
STATEMENT OF EQUITY
FOR THE PERIOD ENDED MAY 31, 2021
 EQA CORPORATION
STATEMENT OF FINANCIAL POSITION
MAY 31, 2021
 EQA CORPORATION
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED MAY 31, 2021
 EQA CORPORATION
CLOSING ENTRIES
General Journal
Page Number GJ – 2
Date Description REF Current Journal Entries
Debit Credit

EQA CORPORATION
POST LOSING TRIAL BALANCE
MAY 31, 2021
PR ACCOUNT TITLES DEBIT CREDIT