Professional Documents
Culture Documents
The following are the CHART OF ACCOUNTS for Journalizing, Posting, Trial Balance,
Closing Entries and Post-Closing Trial Balance of JAGIYA General Merchandise
The following transactions took place for the month of June 2018.
June 1 Mrs. Jagiya after one month of operation decided to invest a sum of money
amounting to P1, 650,339 in the business.
June 4 Purchased Office Equipment amounting to P95, 600. Terms: 20% cash and the
balance on account.
June 5 Sold goods to DIAMOND worth P45, 700. Terms: 3/10, 2/15, n/30.
June 15 Purchase Merchandise worth P78, 450 from OPPA. Terms: Cash on Delivery (COD)
June 19 Upon examining the new stocks of the business, Jagiya founded out that 35% of
the value of the purchased merchandise on June 15 were defective and returned
to OPPA.
GENERAL LEDGER
Debit Credit
Date Particulars F Debit Credit
Balance Balance
Debit Credit
Date Particulars F Debit Credit
Balance Balance
Debit Credit
Date Particulars F Debit Credit
Balance Balance
Account: NOTES RECEIVABLE Account No:
Debit Credit
Date Particulars F Debit Credit
Balance Balance
Debit Credit
Date Particulars F Debit Credit
Balance Balance
Debit Credit
Date Particulars F Debit Credit
Balance Balance
Debit Credit
Date Particulars F Debit Credit
Balance Balance
Debit Credit
Date Particulars F Debit Credit
Balance Balance
Account: JAGIYA, CAPITAL Account No:
Debit Credit
Date Particulars F Debit Credit
Balance Balance
Debit Credit
Date Particulars F Debit Credit
Balance Balance
Debit Credit
Date Particulars F Debit Credit
Balance Balance
Debit Credit
Date Particulars F Debit Credit
Balance Balance
Debit Credit
Date Particulars F Debit Credit
Balance Balance
Account: COST OF GOODS SOLD Account No:
Debit Credit
Date Particulars F Debit Credit
Balance Balance
Debit Credit
Date Particulars F Debit Credit
Balance Balance
Debit Credit
Date Particulars F Debit Credit
Balance Balance
Debit Credit
Date Particulars F Debit Credit
Balance Balance
Debit Credit
Date Particulars F Debit Credit
Balance Balance
Account: FREIGHT OUT Account No:
Debit Credit
Date Particulars F Debit Credit
Balance Balance
Debit Credit
Date Particulars F Debit Credit
Balance Balance
Debit Credit
Date Particulars F Debit Credit
Balance Balance
Debit Credit
Date Particulars F Debit Credit
Balance Balance
Debit Credit
Date Particulars F Debit Credit
Balance Balance
TRIAL BALANCE
ACCOUNT
ACCOUNT TITLE DEBIT CREDIT
NUMBER
FINANCIAL STATEMENTS:
ACCOUNT
ACCOUNT TITLE DEBIT CREDIT
NUMBER
PART II: Adjusting Entries
Prepare the Adjusting Entries for each of the following.
1. The business has Accounts Receivable of P15, 900 at the end of 2017. It is
estimated that 85% of this is collectible. Allowance for Doubtful Accounts has
an unadjusted balance of P750 at the year end.
1 2
ADJUSTING ENTRY
DATE
DEBIT
CREDIT
AMOUNT