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2020 Accounts and Explanation P.R. Debit Credit

1-Dec Cash 1,000,000.00
Jessica, Capital 1,000,000.00
GG store was organized and Jessica invested

3-Dec Purchases 155,000.00

Freight-In 12,000.00
Cash 167,000.00
Puchased merchandise for cash and paid the freight

5-Dec Purchases 135,000.00

Freight-In 5,000.00
Cash 5,000.00
Accounts Payable 135,000.00
Puchased merchandise on account with terms 2/10,n/30 and paid the
freight

10-Dec Accounts Receivable 50,000.00

Sales 50,000.00
The company sold merchandise to JS Store on account

12-Dec Sales Return & Allowances 15,000.00

Accounts Receivable 15,000.00
JS Store returned defective goods

13-Dec Salaries 20,000.00

Cash 20,000.00
Salaries paid

15-Dec Cash 34,300.00

Sales Discount 700.00
Accounts Receivable 35,000.00
Collected full payment from JS Store

16-Dec Accounts Payable 135,000.00

Cash 135,000.00
Paid full payment to purchased merchandise on Dec. 5

25-Dec Purchases 115,000.00

Accounts Payable 115,000.00
Purchased goods from Pia Store with terms 2/10, n/30. FOB Destination

26-Dec Cash 75,000.00

Sales 75,000.00
Sold merchandise to Hybe Store on cash

30-Dec Accounts Payable 115,000.00

Purchase Discount 2,300.00
Cash 112,700.00
Paid Pia Store in full payment

31-Dec Rent Expense 5,500.00

Cash 5,500.00
Paid rent

31-Dec Utilities Expense 5,000.00

Cash 5,000.00
Paid utilities

31-Dec Cash 85,000.00

Sales 85,000.00
Sold merchandise to Divimart Store on cash

31-Dec Advertising Expense 5,000.00

Cash 5,000.00
Paid advertising
 Account: Cash
Date Explanation Ref Debit Date Explanation Ref Credit
1-Dec J-1 1,000,000.00 3-Dec J-1 167,000.00
15-Dec J-1 34,300.00 5-Dec J-1 5,000.00
26-Dec J-1 75,000.00 13-Dec J-1 20,000.00
31-Dec J-1 85,000.00 16-Dec J-1 135,000.00
J-1 30-Dec J-1 112,700.00
31-Dec J-1 5,500.00
31-Dec J-1 5,000.00
31-Dec J-1 5,000.00

1,194,300.00 455,200.00

Balance 739,100.00

Account: Accounts Receivable

Date Explanation Ref Debit Date Explanation Ref Credit
10-Dec J-1 50,000.00 12-Dec J-1 15,000.00
15-Dec J-1 35,000.00

50,000.00 50,000.00

Balance -

Account: Accounts Payable

Date Explanation Ref Debit Date Explanation Ref Credit
16-Dec J-1 135,000.00 5-Dec J-1 135,000.00
30-Dec J-1 115,000.00 25-Dec J-1 115,000.00

250,000.00 250,000.00

Balance -
 Account: Jessica, Capital
Date Explanation Ref Debit Date Explanation Ref Credit
1-Dec J-1 1,000,000.00

Balance 1,000,000.00

Account: Sales
Date Explanation Ref Debit Date Explanation Ref Credit
10-Dec J-1 50,000.00
26-Dec J-1 75,000.00
31-Dec J-1 85,000.00

Balance 210,000.00

Account: Sales Returns & Allowances

Date Explanation Ref Debit Date Explanation Ref Credit
12-Dec J-1 15,000.00

Balance 15,000.00

Account: Sales Discounts

Date Explanation Ref Debit Date Explanation Ref Credit
15-Dec J-1 700.00

Balance 700.00

Account: Purchases
Date Explanation Ref Debit Date Explanation Ref Credit
3-Dec J-1 155,000.00
5-Dec J-1 135,000.00
25-Dec J-1 115,000.00

Balance 405,000.00

Account: Purchase Returns & Allowances

Date Explanation Ref Debit Date Explanation Ref Credit
J-1

Balance -

Account: Purchase Discounts Account No. 503

Date Explanation Ref Debit Date Explanation Ref Credit
30-Dec J-1 2,300.00

Balance 2,300.00
 Account: Freight-In
Date Explanation Ref Debit Date Explanation Ref Credit
3-Dec J-1 12,000.00
5-Dec J-1 5,000.00

Balance 17,000.00

Account: Salaries Expense

Date Explanation Ref Debit Date Explanation Ref Credit
13-Dec J-1 20,000.00

Balance 20,000.00

Account: Rent Expense

Date Explanation Ref Debit Date Explanation Ref Credit
31-Dec J-1 5,500.00

Balance 5,500.00

Account: Utilities Expense

Date Explanation Ref Debit Date Explanation Ref Credit
31-Dec J-1 5,000.00

Balance 5,000.00

Account: Advertising Expense

Date Explanation Ref Debit Date Explanation Ref Credit
31-Dec J-1 5,000.00

Balance 5,000.00

Account: Income Summary

Date Explanation Ref Debit Date Explanation Ref Credit

Balance -
 GG Store
Trial Balance
For the month ended December 30, 2020

Cash ₱ 739,100.00
Accounts Receivable -
Accounts Payable ₱ -
Jessica, Capital 1,000,000.00
Sales 210,000.00
Sales Returns & Allowances 15,000.00
Sales Discount 700.00
Purchases 405,000.00
Purchase Returns & Allowances -
Purchase Discounts 2,300.00
Freight-In 17,000.00
Salaries Expense 20,000.00
Rent Expense 5,500.00
Utilities Expense 5,000.00
Advertising Expense 5,000.00
Totals ₱ 1,212,300.00 ₱ 1,212,300.00
 GG Store
Income Statement
For the month ended December 31. 2020

Net Sales
Gross Sales ₱ 210,000.00
Less: Sales Return & Allowances 15,000.00
Sales Discount 700.00 15,700.00
Net Sales 194,300.00
Cost of Sales
Merchandise Inventory, Beginning ₱ -
Purchases 405,000.00
Less: Purchase Rerurns & Allowances -
Purchase Discounts 2,300.00 2,300.00
Net Purchases 402,700.00
Freight-In 17,000.00
Net Cost of Purchases 419,700.00
Goods Available for Sale 419,700.00
Less: Merchandise Inventory, End 325,000.00
Cost of Sales 94,700.00
Gross Profit ₱ 99,600.00

Operating Expenses
Selling Expenses
Advertising Expense 5,000.00
Total Selling Expenses

Administrative Expenses
Salaries Expense 20,000.00
Rent Expense 5,500.00
Utilities Expense 5,000.00
Total Administrative Expenses 30,500.00
Total Operating Expenses 35,500.00
Operating Profit ₱ 64,100.00
Other Income -
Interest Expense -
Profit ₱ 64,100.00
 GG Store
Statement of Chages in Equity
For the month ended December 31, 2020

Jessica, Capital December 1 ₱ 1,000,000.00

Add: Profit 64,100.00
Total 1,064,100.00
Less: Jessica, Drawings -
Jessica, Capital December 31 ₱ 1,064,100.00
 GG Store
Balance Sheet
As of December 31, 2020

Assets

Current Assets
Cash ₱ 739,100.00
Accounts Receivable -
Merchandise Inventory 325,000.00
Total Current Assets ₱ 1,064,100.00
Non-Current Assets
Property, Plant and Equipment -

Total Assets ₱ 1,064,100.00

Liabilities

Current Liabilities
Accounts Payable ₱ -
Total Current Liabilities ₱ -

Non-Current Liabilities -

Total Liabilities ₱ -

Owner's Equity

Joseph, Capital March 30 1,064,100.00

Total Liabilities and Equity ₱ 1,064,100.00