SALES JOURNAL

DATE INVOICE NO. ACCOUNT DEBITED POST. REF. ACCOUNTS RECEIVABLES Dr./ SALES Cr.

2019
Jan. 2 316 B. Bandonell / Php 240 000
8 317 G. Sevidal / 310 000
13 318 M. Cerda / 130 000
18 319 R. Loyola / 460 000
23 320 B. Bandonell / 110 000
29 321 M. Cerda / 170 000
Php 1 420 000

CASH RECEIPTS JOURNAL

DEBITS CREDITS
Date O.R. No. Description Cash Sales Accounts Sales Other Accounts
Discounts Receivables Account Title PR Amount
2019
Jan. 4 R. Loyola Php 205 800 Php 4 200 Php 210 000
5 Cash sales 430 000 Php 430 000
10 B. Bandonell 235 200 4 800 240 000
22 M. Cerda 127 400 2 600 130 000
25 G. Sevidal 280 000 280 000
27 First Morayta Bank 170 000 Notes Payable 210 Php 170 000
30 Cash sales 1 310 000 1 310 000
Php 2 758 400 Php 11 600 Php 860 000 Php 1 740 000 Php 170 000
 PURCHASES JOURNAL
Date R.R. Account Credited PR CREDITS DEBITS
No. Accounts Payable Purchases Office Store Other Accounts
Supplies Supplies Account Title PR Amount
2019
Jan. T. Arenas, Company / Php 90 000 Php 90 000
3
11 L. Viray Company / 120 000 120 000
17 E. Samonte Company / 190 000 190 000
25 A.Braganza Company / 340 000 340 000
28 L. Viray Company / 270 000 270 000
30 T. Arenas Company / 360 000 360 000
Php 1 370 000 Php 1 370 000

CASH DISBURSEMENTS JOURNAL

Date Ck. No. Description CREDITS DEBITS
Cash Purchases Accounts Payable Purchases Other Accounts
Discounts Account Title PR Amount
2019
Jan. 83 E. Samonte Company Php 126 100 Php 3 900 Php 130 000
7
11 84 T. Arenas Comapny 77 600 2 400 80 000
12 85 Cash purchases 70 000 Php 70 000
14 86 Paid interest 10 000 Interest Expense 650 Php 10 000
15 87 Paid salaries 80 000 Salaries Expense 610 80 000
19 88 Drawing 100 000 Pangan, Withdrawals 320 100 000
21 89 Acquired supplies 40 000 Office Supplies 150 40 000
22 90 E. Samonte Company 20 000 Transportation In 540 20 000
26 91 E. Samonte Company 90 000 90 000
Php 613 700 Php 6 300 Php 300 000 Php 70 000 Php 250 000
 GENERAL JOURNAL
Date Account Titles and Explanations P.R. Debit Credit
2019
Jan. 9 Accounts Payable- T. Aranas Company 220 Php 10 000
Purchases Returns and Allowances 520 Php 10 000

24 Sales Returns and Allowances 420 30 000

Accounts Receivable- G. Sevidal 120 30 000

ADJUSTING ENTRIES
a. Rent Expense 620 Php 30, 000
Prepaid Rent 140 Php 30, 000

b. Office Supplies Expense 630 130, 000

Office Supplies 150 130, 000

c. Depreciation Expense- Office Equipment 640 10, 000

Accumulated Depreciation- Office Equipment 165 10, 000

d. Salaries Expense 610 90, 000

Salaries Payable 230 90, 000
 RICARDO PANGAN COMPANY
INCOME STATEMENT
FOR THE MONTH ENDED, JANUARY 30, 2019

Net Sales
Gross Sales P 3, 160, 000
Less: Sales Returns and Allowances P 30, 000
Sales Discounts 11, 600 41, 600
Net Sales P 3, 118, 400
Cost of Sales
Merchandise Inventory, beg. P 730, 000
Purchases P 1, 440, 000
Less: Purchases Returns and
Allowances P 10, 000
Purchases Discounts 6, 300 16, 300
Net Purchases P 1, 423, 700
Transportation In 20, 000 1, 443, 700
Goods Available for Sale P 2, 173, 700
Less: Merchandise Inventory, end. 470, 000 1, 703, 700
Gross Profit P 1, 414, 700
Operating Expense
Salaries Expense 170, 000
Rent Expense 30, 000
Office Supplies Expense 130, 000
Depreciation Expense- Office
Equipment 10, 000
Interest Expense 10, 000 350, 000
Net Income P 1, 064, 700
 RICARDO PANGAN COMPANY
STATEMENT OF CHANGES IN EQUITY
FOR THE MONTH ENDED, JANUARY 30, 2019

Pangan, Capital, beg. P 1, 650, 000

Add: Profit 1, 064, 700
Total P 2, 714, 700
Less: Pangan, Withdrawals 100, 000
Pangan, Capital, end. P 2, 614, 700
 RICARDO PANGAN COMPANY
BALANCE SHEET
JANUARY 30, 2019

ASSETS
Current Assets
Cash P 2, 384, 700
Accounts Receivable 740, 000
Merchandise Inventory 470, 000
Office Supplies 70, 000
Prepaid Rent 60, 000
Total Current Assets P 3, 724, 700
Non-Current Assets
Office Equipment P 1, 000, 000
Accumulated Depreciation- Office
Equipment 260, 000 740, 000
TOTAL ASSETS P 4, 464, 700
LIABILITIES
Current Liabilities
Notes Payable P 570, 000
Accounts Payable 1, 190, 000
Salaries Payable 90, 000
Total Liabilities P 1, 850, 000
OWNER'S EQUITY
Pangan, Capital, Jan. 30, 2019 P 2, 614, 700
TOTAL LIABILITIES AND OWNER'S EQUITY P 4, 464, 700
 Ricardo Pangan Company
Schedule of Accounts
Receivable
January, 30, 2019
B. Bandonell P 110, 000
M. Cerda 170, 000
R. Loyola 460, 000
P 740, 000

Ricardo Pangan Company

Schedule of Accounts Payable
January 30, 2019
T. Arenas Company P 360, 000
L. Viray Company 390, 000
E. Samonte
Commpany 100, 000
A. Braganza
Company 340, 000
P 1, 190, 000