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  • Basic Accounting ASSIGNMENT

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    Donna started a perfume business called Enchantique Perfume. Throughout January 2024, she had various business transactions including purchasing inventory, selling perfume, and paying rent. Her accounting records show cash contributions, purchases and sales on both cash and credit terms, withdrawals, and payments to suppliers. By the end of January, her accounting records were closed out to determine the net income of PHP 4,000 for the period.

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    basic accounting ASSIGNMENT

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    Donna started a perfume business called Enchantique Perfume. Throughout January 2024, she had various business transactions including purchasing inventory, selling perfume, and paying rent. Her accounting records show cash contributions, purchases and sales on both cash and credit terms, withdrawals, and payments to suppliers. By the end of January, her accounting records were closed out to determine the net income of PHP 4,000 for the period.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    7 views4 pages

    Basic Accounting ASSIGNMENT

    Uploaded by

    xxxcxxx
    Donna started a perfume business called Enchantique Perfume. Throughout January 2024, she had various business transactions including purchasing inventory, selling perfume, and paying rent. Her accounting records show cash contributions, purchases and sales on both cash and credit terms, withdrawals, and payments to suppliers. By the end of January, her accounting records were closed out to determine the net income of PHP 4,000 for the period.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    of 4

    Name of the Business: Enchantique Perfume by Donna

    Nature of the Business: Merchandising/Retail


    Address of the Business: Purok 2, Poblacion West, Pantabangan, Nueva Ecija

    The following transactions are related to Donna's business:

    January 1, 2024 Ms. Donna started a business with cash Php 100,000.00
    January 2, 2024 Purchased furniture using cash Php 10,000.00
    January 3, 2024 She purchased goods(perfume) for cash Php 35,000.00
    January 5, 2024 She sold goods(perfume) for cash Php 45,000.00
    January 10, 2024 Ms. Donna withdrew Php 5,000.00 for personal use
    January 15, 2024 She purchased goods(perfume) from Arbie on account Php 14,000.00
    January 20, 2024 She sold goods(perfume) to Sarah on account Php 18,000.00
    January 23, 2024 Ms. Donna received cash from Sarah Php 18,000.00
    January 24, 2024 Ms. Donna paid Arbie using cash Php 14,000.00
    January 30, 2024 She paid rent Php 10,000.00 using cash

    Ms. Donna's Book


    DATE ACCOUNT TITLE AND EXPLANATIONS DEBIT (DR.) CREDIT (CR.)

    January 1, 2024 Cash PHP 100,000.00


    Donna, Capital PHP 100,000.00
    Started business with cash

    January 2, 2024 Furniture PHP 10,000.00


    Cash PHP 10,000.00
    Purchase furniture with cash

    January 3, 2024 Purchases PHP 35,000.00


    Cash PHP 35,000.00
    Purchased goods for cash

    January 5, 2024 Cash PHP 45,000.00


    Sales PHP 45,000.00
    Sold goods for cash

    January 10, 2024 Donna, Drawing PHP 5,000.00


    Cash PHP 5,000.00
    Owner withdrew for personal use

    January 15, 2024 Purchases PHP 14,000.00


    Accounts Payable PHP 14,000.00
    Purchased goods on account

    January 20, 2024 Accounts Receivable PHP 18,000.00


    Sales PHP 18,000.00
    Sold goods on account

    January 23, 2024 Cash PHP 18,000.00


    Accounts Receivable PHP 18,000.00
    Received cash from credit customer

    January 24, 2024 Accounts Payable PHP 14,000.00


    Cash PHP 14,000.00
    Paid credit to supplier using cash

    January 30, 2024 Rent Expense PHP 10,000.00


    Cash PHP 10,000.00
    Paid rent using cash

    CLOSING ENTRIES
    January 31, 2024 Sales PHP 63,000.00
    Income Summary PHP 63,000.00
    To close Sales account

    January 31, 2024 Income Summary PHP 59,000.00


    Purchases PHP 49,000.00
    Rent Expense PHP 10,000.00
    To close all Expenses account

    January 31, 2024 Income Summary PHP 4,000.00


    Retained Earnings PHP 4,000.00
    To close all Income Summary account
    cash 89 capital 95 purchase 49
    furniture 10 withdrawal sales 63
    ar ap expense 10
    99 95 4

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