Transactions in 2022

December 1 Started business under the name of MARKET MARKET with

investment of cash of P800,000 ASSETS
December 2 Paid business taxes to the city treasurer, P45,000
December 3 Buy Furniture and fixtures from Mall of Asia on credit P45,000
December 4 Purchased Merchandise in cash, P400,000.
December 5 Purchased Merchandise on credit from Robinsons, P150,000.
December 6 Sold Merchandise on credit to SMB, P800,000
December 7 Sold Merchandise for cash to various customers P800,000.
December 9 Purchased merchandise on account from Ayala, P500,000.
December 10 Purchased Merchandise on credit from Gaisano, P200,000. LIABILITIES
December 11 Paid Gaisano in full P200,000
December 12 MARKET MARKET withdrew P200,000 cash for personal use.
December 15 Paid the salaries of employees, P70,000
December 16 Paid the selling expenses, P80,000
December 18 Collected from SMB the full payment OWNER'S EQU
December 19 Sold to Purefoods, P400,000 on credit
December 20 Purefoods returned defective merchandise inventory
and issued credit memo. P200,000. PREPARE THE
December 21 Sold to JAYCEES on credit, P100,000. 1. Journal Entri
December 22 JAYCEES pays its credit 2. Ledger using
December 30 Paid general expenses, P120,000 3. Trial Balance
December 31 Paid the salaries of employees, P40,000

MARKET MARKET
CHART OF ACCOUNTS
ASSETS INCOME & EXPENSES
Cash Sales
Accounts receivable - SMB Sales return and allowances
Accounts receivable - Purefoods Purchase
Accounts receivable - JAYCEES Taxes and licenses
Merchandise Inventory Selling
Furniture and Fixtures Salaries expense
General expenses
LIABILITIES
Accounts payable - Mall of Asia
Accounts payable - Robinsons
Accounts payable - Gaisano
Accounts payable - Ayala
OWNER'S EQUITY/CAPITAL
RUSTANS, Capital
RUSTANS, Drawing

Please prepare the following:

1. Journal Entries
2. Ledger - using T Account
3. Trial Balance
 MARKET MARKET JOURNAL
CHART OF ACCOUNTS Date
ASSETS INCOME 1-Dec
Cash Sales
Accounts receivable - SMB Sales return and allowances
Accounts receivable - Purefoods 2-Dec
Accounts receivable - JAYCEES EXPENSES
Furniture and Fixtures Taxes and licenses
Merchandise Inventory Selling 3-Dec
Salaries expense
LIABILITIES General expenses
Accounts payable - Mall of Asia 4-Dec
Accounts payable - Robinsons
Accounts payable - Gaisano
Accounts payable - Ayala 5-Dec
OWNER'S EQUITY/CAPITAL
MARKET MARKET, Capital
MARKET MARKET, Drawing
PREPARE THE FOLLOWING:
1. Journal Entries
2. Ledger using T Account
3. Trial Balance

lowances
 Particulars Debit Credit
Cash 800,000
MARKET MARKET, Capital 800,000

Taxes and licenses 45,000

Cash 45,000