BOOKKEEPING ASSESSMENT

INSTRUCTIONS: PERFORM THE NECESARRY STEPS IN ACCOUNTING CYCLE AS PART OF COMPETENCY REQUIREMENT IN
BOOKKEPING NCIII

Problem 1. PERIODIC INVENTORY METHOD

DEC
1 Danielis Padillas invested 39,000 capital in his retail business named, Asokongsisummer Enterprises
2 Purchase equipment for 10,000
2 Purchase merchandise on account from Andreas Brillantes Marketing, 15,900, terms 2/10, n/30.
3 Purchase office supplies for cash 700
4 Sold merchandise on account, 15,200, FOB Destination, terms 2/10, n/30.
5 Paid 200 freight on Dec. 4 sale.
6 Received credit from Andreas Brillantes Marketing for merchandised returned 300.
11 Paid Andreas Brillantes Marketing.
13 Collected from Dec 4 customers.
14 Purchase merchandise on cash 14,400.
15 Salaries paid, 1,500
16 Borrowed money from China bank, signed promissory note for 12,000
17 Received refund from a supplier on cash purchase Dec 14, 500
18 Purchase merchandise from Kathryn Enterprises,14,200, FOB Shipping point, terms, 2/10, n/30.
20 Paid freight on Dec 18 purchase, 700.
23 Sold merchandise for 16,400
26 Bought merchandise for cash, 12,300
27 Paid Kathryn Enterprises on the Dec 18 purchase, 9,000. No discount allowed for partial payment.
28 Danielis Padillas got cash from the business, 2,008.
29. Made refund to cash customers for defective merchandise, 900.
30 Sold merchandise on account, 13,700, n/30.
31 Paid the following: Advertising, 1,000; Utilities, 400; Rent, 3500; Salaries, 1500
31. Inventory December 31, 25,000

CHART OF ACCOUNTS
ACCOUNT TITLE ACCOUNT NO ACCOUNT TITLE ACCOUNT NO
CASH 110 PURCHASES DISCOUNT 530
ACCOUNTS RECEIVABLE 120 FREIGHT IN 540
MERCHANDISE INVENTORY 115
SUPPLIES 130 ADVERTISING EXPENSE 620
EQUIPMENT 150 UTILITIES EXPENSE 630
ACCOUNTS PAYABLE 210 RENT EXPENSE 640
NOTES PAYABLE 220 SALARIES EXPENSE 650
PADILLAS, CAPITAL 230 FREIGHT OUT 610
PADILLAS, DRAWING 240 INCOME SUMMARY 700
SALES 400
SALES RETURNS & ALLOWANCES 410
SALES DISCOUNT 420
PURCHASES 510
PURCHASES RET & ALLOWANCES 520