[2\ SENIOR HIGH SCHOOL ABM 1203 - Fundamentals of Accountancy, B SEATWORK NAME: _hilg Marie 0:_Davila ABM 11-8 SS A ATES Senta Devid Psalms opened a music studio on January 1, 2017 Jenuary 1 David invest P500,000 cash and P$0,000 music equipment 3. Bought additional music equipment on account, P90,000, 5 Purchased office equipment for PS0,000 issuin 15 Received cash for music services rendered P86,000, 16 Billed customers for service rendered, P175,000, 21, Paid for one-half of the music e 22 Paid utilities for the month, P13,500, 28 29 The owner withdrew. ‘cash for personal use, P20,000, 29° Paid the amount due on January. $ 30. Received cash from customers, P21 30. Paid wages of employees, P26, Gross Pay 000, ho), POLYTECHNIC UNIVERSITY OF THE PHILIPPINES usiness and Management 1 DATE: Jon. 2017 in the business, 182 promissory note, -quuipment purchased on Aug. 3 Received peyment from customers billed on Aug. 16, P113,000, 200, The payrall showed the following: Score: During the month, he completed the following transactions, 35,000.09 Less: Deductions Withholding tax 7,800.00 'S Contributions 700.00 Phittealth Contributions 300.00 8,800.00 Net Pay 26,200.00 31a ret forthe month amounting to P8560 and pad te following month SEAT WSIS amounting to P8,560, Chart of Accounts Taber Accu Pay Wing Tes pope 885 Cottains Payee Peat Coates yao Wopes Boense tt cota! Lies pene 502 ee Nome RetEomse 5 Psa optt Prams ring Requirements: 1. Prepare complete journal entries t 2. Post the entries to the corresponding ledgers: and 3. Prepare a trial balance. © record the above transactions (use the given Chart of Account SIE SEO OL PG COGENERAL JOURNAL, Page 1 DATE PARTICULARS, [PR [DEBIT ‘CREDIT ie Ter = 00 = music: ant 104 20 200 | D2saime "Capital S01 350.000 = Oviner Inve “Ash and mysic equipment i Music, Equigan a ioe Go 0Gn- becou Payatie oi 99 900 - Prcchasedl 9 bin nk ik 5 fice Equioment oe TT i96: $0 606= Notes Payahie, 1 203 50000 - Purchased office, equipan it _isS4ina pone zy Cash [ot 2000 = Levis Revenue Hol Be 506 = fice Reveny, uN _Cacn - i Account Recowab\: yo3 175 900 = sevice Revenys [yoy ss909— ory xendored DK it 21 | Accnunte Payable, im 45006 - Cash Poy 45.000 = loiigl eayment fr accoun | 22. vbuities Exoens S02! 13 s05- Cash a Jo1 18 S0Q= Paid Uilitie foi!) 2s ash 101 NS OOO) — Account, Recei alb\ Jon 1t3 600- Received payment On Service, on atroudt 24}. fates Deawing 20a | aeoeo Coch 1p) 26060 — fash withdrawl of the Ounee 29] Note: Payabte a 202 EO OGD ~ Las tor TOOK = fad office, equioment on accaune 30 Cock — a 5) 213080 = Service Revenue sor | 218 O50 — Semice revenye on cach _| 20 | wages expenc = sor | 350aq = withholding tases “payable [208 | i800 - fonteinite, payable 20d 100 — Philheattts Contribuions payab 205 300 ~ sas'o. 10} 96209 - Paid sa\arie: Ind Semester A.¥. 2016 ~ ¥GENERAL JOURNAL Page 2 __ PARTICULARS PR DEBIT " S s —fropaid cong 103 __ Sto ~ 8 ental bil DATE Sik nor | Cash Acct. 101 Date Tein PIR Debit Date Ttems PR [Credit Si Le Git | seo - 17 Jar Sot A$ O60) - aed GT wOO6— 22 GI 13500 28 ui | ia eco] 24 GSI 16 G00 = { Et Gti | 313 000 -| 139, Cty SQoRd—| oes Te Totes i Ci [a-aetane | | 3 GTZ 17}20~ i , TI S20 = L Accounts Receivable Acct. 102 Date Items PR Debit | baie Trems [PRT Credit Mi 17000 = a 2 a oe ea1_| 7500 a x1 [Vig 005 TL [ Prepaid Rent Acet. 103, Date [Items PR Debit | Date Items PR Credit Tal aia | 85607 a L l i Music Equipment Acct. 104 Date Items PIR | Debit Date Tiems PIR | Credit Lar Ty Gi 50000 - 3 sti | a0000- TOTES [Re see= ARE NEAR SR LN RT RCPR Office Equipment Debit Date Accounts Payable Acet. 106 Acct. 201 Date Tiems PIR | Debit Date Trems, TPR Credit] Tau on | 48000 = 1s ey 40000 = b T TSOSO= al = C - Notes Payable Acct, 202 Date Ttems PR Debit Date | Trems PIR T__ Credit Ry aa si |S e009- 1 ETS a 231 | 5000 — Withholding Taxes Payable Acct. 203 Date Items [PR Debit Date Items PR Credit] | Ra [Sp et [3800 = SSS Contributions Payable Acct. 204 [Date Items [PR Debit Date Items [pre Credit = : 12a eri | eo — | [Tt a PhilHealth Contributions Payable Acct. 205 Date Ttems [PRT Devit Date | Items PR Credit I 2 oko. 2D. ~ D. Psalms, Capital Acct. 301 Date Ttems [Pak Debit Date Ttems PR Credit | ea gti | ss0000 - D. Psalms, Drawing Acct. 302 Date Trems PR Debit Date Tems PIR | Credit on [aa [ea | 20006 Service Revenue Acct. 40% [Date Items [PR Debit Date Ttems PIR Credit [an Ti es\ [778000 — is esi | ee000- es 0) S31 | 213000- i I THSSS= HHT O60 ~ 2st Set 3206-20741: SEATON FoR OURNALEING POSTING 3 Tl BaLaNGE TESS EyWages Expense Acct. 504 Date Items PR] Debit Date Tiems PR | Credit] LOVES ti | 35000 - Utilities Expense Acct. 502 Date Items PIR | Debit Date Stems, PR Credit Rin [23] SEI] soe = | Rent Expense Avet B05) Date Items PIR. Debit Date Items [PR Credit Pan Tar Gal sse~ David Psalms Music Studio Issel _ Balance, = ————Sanwary ot go _ Debit Credit Cah a BP HoIa — ‘Recounts Receivable 42000 Prepaid Rent S560 - Music Equipment i 149 Goo - [ Office Equipment " S0000~ | Accounts Payable = t iP 4000 = — [Notes Payatie o- Withholding Taxes payable 1800 = [ S85 Contributions Payable ian bas Philfiealth Contributions Payabie 30d ~ D. Psalms, Capital | S50000- D. Psalms, Drawing _ 20200 — Service Revenue 4714000 - Wages Expense ~~ 35600 - Utilities Expense 13560 - Rent Expense 2560- Toial te77200-] 1077800 - “** THE END *** INABergonia2017 Pn Sete A S207 a EATON OR TURNING PES & TAD TANCE REPU DsChapter 8 ~ Special Journals 7.7.1 <1 st Name _kioh Marie 0. Davile Class #8" 8-8 Date Agus SO, Assume that the firm is using a system with five journals described in this chapter. Indicate in column 1, which journal should be used for each of the business transactions described. Use SJ for sales journal, CRJ for cash receipts journal, PJ for purchases journal, CDJ for cash disbursements journal, and GJ for general journal. In column 2, state the account/s to be debited, and in column 3, the account/s to be credited. Transaction (a.) has been done for you. Col. Col, 2 # Transactions Col a. Purchased supplies for cash. Supplies Cash 4, Paid office rent for the month. [Ben expense, Sash ¢. Sold merchandise far cash. ‘ash, Sales 2. Horvawed cash from a bank signing « promissory nate eee Lire Payable Sold merchandise on account. ‘cash from customers on account De | colavies of employees ; ‘‘cocived cash from the owner as additional investment Lee vn. Hurchased equipment on account. ‘i NeeBons Rees wabig |“ Saleg {ssued credit mema to a customer for merchandise return hosed merchandise for cash, defective merchandise purchased in (h) h refund, I COU De 4. Paid insurance premiums far ane year. Les ln. Las az $ @ ‘ohosed merchandise on account. plies on account, at cost, toa friend as accommodation | check to creditars on account. ‘\Justinent of prepaid insurance at the end of the period ling the depreciation of office equipment ‘Uhdrawal af cash by the owner for personal use the owner's drawing account at — the end of the period. 348 pose COFRICTING NocuMced sed under stem? art of chart of Chapter 6 - Accounting for Merchandising Business a Ailah Marie O- Doviiqg Aem n-@ ON EXERCISES J 6-1 In the table below, indicate in column 1, the classification of each account. In column 2, its normal balance, And in Column 3, in what financial Statement (Balance Sheet or Income Statement) the account is to be reported. i Normal Reported in | Title of account Classification Balance which financial : Statement _| Example — Cash ‘asset debit | Balance Sheet 7 = I 1. Merchandise Inventory asset | debit [pefance Sheet | 2. Purchases —tipence debit | inane carement 3. Freight-In Wawa aertnt [debit [aseme tatemens 4, Purchase Returns & Allowances @_attoun® Creat | tea eter ent 5, Purchase Discount, poe acount | gredit ere Hotment 6. Sales _| cerenve eres | eowe _stetement | 7. Sales Retums & Allowances losis Cartount | Steet [come chatemnd 8. Sales Discount poriee acciuat | atest [coe “Aetemen* | 9. Accounts Payable Rabies ett [Raleoce shoes | | 10. Accounts Receivable asset ase | Palast srvek | ar ne EI mE 62 On October 5, ofthe current year, Masagana Trading Company Purchased merchandise with a list price of P 85,000. The metchandise is subject to a trade discount of 15%, 10%, 5%, with credit terms of 2/10, 2/30. (Masagana Trading is a non-VAT registered business). Required: Answer the following questions based from the above data, 7 1, Mow much is the invoice price? $ git73 -1¢ : 72. Atwhat amount should Masagana debit Purchases? i113 16 4. How much is the trade discount?» 2322. AF 4 How much is the cash discount? ass. ogy YP Upto what date is the discount period? ocebay i, ~6-Af Masagana make payment on October 15, how much should it pay in full settlement of its account??? 60538 25 Z-Atpayment is made on October 20, how much should Masagana pay in full settlement of its October 5, account? PG1'773-1¢ 237 |” Chapter 6 - Accounting for Merchandisi i Chap, 6-2. The following selected transactions were completed during January 63 between S$ Company and B Company. Both are using Periodic Inventory method and are non VAT registered business. Jan, 1 $ Company sold merchandise on account to B Company, P 23,500, terms FOB destination, 2/15, n/eom. 2 $ Company paid shipping costs of P 1,700 for delivery of merchandise to B Company. 5S Company sold merchandise on account to B Company, P 35,000, terms FOB shipping point, eom. 6 B Company retumed P 4,000 of merchandise purchased on account on Jan. 1. 9. B Company paid shipping charges of P 1,400 for the Jan. 5 purchases from S Company. 15. $ Company sold merchandise on account to B Company, P 40,000, terms FOB shipping point, 1/10, n/30. $ Company paid transportation cost of P3,500 which was added to the invoice. 16 B Company paid in full S Company for purchase of Jan. 1, ~ 25. B Company paid in full S Company for purchase of Jan. 15. 31 B Company paid in full S Company for purchases of Jan. 5. Required: Journalize the January transactions for both $ Company and B Company. Show supporting computations.3 S Company SAX) _Accouts _recewvabie. ee Pai Sates, oe sieeacist eo Sold_mecchandise, on _auount _ Sf recounts _receivotale. _ Soles a2 Sold Merchaiadise On Account & Gates _rebvens ond _alionsances z 200%, a ____Accounts _reeeivotoie = — To_xet0rd _retury_merchandise. a a = —18__\-Accounts_recenwahie = ee ee Ooo pe Gilet cosa nabou ie __shs0° as Ene fn, oe pe wee ail as prelbieaed Sold _nerchandise on account bangs ee Ss = We __ Cath _(aa500 - 4000) 49 = Sales discount (23500-4000) ¥.02 fe record payment on acount fash (ast - 365) + 3500 eee ot Sales discount _ (28860 Hoos) y-0n HE Accounts receivable HOOD - Te selord payment on accountLash. Accounts _receiwolal Leen _veceived From astomec Sn Pe ee en SACOM SP Ole Se te i BOO as Purchased 00 account _ a era = eee HOOoO ~_ ——_fiechavedtnenchcin dicta 2 —___Io_Accounts poyoleiy = 19800 - we Purchase ditcoont ane cath ee ae oe Paid purchase, on account