Swift Company is a merchandising business organized in 2020. It is located in J. Hernandez Avenue, Naga City, with telephone number 1989-1213, and website tswiftmerchandising.com You were asked by the owner, Ms. T. Swift, to create a simple computerized accounting system for her business which they will use for records keeping, preparation of financial statements, and as substantiation for regulatory requirements. The December 31, 2021 post-closing trial balance for the Swift Company follows: Swift Company Post-Closing Trial Balance December 31, 2021 110 Cash ₱ 240,000 120 Accounts Receivable 210,000 130 Merchandise Inventory 730,000 140 Prepaid Rent 90,000 150 Office Supplies 160,000 160 Office Equipment 1,000,000 165 Accumulated Depreciation ₱ 250,000 210 Notes Payable 400,000 220 Accounts Payable 130,000 230 Salaries Payable 310 Swift, Capital 1,650,000 320 Swift, Withdrawals 410 Sales 420 Sales Returns and Allowances 430 Sales Discounts 510 Purchases 520 Purchase Returns and Allowances 530 Purchase Discounts 540 Transportation In 610 Salaries Expense 620 Rent Expense 630 Office Supplies Expense 640 Depreciation Expense 650 Interest Expense ₱ 2,430,000 ₱ 2,430,000 Accounts receivable of P210,000 is related to a sale to Fearless Company on December 28, 2021. All credit sales are 2/10, n/30. The account payable balance of P130,000 is attributable to a purchase on December 29, 2021 to Speak Now Company. All credit purchases are 3/10, n/30. During the month of January, 2022, the following transactions were completed: Jan. 2 Sold merchandise on credit to Red Company, P240,000. Invoice no. 316. 3 Purchased merchandise on account from Clean Company, P90,000. 4 Collected amount due from Dec. 28 sale to Fearless Company less discounts. 5 Sold merchandise for cash, P430,000. 7 Paid amount due to Speak Now Company for the purchase of December 29, 2021, less discounts. Issued Check No. 83. 8 Sold merchandise on account to R. Green, P310,000. Invoice no. 317. 9 Returned merchandise purchased from Clean Company, P10,000. 10 Collected amount due from Red less discounts. 11 Purchased merchandise on account from M. Geller Company, P120,000. Invoice dated Jan. 10 11 Paid Clean Company amount due less returns and discounts. Issued Check No. 84 12 Purchased merchandise for cash, P70,000. Issued check no. 85. 13 Sold merchandise on account to Reputation, P130,000. Invoice no. 318 14 Paid interest on the note payable, P10,000. Issued check no. 86 15 Paid salaries, P80,000. Issued check no. 87 17 Purchased merchandise on account from Speak Now Company, P190,000. Invoice dated Jan. 14 18 Sold merchandise on account to Fearless Company, P460,000. Invoice no. 319 19 Swift withdrew P100,000 from the business. Issued check no. 88 21 Acquired office supplies for cash, P40,000. Issued check no. 89 22 Collected amount due from Reputation less discounts. 23 Sold merchandise on credit to Red Company, P110,000. Invoice no. 320 24 Received returned merchandise from Reputation, P30,000 25 Received amount due from Reputation on the sale of Jan. 8 less returns. 25 Purchased merchandise on account from Folklore Company, P340,000. Invoice dated Jan. 24 26 Paid P90,000 to Speak Now Company in partial payment of account. Issued check no. 91 27 Received P170,000 loan from the Evermore Bank and issued a note payable. 28 Purchased merchandise on account from M. Geller Company, P270,000. Invoice dated Jan. 27. 29 Sold merchandise on account from Clean Company, P360,000. Invoice dated Jan. 29 30 Sold merchandise for cash, P1,310,000. Required: Based on the above information, create modules for each of the following special journals, ledgers, and business and accounting documents. Each module should be contained in one (1) separate tab in your Excel workbook. Journals: Sales Journal Cash Receipts Journal Cash Disbursements Journal Purchases Journal General Journal
Swift Company is a merchandising business organized in 2020. It is located in J. Hernandez Avenue, Naga City, with telephone number 1989-1213, and website tswiftmerchandising.com
You were asked by the owner, Ms. T. Swift, to create a simple computerized accounting system for her business which they will use for records keeping, preparation of financial statements, and as substantiation for regulatory requirements.
The December 31, 2021 post-closing
Swift Company |
|||
Post-Closing Trial Balance |
|||
December 31, 2021 |
|||
110 |
Cash |
₱ 240,000 |
|
120 |
Accounts Receivable |
210,000 |
|
130 |
Merchandise Inventory |
730,000 |
|
140 |
Prepaid Rent |
90,000 |
|
150 |
Office Supplies |
160,000 |
|
160 |
Office Equipment |
1,000,000 |
|
165 |
|
₱ 250,000 |
|
210 |
Notes Payable |
400,000 |
|
220 |
Accounts Payable |
130,000 |
|
230 |
Salaries Payable |
||
310 |
Swift, Capital |
1,650,000 |
|
320 |
Swift, Withdrawals |
||
410 |
Sales |
||
420 |
Sales Returns and Allowances |
||
430 |
Sales Discounts |
||
510 |
Purchases |
||
520 |
Purchase Returns and Allowances |
||
530 |
Purchase Discounts |
||
540 |
Transportation In |
||
610 |
Salaries Expense |
||
620 |
Rent Expense |
||
630 |
Office Supplies Expense |
||
640 |
Depreciation Expense |
||
650 |
Interest Expense |
|
|
₱ 2,430,000 |
₱ 2,430,000 |
Accounts receivable of P210,000 is related to a sale to Fearless Company on December 28, 2021. All credit sales are 2/10, n/30. The account payable balance of P130,000 is attributable to a purchase on December 29, 2021 to Speak Now Company. All credit purchases are 3/10, n/30.
During the month of January, 2022, the following transactions were completed:
Jan. 2 |
Sold merchandise on credit to Red Company, P240,000. Invoice no. 316. |
|
3 |
Purchased merchandise on account from Clean Company, P90,000. |
|
4 |
Collected amount due from Dec. 28 sale to Fearless Company less discounts. |
|
5 |
Sold merchandise for cash, P430,000. |
|
7 |
Paid amount due to Speak Now Company for the purchase of December 29, 2021, less discounts. Issued Check No. 83. |
|
8 |
Sold merchandise on account to R. Green, P310,000. Invoice no. 317. |
|
9 |
Returned merchandise purchased from Clean Company, P10,000. |
|
10 |
Collected amount due from Red less discounts. |
|
11 |
Purchased merchandise on account from M. Geller Company, P120,000. Invoice dated Jan. 10 |
|
11 |
Paid Clean Company amount due less returns and discounts. Issued Check No. 84 |
|
12 |
Purchased merchandise for cash, P70,000. Issued check no. 85. |
|
13 |
Sold merchandise on account to Reputation, P130,000. Invoice no. 318 |
|
14 |
Paid interest on the note payable, P10,000. Issued check no. 86 |
|
15 |
Paid salaries, P80,000. Issued check no. 87 |
|
17 |
Purchased merchandise on account from Speak Now Company, P190,000. Invoice dated Jan. 14 |
|
18 |
Sold merchandise on account to Fearless Company, P460,000. Invoice no. 319 |
|
19 |
Swift withdrew P100,000 from the business. Issued check no. 88 |
|
21 |
Acquired office supplies for cash, P40,000. Issued check no. 89 |
|
22 |
Collected amount due from Reputation less discounts. |
|
23 |
Sold merchandise on credit to Red Company, P110,000. Invoice no. 320 |
|
24 |
Received returned merchandise from Reputation, P30,000 |
|
25 |
Received amount due from Reputation on the sale of Jan. 8 less returns. |
|
25 |
Purchased merchandise on account from Folklore Company, P340,000. Invoice dated Jan. 24 |
|
26 |
Paid P90,000 to Speak Now Company in partial payment of account. Issued check no. 91 |
|
27 |
Received P170,000 loan from the Evermore Bank and issued a note payable. |
|
28 |
Purchased merchandise on account from M. Geller Company, P270,000. Invoice dated Jan. 27. |
|
29 |
Sold merchandise on account from Clean Company, P360,000. Invoice dated Jan. 29 |
|
30 |
Sold merchandise for cash, P1,310,000. |
Required:
- Based on the above information, create modules for each of the following special journals, ledgers, and business and accounting documents. Each module should be contained in one (1) separate tab in your Excel workbook.
- Journals:
- Sales Journal
- Cash Receipts Journal
- Cash Disbursements Journal
- Purchases Journal
- General Journal
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