Instructions: Prepare its Journalizing, Posting, Balance & Worksheet PHONE HARDWARE CHART OF ACCOUNTS Account No. ASSETS Account No. INCOME 100 Cash 400 Sales 101 Receivable 401 Sales Returns and Allowances 102 Inventory 402 Sales Discount 103 Supplies 104 Property, Plant and Equipment EXPENSES 500 Purchases LIABILITIES 501 Purchase returns and Allowances 200 Accounts Payable 502 Purchase Discounts 201 Bonds Payable 503 Transportation In EQUITY 504 Advertising 300 Delos Reyes, Capital 505 Transportation Out 301 Delos Reyes, Drawings 506 Salaries Expense 507 Utilities Expense 508 Income Summary PHONE HARDWARE completed the following merchandising transactions in the month of January 2021. At the beginning of January, the ledger of the company showed Cash of Php 100,000, Accounts Receivable, 80,000 and Delos Reyes, Capital of Php 180,000. Jan 1- Purchased merchandise on account from Office Depot Wholesale Supply Php 50,000, terms 2/10, n/30. 2- Sold merchandise on account Php 40,000 terms 2/10, n/30. 5- Received credit from Office Depot Wholesale Supply for merchandise returned Php 2,000. 9- Received collections in full from customers billed on May 2. 10- Paid Office Depot Wholesale Supply in full. 11- Purchased supplies for cash Php 9,000. 12- Purchased merchandise for cash Php 9,000 15- Received refund from supplier for returned merchandise on cash purchase Php 2,300. 17- Purchased merchandise from Harlem Distributors Php 19,000, terms 2/10, n/30, FOB Shipping point. 19- Paid freight on May 17 purchase Php 2,500. 24- Purchased merchandise for cash Php 62,000. 25- Purchased merchandise from Unicorn Inc. P10,000 terms 2/10, n/30. 27- Paid Harlem Distributors in full. 29- Made refunds to cash customers for defective merchandise Php 1,000 31- Sold merchandise on account Php 16,000 terms n/30. 31- The owner deposited Php 50,000 cash from his personal savings to be used for the operations of the business. 31- Merchandise Inventory on May 31 amounted to Php 30,500
Instructions: Prepare its Journalizing, Posting, Balance & Worksheet
PHONE HARDWARE
CHART OF ACCOUNTS
|
Account No. |
ASSETS |
Account No. |
INCOME |
|
100 |
Cash |
400 |
Sales |
|
101 |
Receivable |
401 |
Sales Returns and Allowances |
|
102 |
Inventory |
402 |
Sales Discount |
|
103 |
Supplies |
|
|
|
104 |
Property, Plant and Equipment |
|
EXPENSES |
|
|
|
500 |
Purchases |
|
|
LIABILITIES |
501 |
Purchase returns and Allowances |
|
200 |
Accounts Payable |
502 |
Purchase Discounts |
|
201 |
Bonds Payable |
503 |
Transportation In |
|
|
EQUITY |
504 |
Advertising |
|
300 |
Delos Reyes, Capital |
505 |
Transportation Out |
|
301 |
Delos Reyes, Drawings |
506 |
Salaries Expense |
|
|
|
507 |
Utilities Expense |
|
|
|
508 |
Income Summary |
|
|
|
|
|
PHONE HARDWARE completed the following merchandising transactions in the month of January 2021.
At the beginning of January, the ledger of the company showed Cash of Php 100,000, Accounts Receivable, 80,000 and Delos Reyes, Capital of Php 180,000.
Jan 1- Purchased merchandise on account from Office Depot Wholesale Supply Php 50,000, terms 2/10, n/30.
2- Sold merchandise on account Php 40,000 terms 2/10, n/30.
5- Received credit from Office Depot Wholesale Supply for merchandise returned Php 2,000.
9- Received collections in full from customers billed on May 2.
10- Paid Office Depot Wholesale Supply in full.
11- Purchased supplies for cash Php 9,000.
12- Purchased merchandise for cash Php 9,000
15- Received refund from supplier for returned merchandise on cash purchase Php 2,300.
17- Purchased merchandise from Harlem Distributors Php 19,000, terms 2/10, n/30, FOB Shipping point.
19- Paid freight on May 17 purchase Php 2,500.
24- Purchased merchandise for cash Php 62,000.
25- Purchased merchandise from Unicorn Inc. P10,000 terms 2/10, n/30.
27- Paid Harlem Distributors in full.
29- Made refunds to cash customers for defective merchandise Php 1,000
31- Sold merchandise on account Php 16,000 terms n/30.
31- The owner deposited Php 50,000 cash from his personal savings to be used for the operations of the business.
31- Merchandise Inventory on May 31 amounted to Php 30,500.
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