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*Use Accrual Accounting Base Method Chart of Accounts (strictly use it): ASSETS: Cash and Cash Equivalents: Petty Cash Cash on Hand Cash in Bank Accounts Receivables Merchandise Inventory Prepaid Expenses Supplies Fixed Assets Leasehold Improvements Accumulated Depreciation - Leasehold Improvements Accumulated Depreciation - Transportation and Other Equipment Other Assets LIABILITIES: Accounts Payable Accrued Expenses and Other Liabilities Income Tax Payable EQUITY: Owner’s Capital Retained Earnings INCOME STATEMENT: Income: Sales Sales Discount Sales Returns and allowances Cost of Sales: Cost of Sales Expenses: Salary Expenses Rent Expenses Professional Fees Transportation Expenses Depreciation Expenses – Leasehold Improvements Depreciation Expenses – Transportation and Other Equipment Insurance Expenses Supplies Expenses Utility Expenses Miscellaneous Expenses Income Tax Income Tax Expense Require: • Journal Entries

*Use Accrual Accounting Base Method Chart of Accounts (strictly use it): ASSETS: Cash and Cash Equivalents: Petty Cash Cash on Hand Cash in Bank Accounts Receivables Merchandise Inventory Prepaid Expenses Supplies Fixed Assets Leasehold Improvements Accumulated Depreciation - Leasehold Improvements Accumulated Depreciation - Transportation and Other Equipment Other Assets LIABILITIES: Accounts Payable Accrued Expenses and Other Liabilities Income Tax Payable EQUITY: Owner’s Capital Retained Earnings INCOME STATEMENT: Income: Sales Sales Discount Sales Returns and allowances Cost of Sales: Cost of Sales Expenses: Salary Expenses Rent Expenses Professional Fees Transportation Expenses Depreciation Expenses – Leasehold Improvements Depreciation Expenses – Transportation and Other Equipment Insurance Expenses Supplies Expenses Utility Expenses Miscellaneous Expenses Income Tax Income Tax Expense Require: • Journal Entries

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 4PA: The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this...
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*Use Accrual Accounting Base Method Chart of Accounts (strictly use it): ASSETS: Cash and Cash Equivalents: Petty Cash Cash on Hand Cash in Bank Accounts Receivables Merchandise Inventory Prepaid Expenses Supplies Fixed Assets Leasehold Improvements Accumulated Depreciation - Leasehold Improvements Accumulated Depreciation - Transportation and Other Equipment Other Assets LIABILITIES: Accounts Payable Accrued Expenses and Other Liabilities Income Tax Payable EQUITY: Owner’s Capital Retained Earnings INCOME STATEMENT: Income: Sales Sales Discount Sales Returns and allowances Cost of Sales: Cost of Sales Expenses: Salary Expenses Rent Expenses Professional Fees Transportation Expenses Depreciation Expenses – Leasehold Improvements Depreciation Expenses – Transportation and Other Equipment Insurance Expenses Supplies Expenses Utility Expenses Miscellaneous Expenses Income Tax Income Tax Expense Require: • Journal Entries
10. On August 15, Mr. A deposited all the cash on hand to Made from Wood's checking account, less the amount of salaries of its employees from July 26 to August 15, which was paid on the same day. 11. On August 16, Mr. A withdrew P200,000 from Made from Wood's checking account for personal emergency use. 12. On August 17, Made from Wood received and delivered the following orders. All orders are payable cash on delivery. Customer Name Delivery Address No. of Units Stock Code Sold D001 1 1 Nick Estrada Janice Segundo 1989 Coffee No. 114, Brgy. Dagatan Lipa City BIKA, Lot 5, Mabini Heights, Brgy Mabioh Lipa City 13. On August 18, the following were ordered and delivered again to 1989 Coffee. Payment was made again in cash, less 5% sales discount. Customer Name Delivery Address Brgy. Tambo, Lipa City 15. On August 21, Made from Wood paid the following from its petty cash fund: P2,000 for electricity bill and P500 for water bill. S001 Jenny Dizor Sophia Hernando 14. On August 20, Made from Wood issued a check to supplier Furniture Shop Philippines for orders made and received on July 22. Stock Code C001 No. of Units Sold 2 P1,700 for monthly internet service. 16. On August 22, Made from Wood received a check from Z Company as payment for the company's order on July 30 No. 213 Broy Santiago, Malvan Batangas, No. 110 Brgy Bugtong na Pulo Lipa City 17. On August 23, Made from Wood received and delivered the following orders. All orders are payable cash on delivery. Customer Name Delivery Address Stock Code D002 D002 No. of Units Sold 1 1 18. On August 24, the national government declared a national lockdown due to a pandemic. Made from Wood will be forced to close for two weeks as the store and delivery is not allowed. 19. On the same day, to support its employees, Made from Wood withdrew fur from Made from Wood's checking account and paid the salaries of its employees from August 16 to August 24. Also, Mr. A paid each employee P250 per day for August 25- August 31 period as support while the store is closed (recognized as miscellaneous expense). 20. On August 24, Mr. A received a check from AAA Accounting for payment of its purchase on account. 21. Since the store will be closed on August 31, the following adjustments are already made on August 24: Recognition of rent expense for one month - the lessor agreed for payment to be made once the lockdown is over. Petty cash fund balance is P43,000. Apart from petty cash disbursements mentioned above, the amount was spent on gasoline and toll fees. The petty cash fund was not replenished. One-month depreciation expense is recognized on both the leasehold improvement (estimated useful life is 3 years) and on transportation equipment (estimated useful life is 5 years). One-month insurance expense is recognized.
Transcribed Image Text:10. On August 15, Mr. A deposited all the cash on hand to Made from Wood's checking account, less the amount of salaries of its employees from July 26 to August 15, which was paid on the same day. 11. On August 16, Mr. A withdrew P200,000 from Made from Wood's checking account for personal emergency use. 12. On August 17, Made from Wood received and delivered the following orders. All orders are payable cash on delivery. Customer Name Delivery Address No. of Units Stock Code Sold D001 1 1 Nick Estrada Janice Segundo 1989 Coffee No. 114, Brgy. Dagatan Lipa City BIKA, Lot 5, Mabini Heights, Brgy Mabioh Lipa City 13. On August 18, the following were ordered and delivered again to 1989 Coffee. Payment was made again in cash, less 5% sales discount. Customer Name Delivery Address Brgy. Tambo, Lipa City 15. On August 21, Made from Wood paid the following from its petty cash fund: P2,000 for electricity bill and P500 for water bill. S001 Jenny Dizor Sophia Hernando 14. On August 20, Made from Wood issued a check to supplier Furniture Shop Philippines for orders made and received on July 22. Stock Code C001 No. of Units Sold 2 P1,700 for monthly internet service. 16. On August 22, Made from Wood received a check from Z Company as payment for the company's order on July 30 No. 213 Broy Santiago, Malvan Batangas, No. 110 Brgy Bugtong na Pulo Lipa City 17. On August 23, Made from Wood received and delivered the following orders. All orders are payable cash on delivery. Customer Name Delivery Address Stock Code D002 D002 No. of Units Sold 1 1 18. On August 24, the national government declared a national lockdown due to a pandemic. Made from Wood will be forced to close for two weeks as the store and delivery is not allowed. 19. On the same day, to support its employees, Made from Wood withdrew fur from Made from Wood's checking account and paid the salaries of its employees from August 16 to August 24. Also, Mr. A paid each employee P250 per day for August 25- August 31 period as support while the store is closed (recognized as miscellaneous expense). 20. On August 24, Mr. A received a check from AAA Accounting for payment of its purchase on account. 21. Since the store will be closed on August 31, the following adjustments are already made on August 24: Recognition of rent expense for one month - the lessor agreed for payment to be made once the lockdown is over. Petty cash fund balance is P43,000. Apart from petty cash disbursements mentioned above, the amount was spent on gasoline and toll fees. The petty cash fund was not replenished. One-month depreciation expense is recognized on both the leasehold improvement (estimated useful life is 3 years) and on transportation equipment (estimated useful life is 5 years). One-month insurance expense is recognized.
August 2022 1. On August 2, the following were ordered and delivered to 1989 Coffee, a coffee shop located in Brgy, Tambo, Lipa City. Payment was made in cash, less 5% sales discount. Customer Name Delivery Address 1989 Coffee 0002 WO01 W002 S001 2. On August 5, Made from Wood placed an advertisement with 111.1 Basyo Batanguena with office located in Brgy Maraw Lipa City and paid P3,000 from its petty cash fund. 3. On August 6, the petty cash fund was replenished after withdrawing funds from Made from Wood's checking account. 4. On August 8, supplier Wood Works Furniture delivered the furniture listed below. Mr. A issued check to Wood Works Furniture for full payment. Delivery fee was shouldered by Wood Works Furniture. Stock Code Description Bill Evangelista Pia Mendoza Nicki Santos Brgy. Tambo, Lipa City ARBaca Outdoor Brown Bench Marla Brown Office Desk Sara Oak Office Desk Moore Shoe Cabinet Pau Adajar Alyssa Garcia 5. On August 9, Made from Wood received and delivered the following orders. All orders are payable cash on delivery. Customer Name Delivery Address No. of Units Sold 1 1 AAA Accounting B001 B002 B003 Number of Units 2 5 3 3 No. 212, Brgy Darasa Tanauan City BIK 2, Lot 20, Tennessee Homes, Brgy San Pablo, Sto Tomas City No. 320, Brgy. Santiago, Malvar, Batangas Stock Code 0002 No. 8, Brgy Plaridel, Lipa City No. 45, Broy Tangoa, Lipa City Brgy. Marawoy, Lipa City 6. On August 10, Made from Wood received and delivered the following orders. All orders are payable cash on delivery. Customer Name Delivery Address No. of Units Sold 1 2 Harry Bookcase with Glass Door Rose Cube Bookcase Peter 5-Layer Bookcase Purchase Price per Unit Selling Price per Unit P 6,500.00 P 5,000.00 P 4,000,00 P 5,500.00 P 3,000.00 P 4,000,00 P2,500.00 P3,500.00 Stock Code L002 C001 7. On August 12, Made from Wood received the following order from AAA Accounting. Customer Name Delivery Address Number of Units 3 3 3 C002 Stock Code D001 No. of Units Sold 2 W002 Stock Code W002 B002 1 8. On August 13, Made from Wood delivered the furniture sold to AAA Accounting. The order is payable within 15 days. 9. On August 14, Furniture Shop Philippines delivered the furniture listed below. Payment terms is n/30. Delivery fee was shouldered by Furniture Shop Philippines. Stock Code Description No. of Units Sold 3 2 Selling Price per Unit P 6,900.00 Purchase Price per Unit P 5,900.00 P 4,100.00 P 4,600.00 P 5,000.00 P6,000.00
Transcribed Image Text:August 2022 1. On August 2, the following were ordered and delivered to 1989 Coffee, a coffee shop located in Brgy, Tambo, Lipa City. Payment was made in cash, less 5% sales discount. Customer Name Delivery Address 1989 Coffee 0002 WO01 W002 S001 2. On August 5, Made from Wood placed an advertisement with 111.1 Basyo Batanguena with office located in Brgy Maraw Lipa City and paid P3,000 from its petty cash fund. 3. On August 6, the petty cash fund was replenished after withdrawing funds from Made from Wood's checking account. 4. On August 8, supplier Wood Works Furniture delivered the furniture listed below. Mr. A issued check to Wood Works Furniture for full payment. Delivery fee was shouldered by Wood Works Furniture. Stock Code Description Bill Evangelista Pia Mendoza Nicki Santos Brgy. Tambo, Lipa City ARBaca Outdoor Brown Bench Marla Brown Office Desk Sara Oak Office Desk Moore Shoe Cabinet Pau Adajar Alyssa Garcia 5. On August 9, Made from Wood received and delivered the following orders. All orders are payable cash on delivery. Customer Name Delivery Address No. of Units Sold 1 1 AAA Accounting B001 B002 B003 Number of Units 2 5 3 3 No. 212, Brgy Darasa Tanauan City BIK 2, Lot 20, Tennessee Homes, Brgy San Pablo, Sto Tomas City No. 320, Brgy. Santiago, Malvar, Batangas Stock Code 0002 No. 8, Brgy Plaridel, Lipa City No. 45, Broy Tangoa, Lipa City Brgy. Marawoy, Lipa City 6. On August 10, Made from Wood received and delivered the following orders. All orders are payable cash on delivery. Customer Name Delivery Address No. of Units Sold 1 2 Harry Bookcase with Glass Door Rose Cube Bookcase Peter 5-Layer Bookcase Purchase Price per Unit Selling Price per Unit P 6,500.00 P 5,000.00 P 4,000,00 P 5,500.00 P 3,000.00 P 4,000,00 P2,500.00 P3,500.00 Stock Code L002 C001 7. On August 12, Made from Wood received the following order from AAA Accounting. Customer Name Delivery Address Number of Units 3 3 3 C002 Stock Code D001 No. of Units Sold 2 W002 Stock Code W002 B002 1 8. On August 13, Made from Wood delivered the furniture sold to AAA Accounting. The order is payable within 15 days. 9. On August 14, Furniture Shop Philippines delivered the furniture listed below. Payment terms is n/30. Delivery fee was shouldered by Furniture Shop Philippines. Stock Code Description No. of Units Sold 3 2 Selling Price per Unit P 6,900.00 Purchase Price per Unit P 5,900.00 P 4,100.00 P 4,600.00 P 5,000.00 P6,000.00
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