2015 Dec. 1 Received additional cash investment from Choco, P230,000 and merchandise worth P75,000. 3 Issued check no. 1781 in payment for the previous month's light and water bills, P2,500. 4 Sold merchandise for cash with a list price of P30,000 and a trade discount of 10%. 5 Issued invoice no. 8121 to Bobby for merchandise sold on account, P18,500. Terms: 2/5, n/30. Granted 10% allowance on the merchandise sold to Bobby . 7 Purchased merchandise on account from Noob Company, P25,000. Terms: 2/5, n/45, FOB shipping point. Paid bill received from Cargo Shipping Co. for freight of the merchandise dated Dec.7, P1,300. 10 Received payment from Bobby. 12 Issued check no. 1782 in payment of the account to Noob Company. 13 Issued check no. 1783 in payment of the cash purchases amounting P13,800. 14 Bought office equipment from Hi-Tech Company, P50,000. Terms: 20% down payment, balance 5/15, n/60. 15 Issued check no. 1784 in payment of the salaries of the employees, P 20,000 less 5% withholding tax 17 Issued invoice no. 1822 to Engr. Luisito Ventura for sales on account, P10,500. Terms: n/30. 18 Cash sales, P17,850. 19 Refunded customer for merchandise delivered with defects, P800, (without VAT). 20 Purchased more store supplies on account from Victorino Supplies, P3,900. Terms: 5%/ eom. 21 Received loan proceeds from Worldwide Banking Corporation: principal amount, P120,000; interest deducted in advance, P12,000. Hershey Chan issued promissory note for this loan 23 Purchased merchandise on account from Optima General Merchandise, P15,000. Terms: 5/10, n/30 25 Issued check no. 1785 for cash purchases of merchandise, P18,600. 26 Received refund from supplier due to deliveries with defects, P2,000, ( without VAT) 28 Issued invoice no. 8123 to Architect Paulita Vizmonte for sales on account, P7,500. Terms: n/30. 29 Issued invoice no. 8124 to Dr. Renato Wilbert for sales on account, P9,800. Terms: 20% downpayment, 2/5, n/30. 29 Paid amount due Hi-Tech Company for Dec. 14 transaction. Issued check no. 1786 in payment of more store supplies from Victorino Supplies, 30 P2,000. 31 Paid amount due Victorino Supplies for transaction dated December 20 31 Issued check no. 1787 in payment of the salaries of the employees, P20,000 less 5% Withholding tax, 3% SSS, 1.5 Philhealth and 2% Pag-IBIG. 31 Close input tax against output tax

2015 Dec. 1 Received additional cash investment from Choco, P230,000 and merchandise worth P75,000. 3 Issued check no. 1781 in payment for the previous month's light and water bills, P2,500. 4 Sold merchandise for cash with a list price of P30,000 and a trade discount of 10%. 5 Issued invoice no. 8121 to Bobby for merchandise sold on account, P18,500. Terms: 2/5, n/30. Granted 10% allowance on the merchandise sold to Bobby . 7 Purchased merchandise on account from Noob Company, P25,000. Terms: 2/5, n/45, FOB shipping point. Paid bill received from Cargo Shipping Co. for freight of the merchandise dated Dec.7, P1,300. 10 Received payment from Bobby. 12 Issued check no. 1782 in payment of the account to Noob Company. 13 Issued check no. 1783 in payment of the cash purchases amounting P13,800. 14 Bought office equipment from Hi-Tech Company, P50,000. Terms: 20% down payment, balance 5/15, n/60. 15 Issued check no. 1784 in payment of the salaries of the employees, P 20,000 less 5% withholding tax 17 Issued invoice no. 1822 to Engr. Luisito Ventura for sales on account, P10,500. Terms: n/30. 18 Cash sales, P17,850. 19 Refunded customer for merchandise delivered with defects, P800, (without VAT). 20 Purchased more store supplies on account from Victorino Supplies, P3,900. Terms: 5%/ eom. 21 Received loan proceeds from Worldwide Banking Corporation: principal amount, P120,000; interest deducted in advance, P12,000. Hershey Chan issued promissory note for this loan 23 Purchased merchandise on account from Optima General Merchandise, P15,000. Terms: 5/10, n/30 25 Issued check no. 1785 for cash purchases of merchandise, P18,600. 26 Received refund from supplier due to deliveries with defects, P2,000, ( without VAT) 28 Issued invoice no. 8123 to Architect Paulita Vizmonte for sales on account, P7,500. Terms: n/30. 29 Issued invoice no. 8124 to Dr. Renato Wilbert for sales on account, P9,800. Terms: 20% downpayment, 2/5, n/30. 29 Paid amount due Hi-Tech Company for Dec. 14 transaction. Issued check no. 1786 in payment of more store supplies from Victorino Supplies, 30 P2,000. 31 Paid amount due Victorino Supplies for transaction dated December 20 31 Issued check no. 1787 in payment of the salaries of the employees, P20,000 less 5% Withholding tax, 3% SSS, 1.5 Philhealth and 2% Pag-IBIG. 31 Close input tax against output tax

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Date			Debit	Credit
2015	01-Dec	Cash	230,000
		Merchandise inventory	75,000
		HC Capital		305,000

	03-Dec	Accounts payable	2,500
		Cash		2,500

	04-Dec



	05-Dec



	06-Dec



	07-Dec



	09-Dec	Merchandise inventory	1,300
		Input VAT	156
		Cash		1,456

	10-Dec	Cash	20,350
		Sales discount	370
		Accounts receivable		20,720

	12-Dec	Accounts payable	28,000
		Merchandise inventory		500
		Cash		27,500

	13-Dec	Merchandise inventory	13,800
		Input VAT	1,656
		Cash		15,456

	14-Dec	Office equipment	50,000
		Cash		10,000
		Accounts payable		40,000

	15-Dec	Salaries expense	20,000
		Cash		19,000
		Withholding tax payable		1,000

	17-Dec



	18-Dec



	19-Dec



	20-Dec	Store Supplies	3900
		Output Tax	468
		Accounts Payable		4368

	21-Dec



	23-Dec	Merchandise Inventory	15000
		Input Vat	1800
		Accounts Payable		16800

	25-Dec	Merchandise Inventory	18600
		Input Vat	2232
		Cash		20832

	26-Dec	Cash	2240
		Purchase Return		2000
		Input Tax		240

	28-Dec	Accounts Receivable	8400
		Sales Revenue		7500
		Output Tax		900

	29-Dec	Accounts Receivable	8780.8
		Cash	2195.2
		Sales Revenue		9800
		Output Tax		1176

	30-Dec	Store Supplies	2000
		Input Tax	100
		Cash		2100

	31-Dec	Accounts Payable	4368
		Discount received		195
		Cash		4173


	31-Dec	Salaries Expense	20000
		Cash		17700
		Withholding tax payable		1000
		SSS		600
		PHILHEALTH		300
		PAG-IBIG		400

	31-Dec