Date Explanation F Debit Credit JULY 1 CASH 250,000 MERCHANDISE INVENTORY 60,000 HENRY SY CAPITAL 310,000 2 DADA STORE 19,936 SALES 17,800 VAT PAYABLE 2,136 3 CASH 31,920 SALES 28,500 VAT PAYABLE 3,420 4 SALES RETURN AND ALLOWANCES 780 ACCOUNTS RECEIVABLE 780 5 TELEPHONE EXPENSE 550 UTILITIES PAYABLE 550 10 BANK 49500 INTEREST EXPENSE 500 BANK LOAN 50000 11 UTILITIES PAYABLE 550 BANK 550 13 TABLES AND CHAIRS A/C 35000 VAT PAID 4200 BANK 3920 PRIME FURNITURE HOUSE A/C 35280 14 MERCHANDISE (GOODS) 60000 VAT PAID 7200 BANK 13440 GENERAL MERCHANDISERS A/C 53760 15 SALARIES EXPENSE 20000 BANK 18000 WITHHOLDING TAX PAYABLE 2000 16 MERCHANDISE (GOODS) 7500 VAT PAID 900 BANK 8400 18 MERCHANDISE 75000 VAT PAID 9000 DALE MANUFACTURERS A/C 84000 19 CASH 900 VAT REFUND RECEIVABLE 108 MERCHANDISE 1008 19 GENERAL MERCHANDISERS 53760 BANK 53760 20 CASH (ALLOWANCE) 1000 VAT REFUND RECEIVABLE 120 DALE MANUFACTURERS A/C 1120 21 CASH 30240 SALES 27000 VAT PAYABLE 3240 22 YSSA STORE A/C 22,400 CASH 5,600 SALES 25000 VAT PAYABLE 3000 23 PRIME FURNITURE HOUSE 35280 CASH/BANK 35280 23 DALE MANUFACTURERS 85120 CASH/BANK 84280 DISCOUNT RECEIVED 840 25 CASH/BANK 19156 DADA STORE A/C 19156 25 MERCHANDISE(GOODS) 10800 VAT PAID 1296 DALE MANUFACTURERS 12096 26 COLETTE STORE A/C 7795 CASH/BANK 1949 SALES 8700 VAT PAYABLE 1044 27 OFFICE SUPPLIES 3000 VAT PAID 360 CROWN SUPPLIES A/C 3360 27 ALLISON STORE 5600 SALES 5000 VAT PAYABLE 600 31 CROWN SUPPLIES 3360 BANK 3360 31 BANK/CASH 7795 COLETTE STORE A/C 7795 31 SALARIES 20000 10% TAX PAYABLE 2000 3%SSS PAYABLE 600 1.5% PHILHEALTH PAYABLE 300 2% PAG-IBIG 400 BANK/CASH 16700 31 VAT PAYABLE 13440 VAT RECEIVABLE 9744 VAT PAID 23184 PREPARE FOR GENERAL LEDGER

Date Explanation F Debit Credit JULY 1 CASH 250,000 MERCHANDISE INVENTORY 60,000 HENRY SY CAPITAL 310,000 2 DADA STORE 19,936 SALES 17,800 VAT PAYABLE 2,136 3 CASH 31,920 SALES 28,500 VAT PAYABLE 3,420 4 SALES RETURN AND ALLOWANCES 780 ACCOUNTS RECEIVABLE 780 5 TELEPHONE EXPENSE 550 UTILITIES PAYABLE 550 10 BANK 49500 INTEREST EXPENSE 500 BANK LOAN 50000 11 UTILITIES PAYABLE 550 BANK 550 13 TABLES AND CHAIRS A/C 35000 VAT PAID 4200 BANK 3920 PRIME FURNITURE HOUSE A/C 35280 14 MERCHANDISE (GOODS) 60000 VAT PAID 7200 BANK 13440 GENERAL MERCHANDISERS A/C 53760 15 SALARIES EXPENSE 20000 BANK 18000 WITHHOLDING TAX PAYABLE 2000 16 MERCHANDISE (GOODS) 7500 VAT PAID 900 BANK 8400 18 MERCHANDISE 75000 VAT PAID 9000 DALE MANUFACTURERS A/C 84000 19 CASH 900 VAT REFUND RECEIVABLE 108 MERCHANDISE 1008 19 GENERAL MERCHANDISERS 53760 BANK 53760 20 CASH (ALLOWANCE) 1000 VAT REFUND RECEIVABLE 120 DALE MANUFACTURERS A/C 1120 21 CASH 30240 SALES 27000 VAT PAYABLE 3240 22 YSSA STORE A/C 22,400 CASH 5,600 SALES 25000 VAT PAYABLE 3000 23 PRIME FURNITURE HOUSE 35280 CASH/BANK 35280 23 DALE MANUFACTURERS 85120 CASH/BANK 84280 DISCOUNT RECEIVED 840 25 CASH/BANK 19156 DADA STORE A/C 19156 25 MERCHANDISE(GOODS) 10800 VAT PAID 1296 DALE MANUFACTURERS 12096 26 COLETTE STORE A/C 7795 CASH/BANK 1949 SALES 8700 VAT PAYABLE 1044 27 OFFICE SUPPLIES 3000 VAT PAID 360 CROWN SUPPLIES A/C 3360 27 ALLISON STORE 5600 SALES 5000 VAT PAYABLE 600 31 CROWN SUPPLIES 3360 BANK 3360 31 BANK/CASH 7795 COLETTE STORE A/C 7795 31 SALARIES 20000 10% TAX PAYABLE 2000 3%SSS PAYABLE 600 1.5% PHILHEALTH PAYABLE 300 2% PAG-IBIG 400 BANK/CASH 16700 31 VAT PAYABLE 13440 VAT RECEIVABLE 9744 VAT PAID 23184 PREPARE FOR GENERAL LEDGER

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Date	Explanation	F	Debit	Credit

JULY	1	CASH	250,000
		MERCHANDISE INVENTORY	60,000
		HENRY SY CAPITAL		310,000

	2	DADA STORE	19,936
		SALES		17,800
		VAT PAYABLE		2,136

	3	CASH	31,920
		SALES		28,500
		VAT PAYABLE		3,420

	4	SALES RETURN AND ALLOWANCES	780
		ACCOUNTS RECEIVABLE		780

	5	TELEPHONE EXPENSE	550
		UTILITIES PAYABLE		550

	10	BANK	49500
		INTEREST EXPENSE	500
		BANK LOAN		50000

	11	UTILITIES PAYABLE	550
		BANK		550

	13	TABLES AND CHAIRS A/C	35000
		VAT PAID	4200
		BANK		3920
		PRIME FURNITURE HOUSE A/C		35280

	14	MERCHANDISE (GOODS)	60000
		VAT PAID	7200
		BANK		13440
		GENERAL MERCHANDISERS A/C		53760

	15	SALARIES EXPENSE	20000
		BANK		18000
		WITHHOLDING TAX PAYABLE		2000

	16	MERCHANDISE (GOODS)	7500
		VAT PAID	900
		BANK		8400

	18	MERCHANDISE	75000
		VAT PAID	9000
		DALE MANUFACTURERS A/C		84000

	19	CASH	900
		VAT REFUND RECEIVABLE	108
		MERCHANDISE		1008

	19	GENERAL MERCHANDISERS	53760
		BANK		53760

	20	CASH (ALLOWANCE)	1000
		VAT REFUND RECEIVABLE	120
		DALE MANUFACTURERS A/C		1120

	21	CASH	30240
		SALES		27000
		VAT PAYABLE		3240

	22	YSSA STORE A/C	22,400
		CASH	5,600
		SALES		25000
		VAT PAYABLE		3000

	23	PRIME FURNITURE HOUSE	35280
		CASH/BANK		35280

	23	DALE MANUFACTURERS	85120
		CASH/BANK		84280
		DISCOUNT RECEIVED		840

	25	CASH/BANK	19156
		DADA STORE A/C		19156

	25	MERCHANDISE(GOODS)	10800
		VAT PAID	1296
		DALE MANUFACTURERS		12096

	26	COLETTE STORE A/C	7795
		CASH/BANK	1949
		SALES		8700
		VAT PAYABLE		1044

	27	OFFICE SUPPLIES	3000
		VAT PAID	360
		CROWN SUPPLIES A/C		3360

	27	ALLISON STORE	5600
		SALES		5000
		VAT PAYABLE		600

	31	CROWN SUPPLIES	3360
		BANK		3360

	31	BANK/CASH	7795
		COLETTE STORE A/C		7795

	31	SALARIES	20000
		10% TAX PAYABLE		2000
		3%SSS PAYABLE		600
		1.5% PHILHEALTH PAYABLE		300
		2% PAG-IBIG		400
		BANK/CASH		16700

	31	VAT PAYABLE	13440
		VAT RECEIVABLE	9744
		VAT PAID		23184

PREPARE FOR GENERAL LEDGER

ACCOUNTS RECEIVABLE LEDGER
Name:
Date
Particulars
REF
Debit
Credit
Balance
Date
Particulars
REF
Debit
Credit
Balance
ACCOUNTS PAYABLE LEDGER
Name:
Date
Particulars
REF
Debit
Credit
Balance
Date
Particulars
REF
Debit
Credit
Balance

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