GENERAL JOURNAL DR CR 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 TELEPHONE EXPENSE 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 MERCHANDISE 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 SALES JOURNAL DEBITS CREDIT Inv. Accounts Output Date Sold To Terms No. F Receivable Sales Tax DADA MOTORS 17,800 2,136 CASH SALES 28,500 3,420 SALES RETURN (780) MERCHANDISE 900 108 DALE MANUFACTURER 1,000 120 YSSA STORE 25,000 3,000 COLLETE STORE 8,700 1,044 ALLISON STORE 5,000 600 TOTAL 86,120 10,428 PURCHASES JOURNAL DEBITS CREDITS INV Input Accounts Date Bought From Terms NO. F Purchases Tax Payable HENRY CAPITAL 60,000 60,000 MERCHANDISE GOODS 60,000 7,200 67,200 DALE MANUFACTURERS 108,000 1,296 12,096 130,800 8,496 139,296 CASH RECEIPTS JOURNAL DEBITS CREDITS OR Sales Accounts Output SUNDRY Date RECEIVED FROM No. F Cash Tax Discounts Receivable Tax Sales Account Title Debit Credit CASH PAYMENTS JOURNAL DEBITS Accounts Purchase Cash SUNDRY Date Account Debited Explanation F Payable Discount Purchases Account Title Debit Credit CHECK THE ENTRIES ON GENRAL JOURNAL AND SALES JOURNAL AND PURCHASE JOURNAL AND ENTER CRJ AND CDJ

GENERAL JOURNAL DR CR 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 TELEPHONE EXPENSE 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 MERCHANDISE 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 SALES JOURNAL DEBITS CREDIT Inv. Accounts Output Date Sold To Terms No. F Receivable Sales Tax DADA MOTORS 17,800 2,136 CASH SALES 28,500 3,420 SALES RETURN (780) MERCHANDISE 900 108 DALE MANUFACTURER 1,000 120 YSSA STORE 25,000 3,000 COLLETE STORE 8,700 1,044 ALLISON STORE 5,000 600 TOTAL 86,120 10,428 PURCHASES JOURNAL DEBITS CREDITS INV Input Accounts Date Bought From Terms NO. F Purchases Tax Payable HENRY CAPITAL 60,000 60,000 MERCHANDISE GOODS 60,000 7,200 67,200 DALE MANUFACTURERS 108,000 1,296 12,096 130,800 8,496 139,296 CASH RECEIPTS JOURNAL DEBITS CREDITS OR Sales Accounts Output SUNDRY Date RECEIVED FROM No. F Cash Tax Discounts Receivable Tax Sales Account Title Debit Credit CASH PAYMENTS JOURNAL DEBITS Accounts Purchase Cash SUNDRY Date Account Debited Explanation F Payable Discount Purchases Account Title Debit Credit CHECK THE ENTRIES ON GENRAL JOURNAL AND SALES JOURNAL AND PURCHASE JOURNAL AND ENTER CRJ AND CDJ

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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		GENERAL JOURNAL
			DR	CR
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	TELEPHONE EXPENSE	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
		MERCHANDISE		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

SALES JOURNAL
						DEBITS	CREDIT
				Inv.		Accounts		Output
Date	Sold To	Terms	No.	F	Receivable	Sales	Tax
	DADA MOTORS					17,800	2,136
	CASH SALES					28,500	3,420
	SALES RETURN					(780)
	MERCHANDISE					900	108
	DALE MANUFACTURER					1,000	120
	YSSA STORE					25,000	3,000
	COLLETE STORE					8,700	1,044
	ALLISON STORE					5,000	600
	TOTAL					86,120	10,428


PURCHASES JOURNAL
						DEBITS	CREDITS
				INV		Input	Accounts
Date	Bought From	Terms	NO.	F	Purchases	Tax	Payable
	HENRY CAPITAL				60,000		60,000
	MERCHANDISE GOODS				60,000	7,200	67,200
	DALE MANUFACTURERS				108,000	1,296	12,096
					130,800	8,496	139,296

CASH RECEIPTS JOURNAL

DEBITS

CREDITS

Sales

Accounts

Output

SUNDRY

Date

RECEIVED FROM

No.

Cash

Tax

Discounts

Receivable

Tax

Sales

Account Title

Debit

Credit

CASH PAYMENTS JOURNAL

DEBITS

Accounts

Purchase

Cash

SUNDRY

Date

Account Debited

Explanation

Payable

Discount

Purchases

Account Title

Debit

Credit

CHECK THE ENTRIES ON GENRAL JOURNAL AND SALES JOURNAL AND PURCHASE JOURNAL AND ENTER CRJ AND CDJ

Accounting 1
Special Journals
Record the following selected business transactions in the appropriate books of original entries, i.e. GJ,
SJ, PJ, CRJ and CDJ. Add 12% VAT to all sales, purchases and freight invoices.
2015
July
1
Received from Henry Sy cash investment of P250,000 and merchandise worth
P60,000.
Sales invoice # 827 for sales on account to Dada Store , P17,800
Cash sales total, P28,500.
Granted allowance on the Sales Invoice No. 827 due to error in delivery, P780.
Received telephone bill, P550.
Received bank loan proceeds, principal amount, P50,000; interest deducted in advance,
P500, and issued 30-day interest bearing note.
Paid telephone bill with check No. 10387.
Purchased tables and chairs from prime Furniture House, P35,000. Terms:
10% down payment with check no. 10388, 2/10, n/30.
Purchased merchandise from General Merchandisers, P60,000. Terms:
20% down payment with check no. 10389
Paid salaries, P20,000, issued check no. 10390 less 10% withholding tax.
Purchased merchandise from Ever Company, P7,500. Terms: COD, issued
2
3
4
5
10
11
13
14
15
16
check no. 10391.
Purchased merchandise on account from Dale Manufacturers, P75,000.
Terms: 1/15, n/30.
18
Received cash refund from Ever Company for merchandise returned due
to defects, P900, (without VAT)
Paid amount due General Merchandisers, with check no. 10393.
19
19
20
Received allowance from Dale Manufacturers due to defects on
merchandise received, P1,000, without VAT.
Sold merchandise for cash with a list price of P30,000 and a trade discount
21
of 10%
Sales invoice no. 828 for sales on account to Yssa Store, P25,000. Terms: P5,000
down, 2/5, n/30.
Paid amount due Prime Furniture House, with check no. 10394.
Paid amount due Dale Manufacturers, with check no. 10395.
22
23
23
25
Collected amount due for sales invoice no. 827.
Purchased merchandise from Dale Manufacturers, P10,800. Terms: 1/5,
n/30.
25
Sales invoice no. 829 for sales on account to Colette Store, P8,700. Terms:
P 1.740 down, balance n/eom.
Purchased office supplies on account from Crown Supplies, P3,000.
26
27
Terms: n/eom.
27
Sales Invoice no. 830 for sales on account to Allison Store, P5,000. Terms: 2/5, n/30.
31
Paid amount due Crown Supplies, with check no. 10396.
31
Collected amount due for sales invoice no. 829.
31
Paid salaries, P20,000 less 10% withholding tax, 3% SSS, 1.5% Philhealth and 2% Pag-
IBIG.
31
Close input tax against output tax.

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