Jim operates Scent Company, a perfume and soap store. During May 2018, the following transactions were completed. TRANSACTIONS

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Jim operates Scent Company, a perfume and soap store. During May 2018, the following transactions were completed.


TRANSACTIONS


May 1 - Jim invested cash of P50,000 and merchandise, P10,000 to open the business. Deposited the amount with PCIB. Official Receipt No. 101

May 3- Purchased merchandise on account from Subic, P13,200. Terms: 2/10, n/30. Purchase 
Invoice 422.


May 4 - Paid rent expense for April, P900; Check No. 200.


May 5 - Purchased store supplies on account from Alexis, P550. Terms: 1/10, n/30. Purchase Invoice 
510.


May 8 - Sold merchandise on account to Rustan, P11,000. Terms: 1/10, n/30; Sales Invoice No. 150.
Cost of merchandise was P5,500.


May 12 - Paid Subic the amount owed on the May 3 purchase, Check No. 201


May 14 - Purchased merchandise on account from Ong’s Boutique, P27,500. Terms: 1/10, n/30; Sales 
Invoice No. 801.


May 15 - Paid Alexis the amount owed on the May 5 purchase. Check No. 202


May 16 - Recorded cash sales for the first half of May, P33,000. Cost of merchandise was P16,500. 
Official Receipt No. 102


May 17 - Sold merchandise on account to Robinson, P8,800. Terms: n/30. 
Cost of merchandise was P4,400. Check No. 151


May 18 - Received a check from Rustan for the amount owed on the May 8 sale. Official Receipt No. 
103


May 20 - Issued a check to Freight Forwarders on various purchases made, P6,500. Check No. 203


May 25 - Borrowed P10,000 from City Bank, signing a 10%, 90-day note. Official Receipt No. 104


May 28 - Paid Ong’s Boutique the amount owed on the May 14 purchase. Check No. 204

May 30 - Owner drew a check payable to herself for personal use, P5,000. Check No. 205

 

 

 

REQUIREMENTS :
1. JOURNALIZE THE TRANSACTIONS USING SPECIAL JOURNAL AND GENERAL JOURNAL .

2 POST TO THE GENERAL LEDGER 

3. POST TO THE SUBSIDIARY LEDGERS.

4. PREPARETHE TRIAL BALANCE.

CHART OF ACCOUNTS
Account
Number
301
Account
Number
Account Name
Account Name
Jim, Capital
Jim, Drawing
Sales
Sales Discount
Cost of Goods Sold
101
Cash
102
Accounts Receivable
302
401
103
104
201
203
Inventory
Store Supplies
Accounts Payable
Notes Payable
451
501
551
Rent Experse
Accounts Receivable - Subsidiary Ledger
Customer
Accounts Payable - Subsidiary Ledger
Supplier
ID #
Supplier Name
Customer Name
ID #
102-01
102-01
Rustan
Robirson
201-01
201-02
Subic
Alexis
Transcribed Image Text:CHART OF ACCOUNTS Account Number 301 Account Number Account Name Account Name Jim, Capital Jim, Drawing Sales Sales Discount Cost of Goods Sold 101 Cash 102 Accounts Receivable 302 401 103 104 201 203 Inventory Store Supplies Accounts Payable Notes Payable 451 501 551 Rent Experse Accounts Receivable - Subsidiary Ledger Customer Accounts Payable - Subsidiary Ledger Supplier ID # Supplier Name Customer Name ID # 102-01 102-01 Rustan Robirson 201-01 201-02 Subic Alexis
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