CHART OF ACCOUNTSAccountNumber301AccountNumberAccount NameAccount NameJim, CapitalJim, DrawingSalesSales DiscountCost of Goods Sold101Cash102Accounts Receivable302401103104201203InventoryStore SuppliesAccounts PayableNotes Payable451501551Rent ExperseAccounts Receivable - Subsidiary LedgerCustomerAccounts Payable - Subsidiary LedgerSupplierID #Supplier NameCustomer NameID #102-01102-01RustanRobirson201-01201-02SubicAlexis Jim Temrio operates Scent Compary, a perfume and soap store. During May 2017, the followingtarsactions were completed.DATETRANSACTION1 JimTemrio irvested cash of P50,000 and machandise, P10,000 to open the business.Deposited the ampunt with PCIB. Official Receipt No. 101Purchased merdchandise onaccount from Subic, P13,200. Tems: 2/10, n/30. PurchaseInvoice 422.May3Paid rent experse for April, P900; Check Na 200.5 | Puchased store supplies on account from Alexis, P550. Tenns: 1/10, 1/30. Puchase Invoice510.48 Sold merchandise on account to Rustan, P11,000. Tems: 1/10, n/30; Sales Invoice No. 150.Cost of merchandise was P5,500.12 Paid Subic the amourt owed on the May 3 puchase, Check No. 20114 | Purchased merchandise on account from Ong's Boutique, P27,500. Terms: 1/10, n/30; SalesInvoice No. 801.15 Paid Alexis the amount owed on the May 5 puthase Check No. 20216 Recorded cashsales for the fist half of May, P33,000. Cost of merchandise was P16,500.Official Receipt No. 10217 Sold merchandise on account to Robirson, P8,800. Tems: 30.Cost of merchanlise was P4,400. Check No. 15118 Received a check fidm Rustan for the amourt owed on the May 8 sale. Official Reeipt No.10320 Issued a check to Freight Forwarders on various Puchases made, P6,500. Check No. 20325 Bonowed P10,000 from City Bank, signing a 10%, 90-day mote. Official Receipt No. 10428 Paid Ong's Boutique the amount owed on the May 14 purchase. Check No. 20430 Owner drewa check payable to herself for pasomal use, P5,000. Check No. 205Requiremerts:1. Using the special joumals and general jounal, record the transactions for Jim Temrio.2. Post the transactions fiom the joumal to the general ledger.3. Maintainaccounts receivable and accourts payable subsidiary ledgers.4. Summarize the ledger accourts and list the balanoes on the trial balance.

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Jim Tenorio operates Scent Company, a perfume and soap store. During May 2017, the following transactions were completed. DATE TRANSACTION May 1 Jim Tenorio invested cash of P50,000 and merchandise, P10,000 to open the business. Deposited the amount with PCIB. Official Receipt No. 101 3 Purchased merchandise on account from Subic, P13,200. Tams: 2/10, n/30. Purchase Invoice 422. 4 Paid rent expense for April, P900; Check Na 200. 5 Purchased store supplies on account from Alexis, P550. Tems: 1/10, 1/30. Purchase Invoice 510. 8 Sold merchandise on account to Rustan, P11,000. Tems: 1/10, n/30; Sales Invoice No. 150. Cost of merchandise was P5,500. 12 14 Paid Subic the amount owed on the May 3 purchase, Check No. 201 Purchased merchandise on account from Ong's Boutique, P27,500. Terms: 1/10, n/30; Sales Invoice No. 801. Paid Alexis the amount owed on the May 5 puchase. Check No. 202 Recorded cashsales for the first half of May, P33,000. Cost of merchandise was P16,500. Official Receipt No. 102 15 16 17 Sold merchandise on account to Robinson, P8,800. Tems: n/30. Cost of merchandise was P4,400. Check No. 151 18 Received a check from Rustan for the amount owed on the May 8 sale. Official Receipt No. 103 20 Issued a check to Freight Forwarders on various purchases made, P6,500. Check No. 203 25 Bonowed P10,000 from City Bank, signing a 10%, 90-day mote. Official Receipt No. 104 28 Paid Ong's Boutique the amount owed on the May 14 purchase. Check No. 204 30 Owner drew a check payable to herself for personal use, P5,000. Check No. 205 Requirements: 1. Using the special journals and general journal, record the transactions for Jim Tenorio. 2. Post the transactions from the joumal to the general ledger. 3. Maintain accounts receivable and accounts payable subsidiary ledgers. 4. Summarize the ledger accounts and list the balances on the trial balance.

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q