KINDLY CHECK IF THE ENTRIES IS CORRECT ON THIS ONE PLEASE USE PERIODIC INVENTORY SYSTEM
KINDLY CHECK IF THE ENTRIES IS CORRECT ON THIS ONE PLEASE USE PERIODIC INVENTORY SYSTEM
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
KINDLY CHECK IF THE ENTRIES IS CORRECT ON THIS ONE
PLEASE USE PERIODIC INVENTORY SYSTEM
GENERAL JOURNAL | Page 1 | ||||
Particulars | 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 | Cash | 30,240 | |||
Sales revenue | 27,000 | ||||
Output Tax | 3,240 | ||||
05-Dec | 20,720 | ||||
Sales revenue | 18,500 | ||||
Output Tax | 2,220 | ||||
06-Dec | Sales returns and allowances | 1,850 | |||
Output Tax | 222 | ||||
Accounts receivable | 2,072 | ||||
07-Dec | Purchases | 25,000 | |||
Input Tax | 3,000 | ||||
Accounts payable | 28,000 | ||||
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 | Accounts receivable | 11,760 | |||
Sales revenue | 10,500 | ||||
Output Tax | 1,260 | ||||
18-Dec | Cash | 19,992 | |||
Sales revenue | 17,850 | ||||
Output Tax | 2,142 | ||||
19-Dec | Sales returns and allowances | 800 | |||
Output Tax | 96 | ||||
Cash | 896 | ||||
20-Dec | Store Supplies | 3900 | |||
Output Tax | 468 | ||||
Accounts Payable | 4368 | ||||
21-Dec | Cash | 108000 | |||
Interest | 12000 | ||||
Accounts Receivable | 120000 | ||||
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 | Output Tax | 10620 | |||
Input Tax | 9172 | ||||
Vat Payable | 1448 | ||||
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