MAKE THE SJ AND PJDateExplanationDebitCredit2015 01-DecCash230,000 Merchandise inventory75,000 HC Capital 305,000 03-DecAccounts payable2,500 Bank 2,500 04-DecCash 30,240 Sales revenue 27,000 Output VAT 3,240 05-DecAccounts receivable20,720 Sales revenue 18,500 Output VAT 2,220 06-DecSales returns and allowances 1,850 Output VAT 222 Accounts receivable 2,072 07-DecMerchandise inventory25,000 Input VAT 3,000 Accounts payable 28,000 09-DecMerchandise inventory1,300 Input VAT156 Cash 1,456 10-DecCash20,350 Sales discount370 Accounts receivable 20,720 12-DecAccounts payable28,000 Merchandise inventory 500 Bank 27,500 13-DecMerchandise inventory13,800 Input VAT1,656 Cash 15,456 14-DecOffice equipment50,000 Cash 10,000 Accounts payable 40,000 15-DecSalaries expense20,000 Bank 19,000 Withholding tax payable 1,000 17-DecAccounts receivable11,760 Sales revenue 10,500 Output VAT 1,260 18-DecCash19,992 Sales revenue 17,850 Output VAT 2,142 19-DecSales returns and allowances800 Output VAT96 Cash 896 20-DecStore Supplies3900 Input VAT468 Accounts Payable 4368 21-DecBank108000 Interest12000 Note payable 120000 23-DecMerchandise Inventory15000 Input Vat1800 Accounts Payable 16800 25-DecMerchandise Inventory18600 Input Vat2232 Cash 20832 26-DecCash2240 Purchase Return 2000 Input VAT 240 28-DecAccounts Receivable8400 Sales Revenue 7500 Output VAT 900 29-DecAccounts Receivable8780.8 Cash2195.2 Sales Revenue 9800 Output VAT 1176 30-DecStore Supplies2000 Input VAT 100 Bank 2100 31-DecAccounts Payable4368 Discount received 195 Bank 4173 31-DecSalaries expense20,000 Bank 17,700 Withholding tax payable 1,000 SSS 600 Phil health 300 Pag-IBIG 40031-DecOutput VAT10620 Input VAT 9172 VAT Payable 1448 SALES JOURNALDEBITSCREDITInv.АсcountsOutputDateSold ToTermsNo.FReceivableSalesТахPURCHASES JOURNALDEBITSCREDITSINVInputАсcountsDateBought FromTermsNO.FPurchasesТаxPayable Received additional cash investment from Hershey Chan, P230,000 andmerchandise worth P75,000.Issued check no. 1781 in payment for the previous month's light and water bills,P2,500.Sold merchandise for cash with a list price of P30,000 and a trade discount of 10%.Issued invoice no. 8121 to Atty. Edward Rudolf for merchandise sold on account,P18,500. Terms: 2/5, n/30.Granted 10% allowance on the merchandise sold to Atty. Rudolf.Purchased merchandise on account from AZ Commodities, P25,000. Terms: 2/5, n/45,FOB shipping point.Paid bill received from Cargo Shipping Co. for freight of the merchandise dated Dec.7,P1,300.Received payment from Atty. Rudolf.Issued check no. 1782 in payment of the account to AZ Commodities.Issued check no. 1783 in payment of the cash purchases amounting P13,800.Bought office equipment from Hi-Tech Company, P50,000. Terms: 20% downpayment, balance 5/15, n/60.Issued check no. 1784 in payment of the salaries of the employees, P 20,000 less5% withholding taxIssued invoice no. 1822 to Engr. Luisito Ventura for sales on account, P10,500.Terms: n/30.Dec.13456.7101213141517Cash sales, P17,850.Refunded customer for merchandise delivered with defects, P800, (without VAT).Purchased more store supplies on account from Victorino Supplies, P3,900.Terms: 5%/ eom.181920Received loan proceeds from Worldwide Banking Corporation: principal amount,P120,000; interest deducted in advance, P12,000. Hershey Chan issuedpromissory note for this loanPurchased merchandise on account from Optima General Merchandise, P15,000.Terms: 5/10, n/30Issued check no. 1785 for cash purchases of merchandise, P18,600.Received refund from supplier due to deliveries with defects, P2,000, ( without VAT)Issued invoice no. 8123 to Architect Paulita Vizmonte for sales on account,P7,500. Terms: n/30.Issued invoice no. 8124 to Dr. Renato Wilbert for sales on account, P9,800.Terms: 20% downpayment, 2/5, n/30.Issued check no. 1786 in payment of more store supplies from Victorino Supplies,P2,000.Paid amount due Victorino Supplies for transaction dated December 20Issued check no. 1787 in payment of the salaries of the employees, P20,000 less5% Withholding tax, 3% SSS, 1.5 Philhealth and 2% Pag-IBIG.Close input tax against output tax21232526282930313131

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Answered: SALES JOURNAL DEBITS CREDIT Inv.…

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

MAKE THE SJ AND PJ

Date	Explanation	Debit	Credit
2015
01-Dec	Cash	230,000
	Merchandise inventory	75,000
	HC Capital		305,000

03-Dec	Accounts payable	2,500
	Bank		2,500

04-Dec	Cash	30,240
	Sales revenue		27,000
	Output VAT		3,240

05-Dec	Accounts receivable	20,720
	Sales revenue		18,500
	Output VAT		2,220

06-Dec	Sales returns and allowances	1,850
	Output VAT	222
	Accounts receivable		2,072

07-Dec	Merchandise inventory	25,000
	Input VAT	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
	Bank		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
	Bank		19,000
	Withholding tax payable		1,000

17-Dec	Accounts receivable	11,760
	Sales revenue		10,500
	Output VAT		1,260

18-Dec	Cash	19,992
	Sales revenue		17,850
	Output VAT		2,142

19-Dec	Sales returns and allowances	800
	Output VAT	96
	Cash		896

20-Dec	Store Supplies	3900
	Input VAT	468
	Accounts Payable		4368

21-Dec	Bank	108000
	Interest	12000
	Note payable		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 VAT		240

28-Dec	Accounts Receivable	8400
	Sales Revenue		7500
	Output VAT		900

29-Dec	Accounts Receivable	8780.8
	Cash	2195.2
	Sales Revenue		9800
	Output VAT		1176

30-Dec	Store Supplies	2000
	Input VAT	100
	Bank		2100

31-Dec	Accounts Payable	4368
	Discount received		195
	Bank		4173

31-Dec	Salaries expense	20,000
	Bank		17,700
	Withholding tax payable		1,000
	SSS		600
	Phil health		300
	Pag-IBIG		400
31-Dec	Output VAT	10620
	Input VAT		9172
	VAT Payable		1448

SALES JOURNAL
DEBITS
CREDIT
Inv.
Асcounts
Output
Date
Sold To
Terms
No.
F
Receivable
Sales
Тах
PURCHASES JOURNAL
DEBITS
CREDITS
INV
Input
Асcounts
Date
Bought From
Terms
NO.
F
Purchases
Таx
Payable

Received additional cash investment from Hershey Chan, P230,000 and
merchandise worth P75,000.
Issued check no. 1781 in payment for the previous month's light and water bills,
P2,500.
Sold merchandise for cash with a list price of P30,000 and a trade discount of 10%.
Issued invoice no. 8121 to Atty. Edward Rudolf for merchandise sold on account,
P18,500. Terms: 2/5, n/30.
Granted 10% allowance on the merchandise sold to Atty. Rudolf.
Purchased merchandise on account from AZ Commodities, P25,000. Terms: 2/5, n/45,
FOB shipping point.
Paid bill received from Cargo Shipping Co. for freight of the merchandise dated Dec.7,
P1,300.
Received payment from Atty. Rudolf.
Issued check no. 1782 in payment of the account to AZ Commodities.
Issued check no. 1783 in payment of the cash purchases amounting P13,800.
Bought office equipment from Hi-Tech Company, P50,000. Terms: 20% down
payment, balance 5/15, n/60.
Issued check no. 1784 in payment of the salaries of the employees, P 20,000 less
5% withholding tax
Issued invoice no. 1822 to Engr. Luisito Ventura for sales on account, P10,500.
Terms: n/30.
Dec.
1
3
4
5
6.
7
10
12
13
14
15
17
Cash sales, P17,850.
Refunded customer for merchandise delivered with defects, P800, (without VAT).
Purchased more store supplies on account from Victorino Supplies, P3,900.
Terms: 5%/ eom.
18
19
20
Received loan proceeds from Worldwide Banking Corporation: principal amount,
P120,000; interest deducted in advance, P12,000. Hershey Chan issued
promissory note for this loan
Purchased merchandise on account from Optima General Merchandise, P15,000.
Terms: 5/10, n/30
Issued check no. 1785 for cash purchases of merchandise, P18,600.
Received refund from supplier due to deliveries with defects, P2,000, ( without VAT)
Issued invoice no. 8123 to Architect Paulita Vizmonte for sales on account,
P7,500. Terms: n/30.
Issued invoice no. 8124 to Dr. Renato Wilbert for sales on account, P9,800.
Terms: 20% downpayment, 2/5, n/30.
Issued check no. 1786 in payment of more store supplies from Victorino Supplies,
P2,000.
Paid amount due Victorino Supplies for transaction dated December 20
Issued check no. 1787 in payment of the salaries of the employees, P20,000 less
5% Withholding tax, 3% SSS, 1.5 Philhealth and 2% Pag-IBIG.
Close input tax against output tax
21
23
25
26
28
29
30
31
31
31

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SALES JOURNAL DEBITS CREDIT Inv. Асcounts Output Date Sold To Terms No. F Receivable Sales Тах PURCHASES JOURNAL DEBITS CREDITS INV Аccounts Input Тахx Date Bought From Terms NO. F Purchases Payable