Bornok Merchandising Store completed the following merchandising
transaction June , 2018. Bornok used periodic inventory system.
June 1 Invest ₱ 80,000 in the name of the business.
2
Bought merchandise on account from Boknoy Company
amounting to ₱ 60,000, terms 2/10, n/30.
Bought ₱ 30,000 worth of merchandise from Oldie Company
2
with terms of 2/10, n/30, FOB Shipping point.
3 Paid Boknoy Company
4 Paid freight for Oldie Company, ₱ 450
Sold Merchandise to Michelle Company on account ₱ 6,500,
5
terms 2/10, n/30.
6
Received credit from Oldie Company for merchandise returned
₱400.00
7 Received payment from Michelle Company.
8 Paid Hark Company Company in full.
Made refund to cash customer for defective merchandise
13
₱2,400
14 Paid ₱ 3,000 for salaries.
15 Received refund from supplier on cash basis purchase, ₱ 400.
16 Bought supplies ₱ 2,000 on cash.
20 Sold merchandise ₱ 11,400 terms 2/10, n/30 FOB destination.
21 Paid freight for May 21 sales, ₱ 350.
21 Sold merchandise on ₱ 30,000.
19 Borrowed money to the bank, ₱ 20,000,Issuing promissory note.
21 Sold merchandise on ₱ 15,000.
23 Bought computer equipment ₱ 2,300 on cash.
28 GR Palanan withdraw from the business, ₱ 4,500.
Paid rent 1,500, salaries 3,000, utilities 500 and communication
30
₱ 1,000.
30 Ending Inventory of ₱ 2300.
Chart of account:
110 Cash 510 Cost of Goods sold
120 Account Receivables 520 Purchases
130 Merchandising Inventory 530 Purchase Return and Allowances
140 Supplies 540 Purchase Discount
150 Computer 550 Freight in
210 Accounts Payable 610 Communication
220 Notes Payable 620 Freight Out
310 GR Palan, Capital 630 Rent expense
320 GR Palan, Drawing 640 Salaries
330 Income Summary 650 Utilities expense
410 Sales
420 Sales Return and Allowances
430 Sales Discount
Account Title : Account #:
Date Remarks Ref Debit Credit Debit bal Credit bal
Account Title : Account #:
Date Remarks Ref Debit Credit Debit bal Credit bal
Account Title : Account #:
Date Remarks Ref Debit Credit Debit bal Credit bal
Account Title : Account #:
Date Remarks Ref Debit Credit Debit bal Credit bal
Date Remarks Ref Debit Credit Debit bal Credit bal
Account Title : Account #:
Date Remarks Ref Debit Credit Debit bal Credit bal
Account Title : Account #:
Date Remarks Ref Debit Credit Debit bal Credit bal
Account Title : Account #:
Date Remarks Ref Debit Credit Debit bal Credit bal Account Title : Account #:
Date Remarks Ref Debit Credit Debit bal Credit bal
Account Title : Account #:
Date Remarks Ref Debit Credit Debit bal Credit bal
Account Title : Account #:
Account Title : Account #: Date Remarks Ref Debit Credit Debit bal Credit bal
Date Remarks Ref Debit Credit Debit bal Credit bal
Account Title : Account #: Account Title : Account #:
Date Remarks Ref Debit Credit Debit bal Credit bal Date Remarks Ref Debit Credit Debit bal Credit bal
Account Title : Account #:
Account Title : Account #: Date Remarks Ref Debit Credit Debit bal Credit bal
Date Remarks Ref Debit Credit Debit bal Credit bal
Account Title : Account #:
Date Remarks Ref Debit Credit Debit bal Credit bal
Account Title : Account #:
Account Title : Account #: Date Remarks Ref Debit Credit Debit bal Credit bal
Date Remarks Ref Debit Credit Debit bal Credit bal
Account Title : Account #:
Date Remarks Ref Debit Credit Debit bal Credit bal
Account Title : Account #:
Date Remarks Ref Debit Credit Debit bal Credit bal
GOOD LUCK & GOD BLESS!!!
Prepared by: Sgd. GLADYS ANGELA B. VALDEMORO Approved:
SHS Teacher II Sgd. RICHARD C. BASAS
Parent/Guardian PRINCIPAL I
Signature
Republic of the Philippines
DEPARTMENT OF EDUCATION
Division of Masbate
AMADOR-BELLO HIGH SCHOOL
Gangao, Baleno, Masbate
2nd Semester, SY. 2019-2020
1st QUARTER PRACTICAL EXAMINATION
Fundamentals of Accounting, Business & Management 1
Name: Date:
Grade/Yr.: Score:
GENERAL JOURNAL
Date Particulars Ref Debit Credit
Date Particulars Ref Debit Credit
