GENERAL JOURNAL

PAGE NUMBER GJ-1

With Explanations

April 1 to 11 Transactions Only

CURRENT JOURNAL ENTRIES
DATE DESCRIPTION REF DEBIT CREDIT
April 1 Cash 101 ₱39,000.00
Lopez, Capital 301 ₱39,000.00
To record initial investment

2 Equipment 150 10,000

Cash 101 10,000
To record purchased of equipment

2 Purchases 501 15,900

Accounts Payable 201 15,900
To record purchased of merchandise inventory

3 Supplies 120 700

Cash 101 700
To record purchased of supplies

4 Account Receivable 105 15,200

Sales 401 15,200
To record sales on account

5 Freight Out 506 200

Cash 101 200
To record payment of freight charge

6 Accounts Payable 201 300

Purchases Return and Allowances 502 300
To record return of merchandise

11 Accounts Payable 201 15,600

Purchase Discounts 503 312
Cash 101 15,288
To record payment of payable to Lowntown
GENERAL JOURNAL
PAGE NUMBER GJ-2
With Explanations

April 13 to 23 Transactions Only

CURRENT JOURNAL ENTRIES
DATE DESCRIPTION REF DEBIT CREDIT
April 13 Cash 101 ₱ 14,896.00
Sales Discount 410 304.00
Accounts Receivable 105 ₱15,200.00
To record collection

14 Purchases 501 14,400.00

Cash 101 14,400.00
To record purchased of merchandise

15 Salaries 530 1,500.00

Cash 101 1,500.00
To record payment of Salaries

16 Cash 101 12,000.00

Notes Payable 202 12,000.00
To record borrowed money from RCBC

17 Cash 101 500.00

Purchases Return and Allowances 502 500.00
To record refund

18 Purchases 501 14,200.00

Accounts Payable 201 14,200.00
To record purchased of merchandise inventory

20 Freight In 504 700.00

Cash 101 700.00
To record payment of Freight In

23 Cash 101 16,400.00

Sales 401 16,400.00
To record sales
GENERAL JOURNAL
PAGE NUMBER GJ-3
With Explanations
PERIODIC

April 26 to 30 Transactions Only

CURRENT JOURNAL ENTRIES
DATE DESCRIPTION REF DEBIT CREDIT
April 26 Purchases 501 ₱ 12,300.00
Cash 101 ₱ 12,300.00
To record purchased of merchandise

27 Accounts Payable 201 9,000.00

Cash 101 9,000.00
To payment of payables to MESDA

28 Lopez, Drawings 302 2,008.00

Cash 101 2,008.00
To record drawings

29 Sales Return and Allowances 405 900.00

Cash 101 900.00
To record refund to customers

30 Accounts Receivable 105 13,700.00

Sales 401 13,700.00
To record sales on account

30 Advertising 505 1,000.00

Utilities 540 400.00
Rent Expense 510 3,500.00
Salaries 530 1,500.00
Cash 101 6,400.00
To record payment of operating expenses
GENERAL LEDGER
PAGE NUMBER GL 1

Account 101 CASH

Balance
Date Item Post Debit Credit
Debit Credit
APRIL 1 Initial Investment GJ-1 ₱39,000.00 ₱39,000.00
2 Equipment GJ-1 ₱10,000.00 29,000.00
2 Supplies GJ-1 700 28,300.00
5 Freight out GJ-1 200 28,100.00
11 Payables GJ-1 15,288 12,812.00
13 Collection GJ-2 14,896.00 27,708.00
14 Purchases GJ-2 14,400.00 13,308.00
15 Salaries GJ-2 1,500.00 11,808.00
16 Borrowings GJ-2 12,000.00 23,808.00
17 Refund GJ-2 500.00 24,308.00
20 Freight in GJ-2 700.00 23,608.00
23 Sales GJ-2 16,400.00 40,008.00
26 Purchases GJ-3 12,300.00 27,708.00
27 Payables GJ-3 9,000.00 18,708.00
28 Drawings GJ-3 2,008.00 16,700.00
29 Sales Return GJ-3 900.00 15,800.00
30 Operating Expenses GJ-3 6,400.00 ₱9,400.00

Account 105 ACCOUNTS RECEIVABLE

Balance
Date Item Post Debit Credit
Debit Credit
APRIL 4 Sales GJ-1 ₱ 15,200.00 ₱ 15,200.00
13 Collection GJ-2 15,200.00 -
30 Sales GJ-3 13700 ₱ 13,700.00
GENERAL LEDGER
PAGE NUMBER GL 2

Account 120 SUPPLIES

Balance
Date Item Post Debit Credit
Debit Credit
APRIL 3 Supplies GJ-1 ₱ 700.00 ₱ 700.00

Account 150 EQUIPMENT

Balance
Date Item Post Debit Credit
Debit Credit
APRIL 2 Equipment GJ-1 ₱10,000.00 ₱10,000.00

Account 201 ACCOUNTS PAYABLE

Balance
Date Item Post Debit Credit
Debit Credit
APRIL 2 Purchases GJ-1 ₱ 15,900.00 ₱ 15,900.00
6 Puchase return & allowanGJ-1 300.00 15,600.00
11 Payment GJ-1 15,600.00 -
18 Purchases GJ-2 14,200.00 14,200.00
27 Partial payment GJ-3 9,000.00 ₱5,200.00

Account 202 NOTES PAYABLE

Balance
Item Post Debit Credit
Debit Credit
APRIL 16 Borrowings GJ-1 ₱ 12,000.00 ₱ 12,000.00

Account 301 LOPEZ CAPITAL

Balance
Date Item Post Debit Credit
Debit Credit
APRIL 1 Initial Investment GJ-1 ₱ 39,000.00 ₱ 39,000.00
30 Income Summary GJ-4 4,608.00 43,608.00
30 Drawings GJ-4 2,008.00 ₱ 41,600.00

Account 302 LOPEZ, DRAWING

Balance
Date Item Post Debit Credit
Debit Credit
APRIL 28 Drawings GJ-3 ₱ 2,008.00 ₱ 2,008.00
30 Closing GJ-4 ₱ 2,008.00 ₱ -
GENERAL LEDGER
PAGE NUMBER GL 3

Account 401 SALES

Balance
Date Item Post Debit Credit
Debit Credit
APRIL 4 Sales GJ-1 ₱ 15,200.00 ₱ 15,200.00
23 Sales GJ-2 16,400.00 31,600.00
30 Sales GJ-3 13,700.00 45,300.00
30 Closing GJ-4 ₱ 45,300.00 ₱ -

Account 405 SALES RETURNS AND ALLOWANCES

Balance
Date Item Post Debit Credit
Debit Credit
APRIL 29 Sales Return GJ-3 ₱ 900.00 ₱ 900.00
30 Closing GJ-4 ₱ 900.00 ₱ -

Account 410 SALES DISCOUNTS

Balance
Date Item Post Debit Credit
Debit Credit
APRIL 13 Discount GJ-2 ₱ 304.00 ₱ 304.00
30 Closing GJ-4 ₱ 304.00 ₱ -

Account 501 PURCHASES

Balance
Item Post Debit Credit
Debit Credit
APRIL 2 Purchases GJ-1 ₱ 15,900.00 ₱ 15,900.00
14 Purchases GJ-2 14,400.00 30,300.00
18 Purchases GJ-2 14,200.00 44,500.00
26 Purchases GJ-3 12,300.00 56,800.00
30 Closing GJ-4 ₱ 56,800.00 ₱ -

Account 502 PURCHASE RETURNS AND ALLOWANCES

Balance
Date Item Post Debit Credit
Debit Credit
APRIL 6 Return GJ-1 ₱ 300.00 ₱ 300.00
17 Return GJ-2 500.00 800.00
30 Closing GJ-4 ₱ 800.00 ₱ -

Account 503 PURCHASE DISCOUNTS

Balance
Date Item Post Debit Credit
Debit Credit
APRIL 11 Discount GJ-1 ₱ 312.00 ₱ 312.00
30 Closing GJ-4 ₱ 312.00 ₱ -

Account 504 FREIGHT IN

Balance
Date Item Post Debit Credit
Debit Credit
APRIL 20 Freight in GJ-2 ₱ 700.00 ₱ 700.00
30 Closing GJ-4 ₱ 700.00 ₱ -

Account 505 ADVERTISING EXPENSE

Balance
Date Item Post Debit Credit
Debit Credit
APRIL 30 Operating Expenses GJ-3 ₱ 1,000.00 ₱ 1,000.00
30 Closing GJ-4 ₱ 1,000.00 ₱ -
GENERAL LEDGER
PAGE NUMBER GL 4

Account 506 FREIGHT OUT

Balance
Date Item Post Debit Credit
Debit Credit
APRIL 5 Freight charges GJ-1 ₱ 200.00 ₱ 200.00
30 Closing GJ-4 ₱ 200.00 ₱ -

Account 510 RENT EXPENSE

Balance
Date Item Post Debit Credit
Debit Credit
APRIL 30 Operating GJ-3 ₱ 3,500.00 ₱ 3,500.00
30 Closing GJ-4 ₱ 3,500.00 ₱ -

Account 530 SALARIES

Balance
Date Item Post Debit Credit
Debit Credit
APRIL 15 Salaries GJ-2 ₱ 1,500.00 ₱ 1,500.00
30 Salaries GJ-3 1,500.00 3,000.00
30 Closing GJ-4 ₱ 3,000.00 ₱ -

Account 540 UTILITIES

Balance
Item Post Debit Credit
Debit Credit
APRIL 30 Utilities GJ-3 ₱ 400.00 ₱ 400.00
30 Closing GJ-4 ₱ 400.00 ₱ -

Account 600 INCOME SUMMARY

Balance
Date Item Post Debit Credit
Debit Credit
APRIL 30 Net Sales GJ-4 ₱ 44,096.00 44,096.00
30 Net Purchases and MI GJ-4 ₱ 31,388.00 12,708.00
30 Expenses GJ-4 8,100.00 4,608.00
30 Net Income GJ-4 4,608.00 ₱ -
 PRELIMINARY TRIAL BALANCE
April 30, 2022

ACCOUNT TITLES DR CR
101 Cash ₱ 9,400.00
105 Account Receivable 13,700.00
115 Merchandise Inventory
120 Supplies 700.00
150 Equipment 10,000.00
201 Accounts Payable 5,200.00
202 Notes Payable 12,000.00
301 Lopez, Capital 39,000.00
302 Lopez, Drawing 2,008.00
402 Sales 45,300.00
405 Sales Return and Allowances 900.00
410 Sales Discount 304.00
501 Purchases 56,800.00
502 Purchases Return and Allowances 800.00
503 Purchase Discount 312.00
504 Freight In 700.00
505 Advertising 1,000.00
506 Freight Out 200.00
510 Rent Expense 3,500.00
530 Salaries 3,000.00
540 Utilities 400.00
TOTALS ₱ 102,612.00 ₱ 102,612.00
 COST OF GOODS SOLD
FOR THE PERIOD ENDED APRIL 30, 2022
(IN PESOS)

Merchadise Inventory, Beginning ₱ -

Purchases 56,800.00
Less: Purchase Return and Allowances 800.00
Purchase Discount 312.00
Net Purchases 55,688.00
Add: Freight In 700.00
Total Goods Available for Sale 56,388.00
Less: Merchandise Inventory, Ending 25,000.00
Cost of Goods Sold ₱ 31,388.00
 STATEMENT OF PERFORMANCE
FOR THE PERIOD ENDED APRIL 30, 2022
(IN PESOS)

Sales ₱ 45,300.00
Less: Sales Retun and Allowances 900.00
Sales Discount 304.00
Net Sales 44,096.00
Less: Cost of Goods Sold 31,388.00
Gross Profit 12,708.00
Less: Operating Expenses
Freight Out 200.00
Rent Expense 3,500.00
Salaries 3,000.00
Advertising Expense 1,000.00
Utilities 400.00 8,100.00
Net Income ₱ 4,608.00
 STATEMENT OF EQUITY
FOR THE PERIOD ENDED APRIL 30, 2022
(IN PESOS)

Lopez, Capital Beginning ₱ -

Add: Initial Investment 39,000.00
Net Income 4,608.00
Less: Withdrawals 2,008.00
Lopez, Capital Ending ₱ 41,600.00
 STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED APRIL 30, 2022
(IN PESOS)

Cash Flow from Operating Activities

Cash received :
For Sales 16,400.00
For Collection 14,896.00
For Refund 500.00
Cash Payment :
For supplies (700.00)
For Freight In (700.00)
For purchases (50,988.00)
For Sales Return and Allowances (900.00)
For Freight Out (200.00)
For Operating Expenses (7,900.00)
Net cash received from Operating Activities (29,592.00)

Cash Flow from Investing Activities

Payment for purchased of equipment (10,000.00)
Net cash received from Investing Activities (10,000.00)

Cash Flow from Financing Activities

Initial Investment 39,000.00
Borrowed money 12,000.00
Withdrawals (2,008.00)
Net cash received from Financing Activities 48,992.00

INCREASE IN CASH AND CASH EQUIVALENTS 9,400.00

ADD CASH AND CASH EQUIVALENTS, BEG 0
CASH AND CASH EQUIVALENTS, April 30 ₱ 9,400.00
GENERAL JOURNAL
PAGE NUMBER GJ-4
With Explanations

CLOSING JOURNAL ENTRIES

DATE DESCRIPTION REF DEBIT CREDIT
April 30 Sales 401 ₱ 45,300.00
Sales Return and Allowances 405 ₱ 900.00
Sales Discounts 410 304.00
Income Summary 600 44,096.00
To close Net Sales to Income Summary

30 Income Summary 600 ₱ 31,388.00

Purchases Return and Allowances 502 800.00
Purchase Discounts 503 312.00
Merchandise Inventory, Ending 115 25,000.00
Purchases 501 ₱ 56,800.00
Freight In 504 700.00
To close net purchases and merchandise inventory to Income Summary

30 Income Summary 600 ₱ 8,100.00

Freight Out 506 ₱ 200.00
Rent Expense 510 3,500.00
Salaries 530 3,000.00
Advertising Expense 505 1,000.00
Utilities 540 400.00
To close expenses to Income Summary

30 Income Summary 600 ₱ 4,608.00

Lopez, Capital 301 ₱ 4,608.00
To close Income Summary to Capital

30 Lopez, Capital 301 ₱ 2,008.00

Lopez, Drawings 302 ₱ 2,008.00
To close drawings to Capital
 STATEMENT OF FINANCIAL POSITION
FOR THE PERIOD ENDED APRIL 30, 2022
(IN PESOS)

ASSETS
Current Assets
Cash and Cash Equivalents 9,400.00
Receivables 13,700.00
Inventories 25,000.00
Prepaid Expenses 700.00
Total Current Assets 48,800.00
Non Current Assets
Property, Plant & Equipment 10,000.00
Total Non Current Assets 10,000.00
TOTAL ASSETS ₱ 58,800.00
LIABILITIES
Current Liabilities
Accounts Payable 5,200.00
Non Current Liabilities
Notes Payable 12,000.00
Total Liabilities 17,200.00
Equity
Lopez, Capital 41,600.00

TOTAL LIABILITIES AND EQUITY ₱ 58,800.00

 POST-CLOSING TRIAL BALANCE
APRIL 30, 2022
(IN PESOS)

DR CR
Cash 9,400.00
Account Receivable 13,700.00
Merchandise Inventory 25,000.00
Supplies 700.00
Equipment 10,000.00
Accounts Payable 5,200.00
Notes Payable 12,000.00
Lopez, Capital 41,600.00

₱ 58,800.00 ₱ 58,800.00