CHART OF ACCOUNTS
Use for Journalization and Posting to the Ledger
100 ASSETS 400 INCOME
101 Cash 401 Sales
105 Accounts Receivable 405 Sales Returns and Allowances
115 Merchandise Inventory 410 Sales Discounts
120 Supplies 500 EXPENSES
150 Equipment 501 Cost of Goods Sold
200 LIABILITIES 503 Advertising Expense
201 Accounts Payable 506 Freight-out
202 Notes Payable 510 Rent Expense
300 EQUITY 530 Salaries
301 Alphabet, Capital 540 Utilities
302 Aplhabet, Drawings 601 Income Summery
CHART OF ACCOUNTS
Use for Financial Statements Preparation
100 ASSETS 400 INCOME
101 Cash and Cash Equivalents 401
105 Receivables 405 NET SALES
115 Inventories 410
120 Prepaid Expenses 500 EXPENSES
150 Property Plant & Equipment 501 Cost of Goods Sold
200 LIABILITIES 503 Advertising Expense
201 Accounts Payable 506 Freight-out
202 Notes Payable 510 Rent Expense
300 EQUITY 530 Salaries
301 Concepcion, Capital 540 Utilities
302 Concepcion, Drawing 601 Income Summery
300 EQUITY
301 Alphabet, Capital
302 Aplhabet, Drawings
ABC SUPERMART was a single proprietorship registered with the Department of Trade and Industry by D.
June 2021
1 The business, ABC Supermart, was registered as a single proprietorship with the Department of Trade
and Industry, D. Alphabet invested P40,000.00.
2 Purchased office supplies on cash basis for P1,000.00.
3 Purchased table and chairs for P12,000.00 cash.
4 Purchased merchandise on account from XYZ Co. P20,000.00 terms 2/10, n/30.
5 Sold merchandise on account P16,200.00, FOB Destination, terms 2/10, n/30. The cost of the
merchandise sold was P13,500.00
6 Paid transportation cost amounting to P400.00 on June 5 sales.
7 Received credit from XYZ Co. for merchandise returned P2,000.00
10 Paid XYZ Co.
12 Collected from June 5 sales.
14 Bought Merchandise on cash basis for P16,500.00
15 Paid salaries, P2,000.00
16 Borrowed money from Union Bank and signed a promissory note for P20,000.00
18 Received refund from a supplier on cash purchase on June 14 P1,000.00
20 Bought merchandise from 123 Merchandising, P15,400.00, FOB Shipping point terms 2/10, n/30.
21 Paid freight on June 20 purchases, P500.00
22 Sold merchandise for P20,400.00. The merchandise sold had a cost of P17,000.00
23 Merchandise was bought for cash P15,000.00
26 Paid 123 Merchandising P10,000.00 on June 20 purchases, no discount allowed for partial payment.
27 D. Alphabet got cash from business, P2,000.00
29 Made refund to cash customers for defective merchandise P700.00 on June 22 sale.
30
Sold merchandise on account P12,600.00 n/30. The cost of the merchandise sold is P10,500.00
30 Paid the following Expenses ; Advertising P1,500.00; Utilities P1,000.00; Rent P5,000.00; and salaries
P1,500.00
REQUIRED:
1. JOURNAL ENTRIES
2. GENERAL LEDGER
3. TRIAL BALANCE
4. STATEMENT OF FINANCIAL PERFORMANCE
5. STATEMENT OF EQUITY
6. STATEMENT OF FINANCIAL POSITION
7. STATEMENT OF CASH FLOWS
8. CLOSING ENTRIES
9. POST CLOSING TRIAL BALANCE
