AngTindahan Co. is a wholesaler of office and school supplies.

The following a
operations. All cash disbursements are made by bank check.
Date Transaction Amount

Rachel Dy made initial contribution

to the business by depositing
money in the company’s bank
Jul-01 account. ₱ 200,000.00

Purchased laptop from

Computershop Inc. for office use.
Payment term: COD (Cash on
Jul-01 Delivery) ₱ 45,000.00

Jul-02 Paid advance rental for 6 months ₱ 30,000.00

Received 200 reams of bond

papers (inventory) ordered from
Jude Corp. Payment terms: 2/10,
Jul-04 n/30. ₱ 25,000.00

Delivered150 reams of bond

papers to Aurora Company.
Jul-07 Payment terms: 2/10, n/20. ₱ 41,250.00

Cost of merchandise was P18,750.

Jul-08 Paid the July 4 purchases ₱ 24,500.00

Jul-15 Paid salary of employee ₱ 7,000.00

Received payment from the July 7
Jul-16 sales. ₱ 40,425.00

Sold 20 reams of bond papers to

Audrey Company. Audrey picked
up the merchandise from the ₱ 5,500.00
store. Payment term: 15 days.

Jul-18 Cost of merchandise was P2,500.

Received10 boxes of ballpoint

pens from Mickey Inc. Payment
Jul-19 terms: COD ₱ 25,000.00

Over the counter sale of 4 boxes of

ballpoint pens to Happy Company. ₱ 22,000.00
Payment term: Cash

Jul-22 Cost of merchandise was P 10,000

 Received 10 calculators from
Plusminus Corporation. Payment
Jul-23 terms: 30 days. ₱ 3,000.00

Sold 6 calculators to Joel Company.

Joel picked up the merchandise
from the store. Payment Term: 15
Jul-24 days. Cost of merchandise was ₱ 3,960.00
P1,800

Cost of merchandise was P1,800

Jul-25 Paid electricity bill. ₱ 7,400.00

Received 2 defective calculators

from Joel Company. ₱ 1,320.00
Cost of defective calculators isP
Jul-26 600

Over the counter cash withdrawal

by the owner, Rachel Dy, for her
Jul-31 personal expenses. ₱ 10,000.00

Instruction

1. Identify the following and indicate on the sp

a. Business or bank forms to be used by AngTindahan to docu
b. Journal to be used to record the original entry for the
2. Prepare the journal entry (debit-credit format) to record the above transactions. Use
below.
3. Fill up the relevant forms based on the answer in 1a. Format of the forms are provi
numbering instructions.
4. Based on your answer in 1b, record the transactions in the appropriate
5. Post the journal entries in the appropriate subsidiary ledgers and general led
6. Summarize the ledger accounts and list the balanc
7. Record the following adjusting en
a. Accrual of one month rent
b. One month depreciation of laptop computer. Esti
c. Accrue employee salary, P 7,00
8. Prepare the financial statements from the
9. Prepare necessary closing entries and record on the g
10. Perform financial statement analysis on the comple
 ce and school supplies. The following are the transactions of AngTindahan Co. for the first month of its
disbursements are made by bank check. Assume perpetual inventory method is used.
Journal Journal Entry
Entry Debit Entry

Deposit Slip Cash Receipts Cash ₱ 200,000.00 Dy, Capital

Purchase Order, Check Office

Voucher, Bank Check Cash Disbursement Equipment ₱ 45,000.00 Cash
Check voucher, bank Prepaid
voucher Cash Disbursement Expense ₱ 30,000.00 Cash

Purchase Order,
Receiving Report Purchase Journal Inventory ₱ 25,000.00 Accounts Payable

Accounts
Receivable ₱ 41,250.00 Sales
Delivery Receipt, Sales
invoice Sales Journal Cost of sales ₱ 18,750.00 Inventory
Check voucher, bank Accounts
check Cash Disbursement Payable ₱ 25,000.00 Cash
Inventory (Discount
Check voucher, bank Salaries
check Cash Disbursement Expense ₱ 7,000.00 Cash
Official Receipt. Check
Deposit Cash Receipts Cash ₱ 40,425.00 Sales
Sales
Discount ₱ 825.00

Sales Invoice Sales Journal Accounts

Receivable ₱ 5,500.00 Sales

Cost of Sales ₱ 2,500.00 Inventory

Purchase Order,
Receiving Report Cash Disbursement Inventory ₱ 25,000.00 Cash

Sales invoice, Official

Cash Receipts
Receipt Cash ₱ 22,000.00 Sales

Cost of Sales ₱ 10,000.00 Inventory

 Purchase Order, Purchase Journal
Receiving Report Inventory ₱ 3,000.00 Accounts Payable

Account
₱ 3,960.00
Receivable
Sales Invoice Sales Journal
Sales

Cost of sales ₱ 1,800.00 Inventory

Check Voucher, bank Utilities
Cash Disbursement
check Expense ₱ 7,400.00 Cash

Sales return
and Accounts
Allowances ₱ 1,320.00 Receivable

Receving Report General Journal Inventory ₱ 600.00 Cost of sales

Withdrawal Slip Cash Disbursement

Dy, Withdrawa₱ 10,000.00 Cash

ntify the following and indicate on the spaces provided:

orms to be used by AngTindahan to document the above transactions.
used to record the original entry for the respective transactions.
at) to record the above transactions. Use only the accounts listed on the chart of accounts given
below.
wer in 1a. Format of the forms are provided below. Reproduce the necessary forms. Follow the
numbering instructions.
cord the transactions in the appropriate journals. Formats are also provided below.
priate subsidiary ledgers and general ledger accounts.Formats are also provided below.
e the ledger accounts and list the balances on the trial balance.
7. Record the following adjusting entries.
a. Accrual of one month rent
th depreciation of laptop computer. Estimated life is 5 years.
c. Accrue employee salary, P 7,000
epare the financial statements from the trial balance.
ssary closing entries and record on the general journal and ledger.
ancial statement analysis on the completed financial statements.
y
Credit

₱ 200,000.00

₱ 45,000.00

₱ 30,000.00

₱ 25,000.00

₱ 41,250.00

₱ 18,750.00

₱ 24,500.00
₱ 500.00

₱ 7,000.00

₱ 41,250.00

₱ 5,500.00

₱ 2,500.00

₱ 25,000.00

₱ 22,000.00

₱ 10,000.00
₱ 3,000.00

₱ 3,960.00

₱ 1,800.00

₱ 7,400.00

₱ 1,320.00

₱ 600.00

₱ 10,000.00
 Adjusted Trial
Trial Balance Adjustment
Account number Account name Balance
Debit Credit Debit Credit Debit Credit
1000 Cash 113925 113925
1200 Accounts Receivable 49390 49390
1300 Inventory 20050 20050
1400 Prepaid Expenses 30000 5000 25,000
1600 Office Equipment 45000 45000

Accumulated
Depreciation - Off
1601 Equipment 750 750
2000 Accounts Payable 3000 3000
2201 Salaries Payable 7,000 7,000
2202 Utilities Payable
3000 Dy, withdraws 10000 10000
3100 Cash 200000 200000
4100 Sales 113960 113960
Sales Returns and
4101 Allowance 1320 1320
4102 Sales Discount 825 825
5100 Cost of Sales 32450 32450
6100 Salaries Expense 7000 7,000 14,000
6200 Utilities expense 7000 7000
6300 Rental Expense 5000 5000
6500 Depreciation Expense 750 750
Subtotal 316960 316960 12750 12750 324710 324710
Net income
Total
 SFP
SCI
Debit Credit Debit Credit
113925
49390
20050
30000
45000

750
3000
7,000

200000
113960

1320
825
32450
14000
7000
5000
750
265365 203750 61345 113960
 To be filled up
Paid in cash Purchase Order Check Voucher Bank Check
If Purchase Account Payable Purchase Order Receiving Report
To receive Purchase Order Receiving Report
If Received but
defective Receiving Report
If pay in Cash
Check Voucher Bank Check

R/ in cash Official Receipt Check deposit

If Sales
Delivered Delivery Receipt Sales invoice
Sold/thru the counter Sales invoice
Journal
Cash Disbursement
Purchase Journal
Cash Disbursement

General Journal

Cash Disbursement

Cash Receipt
Sales Journal
Sales Journal
 LEDGER ACCOUNTS

Cash Accounts Payable

Jul-01 200,000 45,000 Jul-01 Jul-08 25000
Jul-16 40,425 30,000 Jul-02
Jul-22 22,000 24,500 Jul-08 25,000
7,000 Jul-15
25,000 Jul-19
7,000 Jul-25
10,000 Jul-31
262,425 148,500 Sales
₱ 113,925.00

Office Equipment Dy, Capital

Jul-01 45,000

Prepaid Expenses Dy Withdrawal

Jul-02 30,000 Jul-31 10,000

Inventory
Jul-04 24,500 18750 Jul-07
Jul-19 25,000 2,500 Jul-18 Utility Expense
Jul-23 3,000 10,000 Jul-22 Jul-25 7000
Jul-26 600 1,800 Jul-24
53,100 33050
20,050

Accounts Receivable
Jul-18 5,500 1,320 Jul-26
Jul-24 3,960 Salary Expense
Jul-07 41,250 Jul-15 7,000
50,710 1,320
49,390
Accumulated Depreciation - Office Equipment
750 Sales Return and Allowances
Jul-26 1,320

Cost of Sales Sales Discount

Jul-07 18750 600 Jul-26 Jul-16 825
Jul-18 2500
Jul-22 10000
Jul-24 1,800
33050 600 Rental Expense
32450 5000

Depreciation Expense
750
Accounts Payable
25,000 Jul-04
3,000 Jul-23
28,000
3,000

Sales
41,250 Jul-07
41,250 Jul-16
5,500 Jul-18
22,000 Jul-22
3,960 Jul-24
113,960

Dy, Capital
200,000 Jul-01

Dy Withdrawal

Utility Expense

Salary Expense
 Sales Return and Allowances

Sales Discount

ental Expense

eciation Expense
Account Title and Explanation Debit Credit
Cash ₱ 113,925.00
Accounts Receivable ₱ 49,390.00
Office equipment ₱ 45,000.00
Prepaid Expenses ₱ 30,000.00
Inventory ₱ 20,050.00
Accounts Payable ₱ 3,000.00
Dy, Capital ₱ 200,000.00
Dy, Withdrawal ₱ 10,000.00
Sales ₱ 113,960.00
Cost of Sales ₱ 32,450.00
Sales Return and Allowances ₱ 1,320.00
Sales Discount ₱ 825.00
Utility Expense ₱ 7,000.00
Salary Expense ₱ 7,000.00
Depreciation Expense ₱ 750.00
Accumulated Depreciation ₱ 750.00
Rental Expense ₱ 5,000.00
₱ 322,710.00 ₱ 317,710.00
 Ang Tindahan Company
Statements of Financial Position
As of July 31, 2016
Cash 113925
Accounts Receivable 49390
Inventory 20050
Prepaid Expenses 25,000
Total Current Assets 208365

Office Equipment 45000

Accumulated Depreciation - Office Equipment 750
Total Non-Current Assets 44250

Total Assets 252615

Accounts Payable 3,000
Salaries Payable 7,000
Total Liabilities 10,000
Dy,Capital 200000
Total Liabilities and Equity 210,000

T-Accounts of
1-Jul
1-Jul
2-Jul
8-Jul
15-Jul
16-Jul
19-Jul
22-Jul
25-Jul
31-Jul
 Ang Tindahan Company
Statement of Comprehensive Income
For the month-ended July 31, 2016
Sales 113,960
Less Sales Return and Allowances 1320
Sales Discount 825 2145
Net Sales 111,815
Less: Cost of Sales 32,450
Gross Profit 79,365

Less: Operating Expenses

Salaries Expenses 14,000
Utilities Expenses 7000
Rental Expenses 5000
Depreciation Expenses 750
Total Operating Expenses 26,750
Net Income 52,615

T-Accounts of Cash
Debit Credit
200000
45,000
30,000
24,500
7,000
40,425
25,000
22,000
7,400
10,000
262425 148,900
113,525
 Ang Tindahan Company
Statement of Changes in Equity
For the month-ended July 31, 2016
Dy, Capital, July 1, 2016 200,000
Add: Additional Contribution
Net income 52,615 252615
Less Withdrawals 10,000
Dy, Capital, July 31, 2016 242,615

Ang Tindahan Company

Statement of Cash Flow
For the month-ended July 31, 2016
Operating Activities
Cash Received from Costumer 62,425
Cash Paid to Suppliers 49500
Cash Paid to employees 7000
Cash paid for utilities 7000
Cash Paid for rent 30000
Net cash used in operating activities -31,075
Investing Activities
Purchase of office equipment 45000
Net cash used in investing activies 45000
Financing Activities
Owner's Contribution 200,000
Owner's Withdrawal 10,000
Net cash flow from financing activities 190,000
Net change in cash 113,925
Cash, July 1, 2016
Cash, July 31, 2016 113,925
6