Journal Page____1___

Date Description Post Ref. Debit

Jul-01 Rent Expense 531 ₱ 4,000
Cash 110
Payment of rent

3 Merchandise Inventory 115 25,000

Accounts Payable 210
Purchased merchandise on account

4 Merchandise Inventory 115 1,000

Cash 110
Payment of freight

6 Accounts Receivable 112 40,000

Sales 410
Sold merchandise on account

Cost of Merchandise Sold 510 24,000

Merchandise Inventory 115
Cost of the sold merchandise

7 Cash 110 18,000

Accounts Receivable 112
Received payment from Flatt Co.

10 Cash 110 90,000

Sales 410
Sold merchandise on cash

Cost of Merchandise Sold 510 ₱ 50,000

Merchandise Inventory 115
Cost of merchandise sold

Journal Page___2____

Date Description Post Ref. Debit

Jul-13 Accounts Payable 210 ₱ 25,000
Merchandise Inventory 115
Cash 110
Payment on purchased merchandise
 14 Sales Returns and Allowances 411 7,000
Accounts Receivable 112
Returned merchandise on sale

Merchandise Inventory 115 4,500

Cost of Merchandise Sold 510
Cost of merchandise sold returned

15 Advertising Expense 521 9,000

Cash 110
Payment of advertising expense

16 Cash 110 32,340

Sales Discounts 412 660
Accounts Receivable 112
Received cash on sale

19 Merchandise Inventory 115 22,000

Cash 110
Purchased merchandise

Accounts Payable 210 23,100

Cash 110
Payment on account

20 Accounts Receivable 112 ₱ 40,000

Sales 410
Sold merchandise on account

Journal Page___3____

Date Description Post Ref. Debit

Jul-20 Cost of Merchandise Sold 510 ₱ 25,000
Merchandise Inventory 115
Cost of sold merchandise

21 Accounts Receivable 112 1,100

Cash 110
Payment of freight on behalf of buyer

Cash 110 17,600

Accounts Receivable 112
Received cash on account
 Merchandise Inventory 115 32,000
Accounts Payable 210
Purchased merchandise on account

24 Accounts Payable 210 5,000

Merchandise Inventory 115
Returned damaged merchandise
purchased

26 Sales Return and Allowances 411 12,000

Cash 110
Refunded cash on sales

Merchandise Inventory 115 7,200

Cost of Merchandise Inventory 510
Cost of returned merchandise sold

28 Sales Salaries Expense 520 22,800

Office Salaries Expense 530 15,200
Cash 110
Payment of Salaries

29 Store Supplies 117 2,400

Cash 110
Purchased supplies

30 Accounts Receivable 112 18,750

Sales 410
Sold merchandise on account

Cost of Merchandise Sold 510 11,250

Merchandise Inventory 115
Cost of sold merchandise

Cash 110 40,700

Sales Discount 412 400
Accounts Receivable 112
Received payment from sale

31 Accounts Payable 210 ₱ 27,000

Merchandise Inventory 115
Cash
Paid for purchase
Credit

₱ 4,000

25,000

1,000

40,000

24,000

18,000

90,000

₱ 50,000

Credit

₱ 500
24,500
 7,000

4,500

9,000

33,000

22,000

23,100

₱ 40,000

Credit

₱ 25,000

1,100

17,600
 32,000

5,000

12,000

7,200

38,000

2,400

18,750

11,250

41,100

₱ 270
26,730
GENERAL LEDGER

Cash Account # 110

Post
Date Items Ref. Debit. Credit.
Jul-01 Beginning Balance 110
Payment of rent 110 ₱ 4,000
4 Payment of freight 110 1,000
7 Payment of freight 110 18,000
10 Received payment 110 90,000
Sold merchandise on cash 110
13 Payment on purchased merchandise 110 24,500
15 Payment of advertising expense 110 9,000
16 Received cash on sale 110 32,340
19 Purchased merchandise 110 22,000
Payment on account 110 23,100
21 Payment of freight on behalf of buyer 110 1,100
Received cash on account 110 17,600
26 Refunded cash on sales 110 12,000
28 Payment of Salaries 110 38,000
29 Purchased supplies 110 2,400
30 Received payment from sale 110 40,700
31 Paid for purchase 110 26,730

Accounts Receivable Account # 112

Post
Date Items Ref. Debit. Credit.
Jul-01 Beginning Balance 112
6 Sold merchandise on account 112 40,000
7 Received payment from Flatt Co. 112 18,000
14 Returned merchandise on sale 112 7,000
16 Received cash on sale 112 33,000
20 Sold merchandise on account 112 40,000
21 Payment of freight on behalf of buyer 112 1,100
Received cash on account 112 17,600
30 Sold merchandise on account 112 18,750
Received payment from sale 112 41,100
Merchandise Inventory Account # 115
Post
Date Items Ref. Debit. Credit.
Jul-01 Beginning Balance 115
3 Purchased merchandise on account 115 25,000
4 Payment of freight 115 1,000
6 Cost of the sold merchandise 115 24,000
10 Cost of merchandise sold 115 50,000
13 Payment on purchased merchandise 115 500
14 Cost of merchandise sold returned 115 4,500
19 Purchased merchandise 115 22,000
20 Cost of sold merchandise 115 25,000
21 Purchased merchandise on account 115 32,000
25 Returned damaged merchandise purchased 115 5,000
26 Cost of returned merchandise sold 115 7,200
30 Cost of sold merchandise 115 11,250
31 Paid for purchase 115 270

Prepaid Insurance Account # 116

Post
Date Items Ref. Debit. Credit.
Jul-01 Beginning Balance 116

Store Supplies Account # 117

Post
Date Items Ref. Debit. Credit.
Jul-01 Beginning Balance 117
29 Purchased supplies 117 2,400
Store Equipment Account # 123
Post
Date Items Ref. Debit. Credit.
Jul-01 Beginning Balance 123

Accumulated Depreciation-Store Depreciation Account # 124

Post
Date Items Ref. Debit. Credit.
Jul-01 Beginning Balance 124

Accounts Payable Account # 210

Post
Date Items Ref. Debit. Credit.
Jul-01 Beginning Balance 210
3 Purchased merchandise on account 210 25,000
13 Payment on purchased merchandise 210 25,000
19 Payment on account 210 23,100
21 Purchased merchandise on account 210 32,000
24 Returned damaged merchandise purchased 210 5,000
31 Paid for purchase 210 27,000

Salaries Payable Account # 211

Post
Date Items Ref. Debit. Credit.
Capital Stock Account # 310
Post
Date Items Ref. Debit. Credit.
Jul-01 Beginning Balance 310

Retained Earnings Account # 311

Post
Date Items Ref. Debit. Credit.
Jul-01 Beginning Balance 311

Dividends Account # 312

Post
Date Items Ref. Debit. Credit.
Jul-01 Beginning Balance 312

Income Summary Account # 313

Post
Date Items Ref. Debit. Credit.
Sales Account # 410
Post
Date Items Ref. Debit. Credit.
Jul-01 Beginning Balance 410
6 Sold merchandise on account 410 40,000
10 Sold merchandise on cash 410 90,000
20 Sold merchandise on account 410 40,000
30 Sold merchandise on account 410 18,750

Sales Returns and Allowances Account # 411

Post
Date Items Ref. Debit. Credit.
Jul-01 Beginning Balance 411
14 Returned merchandise on sale 411 7,000
26 Refunded cash on sales 411 12,000

Sales Discount Account # 412

Post
Date Items Ref. Debit. Credit.
Jul-01 Beginning Balance 412
16 Received cash on sale 412 660
30 Received payment from sale 412 400

Cost of Merchandise Sold Account # 510

Post
Date Items Ref. Debit. Credit.
Jul-01 Beginning Balance 510
6 Cost of the sold merchandise 510 24,000
 10 Cost of merchandise sold 510 50,000
14 Cost of merchandise sold returned 510 4,500
20 Cost of merchandise sold 510 25,000
26 Cost of merchandise sold 510 7,200
30 Cost of sold merchandise 510 11,250

Sales Salaries Expense Account # 520

Post
Date Items Ref. Debit. Credit.
July 1 Beginning Balance 520
28 Payment of Salaries 520 22,800

Advertising Expense Account # 521

Post
Date Items Ref. Debit. Credit.
Jul-01 Beginning Balance 521
15 Payment of advertising expense 521 9,000

Depreciation Expense Account # 522

Post
Date Items Ref. Debit. Credit.

Store Supplies Expense Account # 523

Post
Date Items Ref. Debit. Credit.
Miscellaneous Selling Expense Account # 529
Post
Date Items Ref. Debit. Credit.
Jul-01 Beginning Balance 529

Office Salaries Expense Account # 530

Post
Date Items Ref. Debit. Credit.
Jul-01 Beginning Balance 530
28 Payment of Salaries 530 15,200

Rent Expense Account # 531

Post
Date Items Ref. Debit. Credit.
Jul-01 Beginning Balance 531
Payment of rent 531 4,000

Insurance Expense Account # 532

 Post
Date Items Ref. Debit. Credit.

Miscellaneous Administrative Expense Account # 539

Post
Date Items Ref. Debit. Credit.
Jul-01 Beginning Balance 539
BALANCE
Debit Credit
₱ 63,600
59,600
58,600
41,600
131,600
131,600
107,100
98,100
130,440
108,440
85,340
84,240
101,840
89,840
51,840
49,440
90,140
63,410

BALANCE
Debit Credit
153,900
193,900
175,900
168,900
135,900
175,900
177,000
159,400
178,150
137,050
BALANCE
Debit Credit
602,400
627,400
628,400
604,400
554,400
553,900
558,400
580,400
555,400
587,400
582,400
589,600
578,350
578,080

BALANCE
Debit Credit
16,800

BALANCE
Debit Credit
11,400
13,800
BALANCE
Debit Credit
469,500

BALANCE
Debit Credit
56,700

BALANCE
Debit Credit
96,600
121,600
96,600
73,500
105,500
100,500
73,500

BALANCE
Debit Credit
BALANCE
Debit Credit
75,000

BALANCE
Debit Credit
480,300

BALANCE
Debit Credit
135,000

BALANCE
Debit Credit
BALANCE
Debit Credit
3,221,100
3,261,100
3,351,100
3,391,000
3,409,850

BALANCE
Debit Credit
92,700
99,700
111,700

BALANCE
Debit Credit
59,400
60,060
60,460

BALANCE
Debit Credit
1,623,000
1,647,000
 1,697,000
1,692,500
1,717,500
1,724,700
1,735,950

BALANCE
Debit Credit
334,800
357,600

BALANCE
Debit Credit
81,000
90,000

BALANCE
Debit Credit

BALANCE
Debit Credit
BALANCE
Debit Credit
12,600

BALANCE
Debit Credit
182,100
197,200

BALANCE
Debit Credit
83,700
87,700
BALANCE
Debit Credit

BALANCE
Debit Credit
7,800
Cash 63,410
Accounts Receivable 137,050
Merchandise Inventory 578,080
Prepaid Insurance 16,800
Store Supplies 13,800
Store Equipment 469,500
Accumulated Depreciation—Store
Equipment
Accounts Payable
Salaries Payable
Capital Stock
Retained Earnings, August 1, 2011
Dividends 135,000
Income Summary
Sales
Sales Returns and Allowances 111,700
Sales Discounts 60,460
Cost of Merchandise Sold 1,735,950
Sales Salaries Expense 357,600
Advertising Expense 90,000
Depreciation Expense
Store Selling Expense
Miscellaneous Selling Expense 12,600
Office Salaries Expense 197,200
Rent Expense 87,700
Insurance Expense
Miscellaneous Administrative Expense 7,800
4,074,650
 56,700
73,500
-
75,000
480,300

-
3,409,850

4,095,350