SALES JOURNAL

PAGE 01
OUTPUT ACCOUNTS
SALES (
DATE PARTICULARS REF VAT ( RECEIVABLE (
CREDIT ) CREDIT ) DEBIT )

May 8 Merchandise - Rustan 1/10 10,000 1,000 11,000

16 Merchandise - Robinson 8,000 800 8,800
18,000 1,800 19,800
(401) (702) (103)
 PURCHASES JOURNAL
PAGE 01
ACCOUNTS
PURCHASE INPUT VAT (
DATE PARTICULARS REF S ( DEBIT ) DEBIT )
PAYABLE (
CREDIT )

May 3 Mechandise - Subic 2/10 12,000 1,200 13,200

14 Merchandise - Evergreen 1/10 25,000 2,500 27,500
37,000 3,700 40,700
(501) (701) (201)
 GENERAL JOURNAL
PAGE 01

DATE PARTICULARS REF DEBIT CREDIT

MAY 1 Cash on Hand 101 50,000

Cash In Bank 102 200,000
Merchandise Inventory 104 50,000
Concepcion, Capital 301 300,000
To Record initial investment of the owner
#
5 Store Supplies 105 1,550
Input VAT 701 155
Accounts Payable - Goodwill 1/10 201 1,705
To record supplies on account
#
25 Cash In Bank 102 100,000
Notes Payable 202 100,000
To record Loan
#
30 Concepcion, Drawings 302 5,000
Cash In Bank 102 5,000
To record owner drawings
#
31 Office Salaries Expense 614 6,000
Store Salaries Expense 615 6,000
Cash In Bank 102 10,620
Witholding Tax Payable 204 600
SSS Premium Payable 205 360
Pag ibig Premium Payable 206 180
Philhealth Premium Payable 207 240
To record payment of salaries
#
31 Output Tax 702 7,300
Input Tax 701 4,435
VAT Payable 203 2,865
To remit VAT to BIR
#
VAT Payable 203 2,865
Cash on Hand 101 2,865
To record payment for VAT
#
 GENERAL JOURNAL
PAGE 02

DATE PARTICULARS REF DEBIT CREDIT

May 31 Store Supplies Expense 619 1,100

Store Supplies 105 1,100
To record adjustments in supplies
#
31 Store Rent Expense 606 9,000
Prepaid Rent 106 9,000
To record expired portion of prepaid rent
#
31 Merchandise Inventory,End ✓ 5,000
Merchandise Inventory, Beg. 104 5,000
To adjust beginning inventory
#
 CASH RECEIPTS JOURNAL
PAGE 01
CASH IN ACCOUNTS
CASH ON OUTPUT VAT (
DATE PARTICULARS REF BANK ( DEBIT RECEIVABLE ( SALES ( CREDIT ) SUNDRY
HAND ( DEBIT ) CREDIT )
) CREDIT )

May 15 Cash Sales 33,000 30,000 3,000

18 Received Payment - Rustan 402 10,890 11,000 Sales Discount 110
29 Cash Sales 27,500 25,000 2,500
71,390 11,000 55,000 5,500 110
(102) (103) (401) (702)
 CASH DISBURSEMENT JOURNAL
PAGE 01
CHECK CASH ON CASH IN PURCHASES ACCOUNTS SUNDRY
CHEC INPUT VAT (
DATE VOUCHE PARTICULARS REF HAND ( CREDIT BANK ( DISCOUNT ( PAYABLE ( DEBIT
R K NO. ) DEBIT ) ACCOUNT DEBIT CREDIT
CREDIT ) CREDIT ) )

May 2 101 201 Rental Payment for two months - Robinsons 606 18000 Store Rent Expense 18,000
BIR 620 1,200 Taxes and Licences 1,200
12 Paid Merchandise - Subic 12,936 264 13,200
15 Paid Supplies - Goodwill 1,687.95 17.05 1,705
20 Freight Forwarders 502 6,380 580 Freight In 5,800
28 Paid Merchandise - Evergreen 27,500 27,500
2,888 64,816 281 42,405 580 25,000
(101) (102) (503) (201) (701)
 CASH ON HAND 101
POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 1 GJ1 50,000.00 50,000.00
2 CD1 1,200.00 48,800.00
15 CD1 1,687.95 47,112.05
31 GJ1 2,865.00 44,247.05

CASH IN BANK 102

POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 1 GJ1 200,000.00 200,000.00
2 CD1 18,000.00 182,000.00
12 CD1 12,936.00 169,064.00
15 CR1 33,000.00 202,064.00
18 CR1 10,890.00 212,954.00
20 CD1 6,380.00 206,574.00
25 GJ1 100,000.00 306,574.00
28 P1 27,500.00 279,074.00
29 CR1 27,500.00 306,574.00
30 GJ1 5,000.00 301,574.00
31 GJ1 10,620.00 290,954.00

ACCOUNTS RECEIVABLE 103

POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 8 SJ1 11,000.00 11,000.00
16 SJ1 8,800.00 19,800.00
18 CR1 11,000.00 8,800.00

MERCHANDISE INVENTORY 104

POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 1 GJ1 50,000.00 50,000.00

STORE SUPPLIES 105

POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 5 GJ1 1,550.00 1,550.00

PREPAID RENT 106

 POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 2 CD1 18,000.00 18,000.00

ACCOUNTS PAYABLE 106

POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 3 P1 13,200.00 13,200.00
5 GJ1 1,705.00 14,905.00
12 CD1 13,200.00 1,705.00
14 P1 27,500.00 29,205.00
15 CD1 1,705.00 27,500.00
28 CD1 27,500.00 0.00

NOTES PAYABLE 202

POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 25 GJ1 100,000.00 100,000.00

VAT PAYABLE 203

POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 31 GJ1 2,865.00 2,865.00
31 2865 0.00

WITHOLDING TAX PAYABLE 205

POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 31 GJ1 600.00 600.00

PAGIBIG PREMIUM PAYABLE 206

POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 31 GJ1 180.00 180.00

PHILHEALTH PREMIUM PAYABLE 207

POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 31 GJ1 240.00 240.00

CONCEPCION, CAPITAL 301

POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 1 GJ1 300,000.00 300,000.00
 CONCEPCION DRAWINGS 302
POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 30 GJ1 5,000.00 5,000.00

SALES 401
POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 8 SJ1 10,000.00 10,000.00
15 CR1 30,000.00 40,000.00
16 SJ1 8,000.00 48,000.00
29 CR1 25,000.00 73,000.00

SALES DISCOUNT 402

POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 8 CR1 110.00 110.00

PURCHASES 501
POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 3 P1 12,000.00 12,000.00
14 P1 25,000.00 37,000.00

FREIGHT IN 502
POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 20 CD1 5,800.00 5,800.00

PURCHASE DISCOUNT 503

POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 12 CD1 264.00 264.00
15 CD1 17.05 281.05

OFFICE SALARIES EXPENSE 614

POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 31 GJ1 6,000.00 6,000.00

STORE SALARIES EXPENSE 615

POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 31 GJ1 6,000.00 6,000.00
 TAXES AND LICENSES 620
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
May 2 CD1 1,200.00 1,200.00

INPUT TAX 701

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
May 3 P1 1,200.00 1,200.00
5 GJ1 155.00 1,355.00
14 P1 2,500.00 3,855.00
20 CD1 580.00 4,435.00
31 GJ1 4,435.00 0.00

OUTPUT TAX 702

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
May 8 SJ1 1,000.00 1,000.00
15 CR1 3,000.00 4,000.00
16 SJ1 800.00 4,800.00
29 CR1 2,500.00 7,300.00
31 GJ1 7,300.00 0.00

ADJUSTMENTS

STORE SUPPLIES EXPENSE 619

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
May 31 GJ2 1,100.00 1,100.00

STORE SUPPLIES 105

POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 5 GJ1 1,550.00 1,550.00
May 31 GJ2 1,100.00 450.00

STORE RENT EXPENSE 606

POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
May 31 GJ2 9,000.00 9,000.00

PREPAID RENT 106

POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 2 CD1 18,000.00 18,000.00
May 31 GJ2 9,000.00 9,000.00

MERCHANDISE INVENTORY 104

POST BALANCE
DATE ITEM DEBIT CREDIT
REF DEBIT CREDIT
May 1 Beginning GJ1 50,000.00 50,000.00
May 31 End GJ2 5,000.00 45,000.00
 KC TOYLAND
WORKSHEET
Fot the month ended May 31, 20xx
UNADJUSTED TRIAL
ADJUSTING ENTRIES ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET
ACCOUNT NAME BALANCE
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
101 Cash on Hand 44,247.05 44,247.05 44247.05
102 Cash in Bank 290,954 290,954 290954
103 Accounts Receivable 8,800 8,800 8800
104 Merchandise Inventory 50,000 (c) 5,000 45,000 45000
105 Store Supplies 1,550 (a) 1,100 450 450
106 Prepaid Rent 18,000 (b) 9,000 9,000 9000
201 Accounts Payable 0 0 0
202 Notes Payable 100,000 100,000 100,000
203 VAT Payable 0 0
204 Withholding Tax Payable 600 600 600
205 SS Premiums Payable 360 360 360
206 Pagibig Premiums Payable 240 240 180
207 Philhealth Premiums Payable 180 180 240
301 Concepcion, Capital 300,000 300,000 300000
302 Concepsion, Drawings 5,000 5,000 5000
401 Sales 73,000 73,000 73000
402 Sales Discount 110 110 110
501 Purchases 37,000 37,000 37,000
502 Freight In 5800 5,800 5800
503 Purchase Discount 281.05 281.05 281.05
606 Store Rent Expense (b) 9,000 9,000 9000
614 Office Salaries Expense 6,000 6,000 6000
615 Store Salaries Expense 6,000 6,000 6000
619 Store Supplies Expense (a) 1,100 1,100 1100
620 Taxes & Licenses 1,200 1,200 1200
701 Input Tax
702 Output Tax
Merchandise Inventory - End (c) 5,000 5,000 5000
TOTAL 474,661.05 474,661.05 15,100 15,100 474,661.05 474,661.05 71,210 73,281.05 403,451.05 401,380
Profit or (Loss) 2,071.05 2,071.05
TOTAL 73,281.05 73,281.05 403,451.05 403,451.05
 KC TOYLAND
Income Statement
For The Month Ended May 31, 20xx

Revenue
Sales 73,000
Less : Sales Discount 110
Net Sales 72,890

Cost of Goods Sold

Merchandise Inventory - Beginning 50,000
Add : Purchases 37,000
Freight In 5,800 42,800
92,800
Less : Purchase Discount 281.05
92,518.95
Less : Merchandise Inventory - End 45,000
Cost of Goods Sold 47,518.95
Gross Profit 25,371

Expenses
Store Rent Expense 9,000
Office Salaries Expense 6,000
Store Salaries Expense 6,000
Store Supplies Expense 1,100
Taxes and Licences 1200 23,300
Net Income 2,071