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In October 1, 2020 Tolentino Trading Corporation located in San Pablo City, Laguna was established as a
corporation engaged in buying and selling of merchandise under the business name Tolentino Trading.

The corporation prepares a monthly financial statement; hence, adjusting and closing entries are made
at the end of each month.

The Chart of Accounts Tolentino Trading Corporation is as follows:

110 Cash 320 Retained Earnings

120 Accounts Receivable 330 Income Summary
130 Merchandise Inventory 410 Sales
 140 Input VAT 420 Sales Returns and Allowances
150 Store Equipment 430 Sales Discount
155 Accumulated Depreciation – Store 510 Purchases
Equipment 520 Purchase Returns and Allowances
160 Office Equipment 530 Purchase Discount
165 Accumulated Depreciation – Office 610 Salaries Expense
Equipment 620 SSS, PhilHealth and Pagibig Contribu
210 Accounts Payable 630 Rent Expense
220 Withholding Tax Payable 640 Utilities Expense
230 Expanded Withholding Tax Payable 650 Supplies Expense
240 SSS, PhilHealth and Pagibig 660 Transportation Expenses
Contributions Payable 670 Depreciation Expense – Store
250 Utilities Payable Equipment
260 Output VAT 680 Depreciation Expense – Office
270 Cash Dividends Payable Equipment
310 Ordinary Share Capital P100 par 590 Miscellaneous Expense

Presented below is the Post Closing Trial Balance of Tolentino Trading for the month ended April 30,
2021.

Cash P324,020
Accounts Receivable 27,000
Merchandise Inventory 65,000
Input Vat 15,000
Store Equipment 120,000
Accumulated Depreciation – Store Equipment P 5,000
Office Equipment 60,000
Accumulated Depreciation – Office Equipment 2,500
Accounts Payable 12,000
Withholding Taxes Payable 1,100
Expanded Withholding Tax Payable 800
SSS, PhilHealth and Pag-ibig Payable 3,900
Utilities Payable 5,720
Ordinary Share Capital P100 par 400,000
Retained Earnings 180,000
 Required:
1. Transfer the post-closing trial balance amounts to its corresponding account in general ledger as beginning
balance.
2. Journalize and post the transactions for the month of May.
3. Prepare a Trial Balance directly at a worksheet. Complete the worksheet.
4. Prepare the financial statements {Statement of Performance, Statement of Financial Position and Cash Flows).
5. Journalize and post the adjusting entry.
6. Journalize and post the closing entry.
7. Prepare the post-closing trial balance for the month of May.

Additional Information:
a. Depreciation expense of long-lived assets is 10% of the asset cost per annum.
b. Purchase of supplies is directly recorded as Supplies Expense.
c. Merchandise Inventory at May 31 is P 68,736.

No. : 1002
Tolentino Trading
San Pablo City, Laguna 536-5144
Date: 6/12/2021
Dividend Voucher

Dividends Payable 80,000.00

{from the month of May)

Total Amount 80,000.00

Sales Journal
Invoice Accounts
No. PR Output VAT Receivable
Date 2020 Accounts Debited Sales Credit
Credit Debit

Total
 { ) { ) { )

Purchases Journal

Invoice Accounts
No. PR Purchases Input Vat Payable
Date 2020 Accounts Debited
Debit Debit Credit

Total
{ ) { ) { )

Cash Receipt Journal

Invoice Account
Date OR NO No. Accounts Debited PR Receivable Credit
2020

Total
{ )

Cash Disbursement Journal

Check Check Sundry Salaries
Voucher No. Debit Expense
Date No. {Credit) Purchases Debit
2020 Debit
Accounts Debited PR
 Total
{ ) {
Date Account Title and Explanation PR Debit Credit
 Date Account Title and Explanation PR Debit Credit

110 Cash
Date Description PR Debit Credit Balance
120 Accounts Receivable

Date Description PR Debit Credit Balance

130 Merchandise Inventory

Date Description PR Debit Credit Balance

140 Input VAT

Date Description PR Debit Credit Balance

150 Store Equipment

Date Description PR Debit Credit Balance

155 Accumulated Depreciation - Store Equipment

Date Description PR Debit Credit Balance

160 Office Equipment

Date Description PR Debit Credit Balance
165 Accumulated Depreciation - Office Equipment

Date Description PR Debit Credit Balance

210 Accounts Payable

Date Description PR Debit Credit Balance

220 Withholding Tax Payable

Date Description PR Debit Credit Balance

230 Expanded Witholding Tax Payable

Date Description PR Debit Credit Balance

250 Utilities Payable

Date Description PR Debit Credit Balance

240 SSS, PH and Pagibig Contribution Payable

Date Description PR Debit Credit Balance

260 Output VAT

Date Description PR Debit Credit Balance
270 Cash Dividends Payable

Date Description PR Debit Credit Balance

310 Ordinary Share Capital P100 par

Date Description PR Debit Credit Balance

320 Retained Earnings

Date Description PR Debit Credit Balance

330 Income Summary

Date Description PR Debit Credit Balance

410 Sales

Date Description PR Debit Credit Balance

420 Sales Returns and Allowances

Date Description PR Debit Credit Balance

430 Sales Discount
Date Description PR Debit Credit Balance

520 Purchase Returns and Allowance

Date Description PR Debit Credit Balance

510 Purchases

Date Description PR Debit Credit Balance

530 Purchase Discount

Date Description PR Debit Credit Balance

610 Salaries Expense

Date Description PR Debit Credit Balance

620 SSS, PH and Pagibig Contribution

Date Description PR Debit Credit Balance

630 Rent Expense

Date Description PR Debit Credit Balance

 640 Utilities Expense
Date Description PR Debit Credit Balance

650 Supplies Expense

Date Description PR Debit Credit Balance

660 Transportation Expense

Date Description PR Debit Credit Balance

670 Depreciation Expense - Store Equipment

Date Description PR Debit Credit Balance

680 Depreciation Expense - Office Equipment

Date Description PR Debit Credit Balance

690 Miscellaneous Expense

Date Description PR Debit Credit Balance

Accounts Receivable Subsidiary Ledger - J. Corpuz

Date Description PR Debit Credit Balance

Apr. 27 Sales 27,000.00 27,000.00
Accounts Receivable Subsidiary Ledger - E. Hernandez

Date Description PR Debit Credit Balance

Accounts Receivable Subsidiary Ledger - H. Barias

Date Description PR Debit Credit Balance

Accounts Receivable Subsidiary Ledger - W. Corcega

Date Description PR Debit Credit Balance

Accounts Receivable Subsidiary Ledger - I. Tapalla

Date Description PR Debit Credit Balance

Accounts Receivable Subsidiary Ledger - F. Pagcu

Date Description PR Debit Credit Balance

Accounts Payable Subsidiary Ledger - Tan General Merchandise

Date Description PR Debit Credit Balance

Apr. 24 Purchases PJ-1 ₱ 14,000.00 ₱ 14,000.00
29 Returns GJ-1 2,000.00 12,000.00

Accounts Payable Subsidiary Ledger - Marcelo Trading

Date Description PR Debit Credit Balance
Accounts Payable Subsidiary Ledger - Llagas Mechandising

Date Description PR Debit Credit Balance

Accounts Payable Subsidiary Ledger - Morales Merchant

Date Description PR Debit Credit Balance
 Tolentino Trading Statement of Comprehensive Income
May 31, 2021

Sales P
Sales Returns and Allowances
Sales Discount
Net Sales P
Purchases P
Purchase Returns and Allowances
Purchase Discount
Net Purchase P
Merchandise Inventory – Beg
Merchandise Inventory – End
Cost of Goods Sold
Gross Profit P

Salaries Expense P
SSS, PhilHealth and Pagibig
Contribution
Rent Expense
Utilities Expense
Supplies Expense
Transportation Expense
Depreciation Expense – Store
Equipment
Depreciation Expense – Office
Equipmnet
Miscellaneous Expense
Total Expenses
NET INCOME {LOSS) P

Tolentino Trading Statement of Financial Position

May 31, 2021
ASSETS
Current Assets
Cash P
Accounts Receivable
Merchandise Inventory
Input VAT
Total Current Asset P
Store Equipment P
less: Accumulated Depreciation P Office Equipment
less: Accumulated Depreciation
Total Non-current Asset
TOTAL CURRENT AND NON-CURRENT ASSET P

LIABILITIES
Current Liabilities
Accounts Payable P
Withholding Tax Payable
SSS, PH and Pagibig Contribution Pay.
Utilities Payable
Output VAT
Cash Dividends Payable
Total Current Liabilities P

STOCKHOLDERS’ EQUITY
Ordinary Share Capital P100 par P
Retained Earnings
Total Stockholders’ Equity
TOTAL LIABILITIES AND STOCHOLDERS’ EQUITY P

Tolentino Trading Statement of Cash Flows

for the month ended May 31, 2021
CASH-IN ACTIVITIES:
Total Cash-In Activities
CASH-OUT ACTIVITIES:

Total Cash-Out Activities

NET INCREASE IN CASH
Add: Cash Balance, 5/1/2020
CASH BALANCE, 5/31/2020

Tolentino Trading Post-Closing Trial Balance

May 31, 2021
No. : 67654
Tan General Merchandise
Mandaluyong City
Sales Invoice
Date: 5/4/2021 Customer: Tolentino Trading
Address: San Pablo City Telephone: 562-
3853
This is to bill you for the following:
Terms: 2/10, n/30
By:
Authorized Signature

No. : 1603
Tolentino Trading
San Pablo City, Laguna
Sales Invoice
Date: 5/1/2021 Customer: E. Hernandez
Address: Tiaong, Quezon Telephone:

This is to bill you for the following:

Terms: 2/10, n/30
By:
Authorized Signature

Particulars Quantit Unit Price Amount

y
Inventories 24,500.00

VATable Amount 24,500.00

VAT 2,940.00
Sales after VAT 21,560.00

Particulars Quantit Amount

y Unit Price

Merchandise 28,000.00
 VATable Amount 28,000.00
VAT 3,360.00
Sales after VAT 24,640.00
No. : 1607
Tolentino Trading
San Pablo City, Laguna
Sales Invoice
Date: 5/23/2021 Customer: F. Pagcu
Address: Calauan, Laguna Telephone:

This is to bill you for the following:

Terms: 2/10, n/30
By:
Authorized Signature

Quantit
Particulars Unit Price Amount
y
Merchandise 24,000.00

VATable Amount 24,000.00

VAT 2,880.00
Sales after VAT 21,120.00
 In Settlement of the following: No:
1522
Particulars: Amount Tolentino Trading
Merchandise 35,000.00 San Pablo City, Laguna 536-5144
TIN: 132232343
Official Receipt
Date: 5 / 8 /2 0 2 1
Total Sales {VAT Inclusive) 35,000.00 Received from: R . O r i b e ll o With TIN and addres

Less: VAT 4,200.00 engaged in the business style of the sum of

T h i rt y f i v e t h o u s a n d
pesos
Total Due 30,800.00 {P 3 5 , 0 0 0 .0 0 ) In partial/full payment for Merchandise

By:
Less: Witholding Tax
Cashier/Authorized Signature
Amount Due

VATable Sales 35,000.00

VAT-Exempt Sales
Zero Rated Sales
VAT Amount
Total Sales 35,000.00
Form of Payment
 Cash  Check
Check No:
Bank:

In Settlement of the following: No:

1523
Particulars: Amount Tolentino Trading
Merchandise 26,000.00 San Pablo City, Laguna 536-5144
TIN: 132232343
Less: Discount {520.00) Official Receipt
{Invoice #1604 - 5/6/2021) Date: 5 / 1 5 /2 0 2 1
Received from: H . B a r ia s With TIN and address
Total Sales {VAT Inclusive) 25,480.00
engaged in the business style of the sum of
Less: VAT T w e n t y f iv e t h o u s a n d f o u r h u n d r e d e ig h t y
pesos
25,480.00 {P ) In partial/full payment for
2 5 , 4 8 0 .0 0 Merchandise Less: Discount
Total Due By:
Less: Witholding Tax Cashier/Authorized Signature
Amount Due

VATable Sales 25,480.00

VAT-Exempt Sales
Zero Rated Sales
VAT Amount
Total Sales 25,480.00
Form of Payment
 Cash  Check
Check No:
Bank:
Tolentino Trading No.: 2119
5/10/2021
San Pablo City, Laguna 536-5144
Date:
Check Voucher
Paid to: R. Oribello

PARTICULARS Amount
Defective Goods 2,640.00
VAT 360.00

Amount Paid 3,000.00

Check No. 10024
Approved for Payment:
Received Payment:
 In Settlement of the following: No: 457421
Particulars: Amount Bureau of Internal Revenue
Withholding Tax 1,100.00 San Pablo City
Official Receipt
Exp. Withholding Tax 800.00 Date: 5 /1 4 / 2 0 2 1
Received from: T o le n ti n o T r a d i n g With TIN and address at
S a n P a b l o C it y
Total Sales {VAT Inclusive) 1,900.00 engaged in the business style of the sum of
One thousand nine hundred pesos
Less: VAT {P 1 , 9 0 0 .0 0 ) In partial/full payment for Withholding Tax Exp.
Total Due 1,900.00 Withholding Tax
By:
Less: Witholding Tax Cashier/Authorized Signature
Amount Due

VATable Sales 1,900.00

VAT-Exempt Sales
Zero Rated Sales
VAT Amount
Total Sales 1,900.00
 Form of Payment
 Cash  Check
Check No: 10027
Bank:
In Settlement of the following: No: 32214
Particulars: Amount Llagas Mechandising
Inventories 10,000.00 Makati City
Official Receipt
Date: 5 /2 4 / 2 0 2 1
Received from: T o le n ti n o T r a d i n g With TIN
S a n P a b l o C it y
and address at

Total Sales {VAT Inclusive) 10,000.00 engaged in the business style of the sum of
1,200.00 pesos
Less: VAT
{P 1 0 , 0 0 0 .0 0 ) In partial/full payment for Inventories

Total Due 8,800.00 By:

Less: Witholding Tax Cashier/Authorized Signature

Amount Due

VATable Sales 10,000.00

VAT-Exempt Sales
Zero Rated Sales
VAT Amount 1,200.00
Total Sales 10,000.00
Form of Payment
 Cash  Check
Check No: 10031
Bank:
In Settlement of the following: No: 1009
Particulars: Amount JA Plaza
Monthly Rentals 18,000.00 San Pablo City
Official Receipt
Date: 5 /2 7 / 2 0 2 1
Received from: T o le n ti n o T r a d i n g With TIN
S a n P a b l o C it y
and address at

Total Sales {VAT Inclusive) 18,000.00 engaged in the business style of the sum of
2,160.00 Eighteen thousand pesos
Less: VAT
{P 1 8 , 0 0 0 .0 0 ) In partial/full payment for Monthly Rentals

Total Due 15,840.00 By:

Less: Witholding Tax Cashier/Authorized Signature

Amount Due

VATable Sales 18,000.00

VAT-Exempt Sales
Zero Rated Sales
VAT Amount 2,160.00
Total Sales 18,000.00
Form of Payment
 Cash  Check
Check No: 10032
Bank:

2131
536-5144
Date: 6/12/2021
Check Voucher
Paid to: SSS, PhilHealth and Pagibig
Amount Paid Check No. 10036
Approved for Payment:
Received Payment:

PARTICULARS Amount
Employees' Share 1,300.00
Employer's Share 2,600.00

3,900.00
No.: 2123
Date: 5/15/2021
Check Voucher
Paid to: Cash
Amount Paid Check No. 10028
Approved for Payment:
Received Payment:

No.: 2127
Date: 5/27/2021
Check Voucher
Paid to: JA Plaza
Amount Paid Check No. 10032
Approved for Payment:
Received Payment:
 PARTICULARS Amount
Gross Pay 26,000.00
SSS, PhilHealth and Pagibig {1,300.00)

24,700.00
PARTICULARS Amount
Monthly Rentals 18,000.00
-

18,000.00
No.: 2128
Date: 5/31/2021
Check Voucher
Paid to: Cash
Amount Paid Check No. 10033
Approved for Payment:
Received Payment:

No.: 2129
Date: 6/7/2021
Check Voucher
Paid to: San Pablo Water District
Amount Paid Check No. 10034
Approved for Payment:
Received Payment:

PARTICULARS Amount
Gross Pay 26,000.00
Withholding Tax {1,300.00)

24,700.00
 PARTICULARS Amount
Water Bill 450.00
{month of May)

450.00
No: 659989
Meralco
San Pablo City
Official Receipt
Date: 6 /9 / 2 0 2 1

Received from: T o le n ti n o T r a d i n g With TIN and address at

S a n P a b l o C it y engaged in the business style of the
sum of
Two thousand one hundred pesos
{P 2 , 1 0 0 .0 0
) In partial/full payment for Electric Bill {month of May)
By:
Cashier/Authorized Signature

In Settlement of the following:

Particulars: Amount
Electric Bill 2,100.00
{month of May)

Total Sales {VAT Inclusive) 2,100.00

Less: VAT
Total Due 2,100.00
Less: Witholding Tax
Amount Due

VATable Sales 2,100.00

VAT-Exempt Sales
Zero Rated Sales
VAT Amount 0.00
Total Sales 2,100.00
Form of Payment
 Cash  Check
Check No: 10035
Bank:
In Settlement of the following: No: 876098
Particulars: Amount SSS Phil ealth and Pagibig
Employees' Share 1,300.00 San Pablo City
Official Receipt
Employer's Share 2,600.00 Date: 6 /1 2 / 2 0 2 1
Received from: T o le n ti n o T r a d i n g With TIN
S a n P a b l o C it y
and address at

Total Sales {VAT Inclusive) 3,900.00 engaged in the business style of the sum of
Three thousand nine hundred pesos
Less: VAT {P 3 , 9 0 0 .0 0 ) In partial/full payment for Employees' Share

Total Due 3,900.00 Employer's Share

By:
Less: Witholding Tax Cashier/Authorized Signature
Amount Due

VATable Sales 3,900.00

VAT-Exempt Sales
Zero Rated Sales
VAT Amount 0.00
Total Sales 3,900.00
Form of Payment
 Cash  Check
Check No: 10036
Bank:
was established as a
Tolentino Trading.

entries are made

arnings
mmary
ns and Allowances
unt

eturns and Allowances

iscount
pense
alth and Pagibig Contribution
se
pense
pense
tion Expenses
on Expense – Store

on Expense – Office

ous Expense

ended April 30,

as beginning

nd Cash Flows).

Accounts
Receivable
Debit
 { )

Accounts
Payable
Credit

{ )

pt Journal

Sales Credit Sales

Debit
Discount Output VAT
Credit Cash Debit

{ ) { ) { ) { )

ment Journal
Salaries SSS, PH, Pag With. Tax Accounts Purchase
Expense Pay Debit Payable Debit Payable Debit Discount
Debit {Credit) {Credit) Credit Cash
Credit
) { ) { ) { ) { ) { )
P

n
P
Trading
Laguna 536-5144

t
R . O r i b e ll o With TIN and address at
San PabloCity
business style of the sum of
rt y f i v e t h o u s a n d
pesos
In partial/full payment for Merchandise

zed Signature

Trading
Laguna 536-5144

t
1

H . B a r ia s With TIN and address at

Calauan,Laguna
business style of the sum of
iv e t h o u s a n d f o u r h u n d r e d e ig h t y
pesos
In partial/full payment for Merchandise Less: Discount

zed Signature