EXAMPLE OF MERCHANDISING(PERPETUAL) PDF
| Title | EXAMPLE OF MERCHANDISING(PERPETUAL) |
|---|---|
| Course | accountancy |
| Institution | Mindanao State University General Santos |
| Pages | 18 |
| File Size | 1.1 MB |
| File Type | |
| Total Downloads | 48 |
| Total Views | 176 |
Summary
CASE PROBLEM 1 : 84% BARRETO DISTRIBUTORS WAS REGISTERED WITH THEDEPARTMENT OF TRADE AND INDUSTRY AS A SINGLE PROPRIETORSHIP BY J. LOPEZ, THEOWNER. THE COMPANY USES THE PERPETUAL INVENTORY SYSTEM. YOU ARE ASKEDTO COMPLETE THE ACCOUNTING CYCLE.The Business, BARRETO, was registered as a single proprie...
Description
CASE PROBLEM 1 : 84% BARRETO DISTRIBUTORS WAS REGISTERED WITH THE DEPARTMENT OF TRADE AND INDUSTRY AS A SINGLE PROPRIETORSHIP BY J. LOPEZ, THE OWNER. THE COMPANY USES THE PERPETUAL INVENTORY SYSTEM. YOU ARE ASKED TO COMPLETE THE ACCOUNTING CYCLE. The Business, BARRETO, was registered as a single proprietorship with the Department of Trade and Industry. Juan Lopez April 1 2 2 3 4 5 6 1 1 1 3 1 4 1 5 1 6 1 7 1 8 2 0 2 3 2 6 2 7 2 8 2 9 3 0 3 0
Invested P 39,000.00 Bought computer equipment for P 10,000.00 cash Bought merchandise on account from LOWTOWN Supply Co. P 15,900.00, terms 2/10, n/30 Bought office supplies on cash basis for P 700.00 Sold merchandise on account P 15,200.00, FOB Destination, terms 2/10,n/30. The cost of the merchandise sold was P 12,200.00. Paid P 200.00 freight on April 4 sale Received credit from LOWTOWN Supply Co for merchandise returned P 300.00 Paid LOWTOWN Collected from April 4 customers. Bought merchandise on cash basis for P 14, 400.00 Salaries paid P 1,500.00 Borrowed money from RCBC BANK, signed a promissory note for P 12,000.00 Received refund from a supplier on cash purchase of April 14, P 500.00 Bought merchandise from MESDA, P 14, 200.00, FOB Shipping point, terms 2/10, n / 30 Paid freight on April 18 purchase, P 700.00 Sold Merchandise for P 16,400.00. The merchandise sold had a cost of P 10,500.00 Bought merchandise for cash P 12,300.00 Paid MESDA on the April 18 purchase, P 9,000.00. No discount allowed on partial payment. J Lopez got cash from the business, P 2,008.00 Made refund to cash customer for defective merchandise, P 900.00 Sold merchandise on account, P 13,700, n/30. Cost of the merchandise sold is P 11,000.00 Paid the following : ADVERTISING P 1,000.00 UTILITIES 400.00 RENT 3,500.00 SALARIES 1,500.00
BARRETO DISTRIBUTORS CHART OF ACCOUNTS
100
USE FOR JOURNALIZATION AND POSTING TO THE LEDGER ASSETS 400 INCOME
101 105 115 120 150 200 201 202 300 301 302
CASH ACCOUNTS RECEIVABLE MERCHANDISE INVENTORY SUPPLIES EQUIPMENT LIABILITIES ACCOUNTS PAYABLE NOTES PAYABLE EQUITY LOPEZ CAPITAL LOPEZ DRAWINGS
401 405 410 500 501 503 506 510 530 540 601
SALES SALES RETURNS & ALLOWANCES SALES DISCOUNTS EXPENSES COST OF GOODS SOLD ADVERTISING EXPENSE FREIGHT OUT RENT EXPENSE SALARIES UTILITIES INCOME SUMMARY
BARRETO CHART OF ACCOUNTS
100
USE FOR FINANCIAL STATEMENTS PREPARATION ASSETS 400 INCOME
101 105 115 120
CASH & CASH EQUIVALENTS RECEIVABLE INVENTORIES PREPAID EXPENSES
150
PROPERTY PLANT & EQUIPMENT
200
LIABILITIES
201 202
ACCOUNTS PAYABLE NOTES PAYABLE
300
EQUITY
301 302
LOPEZ CAPITAL LOPEZ DRAWINGS
401 405 410
NET SALES
500
EXPENSES
501 503
COST OF GOODS SOLD ADVERTISING EXPENSE
506 510 530
FREIGHT OUT RENT EXPENSE SALARIES
540
UTILITIES
GENERAL JOURNAL ( 9 CHECKMARKS ON THIS PAGE) PAGE NUMBER 1 DATE APRIL
DESCRIPTION Cash Lopez Capital
2
3
4
5
6
APRIL
REF 101 301
CURRENT JOURNAL MARK ENTRIES DEBIT CREDIT 39,000.00 39, 000.00
Equipment Cash Bought equipment
150 101
10, 000.00
Merchandise inventory Accounts Payable Lowtown supply company,2/10,n/30
115 201
15, 900.00
Supplies Cash Bought supplies
120 101
700.00
Account Receivable Sales Team power, 2/10/n/30 FOB DEST
105 401
15, 200
Cost of goods sold Merchandise inventory Cost of goods sold to Team power
501 115
12,200.00
Freight out Cash Freight on April 4 Sale
506 101
200.00
Accounts Payable Merchandise Inventory Received credit from Lowtown supply company for merchandised returned
201 115
300.00
201 115
15,600.00
11 Accounts Payable Merchandise Inventory
10, 000.00
15, 900.00
700.00
15,200.00
12,200.00
200.00
300.00
312.00
Cash Payment of Lowtown April 2 trans
101
15, 288.00 109, 100.00
GENERAL JOURNAL ( 9 CHECKMARKS ON THIS PAGE) PAGE NUMBER 2 DATE APRIL
DESCRIPTION 13 CASH SALES DISCOUNTS ACCOUNTS RECEIVABLES COLLECTION IN FULL FROM TEAM POWER 14 Merchandise Inventory Cash Bought merchandise on cash basis
REF 101 410 105
CURRENT JOURNAL MARK ENTRIES DEBIT CREDIT 14, 896.00 304.00 15, 200.00
115 101
14, 400.00
15 Salaries Cash Salaries paid
530 101
1,500.00
16 Cash Notes Payable Promissory note sign with RCBC
101 202
12, 000.00
17 Cash Merchandise Inventory Refund from supplier on April 14
101 115
500.00
18 Merchandise Inventory Accounts Payable MESDA Distributors Company 2/10, n/30; FOB shipping point 2/10, n/30
115 201
14, 200.00
20 Merchandise Inventory Cash Freight on April 18, purchase
115 101
700.00
23 Cash Sales Cash sales
101 401
16, 400.00
501 115
10, 500.00
Cost of Goods Sold Merchandise Cost of Goods Sold
109,100.00
14, 400.00
1.500.00
12, 000.00
500.00
14, 200.00
700.00
16, 400.00
10 ,500.00
TOTAL
GENERAL JOURNAL ( 9 CHECKMARKS ON THIS PAGE) PAGE NUMBER 3 DATE DESCRIPTION April 26 Merchandise inventory Cash Bought merchandise on cash basis
85, 400.00
REF 115 101
85, 400.00
CURRENT JOURNAL ENTRIES DEBIT CREDIT 12, 300.00 12, 300.00
27 Accounts Payable Cash Paid Mesda Distributors 28 Lopez Drawings Cash Withdrawal for personal use
201 101
9, 000.00
302 101
2, 008
29 Sales Returns & allowances Cash Refund to customers for defective goods 30 Accounts Receivable Sales Sales on account on terms of n/30 Cost of Good Sold Merchandise inventory
405 101
900.00
105 401
13,700.00
501 115
11,000.00
30 Advertising Utilities Rent Salaries Cash MONTH END EXPENSES
1000 540 510 530 101
1,000.00 400.00 1, 500.00 1, 500.00
9, 000.00
2,008
900.00
13, 700.00 11,000.00
6, 400.00
55,308.00
55 , 308.00
MARK
PAGE NUMBER GL =1 ACCOUNT
101
CASH BALANCE
DATE APRIL
ITEM
POS T
DEBIT
1
GJ-1
39,000.00
2
GJ-1
10,000.00
29,000.00
3
GJ-1
700.00
28.300.00
5
GJ-1
200.00
28,100.00
1 1 1 3 1 4 1 5 1 6 1 7 2 0 2 3 2 6 2 7 2 8 2 9 3 0
GJ-1
15,288.00
12,812.00
GJ-2
CREDIT
DEBIT 39,000.00
14,896.00
27,708.00
GJ-2
14,400.00
13,308.00
GJ-2
1,500.00
11,808.00
GJ-2
12,000.00
23,808.00
GJ-2
500.00
24,308.00
GJ-2 GJ-2
700.00 16,400.00
23,608.00
40,008.00
GJ-3
12,300.00
27,708.00
GJ-2
9,000.00
18,708.00
GJ-3
2,008.00
16,700.00
GJ-2
900.00
15,800.00
GJ-3
6,400.00
9,400.00
CREDIT
ACCOUNT
105
ITEM
POST
DEBIT
4
GJ-1
15,200.00
13
GJ-2
30
GJ-3
ACCOUNTS RECEIVABLE BALANCE
DATE APRIL
CREDIT
DEBIT
CREDIT
15,200.00 15,200.00
13,700.00
0
13,700.00
PAGE NUMBER GL =1 ACCOUNT
115
MERCHANDISE INVENTORY BALANCE
DATE APRIL
ITEM
POST
DEBIT
CREDIT
15,900.00
DEBIT
2
GJ-1
4
GJ-1
12,200.00
3,700.00
6
GJ-1
300.00
3,400.00
11
GJ-1
312.00
3,088.00
14
GJ-2
17
GJ-2
18
GJ-2
14,200.00
31,188.00
20
GJ-2
700.00
32,888.00
23
GJ-2
26
GJ-3
30
GJ-3
15,900.00
14,400.00
17,488.00 500.00
10,500.00 12,300.00
16,988.00
22,088.00 33,688.00
11,000.00
22,688.00
PAGE NUMBER GL-2 ACCOUNT
115
SUPPLIES BALANCE
CREDIT
DATE
ITEM
APRIL
3
POS T GJ-1
DEBIT
CREDIT
700.00
DEBIT
CREDIT
700.00
PAGE NUMBER GL-2 ACCOUNT
115
EQUIPMENT BALANCE
DATE
ITEM
APRIL
2
POS T GJ-1
DEBIT
CREDIT
10,000.00
DEBIT
CREDIT
10,000.00
PAGE NUMBER GL-2 ACCOUNT
115
ACCOUNTS PAYABLE BALANCE
DATE
ITEM
APRIL
POST
DEBIT
CREDIT
DEBIT
15,900
CREDIT
2
GJ-1
6
GJ-1
300.00
15,600.00
1 1 1 8 2 7
GJ-1
15,600.00
0
15, 900.00
GJ-2
14,200.00
GJ-3
5,700.00
PAGE NUMBER GL-2 ACCOUNT
202
NOTES PAYABLE BALANCE
DATE APRIL
ITEM 16
POST GJ-2
DEBIT 12,000.00
CREDIT
DEBIT
CREDIT 12,000.00
PAGE NUMBER GL-2 ACCOUNT
301
LOPEZ CAPITAL BALANCE
DATE APRIL
ITEM 1 30
CLOSING
30
CLOSING
POST
DEBIT
CREDIT
DEBIT
CREDIT
GJ-4
39,000.00
39,000.00
GJ-4
2,296
41, 296.00
2,003.00
PAGE NUMBER GL-2 ACCOUNT
301
LOPEZ DRAWING BALANCE
DATE APRIL
ITEM 28
POST GJ-3
DEBIT
CREDIT
DEBIT
2,008.00
CREDIT
2,008.00
PAGE NUMBER GL-2 ACCOUNT
401
SALES
BALANCE DATE APRIL
ITEM
POST
DEBIT
CREDIT
DEBIT
CREDIT
04
GJ-1
15,200.00
15,200.00
23
GJ-2
16,400.00
31,600.00
30
GJ-3
13,700.00
45,300.00
30
CLOSING
PAGE NUMBER GL-2
GJ-4
45,300.00
ACCOUNT
405
SALES RETURNS AND ALLOWANCES
BALANCE DATE APRIL
ITEM 30
POST
DEBIT
GJ-3
900.00
CLOSING
CREDIT
DEBIT
CREDIT
900.00 900.00
PAGE NUMBER GL-2 ACCOUNT
410
SALES DISCOUNTS
BALANCE DATE APRIL
ITEM 13 30
CLOSING
POST
DEBIT
GJ-2
304.00
GJ-4
CREDIT
DEBIT
CREDIT
304.00 304.00
PAGE NUMBER GL-2 ACCOUNT
501
COST OF GOOD SOLD
BALANCE DATE APRIL
ITEM
POST
DEBIT
CREDIT
DEBIT
CREDIT
4
GJ-1
12,200.00
12,200.00
23
GJ-2
10,500.00
22,700.00
30
GJ-3
11,000.00
33,700.00
30
GJ-4
33,700.00
PAGE NUMBER GL-2 ACCOUNT
503
ADVERTISING EXPENSE
BALANCE DATE APRIL
ITEM 30 30
POST GJ-3
CLOSING
GJ-4
DEBIT
CREDIT
1,000.00
DEBIT 1,000.00
1,000.00
PAGE NUMBER GL-4 ACCOUNT
506
FREIGHT OUT
CREDIT
BALANCE DATE APRIL
ITEM 05 30
POST
DEBIT
GJ-1
200.00
CLOSING
CREDIT
DEBIT
CREDIT
200.00 200.00
PAGE NUMBER GL-4 ACCOUNT
510
RENT EXPENSE
BALANCE DATE APRIL
ITEM 30 30
POST GJ-3
CLOSING
DEBIT
CREDIT
3,500.00
GJ-4
DEBIT
CREDIT
3,500.00 3,500.00
PAGE NUMBER GL-4 ACCOUNT
530
SALARIES
BALANCE DATE APRIL
ITEM
POST
DEBIT
CREDIT
DEBIT
15
GJ-2
1,500.00
1,500.00
30
GJ-3
1,500.000
3,000.00
30
CLOSING
GJ-4
CREDIT
3,000.00
PAGE NUMBER GL-4 ACCOUNT
540
UTILITIES
BALANCE DATE APRIL
ITEM 30 30
CLOSING
PAGE NUMBER GL-4
POST
DEBIT
GJ-3
400.00
GJ-4
CREDIT
DEBIT 400.00
400.00
CREDIT
ACCOUNT
600
INCOME SUMMARY
BALANCE DATE APRIL
ITEM
POST
DEBIT
30
CLOSING
GJ-4
30
CLOSING
GJ-4
41,800.00
30
CLOSING
GJ-4
2,296.00
CREDIT
DEBIT
44,096.00
44,096.00 2,296.00
BARETTO DISTRIBUTORSHIP TRIAL BALANCE APRIL 30, 2016 ACCOUNT TITLES 101
DEBIT
CREDIT
9,400.00
105
CASH ACCOUNTS RECEIVABLE
13,700.00
115
MERCHANDISE INVENTORY
22,688.00
120
SUPPLIES
700.00
150
EQUIPMENT
10,000.00
201
ACCOUNTS PAYABLE
5,200.00
202
NOTES PAYABLE
12,000.00
301
LOPEZ CAPITAL
39,000.00
302
LOPEZ DRAWINGS
401
SALES
405
CREDIT
2,008.00 45,300.00 900.00
410
SALES RET SALES DISCOUNT
304.00
501
COST OF GOOD SOLD
33.700.00
506
FREIGHT OUT
200.00
503
ADVERTISING
1,000.00
510
RENT
3.500.00
530
SALARIES
3,000.00
540
UTILITIES
400.00
101,500.0 0
TOTALS
101,500.0 0
BARETTO DISTRIBUTORSHIP STATEMENT OF PERFORMANCE FOR THE PERIOD ENDED APRIL 30, 2016 (IN PESOS) NET SALES
44,096.00
LESS: COST OF SALES
33,700.00
GROSS PROFIT
10,396.00
LESS : OPERATING EXPENSES FREIGHT OUT
200.00
ADVERTISING
1,000.00
RENT
3,500.00
SALARIES
3,000.00
UTILITIES
400.00
TOTAL EXPENSES
NET PROFIT
8,100.00 2,296.00
BARETTO DISTRIBUTORSHIP STATEMENT OF EQUITY FOR THE PERIOD ENDED APRIL 30, 2016 (IN PESOS) J. LOPEZ CAPITAL INITIAL INVESTMENT
P 39,000.00
DRAWINGS
- 2,008.00
NET PROFIT
2,296.00
J. LOPEZ CAPITAL APRIL 30,2016
39,288.00
BARETTO DISTRIBUTORSHIP STATEMENT OF FINANCIAL POSITION FOR THE PERIOD ENDED APRIL 30, 2016 (IN PESOS)
ASSETS DEBIT CURRENT ASSETS CASH AND CASH EQUIVALENTS
9,400.00
RECEIVABLES
13,700.00
INVENTORIES
22,688.00
PREPAID EXPENSES
700.00 46,488.00
TOTAL CURRENT ASSETS
NONCURRENT ASSETS PROPERTY PLANT & EQUIPMENT TOTAL ASSETS
LIABILITIES & EQUITY CURRENT LIABILITIES
10,000.00 56,488.00
5,200.00
ACCOUNTS PAYABLE
NON CURRENT LIABILITIES NOTES PAYABLE TOTAL LIABILITIES OWNERS EQUITY
12,000.00 17,200.00
CREDIT
J. LOPEZ CAPITAL
39,288.00
TOTAL LIABILITIES AND EQUITY
56,488.00
BARETTO DISTRIBUTORS STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED APRIL 30, 2016 CASHFLOW FROM OPERATING ACTIVITIES CASH RECEIVED FROM : SALES
16,400.00
RECEIVABLE COLLECTION
14,896.00
REFUND FROM PURCHASES
500.00
FREIGHT ON PURCHASES
-700.00
DRAWINGS
-2008
PAYMENT FOR OFFICE SUPPLIES
700.00
FREIGHT ON SOLD GOODS
-200.00
GOODS BOUGHT
50,988.00
OPEX
7,900.00
REFUND TO CUSTOMER
900.00
NET CASH FLOW FROM OPERATING ACTIVITIES
-29,592.00
CASH FLOW FROM INVESTING ACTIVITIES COMPUTER EQUIPMENT BOUGHT
10,000.00
CASH FLOW FROM FINANCING ACTIVITIES INITIAL INVESTMENT
39,000.00
BORROWING
12,000.00
NET CASH FLOW FROM FINANCING ACTIVITIES
48,992.00
INCREASE IN CASH AND CASH EQUIVALENTS
9,400.00
ADD : CASH AND CASH EQU...
Similar Free PDFs
EXAMPLE OF MERCHANDISING(PERPETUAL)
- 18 Pages
Example of Paper - GERGERG
- 3 Pages
Example dialogue of compliment
- 1 Pages
Example-of-ABCD-Matrices
- 2 Pages
Example of research proposal
- 18 Pages
Example of Journal Summary
- 2 Pages
Example OF WILL
- 6 Pages
Example OF Viral Marketing
- 2 Pages
85195736 - Example of Exams
- 25 Pages
Example: Statement of Defence
- 2 Pages
Example of skeleton argument
- 1 Pages
Example of APE strategy
- 1 Pages
Example of Concert Review Essay
- 3 Pages
Popular Institutions
- Tinajero National High School - Annex
- Politeknik Caltex Riau
- Yokohama City University
- SGT University
- University of Al-Qadisiyah
- Divine Word College of Vigan
- Techniek College Rotterdam
- Universidade de Santiago
- Universiti Teknologi MARA Cawangan Johor Kampus Pasir Gudang
- Poltekkes Kemenkes Yogyakarta
- Baguio City National High School
- Colegio san marcos
- preparatoria uno
- Centro de Bachillerato Tecnológico Industrial y de Servicios No. 107
- Dalian Maritime University
- Quang Trung Secondary School
- Colegio Tecnológico en Informática
- Corporación Regional de Educación Superior
- Grupo CEDVA
- Dar Al Uloom University
- Centro de Estudios Preuniversitarios de la Universidad Nacional de Ingeniería
- 上智大学
- Aakash International School, Nuna Majara
- San Felipe Neri Catholic School
- Kang Chiao International School - New Taipei City
- Misamis Occidental National High School
- Institución Educativa Escuela Normal Juan Ladrilleros
- Kolehiyo ng Pantukan
- Batanes State College
- Instituto Continental
- Sekolah Menengah Kejuruan Kesehatan Kaltara (Tarakan)
- Colegio de La Inmaculada Concepcion - Cebu