Pdfcoffee - NCIII BOOKKEEPING REVIEWER SET 1 (Perpetual Inventory System) PDF

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NCIII BOOKKEEPING REVIEWERSET 1(Perpetual Inventory System)Chart of Accounts (Journalizing and Posting)Account No.Account Titles Account No.Account Titles101 Cash 501 Sales 102 Accounts Receivable 502 Sales Returns and Allowances 103 Merchandise Inventory 503 Sales Discounts 110 Supplies 600 Cost of...

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NCIII BOOKKEEPING REVIEWER SET 1 (Perpetual Inventory System)

Chart of Accounts (Journalizing and Posting) Account No. 101 102 103 110 120 201 202 301 302 400

Account Titles Cash Accounts Receivable Merchandise Inventory Supplies Equipment Accounts Payable Notes Payable Santos, Capital Santos, Drawings Income Summary

Account No. 501 502 503 600 701 702 703 704 705

Account Titles Sales Sales Returns and Allowances Sales Discounts Cost of Goods Sold Freight Out Salaries Expense Utilities Expense Rent Expense Advertising Expense

Chart of Accounts (Financial Statements) Account Account Titles No. 101 Cash and Cash Equivalents 102 Accounts Receivable 103 Merchandise Inventory 110 Prepaid Expenses 120 Equipment 201 Accounts Payable 202 Notes Payable 301 Santos, Capital 302 Santos, Drawings 400 Income Summary

Account No. 501 502 503 600 701 702 703 704 705

Account Titles

Net Sales Cost of Goods Sold

Operating Expenses

BOOKKEEPING NCIII MOCK ASSESSMENT SET 1-GRAFITTI DISTRIBUTORS CASE PROBLEM 1: 84% GRAFITTI Distributors was registered with the Department of Trade and Industry (DTI) as a single proprietorship by Mario Santos, the owner. The company uses the perpetual inventory system. You are asked to CASE PROBLEM 2: 12% Complete the table. May

1 2 2 3 4 5 6 11 13 14 15 16 17 18 20 23 26 27 28 29 30 31

Mario Santos invested 39,000 in the business Bought computer equipment 9,000 Bought merchandise on account from KOTON Supply Co., 16,400 terms 2/10, n/30 Bought office supplies on cash basis for 750. Sold merchandise on account 18,500, FOB Destination, terms 2/10, n/30, costing 9,400 Paid P300 freight on May 5 sale. Received credit from KOTON Supply Co. for merchandise returned 400 Paid KOTON Supply Co. Collected from May 4 customers. Bought merchandise on cash basis for 9,400 Salaries paid 1,800 Borrowed money from RCBC Bank, signed a promissory note for 15,000, payable in 183 days Received refund from a supplier on cash purchase of May 10, at 750 Bought merchandise from KOLERA, 12,000, FOB Shipping Point, terms 2/10. n/30 Paid freight on May 18 purchase, 500 Sold merchandise for 8.950. Cost of goods sold amounting 4,700 Bought merchandise for cash 18,605. Paid KOLERA on May 18 purchase, 6,500. No discount allowed on partial payment. Santos got cash from the business 3,405. Made refund to cash customers for defective merchandise, 940. Sold merchandise on account, 10,500 terms 2/10, n/30. The cost of sales was amounted to 7,450. Paid the following: Advertising, P800; Utilities, P750; Rent, P3,500; Salaries, P1,500.

Date May 1

2

2

3

4

5

6

11

GENERAL JOURNAL Particulars

(GJ-1) PR

Debit

Credit

GENERAL JOURNAL Particulars

Date 13

14

15

16

17

18

20

23

(GJ-2) PR

Debit

Credit

GENERAL JOURNAL (GJ-3) Particulars PR

Date 26

27

28

29

30

31

Debit

Credit

GENERAL LEDGER ANSWER KEY

Date

Date

Items

CASH Post Ref.

Debit

ACCOUNTS RECEIVABLE Post Items Ref. Debit

Credit

Account No. 101 Running Balance Debit Credit

Credit

Account No. 102 Running Balance Debit Credit

Date

Date

Date

Date

MERCHANDISE INVENTORY Post Items Ref. Debit

Items

SUPPLIES Post Ref.

Debit

EQUIPMENT Post Items Ref. Debit

ACCOUNTS PAYABLE Post Items Ref. Debit

Credit

Account No. 103 Running Balance Debit Credit

Credit

Account No. 110 Running Balance Debit Credit

Credit

Account No. 120 Running Balance Debit Credit

Credit

Account No. 201 Running Balance Debit Credit

Date

Date

Date

Date

NOTES PAYABLE Post Items Ref. Debit

SANTOS, CAPITAL Post Items Ref. Debit

SANTOS, DRAWINGS Post Items Ref. Debit

INCOME SUMMARY Post Items Ref. Debit

Credit

Account No. 202 Running Balance Debit Credit

Credit

Account No. 301 Running Balance Debit Credit

Credit

Account No. 302 Running Balance Debit Credit

Credit

Account No. 400 Running Balance Debit Credit

Credit

Account No. 501 Running Balance Debit Credit

SALES RETURNS AND ALLOWANCES Post Date Items Ref. Debit Credit

Account No. 502 Running Balance Debit Credit

SALES DISCOUNTS Post Items Ref. Debit

Credit

Account No. 503 Running Balance Debit Credit

Credit

Account No. 600 Running Balance Debit Credit

Credit

Account No. 701 Running Balance Debit Credit

Date

Date

Date

Date

Items

SALES Post Ref.

Debit

COST OF GOODS SOLD Post Items Ref. Debit

FREIGHT OUT Post Items Ref. Debit

Date

Date

Date

Date

SALARIES EXPENSE Post Items Ref. Debit

UTILITIES EXPENSE Post Items Ref. Debit

RENT EXPENSE Post Items Ref. Debit

ADVERTISING EXPENSE Post Items Ref. Debit

Credit

Account No. 702 Running Balance Debit Credit

Credit

Account No. 703 Running Balance Debit Credit

Credit

Account No. 704 Running Balance Debit Credit

Credit

Account No. 705 Running Balance Debit Credit

GRAFITTI DISTRIBUTORS PRELIMINARY TRIAL BALANCE MAY 31, 2019 P.R.

ACCOUNT TITLE

101

CASH

102

ACCOUNTS RECEIVABLE

103

MERCHANDISE INVENTORY

110

SUPPLIES

120

EQUIPMENT

201

ACCOUNTS PAYABLE

202

NOTES PAYABLE

301

SANTOS, CAPITAL

302

SANTOS, DRAWINGS

501

SALES

502

SALES RET

503

SALES DISCOUNTS

600

COST OF GOODS SOLD

701

FREIGHT OUT

702

SALARIES EXPENSE

703

UTILITIES EXPENSE

704

RENT EXPENSE

705

ADVERTISING EXPENSE

TOTAL BALANCE

DEBIT

CREDIT

GRAFITTI DISTRIBUTORS STATEMENT OF FINANCIAL PERFORMANCE MAY 31, 2019 PARTICULARS

AMOUNT

GRAFITTI DISTRIBUTORS STATEMENT OF CHANGES IN EQUITY MAY 31, 2019 PARTICULARS

GRAFITTI DISTRIBUTORS STATEMENT OF FINANCIAL POSITION MAY 31, 2019 PARTICULARS

AMOUNT

GRAFITTI DISTRIBUTORS STATEMENT OF CASH FLOWS MAY 31, 2019 PARTICULARS

AMOUNT

Date May 31

31

31

31

CLOSING JOURNAL ENTRIES (GJ-4) Particulars PR Debit

Credit

GRAFITTI DISTRIBUTORS POST-CLOSING TRIAL BALANCE MAY 31, 2019 P.R.

ACCOUNT TITLE

TOTAL BALANCE

DEBIT

CREDIT...