DMMC INSTITUTE OF HEALTH SCIENCES FUNDAMENTALS OF ACCOUNTING, BUSINESS AND MANAGEMENT 2 FINAL PROJECT Transactions Date 1 Issued Check 602 for P4,200 to pay City Properties the monthly rent. 1 Signed a three-month radio advertising contract with Cable Station KOTU for P4,800; issued Check 603 to pay the full amount in 2 Received P520 from Megan Greening, a credit customer, in payment of her account. Issued Official Receipt 302. 2 Issued Check 604 to A Fashion Statement, a creditor, in full payment of Invoice 9387 from previous month. 3 Sold merchandise on credit for P2,480 plus VAT of P297.60 to Dmitri Sayegh, Sales Invoice 241. 4 Issued Check 605 for P937.50 to BMX Supply Co. for supplies. (Amount is VAT Exckusive.) 4 Issued Check 606 for P8,594.60 for Today's Woman, a creditor, in payment of Invoice 5671 (P8,770) less a cash discount (P175.40) 5 Colected P1,700.00 on account from Emily Tran, a credit customer. Issued Official Receipt 303. 5 Issued Check 607 for P1,666 to Classy Threads, a creditor, in payment of Invoice 3292 (P1,700) less a cash discount (P34). 6 Had a cash sales pf P18,600 plus VAT of P2,232 during October 1-6. Issued Official Receipt 304-6. 8 Received a check from James Jelmer, a credit customer, for P832 to pay the balance he owes. Issued Official Receipt 307. 9 Sold merchandise on credit for P2,050 plus VAT of P246 to Emma Maidonado, Sales Invoice 242. 10 Issued Check 608 for P1,445 to pay The City Daily for a newspapaper advertisement that appeared Oct. in October. 11 Purchased merchandise for P4,820 from A Fashion Statement, Invoice 9422, dated October 8; the terms are 2/10, n/30. Amount does not include the 12% VAT. 12 Issued Check 609 for P375 to pay freight charges to Ace Freight Company, the trucking company, for purchased merchandise for P4,820 from A Fashion Statement, Invoice 9422, dated October 8; 13 Had cash sales of P12,300 plus P1,476 VAT during October 8-13. Issued Official Receipts 308-10. 15 Sold merchandise on credit for P1,940 plus VAT of P232.80 to James Helmer, Sales Invoice 243. 16 Purchased discountinued merchandise from Acme Jobbers; pait for it immediately with Check 614 for P6,420. Amount does not include VAT. Invoice 322 16 Received P510 on account from Dmitri Sayegh, a credit customer. Issued Official Receipt 311. 18 Issued Check 610 for P7,200 to Therese Lorjay as a withdrawal for personal use. 20 Had cash sales of P13,500 plus VAT P1,620 during October 15-20. Issued Official Receipts 312-16. 22 Issued Check 611 to City Utilties for P1,112 to pay monthly electric bil. 23 Issued Check 612 to BIR for P4,220 for its VAT Output from the month of September. 24 Sokd merchandise on credit to Burmei Py for P820 plus VAT of P98.40, Sales Invoice 244. 25 Purchased merchandise on credit for P3,380 (Exclusive of VAT) from Classy Threads, Invoice 3418; terms 2/10, n/30. 26 Issued Check 613 to regional Telephone for P780 to pay monthly telephone bil. 27 Had cash sales of P14,240 plus VAT of P1,708.80 during October 22-27. Issued Official Receipts 317-20. 29 Sokd merchandise on credit for P3,120 plus VAT of P374.40 to Emily Tran, Sales Invoice 245.
DMMC INSTITUTE OF HEALTH SCIENCES FUNDAMENTALS OF ACCOUNTING, BUSINESS AND MANAGEMENT 2 FINAL PROJECT Transactions Date 1 Issued Check 602 for P4,200 to pay City Properties the monthly rent. 1 Signed a three-month radio advertising contract with Cable Station KOTU for P4,800; issued Check 603 to pay the full amount in 2 Received P520 from Megan Greening, a credit customer, in payment of her account. Issued Official Receipt 302. 2 Issued Check 604 to A Fashion Statement, a creditor, in full payment of Invoice 9387 from previous month. 3 Sold merchandise on credit for P2,480 plus VAT of P297.60 to Dmitri Sayegh, Sales Invoice 241. 4 Issued Check 605 for P937.50 to BMX Supply Co. for supplies. (Amount is VAT Exckusive.) 4 Issued Check 606 for P8,594.60 for Today's Woman, a creditor, in payment of Invoice 5671 (P8,770) less a cash discount (P175.40) 5 Colected P1,700.00 on account from Emily Tran, a credit customer. Issued Official Receipt 303. 5 Issued Check 607 for P1,666 to Classy Threads, a creditor, in payment of Invoice 3292 (P1,700) less a cash discount (P34). 6 Had a cash sales pf P18,600 plus VAT of P2,232 during October 1-6. Issued Official Receipt 304-6. 8 Received a check from James Jelmer, a credit customer, for P832 to pay the balance he owes. Issued Official Receipt 307. 9 Sold merchandise on credit for P2,050 plus VAT of P246 to Emma Maidonado, Sales Invoice 242. 10 Issued Check 608 for P1,445 to pay The City Daily for a newspapaper advertisement that appeared Oct. in October. 11 Purchased merchandise for P4,820 from A Fashion Statement, Invoice 9422, dated October 8; the terms are 2/10, n/30. Amount does not include the 12% VAT. 12 Issued Check 609 for P375 to pay freight charges to Ace Freight Company, the trucking company, for purchased merchandise for P4,820 from A Fashion Statement, Invoice 9422, dated October 8; 13 Had cash sales of P12,300 plus P1,476 VAT during October 8-13. Issued Official Receipts 308-10. 15 Sold merchandise on credit for P1,940 plus VAT of P232.80 to James Helmer, Sales Invoice 243. 16 Purchased discountinued merchandise from Acme Jobbers; pait for it immediately with Check 614 for P6,420. Amount does not include VAT. Invoice 322 16 Received P510 on account from Dmitri Sayegh, a credit customer. Issued Official Receipt 311. 18 Issued Check 610 for P7,200 to Therese Lorjay as a withdrawal for personal use. 20 Had cash sales of P13,500 plus VAT P1,620 during October 15-20. Issued Official Receipts 312-16. 22 Issued Check 611 to City Utilties for P1,112 to pay monthly electric bil. 23 Issued Check 612 to BIR for P4,220 for its VAT Output from the month of September. 24 Sokd merchandise on credit to Burmei Py for P820 plus VAT of P98.40, Sales Invoice 244. 25 Purchased merchandise on credit for P3,380 (Exclusive of VAT) from Classy Threads, Invoice 3418; terms 2/10, n/30. 26 Issued Check 613 to regional Telephone for P780 to pay monthly telephone bil. 27 Had cash sales of P14,240 plus VAT of P1,708.80 during October 22-27. Issued Official Receipts 317-20. 29 Sokd merchandise on credit for P3,120 plus VAT of P374.40 to Emily Tran, Sales Invoice 245.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets
Section: Chapter Questions
Problem 1AP
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The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Question
set c.
C0mpute the sales journal
Transcribed Image Text:DMMC INSTITUTE OF HEALTH SCIENCES
DMMC INSTITUTE OF HEALTH SCIENCES
FUNDAMENTALS OF ACCOUNTING, BUSINESS AND MANAGEMENT 2
FINAL PROJECT
FUNDAMENTALS OF ACCOUNTING, BUSINESS AND MANAGEMENT 2
FINAL PROJECT
The Fashion Rack
Date
Transactions
1 Issued Check 602 for P4,200 to pay City Properties the monthly rent.
1 Signed a three-month radio advertising contract with Cable Station KOTU for P4,800;
issued Check 603 to pay the full amount in advance.
2 Received P520 from Megan Greening, a credit customer, in payment of her account.
Issued Official Receipt 302.
2 Issued Check 604 to A Fashion Statement, a creditor, in full payment of Invoice 9387
from previous month.
3 Sold merchandise on credit for P2,480 plus VAT of P297.60 to Dmitri Sayegh, Sales Invoice 241.
4 Issued Check 605 for P937.50 to BMX Supply Co. for supplies. (Amount is VAT Exclusive.)
4 Issued Check 606 for P8,594.60 for Today's Woman, a creditor, in payment of Invoice 5671
(P8,770) less a cash discount (P175.40)
5 Collected P1,700.00 on account from Emily Tran, a credit customer. Issued Official Receipt 303.
5 Issued Check 607 for P1,666 to Classy Threads, a creditor, in payment of Invoice 3292 (P1,700)
less a cash discount (P34).
6 Had a cash sales pf P18,600 plus VAT of P2,232 during October 1-6. Issued Official Receipt 304-6.
8 Received a check from James Jelmer, a credit customer, for P832 to pay the balance he owes.
Chart of Accounts
Oct.
Assets
Revenues
101 Cash
401 Sales
111 Accounts Receivable
402 Sales Returns and Allowances
112 Allowance for Bad Debts
121 Merchandise Inventory
Cost of Goods Sold
131 Supplies
133 Prepaid Insurance
134 Prepaid Advertising
501 Purchases
502 Freight-In
503 Purchase Returns and Allowances
141 Equipment
504 Purchase Discounts
142 Accumulated Depreciation-Equipment
145 Input VAT
Expenses
611 Advertising Expense
Issued Official Receipt 307.
Liabilities
614 Depreciation Expense-Equipment
203 Accounts Payable
229 Salaries Payable
617 Insurance Expense
620 Bad Debt Expense
9 Sold merchandise on credit for P2,050 plus VAT of P246 to Emma Maldonado, Sales Invoice 242.
10 Issued Check 608 for P1,445 to pay The City Daily for a newspapaper advertisement that appeared
in October.
623 Janitorial Services Expense
629 Rent Expense
230 Output VAT
11 Purchased merchandise for P4,820 from A Fashion Statement, Invoice 9422, dated October 8; the
terms are 2/10, n/30. Amount does not include the 12% VAT.
12 Issued Check 609 for P375 to pay freight charges to Ace Freight Company, the trucking company,
for purchased merchandise for P4,820 from A Fashion Statement, Invoice 9422, dated October 8;
13 Had cash sales of P12,300 plus P1,476 VAT during October 8-13. Issued Official Receipts 308-10.
15 Sold merchandise on credit for P1,940 plus VAT of P232.80 to James Helmer, Sales Invoice 243.
16 Purchased discountinued merchandise from Acme Jobbers; pait for it immediately with Check 614 for
P6,420. Amount does not include VAT. Invoice 322
16 Received P510 on account from Dmitri Sayegh, a credit customer. Issued Official Receipt 311.
18 Issued Check 610 for P7,200 to Therese Lorjay as a withdrawal for personal use.
20 Had cash sales of P13,500 plus VAT P1,620 during October 15-20. Issued Official Receipts 312-16.
22 Issued Check 611 to City Utilities for P1,112 to pay monthly electric bil.
23 Issued Check 612 to BIR for P4,220 for its VAT Output from the month of September.
24 Sold merchandise on credit to Burmei Py for P820 plus VAT of P98.40, Sales Invoice 244.
25 Purchased merchandise on credit for P3,380 (Exclusive of VAT) from Classy Threads,
Invoice 3418; terms 2/10, n/30.
26 Issued Check 613 to regional Telephone for P780 to pay monthly telephone bill.
27 Had cash sales of P14,240 plus VAT of P1,708.80 during October 22-27. Issued Official Receipts
317-20
Owner's Equity
301 Therese Lorjay, Capital
302 Therese Lorjay, Drawing
399 Income Summary
632 Salaries Expense
635 Supplies Expense
638 Telephone Expense
644 Utilities Expense
29 Sold merchandise on credit for P3,120 plus VAT of P374.40 to Emily Tran, Sales Invoice 245.
Transcribed Image Text:SALES JOURNAL
Page 13
Sales
Debit
Credit
Date
Invoice
Customer
Post Ref.
Accounts
Output VAT
Sales
No.
Receivable
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