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QUIZ NO.

36
ORDOA, Jan Anthony H.
BASACCT-AOA

SCORE ______
March 26, 2010

Candle-Light was opened on July 1 by Maribel Lopez with a total investment of P250,000 of which
P50,000 was in the form of candles and lamps and P200,000 in cash.
July 2 Purchased scented candles from Pax Candles, P7,500. Terms: P2,500 down balance
2/10,n/30.
3 Purchased capiz shell decors from Divisoria Capiz Crafts distributor, P10,000.
Term: 3% eom, n/30. FOB Shipping Point, Freight Collect.
4 Freight on capiz shipment paid in cash, P750.
5 Cash sales amounted to P15,000.
7 Sold to Manuela Shopping Mart goods costing P9,000.
Terms: 4,000 down, balance 2/5, 1/10, n/30.
8 Purchased office supplies from National Bookstore, P1,500. Terms: COD
10 Returned part of candles purchased from Pax which were found unsatisfactory,
P500.
12 A customer returned merchandise and was given a cash refund of P220.
13 The account of Manuela was collected.
15 Paid salaries in cash to office clerk, P2,500 and store helper, P3,500.
17 Delivered goods to Kulasa Scents, P14,000. Terms: COD.
18 Paid Divisoria Capiz Crafts P5,000 less the corresponding dicsount.
19 Marivic Pea, a friend, bought goods with a list price of P5,500. Terms: 1% and 2%
trade discounts, balance 2/10,n/30. FOB Shipping Point. Freight prepaid for Pea
P500.
20 Paid Pax Candles in full of account.
25 Collected 20% from Marivic.
31 Paid 3% percentage tax on net sales.
Required:
a. Journalize the above transactions completed during the month. The firm is non-VAT registered.
Input and Output Tax should not be recorded although all purchases and freight are VAT
inclusive.
b. Post to selected T accounts. Post to the Accounts Receivable and Accounts Payable ledgers. Post
to the subsidiary ledgers and prove the Accounts Receivable and Accounts Payable balances.
c. Prepare a properly classified income statement assuming that inventory at the end of the month
was P43,500.

Date
1

3
4
5
7

8
10
12
13

15

17
18

19

20
25
31

Accounts and Explanations


Cash
Merchandise Inventory
Capital
Purchases
Cash
Accounts Payable
Purchases
Accounts Payable
Freight In
Cash
Cash
Sales
Cash
Accounts Receivable
Sales
Office Supplies Expense
Cash
Accounts Payable
Purchases Returns & Allowances
Sales Returns & Allowances
Cash
Cash
Sales Discount
Accounts Receivable
Office Salaries
Sales Salaries
Cash
Cash
Sales
Accounts Payable
Cash
Purchase Discount
Accounts Receivable
Sales
Accounts Receivable
Cash
Accounts Payable
Cash
Cash
Accounts Receivable
Sales Tax Expense
Cash

Debit
200,000
50,000

Credit

250,000
7,500
2,500
5,000
10,000
10,000
750
750
15,000
15,000
4,000
5,000
9,000
1,500
1,500
500
500
220
220
4,950
50
5,000
2,500
3,500
6,000
14,000
14,000
5,000
4850
150
5,336.1
5,336.1
500
500
4,500
4,500
1,167.22
1,167.22
1,291.98
1,291.98
2

Subsidiary ledgers:
Customer: Manuela Shopping Mart
Date

Particulars

July 7

2/5, 1/10, n/30

July 13

Fully Paid

Ref

Debit

Credit

5,000

Balance
5,000

5,000

Credit

Balance

Customer: Marivic Pea


Date

Particulars

July 19

1% & 2% trade discounts,


balance 2/10, n/30

July 25

Paid 20%

Ref

Debit
5,836.1

5836.1
1,167.22

4,668.88

Credit

Balance

5,000

5,000

Supplier: Pax Candles


Date

Particulars

July 2

2/10, n/30

July 10

Purchases Returns & Allowances

July 20

Fully Paid

Ref

Debit
500

4,500

4,500

Supplier: Divisoria Capiz Crafts


Date

Particulars

July 3

3/eom, n/30

July 18

Partial Payment

Ref

Debit
5,000

Credit

Balance

10,000

10,000
5,000

T Accounts:
Purchases
7,500

Freight In
750

10,000
17,500
Merchandise Inventory
50,000

Sales
15,000
9,000
14,000
5,336.1
43,336.1

Capital
250,000

Purchase Discount
150

Purchase Returns & Allowances


500

Accounts Receivable
5,000
5,336.1 5,000
500 1,167.22
10,836.1 6,167.22
4,668.88

Sales Discount
50

Sales Returns & Allowances


220

Accounts Payable
500
5,000
4,500
10,000

10,000
5,000
15,000
5,000

Sales Salaries
3,500

Office Salaries
2,500

Office Supplies Expense


1,500

Sales Tax Expense


1,291.98

Cash
2,500
750
1,500
200,000

220

15,000

6,000

4,000

4,850

4,950

500

14,000
1,167.22
239,117.22

4,500
1,291.98
22,111.98

217,005.24

Candle-Light
Trial Balance
July 31, 2008

Cash
Merchandise Inventory
Capital
Purchases
Accounts Payable
Freight In
Sales
Accounts Receivable
Office Supplies Expense
Purchases Returns & Allowances
Sales Returns & Allowances
Sales Discount
Purchase Discount
Office Salaries
Sales Salaries
Sales Tax Expense

217,005.24
50,000
250,000
17,500
5,000
750
43,336.1
4,668.88
1,500
500
220
50
150
2,500
3,500
1,291.98
298,986.1

4
298,986.1

Candle-Light
Income Statement
For the month ended July 31, 2008

Net Sales
Cost of Sales
Gross Profit
Selling Expenses
Administrative Expenses
Net Income

(Schedule 1)
(Schedule 2)
(Schedule 3)

43,066.1
24,100
18,966.1
3,500
4,000
10,174.12

Schedules:
Sales
Less Sales Returns & Allowances
220
Sales Discount
50
Net Sales
Schedule 1)
Mechandise Inventory, July 1
Add Net Cost of Purchases
Purchases
Add Freight In
Total Cost of Goods Delivered
Less Purchases Returns & Allowances 500
Purchase Discount
150
Total Goods Available For Sale
Less Ending Inventory, July 31
Cost of Sales
Net Sales
43,066.1
Less: Cost of Sales
24,100
Gross Profit
18,966.1
Schedule 2 & 3)
Less Operating Expenses:
Selling Expenses
Sales Salaries
3,500
Administrative Expenses
Office Saleries
2,500
Office Supplies Expense
1,500
Operating Expenses
Less Other Expenses:
Sales Tax Expense
Gross Profit
18,966.1
Less Operating Expenses
7,500
Other Expenses
1,291.98
Net Income
10,174.12

43,336.1
270
43,066.1
50,000
17,500
750
18,250
650

17,600
67,600
43,500
24,100

3,500

4,000
7,500
1,291.98