ASESSMENT/PERFORMANCE TASK:

SET A: Periodic

RTW Enterprises completed the following merchandising transactions in the

month of August 2019 as follows:
1 Mr. Leon Ty, the owner started the RTW Enterprises by investing P150,000.

1 Purchased merchandise on account from Uniwide Trading P35,000 terms 2/10 ,

n/30 FOB Shipping point

3 Sold 20,000 worth of goods for cash.

5 Sold P15,000 worth of goods on credit to First Avenue Store with credit terms 2/10,
n/30 FOB Destination.

6 Paid P500 for the delivery of goods to First Avenue Store

6 Received P1,000 credit memo from Uniwide Trading for the return of
unsatisfactory goods.

10 Purchase merchandise on cash, P30,000

11 Made a full payment to Uniwide Trading.

11 Purchase supplies for cash, P2,000

13 Purchase merchandise for cash, P40,000

14 Made a sale to Marvel Trading for P25 ,000 with credit term 2/10, n/30 FOB
Destination

15 Receive payment from First Avenue Store regarding the August 5 sales.

15 Paid salaries of P7, 000

16 Issued a credit memo for P1, 000 to Marvel Trading for the return of unsatisfactory
goods.

17 Received refund for poor quality merchandise from cash purchase, P700.

18 Leon Ty withdraw cash from the business P10,000.

19 Purchased office equipment for cash P20,000.

19 Purchase merchandise from Dayon Trading on account P20,000, credit terms 2/10,
n/30 FOB Shipping Point.

20 The business made a loan at Chinabank and issued promissory note in the amount
of P60,000.

22 Paid freight for the purchase of merchandise P750

25 Sold merchandise for cash, P35,000.

25 Made a partial payment to Dayon Trading P10,000. No discount for partial payment
made.

29 Made refund to cash customer for defective merchandise P1,500.

30 Receive payment from Marvel Trading.

30 Sold merchandise in account P15,000.

31 Paid the following operating expenses for the month: Utilities P1,500; Advertising
1,200; Salaries 7,000; Rent 7.000

August 31, 2018 ending inventory - P 49,864.00

RTW Enterprises Chart of Accounts includes the following:

101 Cash 420 Sales Discount

112 Accounts Receivable 510 Purchases

120 Merchandise Inventory 512 Purchase Returns & Allowance

126 Supplies 520 Purchase Discounts

155 Equipment 526 Freight In

201 Accounts Payable 601 Advertising Expense

210 Notes Payable 644 Freight Out

301 L. Ty, Capital 701 Salaries Expense

310 L. Ty, Drawing 710 Rent Expense

401 Sales 720 Utilities

412 Sales Returns & Allowance 800 Income Summary

Instructions: Using the sheets provided, prepare the following:

1. August 2019 Journal Entries (with explanation)
2. General Ledger – Posting
3. Trial Balance
4. Statement of Cost of Goods Sold
5. Statement of Comprehensive Income (Financial Performance)
6. Closing Entries with Explanation
7. Post-Closing Trial Balance
8. Statement of Financial Position
9. Statement of Cash Flows
10. Statement of Changes in Equity

SET B: Periodic

RTP Enterprises completed the following merchandising transactions in the month of

August 2019 as follows:
1 Mr. Edward Chua, the owner started the RTP Enterprises by investing P150, 000.
1 Purchased merchandise on account from Novo Enterprises P35, 000 terms 2/10,
n/30 FOB Shipping point

3 Sold 20,000 worth of goods for cash. The cost of merchandise sold was 7, 000.

5 Sold P15,000 worth of goods on credit to Dynasty Square Enterprises with credit
terms 2/10, n/30 FOB Destination. The cost of merchandise sold was 6,000.

6 Paid P500 for the delivery of goods to Dynasty Square Enterprises

6 Received P1, 000 credit memo from Novo Enterprises for the return of
unsatisfactory goods.

10 Purchase merchandise on cash, P30, 000

11 Made a full payment to Novo Enterprises.

11 Purchase supplies for cash, P2, 000

13 Purchase merchandise for cash, P40, 000

14 Made a sale to Zia Trading for P25, 000 with credit term 2/10, n/30 FOB
Destination. The cost of merchandise sold was 10,500.

15 Receive payment from Dynasty Square Enterprises regarding the August 5 sales.

15 Paid salaries of P7, 000

16 Issued a credit memo for P1, 000 to Zia Trading for the return of unsatisfactory
goods.

17 Received refund for poor quality merchandise from cash purchase, P700.

18 Edward Chua withdraws cash from the business P10, 000.

19 Purchased office equipment for cash P20, 000.

19 Purchase merchandise from ABC Enterprise on account P20, 000, credit terms
2/10, n/30 FOB Shipping Point.

20 The business made a loan at Bank of the Philippine Islands and issued promissory
note in the amount of P80, 000.

22 Paid freight for the purchase of merchandise P750

25 Sold merchandise for cash, P35, 000. The cost merchandise sold was 12,500.

25 Made a partial payment to ABC Enterprise P10, 000. No discount for partial
payment made.

29 Made refund to cash customer for defective merchandise P1, 500.

30 Receive payment from Zia Trading.

30 Sold merchandise in account P15, 000. The cost of merchandise sold was 6,000.

31 Paid the following operating expenses for the month: Utilities P1, 500; Advertising
1,200; Salaries 7,000; Rent 7,000.

RTP Enterprises Chart of Accounts includes the following:

101 Cash 420 Sales Discount

112 Accounts Receivable 526 Freight In

120 Merchandise Inventory 601 Advertising Expense

126 Supplies 644 Freight Out

155 Equipment 701 Salaries Expense

201 Accounts Payable 710 Rent Expense

210 Notes Payable 720 Utilities

301 E. Chua, Capital 800 Income Summary

310 E.Chua, Drawing

401 Sales

412 Sales Returns & Allowance

Instructions: Using the sheets provided, prepare the following:

1. August 2019 Journal Entries (with explanation)
2. General Ledger – Posting
3. Trial Balance
4. Statement of Comprehensive Income (Financial Performance)
5. Closing Entries with Explanation
6. Post-Closing Trial Balance
7. Statement of Financial Position
8. Statement of Cash Flows
9. Statement of Changes in Equity