Date Title & Expense F Debit

2018
October 1 Cash 101 P 650,000
V. Ibini, Capital 301 P
To record owner's
investment

2 Store Equipment 105 75,000

Account Payable 201
To record purchased store
equipment on account

3 Office Supplies 104 5,650

Cash 101
To record bought office
supplies

5 Purchases 501 100,000

Cash 101
To record bought
merchandise for resell

7 Account Receivable 102 50,000

Sales 401
To record sale of
merchandise on account

9 Cash 101 25,000

Sales 401
To record sales pain in
cash

10 Account Payable 201 25,000

Cash 101
To record partial payment
for the purchased store
equipment

12 Cash 101 11,500

Note Receivable 103 3,500
Sales 401
To record sold merchandise
on account, down payment
and note for the balance

15 Salary Expense 601 8,000

Cash 101
To record salary of
 employees

15 Utilities Expense 602 7,500

Cash 101
To record expense on
utilities

16 Sales Return and Allowances 403 2,000

Account Receivable 102
To record returned
defective merchandise

18 Sales Return and Allowances 403 1,000

Account Receivable 102
To record returned
defective merchandise
and balance of the
amount due

Cash 101 48,020

Sales Discount 402 980
Account Receivable 102

20 Cash 101 5,000

Sales 401
To record sales paid in
cash

22 Purchases 501 75,000

Account Payable 201
To record purchases on
account

23 Account Payable 201 50,000

Cash 101
To record full amount due
of purchased store
equipment

27 V. Ibini, Drawing 302 7,000

Cash 101
To record withdrawal for
personal use

28 Cash 101 10,000

Sales 401
To record sales paid in
 cash

30 Salary Expense 601 8,000

Cash 101
To record salary of
employees

30 Permit and Registration 604 2,500

Cash 101
To record expense for
business registrations

30 Cash 101 13,000

Sales 401
To record sales pain in
cash

P 1,183,650 P
Credit

650,000

75,000

5,650

100,000

50,000

25,000

25,000

15,000

8,000
7,500

2,000

1,000

48020

49,000

5,000

75,000

50,000

7,000

10,000
 8,000

2,500

13,000

1,183,650
Account Title: Cash
Date Item F Debit Credit
2018
October 1 Investment GJ1 650,000
3 Equipment GJ3 5,650
5 Supplies GJ4 100,000
9 Sales GJ6 25,000
10 Payable GJ7 25,000
12 Receivable GJ8 11,500
15 Expense GJ9 8,000
15 Expense GJ10 7,500
18 Cancellation of Obligation GJ12 48,000
20 Merchandise GJ13 5,000
23 Payable GJ15 50,000
27 Withdrawal GJ16 7,000
28 Sales GJ17 10,000
30 Expense GJ18 8,000
30 Permit and Registration GJ19 2,500
30 Sales GJ20 13,000

Account Title: Account Receivable

Date Item F Debit Credit
2018
October 7 Sales GJ5 50,000
16 Sales Return and Allowances GJ11 2,000
18 Returned Merchandise GJ12 50,000

Account Title: Note Receivable

Date Item F Debit Credit
2018
October 12 Sold Merchandise GJ8 3,500

Account Title: Office Supplies

Date Item F Debit Credit
2018
October 3 Supplies GJ3 5,650

Account Title: Store Equipment

Date Item F Debit Credit
2018
October 2 Equipment GJ2 75,000

Account Title: Account Payable

Date Item F Debit Credit
2018
 October 2 Equipment GJ2 75,000
10 Partial Payment GJ7 25,000
22 Bought Merchandise GJ14 75,000
23 Payable GJ15 50,000

Account Title: V. Ibini, Capital

Date Item F Debit Credit
2018
October 1 Investment GJ1 650,000

Account Title: V. Ibini, Drawing

Date Item F Debit Credit
2018
October 27 Withdrawal GJ16 7,000

Account Title: Sales

Date Item F Debit Credit
2018
October 7 Sales GJ5 50,000
9 Sales GJ6 25,000
12 Sales GJ8 5,000
20 Sales GJ13 15,000
28 Sales GJ17 10,000
30 Sales GJ20 13,000

Account Title: Sales Discount

Date Item F Debit Credit
2018
October 18 Returned Merchandise GJ12 1,000

Account Title: Sales Return and Allowances

Date Item F Debit Credit
2018
October 16 Returned Merchandise GJ11 2,000
18 Returned Merchandise GJ12 1,000

Account Title: Purchases

Date Item F Debit Credit
2018
October 5 Bought Merchandise GJ4 100,000
22 Bought Merchandise GJ14 75,000

Account Title: Salary Expense

 Date Item F Debit Credit
2018
October 15 Expense GJ9 8,000
30 Expense GJ18 8,000

Account Title: Utilities Expense

Date Item F Debit Credit
2018
October 15 Expense GJ10 7,500

Account Title: Permit and Registration

Date Item F Debit Credit
2018
October 30 Expense GJ19 2,500

Account Title: Cost of Good Sold

Date Item F Debit Credit
2018
October 30 Cost of Good Sold GJ21 57,000
Account Code: 101
Balance Balance

650,000
644,350
544,350
569,350
544,350
555,850
547,850
540,350
588,350
593,350
543,350
536,350
546,350
538,350
535,850
P548, 850

Account Code: 102

Balance Balance

50,000
48,000
-2,000

Account Code: 103

Balance Balance

3,500

Account Code: 104

Balance Balance

5,650

Account Code: 105

Balance Balance

75,000

Account Code: 201

Balance Balance
 75,000
50,000
125,000
75,000

Account Code: 301

Balance Balance

650,000

Account Code: 302

Balance Balance

7,000

Account Code: 401

Balance Balance

50,000
75,000
90,000
95,000
105,000
118,000

Account Code: 402

Balance Balance

1,000

Account Code: 403

Balance Balance

2,000
3,000

Account Code: 501

Balance Balance

100,000
175,000

Account Code: 601

 Balance Balance

8,000
16,000

Account Code: 602

Balance Balance

7,500

Account Code: 604

Balance Balance

2,500

Account Code: 605

Balance Balance

57,000
 Vin Ibini General Merchandise
Trial Balance
For the Month of October 31, 2018
ACCOUNTS DEBIT
101 Cash P 548, 850
102 Account Receivable -2,000
103 Note Receivable 3,500
104 Office Supplies 5,650
105 Store Equipment 75,000
201 Account Payable P
301 V. Ibini, Capital
302 V. Ibini, Drawing 7,000
401 Sales
402 Sales Discount 1,000
403 Sales Return and Allowance 3,000
501 Purchases 175,000
601 Salary Expense 16,000
602 Utilities Expense 7,500
604 Permit and Registration 2,500
P 843,000 P
CREDIT

75,000
650,000

118,000

843,000
 Vin Ibini General Merchandise
STATEMENT OF COST OF GOOD SOLD
As of October, 2018

Merchandise Inventory, Beg. P

Add: Purchases

Less: Purchases Discounts P 0

Purchases Return and Allowance 0

Less: Merchandise Inventory, Ending

Cost of Goods Sold P
 0
175,000

175,000

0
-57000
118000
 Vin Ibini General Merchandise
STATEMENT OF COMPREHENSIVE INCOME
For the period ending October, 2018

Sales
Less Sales Discount P 980
Sales Return and Allowance 3,000
Total Sales
Less: Cost of Goods Sold
Gross Sales
Less: Operating Expenses
Salary Expense 16,000
Utilities Expense 7,500
Permit and Registration 2,500

Total Operating Expenses

Net Sales
P 118,000

26,000
P 0
 Vin Ibini General Merchandise
STATEMENT OF CHANGE OF OWNER'S EQUITY
As of October, 2018

Owner's Capital, Beg. P 650,000

Add: Net Sales 118,000
768,000
Less: Owner's Drawing 7,000
Owner's Capital - New P 761,000
 Vin Ibini General Merchandise
Statement of Financial Position
As of October, 2018

Asset
Current Asset
Cash P
Account Receivable
Note Receivable

Total Current Asset

Fixed Asset
Store Equipment

Total Fixed Asset

Total Asset

Liabilities and Capital

Liabilities
Account Payable P
Total Liabilities

Capital
Owner's, capital-New
Total Capital
Total Liabilities and Capital
 l Merchandise
nancial Position

548,850
-2,000
3,500

P 550,350

75,000

75,000
P 625,350

and Capital

75,000
P 75,000

761,000
761,000
P 836,000
 Vin Ibini General Merchandise
Statement of Cash Flow
As of October 31, 2018

I. OPERATING ACTIVITIES
CASH RECEIVED FROM
SALES/INCOME P 118,000
COLLECTIONS 1,500

CASH PAYMENT FOR

EXPENSES 26,000
SUPPLIES 5,650

TOTAL CASH FROM OPERATING ACTIVITIES P

II. INVESTI FIXED ASSETS

EQUIPMENT 75,000

TOTAL CASH FROM INVESTING ACTIVITIES

III. FINANCING ACTIVIT CAPITAL 650,000
LESS: DRAWING 7,000

TOTAL CASH FROM FINANCING ACTIVITIES P

TOTAL CASH AVAILABLE
119,500

31,650

151,150

75,000

643,000
491,850