MM COMPANY

CHART OF ACCOUNTS

ASSETS
PAGE NO. ACCOUNT NO. CURRENT ASSETS PAGE NO. ACCOUNT NO.

1 100 Cash in Bank 14 400

2 101 Accounts Receivable 15 401
3 102 Estimated Uncollectible Accounts 16 402
4 103 Office Supplies
5 104 Prepaid Rent

PROPERTY AND EQUIPMENT

6 105 Office Equipment 17 500

7 106 Accumulated Depreciation 18 501
19 502
LIABILITY 20 503

8 200 Accounts Payable

9 201 Salaries Payable
10 202 Utilities Payable 21 600
11 203 Bank Loan Payable 22 601
23 602
Owner's Equity 24 603
12 300 MM, Capital 25 604
13 301 MM, Withdrawal 26 605
27 606
INCOME

Sales
Sales Discount
Sales Returns

COSTS

Purchases
Purchase Discount
Purchase Returns
Freight in

EXPENSES

Freight out
Salaries Expense
Utilities Expense
Supplies Expense
Rent Expense
Uncollectible Accounts
Depreciation Expense
 DATE DESCRIPTION PR DEBIT CREDIT
YEAR 2020
JANUARY
2 Office Equipment 50,000
Accounts Payable - Gaisano Mall 50,000

6 Accounts Payable- KCC Mall 16,000

Purchase Returns 16,000
Returned merchandise to KCCMall
10 Sales Returns 19,000
Account Receivable - ABC Marketing 19,000
Received goods from ABC Marketing
85,000 85,000
 DATE SUPPLIERS TERMS CHARGE SALES INVOICE NO. PURCHASES
YEAR 2020 DEBIT
JANUARY
1 KCC MALL 4/15,N/30 001233 308,000
27 NCCC MALL 4/15,N/30 0030 161,500
469,500
ACCOUNTS PAYABLE
CREDIT

308,000
161,500
469,500
JANUARY
1
1
2

2
3
4

6
7
8
9
10
11
11
13
14
15
15
20
20
20
25

27
28
 The following are the transactions of MM company for the month of January 2020
JANUARY
MM invested P 450,000 cash. OR no. 00001
Purchased merchandise on account from KCC Mall, P 350,000. Charge Invoice no. 001233 Term 12 , 4
Purchased office equipment on account, P 50,000 from Gaisano Mall. Charge invoice no. 523141
It has a useful life of 5 years with a salage value 5,000 at the end of its life.
Paid Mr. AA for the delivery of the merchandise purchased in no. 1. P 6,000. Check no. 10000.
Purchased merchandise from XYZ company for cash, P 85,000. Check no. 10001 , OR NO. 6543
Sold merchandise on account, P 580,000 to ABC Marketing which cost amounted to ,
P 240,000. Term 20, 3/15, n/30. Charge invoice no. 0000001
Returned merchandise purchased from KCC Mall, 16,000.
Paid MR. CC for the delivery of the merchandise sold to ABC Marketing P 2,200. Check no. 10003
Sold merchandise to BB for cash, P 750,000 which cost amounted to , P 100,000. OR NO.00002
Returned merchandise purchased from XYZ company, P 21,000, OR NO. 32154
Received merchandise from ABC Marketing, P 19,000 which cost , P 11,000.
Received merchandise from BB, P 20,400 which cost , P 12,000. Check no. 10004
Paid P 120,000 of the merchandise purchased from KCC Mall. Chek no. 10005
Collected 135,000 the account with ABC Marketing. OR no. 00003
Paid in full the account with KCC Mall. Check no. 10006
Collected in full the account of ABC Marketing, OR no. 00004
Paid XX Realty for 3 months rent in advance, P 60,000. Check no. 10007
Borrowed P 860,000 from RCBC bank at 8 % payable 1 year after.
Purchased office supplies from Crown Bookstore for cash P 12,500. Check no. 10008
Paid salaries of the employees, P62,000. Check no. 10009
Sold Merchandise on account, P 430,000 to HH Company which cost amounted to , P 230,000.
Term 15, 3/10, n/30. Charge invoice no. 0000002.
Purchased merchandise on account from NCCC MALL, P 190,000. Charge Invoice no. 0030 Term 15 , 4
MM withdrew cash for his personal use, P 15,000. Check no. 10010

REQUIRED:
1. Journalize the above transactions using special journals
2. Post the journal entries to the ledger
3. Prepare a trial balance
CASH RECEIPTS JOURNAL
PURCHASE JOURNAL
GENERAL JOURNAL

CASH DISBURSEMENT JOURNAL

CASH DISBURSEMENT JOURNAL
SALES JOURNAL

GENERAL JOURNAL
CASH DISBURSEMENT JOURNAL
CASH RECEIPTS JOURNAL
CASH RECEIPTS JOURNAL
GENERAL JOURNAL
CASH DISBURSEMENT JOURNAL
CASH DISBURSEMENT JOURNAL
CASH RECEIPTS JOURNAL
CASH DISBURSEMENT JOURNAL
CASH RECEIPTS JOURNAL
CASH DISBURSEMENT JOURNAL
CASH DISBURSEMENT JOURNAL
CASH DISBURSEMENT JOURNAL
CASH DISBURSEMENT JOURNAL
SALES JOURNAL

PURCHASE JOURNAL
CASH DISBURSEMENT JOURNAL
 DATE CUSTOMERS TERMS CHARGE SALES INVOICE NO.
YEAR 2020
JANUARY
4 ABC MARKETING 3/15, N/30 0000001
25 HH COMPANY 3/10, N/30 0000002
ACCOUNTS RECEIVABLE SALES
DEBIT CREDIT

464,000 464,000
365,500 365,500
829,500 829,500
 DATE CUSTOMERS/PAYOR CASH SALES CASH IN BANK SALES DISCOUNT SALES
YEAR 2020 INV. / O.R DEBIT DEBIT CREDIT
JANUARY
1 MM 00001 450,000
8 BB 00002 750,000 750,000
9 XYZ COMPANY 32154 21,000
13 ABC MARKETING 00003 135,000
15 ABC MARKETING 00004 296,650 13,350
15 RCBC BANK 860,000
2,512,650 13,350 750,000

Cash 87,265
Sales Discount 1,235
Accounts Receivable- ABC MARKETING 88,500
ACCOUNTS RECEIVABLE SUNDRIES DEBIT CREDIT
CREDIT

MM, CAPITAL 450,000

PURCHASE RETURNS 21,000

135,000
310,000
Bank loan payable 860,000
445,000 1,331,000
 DATE PAYEE/ CREDITOR CHECK NO./ OR NO. CASH IN BANK
YEAR 2020 CREDIT
JANUARY
2 MR AA 10000 6,000
3 XYZ COMPANY 10001'/ 6543 85,000
7 Mr CC 10003 2,200
11 BB 10004 20,400
11 KCC MALL 10005 120,000
14 KCC MALL 10006 160,320
15 XX REALTY 10007 60,000
20 CROWN BOOKSTORE 10008 12,500
20 PAYROLL 10009 62,000
28 MM 10010 15,000
543,420
PURCHASE DISCOUNT PURCHASES ACCOUNTS PAYABLE SALARIES EXPENSE
CREDIT DEBIT DEBIT DEBIT

85,000

120,000
11,680 172,000

62,000

11,680 85,000 292,000 62,000

 SUNDRIES ACCOUNT
DESCRIPTION DEBIT CREDIT

FREIGHT IN 6,000

FREIGHT OUT 2,200

SALES RETURNS 20,400

PREPAID RENT 60,000

OFFICE SUPPLIES 12,500

MM WITHDRAWAL 15,000
- 116,100 -
 MM COMPANY
GENERAL LEDGER

ASSETS

CASH IN BANK ACCOUNT NO. 100

DATE PARTICULARS F DEBIT DATE PARTICULARS F

YEAR 2020
Jan-31 CRJ 2,512,650 Jan-31 CDJ
1,969,230

ACCUMULATED DEPRECIATION ACCOUNT NO. 106

DATE PARTICULARS F DEBIT DATE PARTICULARS F

MM, WITHDRAL ACCOUNT NO. 302

DATE PARTICULARS F DEBIT DATE PARTICULARS F

YEAR 2020
Jan-31 CDJ 15,000

PURCHASE RETURNS ACCOUNT NO. 502

DATE PARTICULARS F DEBIT DATE PARTICULARS F

YEAR 2020
Jan-06 GJ
Jan-09 CRJ

RENT EXPENSE ACCOUNT NO. 604

DATE PARTICULARS F DEBIT DATE PARTICULARS F

 ACCOUNTS RECEIVABLE ACCOUNT NO. 101

CREDIT DATE PARTICULARS F DEBIT DATE PARTICULARS

YEAR 2020
543,420 Jan-31 SJ 829,500 Jan-10
Jan-31
829,500
365,500

CDJ

ACCOUNTS PAYABLE ACCOUNT NO. 200

CREDIT DATE PARTICULARS F DEBIT DATE PARTICULARS

YEAR 2020
Jan-06 GJ 16,000 Jan-02
Jan-31 CDJ 292,000 Jan-31
308,000
 SALES ACCOUNT NO. 400

CREDIT DATE PARTICULARS F DEBIT DATE PARTICULARS

YEAR 2020
Jan-31 CREDIT SALES
Jan-31 C ASH SALES

FREIGHT IN ACCOUNT NO. 503

CREDIT DATE PARTICULARS F DEBIT DATE PARTICULARS

YEAR 2020
16,000 Jan-02 CDJ 6,000
21000
37,000

UNCOLLECTIBLE ACCOUNTS ACCOUNT NO. 605

CREDIT DATE PARTICULARS F DEBIT DATE PARTICULARS

UNT NO. 101 ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS ACCOUNT NO. 102

F CREDIT DATE PARTICULARS F DEBIT DATE PARTICULARS F

YEAR 2020
GJ 19,000
CRJ 445,000
464,000

UNT NO. 200 SALARIES PAYABLE ACCOUNT NO. 201

F CREDIT DATE PARTICULARS F DEBIT DATE PARTICULARS F

GJ 50,000
PJ 469,500
519,500
211,500
UNT NO. 400 SALES DISCOUNT ACCOUNT NO. 401

F CREDIT DATE PARTICULARS F DEBIT DATE PARTICULARS F

YEAR 2020
SJ 829,500 Jan-31 CRJ 13350
CRJ 750,000
1,579,500

UNT NO. 503 FREIGHT OUT ACCOUNT NO. 600

F CREDIT DATE PARTICULARS F DEBIT DATE PARTICULARS F

YEAR 2020
Jan-11 CDJ 2,200

UNT NO. 605 DEPRECIATION EXPENSE ACCOUNT NO. 606

F CREDIT DATE PARTICULARS F DEBIT DATE PARTICULARS F

ENT
 OFFICE SUPPLIES ACCOUNT NO. 103

CREDIT DATE PARTICULARS F DEBIT DATE PARTICULARS

YEAR 2020
Jan-31 CDJ 12500

UTILITIES PAYABLE ACCOUNT NO. 202

CREDIT DATE PARTICULARS F DEBIT DATE PARTICULARS

 SALES RETURNS ACCOUNT NO. 402

CREDIT DATE PARTICULARS F DEBIT DATE PARTICULARS

YEAR 2020
Jan-10 GJ 19,000
Jan-11 CDJ 20,400
39,400

SALARIES EXPENSE ACCOUNT NO. 601

CREDIT DATE PARTICULARS F DEBIT DATE PARTICULARS

YEAR 2020
Jan-31 CDJ 62,000

CREDIT
UNT NO. 103 PREPAID RENT

F CRDIT DATE PARTICULARS F DEBIT DATE

YEAR 2020
Jan-31 CDJ 60,000

UNT NO. 202 BANK LOAN PAYABLE

F CREDIT DATE PARTICULARS F DEBIT DATE

YEAR 2020
Jan-31 Jan-31
UNT NO. 402 PURCHASES

F CREDIT DATE PARTICULARS F DEBIT DATE

YEAR 2020
Jan-31 CREDIT PURCHASES PJ 469,500
Jan-31 CASH PURCHASES CDJ 85,000
554,500

UNT NO. 601 UTILITIES

F CREDIT DATE PARTICULARS F DEBIT DATE

ACCOUNT NO. 104 OFFICE EQUIPMENT

PARTICULARS F CRDIT DATE PARTICULARS F DEBIT DATE

YEAR 2020
1/2/2024 GJ 50,000

ACCOUNT NO. 203 MM,CAPITAL

PARTICULARS F CREDIT DATE PARTICULARS F DEBIT DATE

Jan-01 CRJ 450,000
CRJ 860,000
ACCOUNT NO. 500 PURCHASE DISCOUNT

PARTICULARS F CREDIT DATE PARTICULARS F DEBIT DATE

YEAR 2020
Jan-31

ACCOUNT NO. 602 SUPPLIES EXPENSE

PARTICULARS F CREDIT DATE PARTICULARS F DEBIT DATE

ACCOUNT NO. 105

PARTICULARS F CREDIT

ACCOUNT NO. 300

PARTICULARS F CREDIT
 ACCOUNT NO. 501

PARTICULARS F CREDIT
YEAR 2020
CDJ 11680

ACCOUNT NO. 603

PARTICULARS F CREDIT
 MM COMPANY
TRIAL BALANCE

ACCOUNT ACCOUNTS TITLES DEBIT CREDIT

NO.
100 Cash in Bank 1,969,230
101 Accounts Receivable 365,500
102 Estimated Uncollectible Accounts
103 Office Supplies 12,500
104 Prepaid Rent 60,000
105 Office Equipment 50,000
106 Accumulated Depreciation
200 Accounts Payable 211,500
201 Salaries Payable
202 Utilities Payable
203 Bank Loan Payable 860,000
300 MM, Capital 450,000
301 MM, Withdrawal 15,000
400 Sales 1,579,500
401 Sales Discount 13,350
402 Sales Returns 39,400
500 Purchases 554,500
501 Purchase Discount 11,680
502 Purchase Returns 37,000
503 Freight in 6,000
600 Freight out 2,200
601 Salaries Expense 62,000
602 Utilities Expense
603 Supplies Expense
604 Rent Expense
605 Uncollectible Accounts
606 Depreciation Expense
TOTALS 3,149,680 3,149,680 -
GENERAL JOURNAL SPECIAL JOURNALS
ONE BOOK ONLY' 1. PURCHASE JOURNAL
2. SALES JOURNAL
3. CASH RECEIPTS JOURNAL ( INCREASES CASH)

4. CASH PAYMENT/DISBURSEMENT JOURNAL

( DECREASES CASH)

5. GENERAL JOURNAL
TRANSACTIONS
PURCHASES OF MERCHANDISE ON ACCOUNT
SALES OF MERCHANDISE ON ACCOUNT
SALES OF MERCHANDISE FOR CASH
INVESTMENT OF CASH BY THE OWNER
COLLECTIONS FROM CUSTOMER'S ACCOUNT, FROM INCOME
BANK LOANS
PURCHASE RETURNS ( MERCHANDISE PURCHASED FOR CASH)
PURCHASES OF MERCHANDISE FOR CASH
PAYMENT OF EXPENSES / PAYABLES
WITHDRAWAL OF THE OWNER
SALES RETURNS ( MERCHANDISE SOLD FOR CASH)

PURCHASES OF ASSETS ON ACCOUNT OTHER THAN MERCHANDISE

SALES RETURNS ( MERCHANDISE SOLD ON ACCOUNT)
PURCHASE RETURNS ( MERCHANDISE PURCHASED ON ACCOUNT)
INVESTMENT/WITHDRAWAL OF THE OWNER IN A FORM OF A ( NONCASH ASSETS)
OPENING ENTRIES
REVERSING ENTRIES
ADJUSTING ENTRIES
CLOSING ENTRIES
1-Jan GJ
10000