Fabm 2 Practice Set
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Instructions: I.
For May 2016, you are to perform the following tasks using the forms and working papers provided. 1. Open the general ledger and subsidiary ledger accounts for accounts receivable and accounts payable. Post the account balances as of May 1, 2016. 2. Record the transactions occuring in May 2016 in the general journal. Refer to the summary of transactions and available supporting documents provided. 3. Post the entries from the journal to the subsidiary ledger ( as transactions take place affecting Accounts Receivable and Accounts Payable) and the general ledger as of May 31, 2016. 4. Compute the account balances in the ledgers, subsidiary and the general ledger. 5. You are required to complete and submit the following working papers and financial statements: a. General journal b. General ledger c. Trial Balance, as of May 31, 2016 d. 10 column worksheet e. General journal - adjustments f. Subsidiary ledger - accounts receivable and accounts payable g. Income Statement h. Statementof Changes in Equity i. Statementof Financial Position
apers provided.
nd accounts
summary of
ace affecting
ial statements:
CAMELOT BOOKSTORE COMPANY Chart of Accounts Assets 100- 199 111 Cash in Bank 112 Petty Cash Fund 113 Accounts Receivable 114 Merchandise Inventory 115 Supplies Inventory 116 Prepaid Rent 121 Store Fixtures and Equipment 122 Accumulated depreciation- Store Furnitures and Equipment
Revenue 400 - 499 411 412 413
Liaibilities 200 - 299 211 Accounts Payable 212 Salaries Payable 213 Withholdong taxes payable 214 SSS, Philhealth, HDMF Payable 215 Accrued expenses payable 220 Note Payable
Expenses 600 - 699 611 612 613 614 615 616
Owner's Equity - 300-399 311 Jess Montes Capital 312 Jess Montes Withdrawals 313 Income Summary
Cost of Goods Sold 500 - 599 511 512 513 514
617 618 619 620
OMPANY
Revenue 400 - 499 Sales Sales Returns and Allowances Sales Discounts Cost of Goods Sold 500 - 599 Purchases Purchase Discount Purchase Returns and Allowances Freight - in Expenses 600 - 699 SalariesExpense Rent Expense Supplies Expense Transportation Expense Postage Expense Depreciation Expense- Store Fixtures and Equipment Taxes and |Licenses Miscellaneous Expense Interest Expense Utilities Expense
CAMELOT BOOKSTORE COMPANY Trial Balance April 30, 2016 Accounts Debit Credit Cash in Bank P 139,750.00 P Petty Cash Fund 5,000.00 Accounts Receivable 25,000.00 Merchandise Inventory 68,215.00 Supplies Inventory 4,785.00 Prepaid Rent ( Includes rent deposit of P 20,000) 20,000.00 Store Furnitures and Equipment 50,000.00 Accumulated depreciation- Store Furnitures and Equipment Accounts Payable 50,000.00 Salaries Payable Withholdong taxes payable 3,600.00 SSS, Philhealth, HDMF Payable 8,100.00 Accrued expenses payable Note Payable 50,000.00 (Loan obtained on April 1,2016 ; 5% interest per annum payable April 1, 2020 Jess Montes Capital 100,000.00 Jess Montes Withdrawals 10,000.00 Sales 468,215.00 Sales Returns and Allowances 5,000.00 Sales Discounts 7,000.00 Purchases 302,215.00 Purchase Discount 950.00 Purchase Returns and Allowances 1,500.00 Freight - in 500.00 SalariesExpense 30,700.00 Rent Expense ( April 2016) 10,000.00 Supplies Expense 2,000.00 Transportation Expense 500.00 Postage Expense Depreciation Expense- Store Furnitures and Equipment Taxes and Licenses Miscellaneous Expense 1,700.00 Interest Expense ___________ ___________ Total 682,365.00 682,365.00
CAMELOT BOOKSTORE COMPANY Merchandise Inventory April 30, 2016 Qty
Title Fundamentals of Accounting Vol. 1, 2015 Edition 20 Cabrera, Ledesma & Lupisan
Unit cost P
Total
405.00 P
8,100.00
20
Fundamentals of Accounting Vol.21, 2015 Edition Cabrera & Ledesma
342.00
6,840.00
10
Financial Accounting and Reporting, Vol. 1, 2015 Edition - Cabrera & Ocampo
540.00
5,400.00
20
Financial Accounting and Reporting, Vol. 2, 2015 Edition - Cabrera & Ocampo
450.00
9,000.00
10
Financial Accounting and Reporting, Vol. 3, 2015 Edition - Cabrera & Ocampo
360.00
3,600.00
10
Advanced Accounting, Vol. 1, 2013 Edition P.Santos
405.00
4,050.00
15 Auditing Theory, 2015 Edition - E.B> Cabrera
506.60
7,600.00
35 Applied Auditing, 2014 Edition - E.B. Cabrera
675.00
23,625.00
Total
P
68,215.00
CAMELOT BOOKSTORE COMPANY Accounts Receivable April 30, 2016 Name of Customer
DATE
Assumption School of Business Eastern Philippines School of Arts & Sciences Southern Institute of Business & Accountancy Total
4/12/16 4/16/16 4/24/16
Sales invoice number 60 P 65 10 P
CAMELOT BOOKSTORE COMPANY Accounts Payable April 30, 2016 Name of Supplier Coran Educational Supply Total
DATE 4/10/16 4/15/16
Invoice number 775 810
P P
Angel Torres Bookstore
4/5/16 4/20/2016
075 079
P
Total
Total
P
Amount 10,000.00 5,000.00 10,000.00 25,000.00
Amount 20,000.00 20,000.00 40,000.00
5,000.00 5,000.00 10,000.00
50,000.00
Camelot Bookstore Company Summary of Transaction May 2016 Date May 1
1
Particulars Remitted the following collections To For BIR Withholding taxes SSS Premium Philhelath Contribution HDMF Contribution
Amount P
Jes Montes made additional investment into the business Cash Store furnitures and fixtures
3,600.00 5,000.00 1,500.00 1,600.00 300,000.00 50,000.00
1
Paid business permit to Muntinlupa City treasurer
P
5,435.72
1
Purchased various books from Coran Educational Supply Terms: Cash
P
104,500.00
1
Purchased various books from Coran Educational Supply Terms: n/35
P
57,000.00
1
Paid 4 months rent to Luxor Realty, Inc. (May1 to August 31,2016)
P
40,000.00
1
Increased petty cash fund by P 1,000
2
Sold various books to University of Misamis Oriental Terms: Cash
P
106,250.00
2
Purchased office and store supplies from Hamco Stationary Corporation, Terms: Cash
P
2,000.00
Purchased various books from Millennium Bookstore Terms: 3/10, n/30
P
44,000.00
Sold various books to University of the Orient Terms: Cash
P
25,000.00
Purchased various books from Cyber Bookstore Terms: 3/10; n/30
P
22,000.00
Purchased various supplies from Coran Educational Supply ; Terms: 3/10, n/30
P
95,000.00
Sold various books to Eastern Pampanga College Terms: Cash
P
33,000.00
2 3 4
5 5 7
Purchased various books from Coran Educational Supply
8
Terms: 3/10, n/30
P
152,500.00
Sold various books to Dadrangas School of Accountancy Terms: 3/5, n/20
P
117,500.00
P
172,500.00
P
10,000.00
P
69,500.00
P
22,000.00
12
Paid Millennium Bookstore for purchases made on May 2 ( Refer to May 2 transaction for the amount purchase)
13
Sold various books to University of Easter Luzon Terms: 3/5, n/30
13
Received payment from Dadrangas School of Accountancy for books sold on May 8 ( Refer to May 8 transaction for the amount )
14
Collected the receivable outstanding on April 30,2016 from Assumption School of Business
15
Paid salaries for rhe period of May 1-15 (Refer to Payroll attached)
15
Paid Coran Educational Supply for purchase made on May 5 ( Refer to May 5 transaction for the amount of purchase)
16
Purchased various books from Coran Educational Supply Terms: Cash
17
Paid Coran Educational Supply for purchases made on May 7 ( Refer to May 7 transaction for the amount)
18
Sold various books to FV Santos Memorial Business School Terms:Cash
18
Collected from University of Eastern Luzon for books sold on May 13 (Refer to May 13 transaction for the amount )
18
Collected from Southern Institute of Accountancy outstanding receivable on April 30,2016
P
10,000.00
Purchased various books from Coran Educational Supply Terms: n/30
P
32,000.00
Sold various books to FV Santos Memorial Business School , Terms: Cash
P
40,000.00
Received a debit memo from Coran Educational Supply for allowance on damaged books bought on May 19
P
4,000.00
19 20 22 23
Purchased various books from Millennium Bookstore
Terms: 3/10, n/30
P
22,000.00
Sold various books to Northern Metro Manila School of Business; Terms: Cash
P
41,500.00
Issued credit memo to |Northern Metro Manila School of Business and issued a check refund
P
1,500.00
29
J Montes withdraw cash for personal use
P
10,000.00
30
Collected from Eastern Philippines School of Arts and Sciences the outstanding receivable on April 30,2016
P
5,000.00
P
28,000.00
25 28
31
Paid salaries for the period May 16-31 ( Refer to attached payroll)
31
Sold various books to Eastern Pampanga College Terms; 2/10, n/30
Camelot Bookstore Company Payroll Period Covered: May 1-15,2016 Name of employee 1 2 3
Leticia L. Montes Ligaya Dantes Danilo de la Cruz
P
P
Total Regular Wage 11,000.00 6,500.00 6,500.00 24,000.00
Withholding Tax 1,700.00 900.00 900.00 3,500.00
SSS 500.00 500.00 500.00 1,500.00
Philhealth 150.00 150.00 150.00 450.00
HDMF 200.00 200.00 200.00 600.00
Total Net amount Deduction paid 2,550.00 8,450.00 1,750.00 4,750.00 1,750.00 4,750.00 6,050.00 17,950.00
Camelot Bookstore Company Payroll Period Covered: May 16-31,2016 Name of employee 1 2 3
Leticia L. Montes Ligaya Dantes Danilo de la Cruz
P
P
Total Regular Wage 11,000.00 6,500.00 6,500.00 24,000.00
Withholding Tax 1,700.00 900.00 900.00 3,500.00
SSS 500.00 500.00 500.00 1,500.00
Philhealth 150.00 150.00 150.00 450.00
HDMF 200.00 200.00 200.00 600.00
Total Net amount Deduction paid 2,550.00 8,450.00 1,750.00 4,750.00 1,750.00 4,750.00 6,050.00 17,950.00
Camelot Bookstore Company Adjustments Data May 31, 2016 1
Prepaid rent, P 50,000
2
Unused office and store supplies, P 1,700
3
Accrued interest payable on note payable ( P50,000 x5% x 2/12)
4
Depreciation rate on Store Fixtures and Equipment - 20% per annum Estimated salvage value = P 0
5
Meralco Bill for electric consumption for April and May 2016 received on May 31, 2016 and paid on June 6, 2016 , P 6,000
6
Merchandise Inventory per physical count May 31,2016 P
189,790
Camelot Bookstore Company General Journal
Date 2016
Particulars
Post Ref
Debit
Credit
Camelot Bookstore Company General Journal - Adjustments
Date 2016
Particulars
Post Ref
Debit
Credit
Camelot Bookstore Company General Journal
Account No: 111 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 112 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 113 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 114 Date
Particulars
Post Ref
Debit
Credit
Debit
Balance Credit
Beg. Balance 0.00
Account No: 115
Date
Particulars
Post Ref
Debit
Credit
Debit
Balance Credit
Beg. Balance 0.00
Account No: 116 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 121 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 122 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 211 Date
Particulars
Post Ref
Debit
Credit
Debit
Balance Credit
Beg. Balance 0.00
Account No: 212 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 213 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 214 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 215 Date
Particulars
Post Ref
Debit
Credit
Debit
Balance Credit
Beg. Balance 0.00
Account No: 220 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 311 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 312 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 313 Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance
Account No: 411 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 412 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 413 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 511 Date
Particulars
Post Ref
Debit
Credit
Debit
Balance Credit
Beg. Balance 0.00
Account No: 512 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 513 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 514 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 611 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 612 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 613 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 614 Date
Particulars
Post Ref
Debit
Credit
Debit
Balance Credit
Beg. Balance 0.00
Account No: 615 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 616 Date
Particulars
Post Ref
Debit
Credit
Debit
Balance Credit
Beg. Balance 0.00
Account No: 617 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 618 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 619 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 620
Date
Particulars
Post Ref
Debit
Credit
Debit
Balance Credit
Beg. Balance 0.00
Camelot Bookstore Company
Trial Balance May 31, 2016 Accounts
Debit
Credit
P
P
___________ Total
0.00
___________ 0.00
Camelot Bookstore Company
Worksheet For the Month Ended May 31, 2016 Account Title
Trial Balance Debit Credit
Adjustments Debit Credit
ookstore Company
Worksheet h Ended May 31, 2016 Adjusted Trial Balance Debit Credit
Income Statement Debit Credit
Balance Sheet Debit Credit
Camelot Bookstore Company Subsidiary Ledger - Accounts Receivable Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
Camelot Bookstore Company Subsidiary Ledger - Accounts Payale Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
For May 2016, you are to perform the following tasks using the forms and working papers provided. 1. Open the general ledger and subsidiary ledger accounts for accounts receivable and accounts payable. Post the account balances as of May 1, 2016. 2. Record the transactions occuring in May 2016 in the general journal. Refer to the summary of transactions and available supporting documents provided. 3. Post the entries from the journal to the subsidiary ledger ( as transactions take place affecting Accounts Receivable and Accounts Payable) and the general ledger as of May 31, 2016. 4. Compute the account balances in the ledgers, subsidiary and the general ledger. 5. You are required to complete and submit the following working papers and financial statements: a. General journal b. General ledger c. Trial Balance, as of May 31, 2016 d. 10 column worksheet e. General journal - adjustments f. Subsidiary ledger - accounts receivable and accounts payable g. Income Statement h. Statementof Changes in Equity i. Statementof Financial Position
apers provided.
nd accounts
summary of
ace affecting
ial statements:
CAMELOT BOOKSTORE COMPANY Chart of Accounts Assets 100- 199 111 Cash in Bank 112 Petty Cash Fund 113 Accounts Receivable 114 Merchandise Inventory 115 Supplies Inventory 116 Prepaid Rent 121 Store Fixtures and Equipment 122 Accumulated depreciation- Store Furnitures and Equipment
Revenue 400 - 499 411 412 413
Liaibilities 200 - 299 211 Accounts Payable 212 Salaries Payable 213 Withholdong taxes payable 214 SSS, Philhealth, HDMF Payable 215 Accrued expenses payable 220 Note Payable
Expenses 600 - 699 611 612 613 614 615 616
Owner's Equity - 300-399 311 Jess Montes Capital 312 Jess Montes Withdrawals 313 Income Summary
Cost of Goods Sold 500 - 599 511 512 513 514
617 618 619 620
OMPANY
Revenue 400 - 499 Sales Sales Returns and Allowances Sales Discounts Cost of Goods Sold 500 - 599 Purchases Purchase Discount Purchase Returns and Allowances Freight - in Expenses 600 - 699 SalariesExpense Rent Expense Supplies Expense Transportation Expense Postage Expense Depreciation Expense- Store Fixtures and Equipment Taxes and |Licenses Miscellaneous Expense Interest Expense Utilities Expense
CAMELOT BOOKSTORE COMPANY Trial Balance April 30, 2016 Accounts Debit Credit Cash in Bank P 139,750.00 P Petty Cash Fund 5,000.00 Accounts Receivable 25,000.00 Merchandise Inventory 68,215.00 Supplies Inventory 4,785.00 Prepaid Rent ( Includes rent deposit of P 20,000) 20,000.00 Store Furnitures and Equipment 50,000.00 Accumulated depreciation- Store Furnitures and Equipment Accounts Payable 50,000.00 Salaries Payable Withholdong taxes payable 3,600.00 SSS, Philhealth, HDMF Payable 8,100.00 Accrued expenses payable Note Payable 50,000.00 (Loan obtained on April 1,2016 ; 5% interest per annum payable April 1, 2020 Jess Montes Capital 100,000.00 Jess Montes Withdrawals 10,000.00 Sales 468,215.00 Sales Returns and Allowances 5,000.00 Sales Discounts 7,000.00 Purchases 302,215.00 Purchase Discount 950.00 Purchase Returns and Allowances 1,500.00 Freight - in 500.00 SalariesExpense 30,700.00 Rent Expense ( April 2016) 10,000.00 Supplies Expense 2,000.00 Transportation Expense 500.00 Postage Expense Depreciation Expense- Store Furnitures and Equipment Taxes and Licenses Miscellaneous Expense 1,700.00 Interest Expense ___________ ___________ Total 682,365.00 682,365.00
CAMELOT BOOKSTORE COMPANY Merchandise Inventory April 30, 2016 Qty
Title Fundamentals of Accounting Vol. 1, 2015 Edition 20 Cabrera, Ledesma & Lupisan
Unit cost P
Total
405.00 P
8,100.00
20
Fundamentals of Accounting Vol.21, 2015 Edition Cabrera & Ledesma
342.00
6,840.00
10
Financial Accounting and Reporting, Vol. 1, 2015 Edition - Cabrera & Ocampo
540.00
5,400.00
20
Financial Accounting and Reporting, Vol. 2, 2015 Edition - Cabrera & Ocampo
450.00
9,000.00
10
Financial Accounting and Reporting, Vol. 3, 2015 Edition - Cabrera & Ocampo
360.00
3,600.00
10
Advanced Accounting, Vol. 1, 2013 Edition P.Santos
405.00
4,050.00
15 Auditing Theory, 2015 Edition - E.B> Cabrera
506.60
7,600.00
35 Applied Auditing, 2014 Edition - E.B. Cabrera
675.00
23,625.00
Total
P
68,215.00
CAMELOT BOOKSTORE COMPANY Accounts Receivable April 30, 2016 Name of Customer
DATE
Assumption School of Business Eastern Philippines School of Arts & Sciences Southern Institute of Business & Accountancy Total
4/12/16 4/16/16 4/24/16
Sales invoice number 60 P 65 10 P
CAMELOT BOOKSTORE COMPANY Accounts Payable April 30, 2016 Name of Supplier Coran Educational Supply Total
DATE 4/10/16 4/15/16
Invoice number 775 810
P P
Angel Torres Bookstore
4/5/16 4/20/2016
075 079
P
Total
Total
P
Amount 10,000.00 5,000.00 10,000.00 25,000.00
Amount 20,000.00 20,000.00 40,000.00
5,000.00 5,000.00 10,000.00
50,000.00
Camelot Bookstore Company Summary of Transaction May 2016 Date May 1
1
Particulars Remitted the following collections To For BIR Withholding taxes SSS Premium Philhelath Contribution HDMF Contribution
Amount P
Jes Montes made additional investment into the business Cash Store furnitures and fixtures
3,600.00 5,000.00 1,500.00 1,600.00 300,000.00 50,000.00
1
Paid business permit to Muntinlupa City treasurer
P
5,435.72
1
Purchased various books from Coran Educational Supply Terms: Cash
P
104,500.00
1
Purchased various books from Coran Educational Supply Terms: n/35
P
57,000.00
1
Paid 4 months rent to Luxor Realty, Inc. (May1 to August 31,2016)
P
40,000.00
1
Increased petty cash fund by P 1,000
2
Sold various books to University of Misamis Oriental Terms: Cash
P
106,250.00
2
Purchased office and store supplies from Hamco Stationary Corporation, Terms: Cash
P
2,000.00
Purchased various books from Millennium Bookstore Terms: 3/10, n/30
P
44,000.00
Sold various books to University of the Orient Terms: Cash
P
25,000.00
Purchased various books from Cyber Bookstore Terms: 3/10; n/30
P
22,000.00
Purchased various supplies from Coran Educational Supply ; Terms: 3/10, n/30
P
95,000.00
Sold various books to Eastern Pampanga College Terms: Cash
P
33,000.00
2 3 4
5 5 7
Purchased various books from Coran Educational Supply
8
Terms: 3/10, n/30
P
152,500.00
Sold various books to Dadrangas School of Accountancy Terms: 3/5, n/20
P
117,500.00
P
172,500.00
P
10,000.00
P
69,500.00
P
22,000.00
12
Paid Millennium Bookstore for purchases made on May 2 ( Refer to May 2 transaction for the amount purchase)
13
Sold various books to University of Easter Luzon Terms: 3/5, n/30
13
Received payment from Dadrangas School of Accountancy for books sold on May 8 ( Refer to May 8 transaction for the amount )
14
Collected the receivable outstanding on April 30,2016 from Assumption School of Business
15
Paid salaries for rhe period of May 1-15 (Refer to Payroll attached)
15
Paid Coran Educational Supply for purchase made on May 5 ( Refer to May 5 transaction for the amount of purchase)
16
Purchased various books from Coran Educational Supply Terms: Cash
17
Paid Coran Educational Supply for purchases made on May 7 ( Refer to May 7 transaction for the amount)
18
Sold various books to FV Santos Memorial Business School Terms:Cash
18
Collected from University of Eastern Luzon for books sold on May 13 (Refer to May 13 transaction for the amount )
18
Collected from Southern Institute of Accountancy outstanding receivable on April 30,2016
P
10,000.00
Purchased various books from Coran Educational Supply Terms: n/30
P
32,000.00
Sold various books to FV Santos Memorial Business School , Terms: Cash
P
40,000.00
Received a debit memo from Coran Educational Supply for allowance on damaged books bought on May 19
P
4,000.00
19 20 22 23
Purchased various books from Millennium Bookstore
Terms: 3/10, n/30
P
22,000.00
Sold various books to Northern Metro Manila School of Business; Terms: Cash
P
41,500.00
Issued credit memo to |Northern Metro Manila School of Business and issued a check refund
P
1,500.00
29
J Montes withdraw cash for personal use
P
10,000.00
30
Collected from Eastern Philippines School of Arts and Sciences the outstanding receivable on April 30,2016
P
5,000.00
P
28,000.00
25 28
31
Paid salaries for the period May 16-31 ( Refer to attached payroll)
31
Sold various books to Eastern Pampanga College Terms; 2/10, n/30
Camelot Bookstore Company Payroll Period Covered: May 1-15,2016 Name of employee 1 2 3
Leticia L. Montes Ligaya Dantes Danilo de la Cruz
P
P
Total Regular Wage 11,000.00 6,500.00 6,500.00 24,000.00
Withholding Tax 1,700.00 900.00 900.00 3,500.00
SSS 500.00 500.00 500.00 1,500.00
Philhealth 150.00 150.00 150.00 450.00
HDMF 200.00 200.00 200.00 600.00
Total Net amount Deduction paid 2,550.00 8,450.00 1,750.00 4,750.00 1,750.00 4,750.00 6,050.00 17,950.00
Camelot Bookstore Company Payroll Period Covered: May 16-31,2016 Name of employee 1 2 3
Leticia L. Montes Ligaya Dantes Danilo de la Cruz
P
P
Total Regular Wage 11,000.00 6,500.00 6,500.00 24,000.00
Withholding Tax 1,700.00 900.00 900.00 3,500.00
SSS 500.00 500.00 500.00 1,500.00
Philhealth 150.00 150.00 150.00 450.00
HDMF 200.00 200.00 200.00 600.00
Total Net amount Deduction paid 2,550.00 8,450.00 1,750.00 4,750.00 1,750.00 4,750.00 6,050.00 17,950.00
Camelot Bookstore Company Adjustments Data May 31, 2016 1
Prepaid rent, P 50,000
2
Unused office and store supplies, P 1,700
3
Accrued interest payable on note payable ( P50,000 x5% x 2/12)
4
Depreciation rate on Store Fixtures and Equipment - 20% per annum Estimated salvage value = P 0
5
Meralco Bill for electric consumption for April and May 2016 received on May 31, 2016 and paid on June 6, 2016 , P 6,000
6
Merchandise Inventory per physical count May 31,2016 P
189,790
Camelot Bookstore Company General Journal
Date 2016
Particulars
Post Ref
Debit
Credit
Camelot Bookstore Company General Journal - Adjustments
Date 2016
Particulars
Post Ref
Debit
Credit
Camelot Bookstore Company General Journal
Account No: 111 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 112 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 113 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 114 Date
Particulars
Post Ref
Debit
Credit
Debit
Balance Credit
Beg. Balance 0.00
Account No: 115
Date
Particulars
Post Ref
Debit
Credit
Debit
Balance Credit
Beg. Balance 0.00
Account No: 116 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 121 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 122 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 211 Date
Particulars
Post Ref
Debit
Credit
Debit
Balance Credit
Beg. Balance 0.00
Account No: 212 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 213 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 214 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 215 Date
Particulars
Post Ref
Debit
Credit
Debit
Balance Credit
Beg. Balance 0.00
Account No: 220 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 311 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 312 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 313 Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance
Account No: 411 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 412 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 413 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 511 Date
Particulars
Post Ref
Debit
Credit
Debit
Balance Credit
Beg. Balance 0.00
Account No: 512 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 513 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 514 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 611 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 612 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 613 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 614 Date
Particulars
Post Ref
Debit
Credit
Debit
Balance Credit
Beg. Balance 0.00
Account No: 615 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 616 Date
Particulars
Post Ref
Debit
Credit
Debit
Balance Credit
Beg. Balance 0.00
Account No: 617 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 618 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 619 Date
Particulars
Post Ref
Debit
Credit
Balance Debit Credit
Beg. Balance 0.00
Account No: 620
Date
Particulars
Post Ref
Debit
Credit
Debit
Balance Credit
Beg. Balance 0.00
Camelot Bookstore Company
Trial Balance May 31, 2016 Accounts
Debit
Credit
P
P
___________ Total
0.00
___________ 0.00
Camelot Bookstore Company
Worksheet For the Month Ended May 31, 2016 Account Title
Trial Balance Debit Credit
Adjustments Debit Credit
ookstore Company
Worksheet h Ended May 31, 2016 Adjusted Trial Balance Debit Credit
Income Statement Debit Credit
Balance Sheet Debit Credit
Camelot Bookstore Company Subsidiary Ledger - Accounts Receivable Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
Camelot Bookstore Company Subsidiary Ledger - Accounts Payale Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
Name:
Date
Particulars
Post Ref
Debit
Credit
Balance
Beg. Balance 0.00
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