Acctg3and4 Practice Set

Income Statement
RJP HOME APPLIANCES
May 2004
RJP HOME APPLIANCES

Income Statement
For the month ended May 31, 2004
Sales
Less: Sales Discount
Net Sales
Cost of Goods Sold
Merchandise Inventory - May 1
Net Purchase
Purchases
Purchase Returns and Allowances
Purchas Discounts
Less: Merchandise Inventory - May 31
Gross Profit on Sales
Interest Income
Total Gross Income
Operating Expense
Taxes and Licenses
Suppliies Expense
Salaries Expense
Utilities Expense
Delivery Expense
Interest Expense
Miscellaneous Expense
Depreciation - Furniture and Fixtures
Depreciation - Office Equipment
Depreciation - Delivery Equipment
Doubtful accounts Expense
SSS, Medicare Pemiums Expense
Ecc, Pag- Ibig Expense
Insurance Expense
Professional Fee Expense
Rent Expense
Advertising Expense
Income Before Income Tax
Income Tax, 32%
NET INCOME
309,757.20
750.00
309,007.20
180,027.65
479,614.06
(1,297.80)
(7,004.91)
471,311.35
(535,400.00)
225.00
5,616.40
35,000.00
1,150.00
507.00
499.07
915.00
299.25
90.00
291.67
2,656.10
619.70
440.00
200.00
6,500.00
1,500.00
160.00
115,939.00
193,068.20
199.44
193,267.64
56,669.19
136,598.45
43,711.50
92,886.95
Accounting 3/4
Balance Sheet
RJP HOME APPLIANCES
May 2004
RJP HOME APPLIANCES

Balance Sheet
As of May 31, 2004
ASSETS
Current Assets
Cash
Petty Cash
Accounts Receivable
Less: Allowance for Doubtful Accounts
Notes Receivable
Merchandise Inventory - May 31
Prepaid Rent
Supplies Unused
Prepaid Insurance
Prepaid Taxes and Licenses
Prepaid Advertising
Interest Receivable
Fixed Assets
Furniture and Fixtures
Office Equipment
Delivery Equipment
181,674.20
1,500.00
132,805.00
(6,844.70)
Cost
35,154.75
15,483.90
68,950.00
119,588.65
Accum Deprn
(299.25)
(90.00)
(291.67)
(680.92)
125,960.30
37,152.00
535,400.00
3,000.00
1,460.00
2,200.00
125.00
640.00
99.77
Net Book Value
34,855.50
15,393.90
68,658.33
Total Assets
889,211.27
118,907.73
1,008,119.00
LIABILITIES AND OWNERS EQUITY

Current Liabilities
Accounts Payable
Notes Payable
Ecc, Pag- Ibig Payable
Withholding Tax Payable
SSS & Medicare Payable
Interest Payable
Utilities Payable
Profesional Fee Payable
Income Tax Payable
314,330.00
47,430.00
720.60
1,326.10
911.45
452.40
850.00
6,500.00
43,711.50
Partners' Equity
Riccel Tropicales, Capital
Less, Riccel Tropicales, Drawing
Jethro Verzosa, Capital
Patrick Marfil, Capital
Net Income
250,000.00
(1,000.00)
Total Liabilities and Owners Equity
249,000.00
150,000.00
100,000.00
416,232.05
499,000.00
92,886.95
1,008,119.00
Accounting 3/4
Worksheet
ACCOUNT NAME
Cash
Petty Cash
Accounts Receivable
Allowance for Doubtful Accounts
Notes Receivable
Merchandise Inventory, May 1
Prepaid Rent
Supplies Unused
Prepaid Insurance
Prepaid Advertising
Furniture & Fixtures
Office Equipment
Delivery Equipment
Accounts Payable
Notes Payable
ECC, Pag-ibig Payable
Riccel Tropicales, Drawing
Jethro Versoza, Capital
Sales
Sales Discounts
Interest Income
Purchases
Purchase Returns & Allowances
Purchase Discounts
Taxes and Licenses
Supplies Expense
Salaries Expense
Utilities Expense
Delivery Expense
Interest Expense

Income and Expense Summary
Interest Receivable
Interest Payable
Accumulated Depreciation - Furniture and Fixtures
Accumulated Depreciation - Office Equipment
Accumulated Depreciation - Delivery Equipment
Doubtful Accounts Expense
SSS, Medicare Expense
ECC, Pag-ibig Expense
Insurance Expense
Utilities Payable
Professional Fee Payable
Rent Expense
Advertising Expense
Income Tax Expense
Income Tax Payable
TRIAL BALANCE
DEBIT
CREDIT
181,824.20
1,500.00
132,805.00
4,188.60
37,152.00
180,027.65
4,500.00
4,500.00
2,400.00
800.00
35,154.75
15,483.90
68,950.00
314,330.00
47,430.00
280.60
1,326.10
291.75
250,000.00
1,000.00
150,000.00
100,000.00
309,757.20
750.00
99.67
479,614.06
1,297.80
7,004.91
350.00
2,576.40
35,000.00
300.00
507.00
46.67
765.00
1,186,006.63
1,186,006.63
RJP HOME APPLIANCES
May 2004
RJP HOME APPLIANCES

Worksheet
For the year ended May 31, 2004
ADJUSTMENTS
DEBIT
CREDIT
150.00
2,656.10
1,500.00
3,040.00
200.00
160.00
440.00
619.70
99.77
125.00
3,040.00
850.00
452.40
150.00
535,400.00
ADJUSTED BALANCE
DEBIT
CREDIT
181,674.20
1,500.00
132,805.00
6,844.70
37,152.00
180,027.65
3,000.00
1,460.00
2,200.00
640.00
35,154.75
15,483.90
68,950.00
314,330.00
47,430.00
720.60
1,326.10
911.45
250,000.00
1,000.00
150,000.00
100,000.00
309,757.20
750.00
199.44
479,614.06
1,297.80
7,004.91
225.00
5,616.40
35,000.00
1,150.00
507.00
499.07
915.00
INCOME STATEMENT
DEBIT
CREDIT
180,027.65
3,000.00
1,460.00
2,200.00
640.00
35,154.75
15,483.90
68,950.00
314,330.00
47,430.00
720.60
1,326.10
911.45
250,000.00
1,000.00
150,000.00
100,000.00
###
###
199.44
###
###
###
225.00
5,616.40
35,000.00
1,150.00
###
499.07
915.00
535,400.00
535,400.00
125.00
99.76
###
452.40
125.00
99.77
452.40
299.25
299.25
90.00
299.25
90.00
90.00
291.67
291.67
850.00
850.00
6,500.00
850.00
###
6,500.00
1,500.00
160.00
43,711.50
6,500.00
###
###
###
853,659.35
1,016,644.62
NET INCOME
760,772.40
92,886.95
43,711.50
923,757.67
92,886.95
BALANCES
853,659.35
853,659.35
1,016,644.62
1,016,644.62
596,585.38
Accounting 3/4
43,711.50
596,585.39
291.67
###
###
###
###
6,500.00
1,500.00
160.00
43,711.50
90.00
###
2,656.10
619.70
440.00
200.00
6,500.00
299.25
###
291.67
2,656.10
619.70
440.00
200.00
452.40
###
90.00
291.67
535,400.00
535,400.00
125.00
99.77
299.25
BALANCE SHEET
DEBIT
CREDIT
181,674.20
1,500.00
132,805.00
6,844.70
37,152.00
1,777,417.02
43,711.50
1,777,417.02
Trial Balance
RJP HOME APPLIANCES
May 2004
RJP HOME APPLIANCES

Trial Balance
May 31, 2004
DEBIT
181,824.20
1,500.00
132,805.00
Cash
Petty Cash
Accounts Receivable
Notes Receivable
Prepaid Rent
Supplies Unused
Prepaid Insurance
Prepaid Advertising
Office Equipment
Delivery Equipment
Accounts Payable
Notes Payable
Sales
Sales Discounts
Interest Income
Purchases
Purchase Discounts
Taxes and Licenses
Supplies Expense
Salaries Expense
Utilities Expense
Delivery Expense
Interest Expense
CREDIT
4,188.60
37,152.00
180,027.65
4,500.00
4,500.00
2,400.00
800.00
35,154.75
15,483.90
68,950.00
314,330.00
47,430.00
280.60
1,326.10
291.75
250,000.00
1,000.00
150,000.00
100,000.00
309,757.20
750.00
99.67
479,614.06
1,297.80
7,004.91
350.00
2,576.40
35,000.00
300.00
507.00
46.67
765.00
1,186,006.63
Accounting 3/4
1,186,006.63
Adjusted Trial Balance
RJP HOME APPLIANCES
May 2004
RJP HOME APPLIANCES

Adjusted Trial Balance
as of May 31, 2004
DEBIT
181,674.20
1,500.00
132,805.00
Cash
Petty Cash
Accounts Receivable
Notes Receivable
Prepaid Rent
Supplies Unused
Prepaid Insurance
Prepaid Advertising
Office Equipment
Delivery Equipment
Accounts Payable
Notes Payable
Sales
Sales Discounts
Interest Income
Purchases
Purchase Discounts
Taxes and Licenses
Supplies Expense
Salaries Expense
Utilities Expense
Delivery Expense
Interest Expense
CREDIT
6,844.70
37,152.00
180,027.65
3,000.00
5,960.00
2,200.00
640.00
35,154.75
15,483.90
68,950.00
314,330.00
47,430.00
720.60
1,326.10
911.45
250,000.00
1,000.00
150,000.00
100,000.00
309,757.20
750.00
199.44
479,614.06
1,297.80
7,004.91
225.00
1,116.40
35,000.00
1,150.00
507.00
499.07
915.00

Interest Receivable
Interest Payable
SSS, Medicare Expense
Insurance Expense
Utilities Payable
Rent Expense
Advertising Expense
Income Tax Expense
Income Tax Payable
535,400.00
535,400.00
125.00
99.77
452.40
299.25
299.25
90.00
90.00
291.67
291.67
2,656.10
619.70
440.00
200.00
850.00
6,500.00
6,500.00
1,500.00
160.00
43,711.50
1,777,417.02
Accounting 3/4
43,711.50
1,777,417.02
Page 6 of 54
Accounts Payable Subsidiary Ledger
RJP HOME APPLIANCES
May 2004
RJP HOME APPLIANCES

Name:
Laguna Corporation
Address:
Date
Particulars
2004
May
1 Beginning Balance
1 Merchandise, 5/20, n/30
5 Partial payment
17 In full of account
17 Purchase discount
22 Merchandise, n/45
Name:
Sony Corporation
Address:
Date
Particulars
2004
May
1 Beginning Balance
6 Purchase discount
Name:
LG Corporation
Address:
Date
Particulars
2004
May
1 Beginning Balance
1 Merchandise, n/60
Name:
Margas Philippines
Address:
Date
Particulars
2004
May
1 Beginning Balance
1 Returns
F
PJ
CPJ
CPJ
CPJ
PJ
F
PJ
CPJ
CPJ
PJ
Dr.
Cr.
14,060.00
40,000.00
16,000.00
22,000.00
2,000.00
14,060.00
Dr.
Cr.
7,760.00
61,220.06
58,159.06
3,061.00
15,520.00
Dr.
Cr.
7,200.00
21,600.00
Dr.
Cr.
19,250.00
GJ1
PJ
CPJ
CPJ
PJ
1,297.80
25,956.00
23,425.29
1,232.91
RJP HOME APPLIANCES

ACCOUNTS PAYABLE SUBSIDIARY LEDGER
Accounting 3/4
30,800.00
Balance
14,060.00
54,060.00
38,060.00
16,060.00
14,060.00
28,120.00
Balance
7,760.00
68,980.06
10,821.00
7,760.00
23,280.00
Balance
7,200.00
28,800.00
Balance
19,250.00
17,952.20
43,908.20
20,482.91
19,250.00
50,050.00
Page 7 of 54
Name:
San Pedro Sounds
Address:
Date
Particulars
2004
May
1 Beginning balance
1 Merchandise, n/45
Name:
Philips Electrical
Address:
Date
Particulars
2004
May
1 Beginning Balance
2 Merchandise, n/60
Name:
Monching Furniture
Address:
Date
Particulars
2004
May
1 Office furniture, 5/10, n/30
Name:
Ronron Appliances
Address:
Date
Particulars
2004
May
2 Merchandise, n/10
Name:
Sanyo Philippines
Address:
Date
Particulars
2004
May
RJP HOME APPLIANCES
Dr.
Dr.
PJ
CPJ
F
PJ
CPJ
F
PJ
CPJ
CPJ
Accounting 3/4
Cr.
34,800.00
48,400.00
21,200.00
PJ
PJ
Cr.
35,160.00
24,000.00
20,520.00
PJ
PJ
May 2004
Dr.
Cr.
21,000.00
21,000.00
Dr.
Cr.
8,640.00
8,640.00
Dr.
Cr.
14,220.00
13,509.00
711.00
Balance
35,160.00
59,160.00
79,680.00
Balance
34,800.00
83,200.00
104,400.00
Balance
21,000.00
-
Balance
8,640.00
-
Balance
14,220.00
711.00
-
Page 8 of 54
Accounts Receivable Subsidiary Ledger
RJP HOME APPLIANCES
May 2004
RJP HOME APPLIANCES

Name:
Binan Store
Address:
Date
Particulars
2004
May
1 Beginning Balance
Name:
Marimar Shop
Address:
Date
Particulars
2004
May
1 Beginning Balance
Name:
San Jose Appliances
Address:
Date
Particulars
2004
May
1 Beginning Balance
Name:
Accenture, Inc.
Address:
Date
Particulars
2004
May
1 Beginning Balance
Name:
Juan Gonzales
Address:
Date
Particulars
2004
May
1 Beginning Balance
Dr.
Cr.
10,860.00
CRJ
10,860.00
Dr.
Cr.
17,000.00
CRJ
17,000.00
Dr.
Cr.
19,143.00
CRJ
19,143.00
Dr.
Cr.
20,000.00
CRJ
20,000.00
Dr.
12,700.00
Accounting 3/4
Cr.
Balance
10,860.00
Err:522
Balance
17,000.00
Err:522
Balance
19,143.00
Err:522
Balance
20,000.00
Err:522
Balance
12,700.00
Page 9 of 54
RJP HOME APPLIANCES
May 2004
RJP HOME APPLIANCES

ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
Name:
Tyler Store
Address:
Date
Particulars
2004
May
1 Beginning Balance
Name:
Laguna Appliances
Address:
Date
Particulars
2004
May
3 n/20
Name:
Richard Mance
Address:
Date
Particulars
2004
May
5 2/3, n/30
23 5/10, n/30
30 Sales Discount
Name:
Filinvest Appliances
Address:
Date
Particulars
2004
May
9 5/10, n/30
Name:
Dela Paz Trading
Address:
Date
Particulars
2004
May
15 5/5, n/20
Dr.
Cr.
4,069.00
Dr.
4,069.00
Cr.
18,720.00
SJ
F
SJ
SJ
CRJ
CRJ
Dr.
Cr.
14,250.00
750.00
Cr.
21,743.00
SJ
F
SJ
Accounting 3/4
Dr.
28,535.00
Balance
18,720.00
22,000.00
15,000.00
Dr.
Balance
Balance
22,000.00
37,000.00
22,750.00
22,000.00
Balance
21,743.00
Cr.
Balance
28,535.00
Page 10 of 54
RJP HOME APPLIANCES
May 2004
RJP HOME APPLIANCES

ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
Name:
San Pedro College
Address:
Date
Particulars
2004
May
15 n/60
Name:
Wilfredo Versoza
Address:
Date
Particulars
2004
May
25 n/60
Dr.
Cr.
16,900.00
SJ
F
SJ
Accounting 3/4
Dr.
8,138.00
Balance
16,900.00
Cr.
Balance
8,138.00
Schedule of Accounts Receivables and Accounts Payable
RJP HOME APPLIANCES
May 2004
RJP HOME APPLIANCES

Schedule of Accounts Receivables
May 31, 2004
Juan Gonzales
Tyler Store
Laguna Appliances
Richard Mance
Dela Paz Trading
San Pedro College
Wilfredo Versoza
12,700.00
4,069.00
18,720.00
22,000.00
21,743.00
28,535.00
16,900.00
8,138.00
132,805.00
RICCEL TRADING CENTER

Schedule of Accounts Payables
May 31, 2004
Laguna Corporation
Sony Corporation
LG Corporation
Margas Philippines
San Pedro Sounds
Philips Electrical
28,120.00
23,280.00
28,800.00
50,050.00
79,680.00
104,400.00
314,330.00
Accounting 3/4
Cash Payments Journal
DATE
2004
May
1
1
1
2
2
3
5
3
5
6
6
7
8
9
10
12
16
PAYEE
Asela Tropicales
Bian Municipal Treasurer
Nina Reyes
San Pedro Sounds
Upsilon Appliances
Laguna News
Ching Printing Press
MNS Marketing
Laguna Corporation
Riccel Tropicales
Sony Corporation
Monarch insurance Company
Patrick Industries
Monching Furniture
Margas Philippines
Ronron Appliances
Employees
EXPLANATION
CV
NO.
RJP HOME APPLIANCES
RJP HOME APPLIANCES

Cash Payments Journal
CHECK
PURCHASE
CASH
NO.
DISCOUNTS
Cr.
Cr.
1000
4,500.00
1001
300.00
1002
500.00
1003
24,900.00
1004
28,200.00
1005
800.00
1006
2,500.00
1007
14,400.00
1008
16,000.00
1009
1,000.00
1010
58,159.06
3,061.00
1011
2,400.00
1012
6,548.00
1013
19,950.00
1014
23,425.29
1,232.91
1015
8,640.00
1016
17,836.90
Rent for May, June and July 2004

Municipal License
Petty Cash Fund
In full of account
In full of account
Advertising for 5 months May to September
Supplies Expense
In full of account
Partial payment
Cash drawing
In full of account
One year insurance premium
Down payment for PI 223344
In full of account
In full of account
In full of account
Payroll for May 1-15, 2004
001
002
003
004
005
006
007
008
009
010
011
012
013
014
015
016
017
16 Jethro Motors, Inc.

17 Nina Reyes
Purchase of delivery truck

Replenishment of PCV
018
019
1017
1018
35,000.00
500.00
17 Laguna Corporation
19 Patrick Industries
In full of account
Note issued on 8th paid
020
021
1019
1020
22,000.00
12,046.67
22
23
27
31
Delivery charges
Purchase of office equipment
In full of account
Payroll for May 16-31, 2004
022
023
024
025
1021
1022
1023
1024
507.00
12,000.00
13,509.00
15,264.65
Ong Shipping Company

Mags Innovation Inc.
Sanyo Philippines
Employees
31 Nina Reyes
Replenishment of PCV
026
May 2004
1025
ACCOUNTS
PAYABLE
Dr.
CASH
PURCHASES
Dr.
(100)
16,000.00
61,220.06
Accounting 3/4
Prepaid Advertising
Supplies Unused
111
108
800.00
2,500.00
301
1,000.00
Prepaid Insurance
109
2,400.00
Cr.
###
711.00
502
Dr.
4,500.00
300.00
500.00
###
2,000.00
7,004.91
F
107
110
101
###
###
21,000.00
24,658.20
8,640.00
1,050.00
Salaries Expense
Delivery Equipment
Taxes and Licenses
Utilities Expense
509
204
124
505
510
520
18,500.00
Notes Payable
Interest Expense
Delivery Expense
Office Equipment
201
518
511
122
12,000.00
46.67
507.00
12,000.00
Salaries Expense
SSS, Medicare Payable
Supplies Expense
509
204
203
205
507
520
16,500.00
663.10
35,000.00
50.00
300.00
150.00
24,000.00
14,220.00
691.40
341,577.97
SUNDRIES
Account Name
Prepaid Rent
Taxes and Licenses
Petty Cash
169,738.26
200
74,048.00
(
663.00
280.60
291.75
76.40
615.00
107,745.07
2,948.45
Purchase Journal
DATE
2004
May
1
1
1
1
1
1
2
2
2
2
2
3
8
10
20
22
23
24
26
26
SUPPLIER
Monching Furniture
San Pedro Sounds
Laguna Corporation
Sony Corporation
LG Corporation
Margas Philippines
Ronron Appliances
San Pedro Sounds
Philips Electrical
Mars Industries
Upsilon Appliances
MNS Marketing
Patrick Industries
Sanyo Philippines
San Pedro Sounds
Laguna Corporation
Toshiba Radiola
Philips Electrical
Sony Corporation
Margas Philippines
TERMS
5/10, n/30
n/45
5/20, n/30
5/5, n/30
n/60
5/10, n/60
n/10
COD
n/60
30 day, 16% note
COD
COD
10 day 14% note
5/20, n/30
5/20, n/60
n/45
60 day note
n/60
n/60
n/60
INVOICE
NO.
248657
43210
45678
77777
98765
12555
131313
45668
23345
123543
23569
33662
223344
654321
47788
56784
88888
33344
99999
14789
PURCHASES
Dr.
24,000.00
40,000.00
61,220.06
21,600.00
25,956.00
8,640.00
24,900.00
48,400.00
35,100.00
28,200.00
14,400.00
18,548.00
14,220.00
20,520.00
14,060.00
12,330.00
21,200.00
15,520.00
30,800.00
479,614.06
500
RJP HOME APPLIANCES
May 2004
RJP HOME APPLIANCES

Purchase Journal
CASH
ACCOUNTS
PURCHASE
PAYABLE
Cr.
F
Cr.
21,000.00
24,000.00
40,000.00
61,220.06
21,600.00
25,956.00
8,640.00
###
48,400.00
NOTES
PAYABLE
Cr.
SUNDRIES
Account Name
F
120
Dr.
21,000.00
###
###
###
6,548.00
12,000.00
###
20,520.00
14,060.00
###
74,048.00
Accounting 3/4
21,200.00
15,520.00
30,800.00
367,136.06
200
59,430.00
201
21,000.00
Cr.
Sales Journal
RJP HOME APPLIANCES
May 2004
RJP HOME APPLIANCES

DATE
2004
May
2
3
4
5
9
12
15
15
18
20
23
25
27
29
CUSTOMER
Sto. Nio Store
Laguna Appliances
Monaliza Servantes
Richard Mance
Wilfredo Versoza
Dela Paz Trading
San Pedro College
Tropicales Marketing
Bernie Reyes
Richard Mance
Wilfredo Versoza
Asela Tropicales
Riccel Verzosa
TERMS
Sales Journal
INVOICE
NO.
COD
DP 4,680.00, bal. n/20
DP 2,500.00, bal. 20 day 12% note
2/3, n/30
5/10, n/30
COD
DP 6,027.00, bal. 5/5, n/20
n/60
DP 12,165.00, bal. 10% 30 day note
COD
5/10, n/30
n/60
COD
60 day 12% note
001
002
003
004
005
006
007
008
009
010
011
012
013
014
SALES
Cr.
62,000.00
23,400.00
17,450.00
22,000.00
21,743.00
11,302.20
34,562.00
16,900.00
37,635.00
18,000.00
15,000.00
8,138.00
9,945.00
11,682.00
309,757.20
(400)
Accounting 3/4
CASH
SALES
Dr.
62,000.00
4,680.00
2,500.00
11,302.20
6,027.00
ACCOUNTS
RECEIVABLE
F
Dr.
18,720.00
22,000.00
21,743.00
28,535.00
16,900.00
NOTES
RECEIVABLE
Dr.
14,950.00
12,165.00
18,000.00
25,470.00
15,000.00
8,138.00
9,945.00
126,619.20
131,036.00
(102)
11,682.00
52,102.00
(104)
Petty Cash Book
RJP HOME APPLIANCES
May 2004
RJP HOME APPLIANCES

DATE
2004
May
1
3
7
15
17
26
26
31
PAYEE
Bian Municipality
Nawasa
Luningning Store
National Book Store
Replenishment
Mang Cosme
Maria Sari-sari Store
Replenishment
PCV
RECEIPTS
No.
001
002
003
004
500.00
005
006
691.40
1,191.40
PAYMENTS
50.00
300.00
150.00
76.40
Petty Cash Book

OFFICE
ADVANCES
SUPPLIES
SUNDRIES
ACCOUNT NAME
Utilities Expense
F
110
510
AMOUNT
50.00
300.00
###
###
300.00
315.00
1,191.40
MISC.
EXPENSES
###
###
76.40
Accounting 3/4
765.00
350.00
Bank Reconciliation Statement
RJP HOME APPLIANCES
May 2004
RJP HOME APPLIANCES

PHILIPPINE NATIONAL BANK
Bank Reconciliation Statement
May 30, 2004
Balance before adjustments, 4.30.2004

Add (Deduct)
Deposit in transit
Outstanding checks
Check No.
1006
2,500.00
1011
2,400.00
1016
17,836.90
1020
12,046.67
1022
12,000.00
1024
15,264.65
Per Books
181,824.20
14,250.00
(62,048.22)
Bank Service Charge
(150.00)
Adjusted Balance
Deposit in Transit
OR No.
17
Outstanding Checks
Check No.
1006
1011
1016
1020
1022
1024
Per Bank
229,472.42
181,674.20
14,250.00
Date
5/30/2004
181,674.20
Payor
Richard Mance
Amount
14,250.00
Date
5/3/2004
5/7/2004
5/16/2004
5/19/2004
5/23/2004
Payee
Ching Printing Press
Monarch Industries Company
Employees
Patrick industries
Mags Innovation Inc.
Amount
2,500.00
2,400.00
17,836.90
12,046.67
12,000.00
5/31/2004
Employees
15,264.65
62,048.22
Deposit in Transit
OR No.
17
14,250.00
Date
5/30/2004
Payor
Richard Mance
Accounting 3/4
Amount
14,250.00
Cash Receipts Journal
RJP HOME APPLIANCES
May 2004
RJP HOME APPLIANCES

DATE
PAYOR
2004
May
1
1
1
2
3
3
4
5
5
5
12
15
18
20
24
Riccel Tropicales
Jethro Versoza
Patrick Marfil
Sto. Nio Store
Laguna Appliances
Binan Store
Monaliza Servantes
Marimar Shop
San Jose Appliances
Accenture, Inc.
Wilfredo Versoza
Dela Paz Trading
Tropicales Marketing
Bernie Reyes
Monaliza Servantes
27 Asela Tropicales
30 Richard Mance
EXPLANATION
OR
NO.
Initial Investment
Initial Investment
Initial Investment
Cash sales
Down payment
In full of account
Down payment
In full of account
In full of account
In full of account
Cash sales
Cash sales
Cash sales
Cash sales
Note received on 4th collected
001
002
003
004
005
006
007
008
009
010
011
012
013
014
015
Cash sales
In full of account
016
017
Cash Receipts Journal

SALES
ACCOUNTS
DISCOUNTS
RECEIVABLE
Dr.
Dr.
F
Cr.
50,480.30
150,000.00
100,000.00
62,000.00
4,680.00
10,860.00
10,860.00
2,500.00
17,000.00
17,000.00
19,143.00
19,143.00
20,000.00
20,000.00
11,302.20
6,027.00
12,165.00
18,000.00
15,049.67
CASH
9,945.00
14,250.00
523,402.17
(100)
CASH
SALES
Cr.
SUNDRIES
Account Name
RiccelTropicales, Capital
JethroVerzosa, Capital
F
301
302
304
Notes Receivable
Interest Receivable
104
403
Dr.
Cr.
50,480.30
150,000.00
100,000.00
62,000.00
4,680.00
2,500.00
11,302.20
6,027.00
12,165.00
18,000.00
14,950.00
99.67
9,945.00
750.00
750.00
(402)
Accounting 3/4
15,000.00
82,003.00
(102)
126,619.20
315,529.97
RJP HOME APPLIANCES

General Journal
DATE
PARTICULARS
2004
May
1 Cash
Petty Cash
Accounts Receivable
Merchandise Inventory
Supplies Unused
Office Equipment
Delivery Equipment
Accounts Payable
May
DEBIT
100
101
102
106
108
120
122
124
201
103
300
118,230.00
4,188.60
250,000.00
1 Cash
150,000.00
May
150,000.00
1 Cash
100,000.00
May
May
May
May
May
May
May
May
May
May
May
May
May
May
CREDIT
50,480.30
1,000.00
83,772.00
180,027.65
4,500.00
15,204.75
3,483.90
33,950.00
100,000.00
1 Furniture & Fixtures

Accounts Payable
21,000.00
1 Purchases
Accounts Payable
24,000.00
1 Purchases
Accounts Payable
40,000.00
1 Purchases
Accounts Payable
61,220.06
1 Purchases
Accounts Payable
21,600.00
1 Purchases
Accounts Payable
25,956.00
21,000.00
24,000.00
40,000.00
61,220.06
21,600.00
25,956.00
1 Accounts Payable
1,297.80
1 Prepaid Rent
Cash
4,500.00
1,297.80
4,500.00
1 Prepaid Taxes and Licenses

Cash
300.00
1 Petty Cash
Cash
500.00
300.00
500.00
2 Purchases
Accounts Payable
8,640.00
8,640.00
2 Purchases
Cash
24,900.00
2 Purchases
Accounts Payable
48,400.00
2 Purchases
Notes Payable
35,100.00
24,900.00
48,400.00
35,100.00
RJP HOME APPLIANCES
General Journal
DATE
2004
May
2 Purchases
Cash
PARTICULARS
DEBIT
CREDIT
28,200.00
28,200.00
May
2 Cash
62,000.00
Sales
May
May
May
62,000.00
3 Purchases
Cash
14,400.00
3 Cash
Accounts Receivable
Sales
4,680.00
18,720.00
3 Cash
10,860.00
14,400.00
23,400.00
Accounts Receivable
May
May
May
May
May
10,860.00
3 Prepaid Advertising
Cash
800.00
800.00
3 Supplies Unused
Cash
2,500.00
2,500.00
4 Cash
Notes Receivable
Sales
2,500.00
14,950.00
5 Accounts Receivable
Sales
22,000.00
5 Cash
17,000.00
17,450.00
22,000.00
Accounts Receivable
May
17,000.00
5 Cash
19,143.00
Accounts Receivable
May
19,143.00
5 Cash
20,000.00
Accounts Receivable
May
May
May
May
May
May
May
20,000.00
5 Accounts Payable
Cash
16,000.00
16,000.00
6 Riccel Tropicales, Drawings

Cash
1,000.00
1,000.00
6 Accounts Payable
Cash
Purchase Discount
61,220.06
58,159.06
3,061.00
7 Prepaid Insurance
Cash
2,400.00
2,400.00
8 Purchases
Cash
Notes Payable
18,548.00
Sales
21,743.00
9 Accounts Payable
Cash
21,000.00
6,548.00
12,000.00
21,743.00
19,950.00
1,050.00
RJP HOME APPLIANCES
General Journal
DATE
2004
May
10 Purchases
Accounts Payable
May
10 Accounts Payable
Cash
Purchase Discount
PARTICULARS
DEBIT
CREDIT
14,220.00
14,220.00
24658.2
23,425.29
1,232.91
May
12 Cash
11,302.20
Sales
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
11,302.20
12 Accounts Payable
Cash
8,640.00
8,640.00
15 Cash
Accounts Receivable
Sales
6,027.00
28,535.00
Sales
16,900.00
16 Salaries Expense
Cash
Withholding Taxes Payable
18,500.00
16 Delivery Equipment
Cash
35,000.00
34,562.00
16,900.00
17,836.90
663.10
35,000.00
17 Petty Cash
Cash
500.00
500.00
17 Accounts Payable
Cash
Purchase Discount
24,000.00
18 Cash
Notes Receivable
Sales
12,165.00
25,470.00
19 Notes Payable
Interest Expense
Cash
20 Purchases
Accounts Payable
12,000.00
46.67
20 Cash
Sales Discount
Sales
18,000.00
2,000.00
22 Purchases
Accounts Payable
14,060.00
22,000.00
2,000.00
37,635.00
12,046.67
20,520.00
20,520.00
20,000.00
14,060.00
22 Delivery Expenses
Cash
507.00
507.00
23 Purchases
Notes Payable
12,330.00
Sales
15,000.00
12,330.00
15,000.00
RJP HOME APPLIANCES
General Journal
DATE
2004
May
May
May
PARTICULARS
DEBIT
23 Office Equipment
Cash
12,000.00
24 Purchases
Accounts Payable
21,200.00
24 Cash
15,049.67
12,000.00
21,200.00
Notes Receivable
Interest Income
May
Sales
CREDIT
14,950.00
99.67
8,138.00
8,138.00
May
May
May
May
May
May
26 Purchases
Accounts Payable
30,800.00
26 Purchases
Accounts Payable
15,520.00
30,800.00
15,520.00
27 Cash
Sales Discount
Sales
9,945.00
1,105.00
11,050.00
27 Accounts Payable
Cash
Purchase Discount
14,220.00
29 Notes Receivable
Sales
11,682.00
30 Cash
15,000.00
13,509.00
711.00
11,682.00
Accounts Receivable
Purchase Discount
May
May
14,250.00
750.00
31 Salaries Expenses
Cash
Withholding Taxes Payable
16,500.00
15,264.65
663.00
280.60
291.75
31 Petty Cash
Cash
691.40
691.40
ADJUSTING ENTRIES
May
31 Merchandise Inventory
AJE
1
To record ending inventory
106
600
535,400.00
May
AJE
31 Prepaid Taxes and Licenses

2
Taxes and Licenses
505
110
125.00
May
AJE
31 Supplies Expense
3
Supplies Unused
To record supplies inventory
535,400.00
125.00
1,460.00
1,460.00
RJP HOME APPLIANCES

General Journal
DATE
PARTICULARS
2004
May
31 Interest Receivable
AJE
4
Interest Income
a. SI 009 for 25,470.00 datd. 5/18/04 for 30 days at 10%
b. SI 014 for 11,682.00 dtd. 5/29/04 for 20 days at 12%
a. 25,470.00 x 10% x 13/360 = 91.98
b. 11,682.00 x 12% x 2/360 = 7.79
DEBIT
CREDIT
99.76
99.76
May
AJE
31 Interest Expense
5
Interest Payable
PI 12354 for 35,100.00 dtd. 4/2/04 for 30 days at 16%
35,100.00 x 16% x 28/360 = 436.80
436.80
May
AJE
31 Depreciation - Furniture and Fixtures

6
[(19950 x 90%)/5] x 1/12 = 299.25
299.25
May
AJE
31 Depreciation - Office Equipment

7
[(12,000.00 x 90%)/5] x .5/12 = 90.00
436.80
299.25
90.00
90.00
May
AJE
31 Depreciation - Delivery Equipment

8
[(35000.00 x 80%)/4] x .5/12 = 291.67
291.67
May
AJE
31 Doubtful Accounts Expense

9
132,805.00 x 2% = 2,656.1
May
AJE
31 SSS, Medicare Expense

10
619.70
May
AJE
31 ECC, Pag-ibig Expense

11
440.00
May
AJE
31 Insurance Expense
12
Prepaid Insurance
2,400.00 x 1/12 = 200.00
200.00
May
AJE
31 Utilities Expense
13
Utilities Payable
To record gasoline chrages dtd. May 2004 paid in June 2004
850.00
May
AJE
31 Professional Fee Expense

14
a. Security services dtd April 30, 2004 paid May 2004 b. Audit services dtd. April 30, 2004 paid May 2004 -
291.67
2,656.10
2,656.10
619.70
440.00
200.00
850.00
6,500.00
6,500.00
1,500.00
5,000.00
6,500.00
May
AJE
31 Miscellaneous Expense
15
Cash
To record bank charges
May
AJE
31 Rent Expense
16
Prepaid Rent
150.00
100
100
150.00
1,500.00
1,500.00
RJP HOME APPLIANCES
General Journal
DATE
2004
May
31 Advertising Expense
AJE
17
Prepaid Advertising
May
AJE
PARTICULARS
DEBIT
CREDIT
160.00
160.00
31 Taxes and Licenses

18
REVERSING ENTRIES
June
1 Utilities Payable
Utilities Expense
June
1 Professional Fee Payable

CLOSING ENTRIES
Sales
Interest Income
Sales Discounts
To close revenue, contra-revenue
Purchase Discounts
Purchases
Supplies Expense
Salaries Expense
850.00
850.00
6,500.00
6,500.00
309,757.20
199.44
750.00
309,206.64
751,719.69
1,297.80
7,004.91
180,027.65
479,614.06
5,616.40
35,000.00
Page 23 of 11
General Ledger
RJP HOME APPLIANCES 2004
RJP HOME APPLIANCES

General Ledger
Cash
Date
Explanation
2004
May
1 Beginning Balance
31
F
GJ1
CRJ
Balance
Petty Cash
Date
Explanation
2004
May
1 Beginning Balance
1
F
GJ1
CPJ
F
GJ1
SJ
CPJ
GJ6
Debit
Date
2004
Explanation
Explanation
1,000.00
500.00
Debit
83,772.00
131,036.00
214,808.00
Date
2004
May 31
CRJ
132,805.00

Date
Explanation
F
2004
Balance
1,500.00
Balance
Notes Receivable
Date
Explanation
2004
May 31
50,480.30
472,921.87
523,402.17
Date
Explanation
2004
May 31
31 Adjusting Entry
181,674.20
Balance
Accounts Receivable
Date
Explanation
2004
May
1 Beginning Balance
31
Debit
F
SJ
Debit
Date
2004
May
1
2
Date
2004
52,102.00 May
24
Debit
37,152.00
Accounting 3/4
Explanation
Beginning Balance
Adjusting Entry
Balance
Explanation
F
GJ1
F
CRJ
Page 24 of 11
Interest Receivable
Date
Explanation
2004
May 31 Adjusting Entry
General Ledger
F
GJ5
Debit
Date
2004
Explanation
Explanation
99.77
RJP HOME APPLIANCES

General Ledger
Date
Explanation
2004
May
1 Beginning Balance
31 Adjusting Entry
Prepaid Rent
Date
Explanation
2004
May
1
F
GJ1
180,027.65
GJ4
535,400.00
F
CPJ
Balance
Supplies Unused
Date
Explanation
2004
May
1 Beginning Balance
F
GJ1
4,500.00
Date
Explanation
2004
F
GJ5
Debit
4,500.00
Date
Explanation
2004
F
GJ5
1,460.00
F
CPJ
Balance

Date
Explanation
Debit
Date
2004
3,000.00
Balance
Prepaid Insurance
Date
Explanation
2004
May
7
Debit
Debit
2,400.00
Date
Explanation
2004
F
GJ6
2,200.00
Debit
Accounting 3/4
Date
Explanation
Page 25 of 11
Explanation
2004
General Ledger
F
GJ5
Balance
Debit
2004
Explanation
125.00
125.00
RJP HOME APPLIANCES

General Ledger
Prepaid Advertising
Date
Explanation
2004
May
3
F
CPJ
Balance

Date
Explanation
2004
May
1 Beginning Balance
1
Debit
800.00
F
GJ1
PJ
Debit
GJ6
Date
2004
Explanation
15,204.75
19,950.00
35,154.75
Accumulated Depreciation - Furniture & Fixtures

Date
Explanation
F
Debit
2004
Balance
640.00
Balance
Office Equipment
Date
Explanation
2004
May
1 Beginning Balance
23
Date
Explanation
2004
F
GJ1
CPJ
Debit
3,483.90
12,000.00
15,483.90
Accounting 3/4
Date
Explanation
2004
Date
2004
Explanation
F
GJ5
Page 26 of 11
General Ledger

Date
Explanation
F
Debit
2004
Delivery Equipment
Date
Explanation
2004
May
1 Beginning Balance
16
F
GJ1
CPJ
Balance
Debit
Date
Explanation
2004
Date
2004
Explanation
F
GJ5
33,950.00
35,000.00
68,950.00
RJP HOME APPLIANCES

General Ledger
Date
Explanation
F
Debit
2004
Accounts Payable
Date
Explanation
2004
May
1
31
F
GJ1
CPJ
Date
Explanation
2004
Date
Explanation
2004
1,297.80 May
1 Beginning Balance
168,688.26
31
169,986.06
Debit
F
GJ5
F
GJ1
PJ
Balance
Notes Payable
Date
Explanation
2004
May
19
F
CPJ
Date
2004
12,000.00 May
30
Debit
Explanation
F
PJ
Balance
Interest Payable
Date
Explanation
Debit
Accounting 3/4
Date
Explanation
Page 27 of 11
2004
Explanation

Date
Explanation
2004

Date
Explanation
2004
General Ledger
Debit
Debit
Debit
Explanation
2004
Date
Explanation
2004
May
31
31 Adjusting Entry
Date
2004
May
16
31
Explanation
F
GJ5
F
CPJ
GJ6
F
CPJ
CPJ
RJP HOME APPLIANCES

General Ledger
Date
Explanation
2004
Utilities Payable
Date
Explanation
2004
Accrued Delivery Expense

Date
Explanation
2004
Debit
Debit
Debit

Accounting 3/4
Date
Explanation
2004
May
31
31 Adjusting Entry
Date
Explanation
2004
May
31 Adjusting Entry
Date
2004
Explanation
F
CPJ
GJ6
F
GJ6
Page 28 of 11
Date
2004
Explanation

Date
Explanation
2004

Date
Explanation
2004
May
6
General Ledger
F
CPJ
Balance

Date
Explanation
2004
Debit
Debit
Debit
Date
Explanation
2004
May
31 Adjusting Entry
Date
Explanation
2004
May
1 Beginning Balance
May 31 Closing
Date
2004
Explanation
F
GJ6
F
GJ1
GJ6
1,000.00
1,000.00
Debit
Date
Explanation
2004
May
1
May 31 Closing
F
CRJ
GJ6
RJP HOME APPLIANCES

General Ledger
Jethro Versoza, Drawing
Date
Explanation
2004

Date
Explanation
2004
Debit
Debit
Accounting 3/4
Date
2004
Explanation
Date
Explanation
2004
May
1
May 31 Closing
F
CRJ
GJ6
Page 29 of 11
Patrick Marfil, Drawing

Date
Explanation
2004
Sales
Date
Explanation
2004
May 31 Closing Entry
General Ledger
Debit
Debit
GJ6
Date
2004
309,757.20
Date
2004
May 31
Explanation
Explanation
F
SJ
Balance
Sales Returns & Allowances

Date
Explanation
2004
Sales Discounts
Date
Explanation
2004
May
31
Debit
Debit
CRJ
Date
2004
750.00 May
31
Balance
Interest Income
Date
Explanation
2004
May
31 Closing Entry
Date
2004
Explanation
Explanation
F
GJ6
F
GJ6
Date
Explanation
2004
199.44 May
24
31 Adjusting Entry
199.44
Debit
F
CRJ
GJ5
Balance
RJP HOME APPLIANCES
General Ledger
Purchases
Date
2004
May 31
Explanation
Debit
PJ
479,614.06
Balance
Accounting 3/4
Date
Explanation
2004
F
GJ6
Page 30 of 11
General Ledger

Date
Explanation
F
2004
May
31 Closing Entry
GJ6
Date
2004
1,297.80 May
1
Debit
Explanation
F
GJ1
Balance
Purchase Discounts
Date
Explanation
2004
F
GJ6
Debit
7,004.91
Date
2004
May 31
Explanation
F
CPJ
Balance
Freight-in
Date
2004
Explanation
Debit
Rent Expense
Date
Explanation
2004
May
31 Adjusting Entry
Debit
GJ6
Explanation
Date
Explanation
2004
1,500.00 May
31 Closing Entry
Balance
Taxes and Licenses

Date
Explanation
2004
May 31
Date
2004
F
GJ6
F
CPJ
Date
2004
Debit
350.00
Balance
Explanation
31 Adjusting Entry
31 Closing
F
GJ6
GJ6
RJP HOME APPLIANCES

General Ledger
Advertising Expense
Date
Explanation
Debit
Accounting 3/4
Date
Explanation
Page 31 of 11
Explanation
2004
May
31 Adjusting Entry
General Ledger
GJ6
Debit
160.00
Balances
Supplies Expense
Date
Explanation
2004
May
31
31 Adjusting Entry
Closing
GJ6
CPJ
GJ5
Date
Explanation
2004
2,576.40 May
31 Closing
F
GJ6
3,040.00
5,616.40
-
F
GJ6
Date
2004
Debit
200.00
Explanation
31 Closing
F
GJ6
F
CPJ
CPJ
Date
Explanation
2004
18,500.00 May
31 Closing
16,500.00
35,000.00
Debit
Balance
Utilities Expense
Date
Explanation
2004
May
17
31 Adjusting Entry
Debit
Balance
Salaries Expense
Date
Explanation
2004
May
16
30
Explanation
Balance
Insurance Expense
Date
Explanation
2004
May
31 Adjusting Entry
2004
31
F
GJ6
F
CPJ
GJ6
Date
Explanation
2004
300.00 May
31 Closing
850.00
1,150.00
Debit
Balance
Accounting 3/4
F
GJ6
Page 32 of 11
General Ledger
RJP HOME APPLIANCES

General Ledger
Delivery Expense
Date
Explanation
2004
April
22
F
CPJ
Date
Explanation
2004
507.00 May
31 Closing
Debit
Balance

Date
Explanation
2004
May
31 Adjusting Entry
F
GJ6
F
GJ5
Date
Explanation
2004
2,656.10 May
31 Closing
Debit
Balance
Depreciation - Furniture & Fixtures

Date
Explanation
F
2004
May
31 Adjusting Entry
GJ5
Date
Explanation
2004
299.25 May
31 Closing
Debit
Date
Explanation
2004
90.00 May
31 Closing
Debit
GJ6
F
GJ6
Date
Explanation
2004
291.67 May
31 Closing
Debit
Balance
SSS, Medicare Premium Expense

Date
Explanation
F
Balance

Date
Explanation
F
2004
May
31 Adjusting Entry
GJ5
GJ6
Balance

Date
Explanation
F
2004
May
31 Adjusting Entry
GJ5
F
GJ6
Debit
Accounting 3/4
Date
Explanation
Page 33 of 11
Explanation
2004
May
31 Adjusting Entry
General Ledger
F
GJ6
Debit
Explanation
2004
619.70 May
31 Closing
Balance
F
GJ6
RJP HOME APPLIANCES

General Ledger
Date
Explanation
2004
May
31 Adjusting Entry
F
GJ6
Date
Explanation
2004
440.00 May
31 Closing
Debit
Balance
Interest Expense
Date
Explanation
2004
May
19
31
F
CPJ
GJ5
Date
Explanation
2004
46.67 May
31 Closing
452.40
499.07
Debit
F
GJ6
F
GJ6
Date
Explanation
2004
6,500.00 May
31 Closing
Debit
Balance
Miscellaneous Expenses
Date
Explanation
2004
May
17
30
31
GJ6
Balance

Date
Explanation
2004
May
31 Adjusting Entry
F
GJ6
F
CPJ
CPJ
GJ6
Date
Explanation
2004
150.00 May
31 Closing
615.00
150.00
915.00
Debit
Balance
Accounting 3/4
F
GJ6
Page 34 of 11

Date
Explanation
2004
May 31 Closing
31 Closing
General Ledger
Debit
751,719.69
92,886.95
844,606.64
Balances
Accounting 3/4
Date
Explanation
2004
May 31 Adjusting
31 Closing
Page 35 of 11
General Ledger
HOME APPLIANCES
General Ledger
100
Credit
341,577.97
150.00
341,727.97
101
Credit
102
Credit
82,003.00
103
Credit
4,188.60
2,656.10
104
Credit
14,950.00
Accounting 3/4
Page 36 of 11
General Ledger
105
Credit
HOME APPLIANCES
General Ledger
106
Credit
107
Credit
1,500.00
108
Credit
3,040.00
109
Credit
200.00
110
Credit
Accounting 3/4
Page 37 of 11
General Ledger
Credit
HOME APPLIANCES
General Ledger
111
Credit
160.00
120
Credit
121
Credit
299.25
122
Credit
Accounting 3/4
Page 38 of 11
General Ledger
123
Credit
90.00
124
Credit
HOME APPLIANCES
General Ledger
125
Credit
291.67
200
Credit
118,230.00
366,086.06
484,316.06
314,330.00
201
Credit
59,430.00
47,430.00
202
Credit
Accounting 3/4
Page 39 of 11
General Ledger
Credit
452.40
203
Credit
280.60
440.00
720.60
204
Credit
663.10
663.00
1,326.10
HOME APPLIANCES
General Ledger
205
Credit
291.75
619.70
911.45
206
Credit
850.00
207
Credit
208
Accounting 3/4
Page 40 of 11
General Ledger
Credit
6,500.00
300
Credit
250,000.00
44,130.43
294,130.43
301
Credit
302
Credit
150,000.00
26,878.26
176,878.26
HOME APPLIANCES
General Ledger
303
Credit
304
Credit
100,000.00
20,878.26
120,878.26
Accounting 3/4
Page 41 of 11
General Ledger
305
Credit
400
Credit
309,757.20
-
401
Credit
402
Credit
750.00
403
Credit
99.67
99.77
199.44
-
HOME APPLIANCES
General Ledger
500
Credit
479,614.06
Accounting 3/4
Page 42 of 11
General Ledger
501
Credit
1,297.80
-
502
Credit
7,004.91
-
503
Credit
504
Credit
1,500.00
505
Credit
125.00
225.00
350.00
HOME APPLIANCES
General Ledger
506
Credit
Accounting 3/4
Page 43 of 11
General Ledger
Credit
160.00
507
Credit
5,616.40
5,616.40
508
Credit
200.00
509
Credit
35,000.00
510
Credit
1,150.00
Accounting 3/4
Page 44 of 11
General Ledger
HOME APPLIANCES
General Ledger
511
Credit
507.00
512
Credit
2,656.10
513
Credit
299.25
514
Credit
90.00
515
Credit
291.67
516
Credit
Accounting 3/4
Page 45 of 11
General Ledger
Credit
619.70
HOME APPLIANCES
General Ledger
517
Credit
440.00
518
Credit
499.07
519
Credit
6,500.00
520
Credit
915.00
Accounting 3/4
Page 46 of 11
General Ledger
600
Credit
535,400.00
309,206.64
844,606.64
Accounting 3/4

Accounts
April 30, 2004
PARTICULARS
Cash
Petty Cash
Accounts Receivable
Accum. Deprec - Furniture & Fixtures
Office Equipment
Accum. Deprec - Office Equipment
Delivery Equipment
Accum. Deprec - Delivery Equipment
Accounts Payable
Unused Office Supplies
AGREED
VALUE
50,480.30
1,000.00
83,772.00
4,188.60
180,027.65
15,675.00
470.25
3,555.00
71.10
35,000.00
1,050.00
118,230.00
4,500.00
ADJUSTING ENTRIES
PARTICULARS
a.
b.
c.
d.
e.
f.
INCREASE
(DECREASE)
3,314.68
(5,000.00)
235.12
44.44
758.33
4,500.00
DEBIT
3,314.68
CREDIT
3,314.68

5,000.00
5,000.00

Supplies Unused
235.12
235.12
44.44
44.44
758.33
758.33
4,500.00
4,500.00

Accounts
April 30, 2004
BEFORE AND AFTER ADJUSTMENTS
BOOK
VALUE
50,480.30
1,000.00
83,772.00
873.92
185,027.65
15,675.00
235.13
3,555.00
26.66
35,000.00
291.67
118,230.00
-
Cash
Petty Cash
Accounts Receivable
Accum. Deprec - Furniture & Fixtures
Office Equipment
Accum. Deprec. - Office Equipment
Delivery Equipment
Accum. Deprec. - Delivery Equipment
Accounts Payable
Supplies Unused
Riccel, Capital
CLOSING ENTRIES
PARTICULARS
Accounts Payable
Riccel, Capital
Cash
Petty Cash
Accounts Receivable
Office Equipment
Delivery Equipment
Supplies Unused
BEFORE
ADJUSTMENTS
50,480.30
1,000.00
83,772.00
(873.92)
185,027.65
15,675.00
(235.13)
3,555.00
(26.66)
35,000.00
(291.67)
(118,230.00)
254,852.57
AFTER
ADJUSTMENTS
50,480.30
1,000.00
83,772.00
(4,188.60)
180,027.65
15,675.00
(470.25)
3,555.00
(71.10)
35,000.00
(1,050.00)
(118,230.00)
4,500.00
250,000.00
DEBIT
118,230.00
1,050.00
71.10
470.25
4,188.60
250,000.00
CREDIT
50,480.30
1,000.00
83,772.00
180,027.65
15,675.00
3,555.00
35,000.00
4,500.00

Distribution of Net Income
April 30, 2004
TOTAL
Net Income
Salary Allowance
Interst on Capital
Net Income After Salary and Interest
Bonus (see compuitation below)
Remainder
Balance P/L Ratio
92,886.95
(3,000.00)
(50,000.00)
39,886.95
(3,626.09)
36,260.86
(36,260.86)
DING CENTER
of Net Income
0, 2004
RICCEL
50%
2,000.00
25,000.00
JETHRO
30%
1,000.00
15,000.00
PATRICK
20%
10,000.00
3,626.09
18,130.43
10,878.26
7,252.17
45,130.43
26,878.26
20,878.26

Statement of Partner's Capital
April 30, 2004
Capital, May 1
Capital Withdrawals
Total
Add: Net Income
Total
Capital, May 31
RICCEL
250,000.00
(1,000.00)
249,000.00
45,130.43
294,130.43
294,130.43
CCEL TRADING CENTER

ment of Partner's Capital
April 30, 2004
JETHRO
150,000.00
150,000.00
26878.26
176,878.26
176,878.26
PATRICK
100,000.00
100,000.00
20878.26
120,878.26
120,878.26
TOTAL
500,000.00
###
499,000.00
92,886.95
591,886.95
591,886.95
RJP HOME APPLIANCES

Post Closing Trial Balance
As of May 31, 2004
Cash
Petty Cash
Accounts Receivable
Notes Receivable
Prepaid Rent
Supplies Unused
Prepaid Insurance
Prepaid Advertising
Office Equipment
Delivery Equipment
Accounts Payable
Notes Payable
Interest Receivable
Interest Payable
Utilities Payable
Income Tax Payable
PPLIANCES
Trial Balance
31, 2004
DEBIT
181,674.20
1,500.00
132,805.00
CREDIT
6,844.70
37,152.00
535,400.00
3,000.00
1,460.00
2,200.00
125.00
640.00
35,154.75
15,483.90
68,950.00
314,330.00
47,430.00
720.60
1,326.10
911.45
294,130.43
176,878.26
120,878.26
99.77
1,015,644.62
452.40
299.25
90.00
291.67
850.00
6,500.00
43,711.50
1,015,644.62

Acctg3and4 Practice Set

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Acctg3and4 Practice Set

Uploaded by

Copyright:

Available Formats

Income Statement

RJP HOME APPLIANCES

RJP HOME APPLIANCES

RJP HOME APPLIANCES

RJP HOME APPLIANCES

LIABILITIES AND OWNERS EQUITY

Total Liabilities and Owners Equity

Merchandise Inventory, May 31

RJP HOME APPLIANCES

RJP HOME APPLIANCES

RJP HOME APPLIANCES

RJP HOME APPLIANCES

Adjusted Trial Balance

RJP HOME APPLIANCES

RJP HOME APPLIANCES

Merchandise Inventory, May 31

Accounts Payable Subsidiary Ledger

RJP HOME APPLIANCES

RJP HOME APPLIANCES

RJP HOME APPLIANCES

Accounts Payable Subsidiary Ledger

RJP HOME APPLIANCES

Accounts Receivable Subsidiary Ledger

RJP HOME APPLIANCES

RJP HOME APPLIANCES

Accounts Receivable Subsidiary Ledger

RJP HOME APPLIANCES

RJP HOME APPLIANCES

Accounts Receivable Subsidiary Ledger

RJP HOME APPLIANCES

RJP HOME APPLIANCES

Schedule of Accounts Receivables and Accounts Payable

RJP HOME APPLIANCES

RJP HOME APPLIANCES

RICCEL TRADING CENTER

Cash Payments Journal

RJP HOME APPLIANCES

RJP HOME APPLIANCES

Rent for May, June and July 2004

16 Jethro Motors, Inc.

Purchase of delivery truck

Ong Shipping Company

Riccel Tropicales, Drawing

Furniture and Fixtures

RJP HOME APPLIANCES

RJP HOME APPLIANCES

RJP HOME APPLIANCES

RJP HOME APPLIANCES

Petty Cash Book

RJP HOME APPLIANCES

RJP HOME APPLIANCES

Petty Cash Book

Bank Reconciliation Statement

RJP HOME APPLIANCES

RJP HOME APPLIANCES

Balance before adjustments, 4.30.2004

Bank Service Charge

Cash Receipts Journal

RJP HOME APPLIANCES

RJP HOME APPLIANCES

Cash Receipts Journal

RJP HOME APPLIANCES

1 Furniture & Fixtures

1 Prepaid Taxes and Licenses