Journal Entries

No. Particulars
1 Merchandise Inventory
Accounts Payable (Blue Ridge Lights)

2 Accounts Receivable (Atlas Furnishing)

Sales

Cost of Goods Sold

Merchandise Inventory

3 Accounts Receivable (Garcia Home Improvement Corp.)

Sales

Cost of Goods Sold

Merchandise Inventory

4 Land
Office Building
Cash in Bank

5 Cash in bank
Accounts Receivable (2018)

6 Cash in Bank
Sales Discount
Accounts Receivable (Atlas Furnishing)

Cash in Bank
Accounts Recievable (Atlas Furnishing)

7 Cash in Bank
Sales Discount
Accounts Receivable (Garcia Home Furnishing Corp.)

Cash in Bank
Accounts Receivable (Garcia Home Furnishing Corp.)

8 Accounts Payable (2018)

Cash

9 Accounts Payable (Blue Ridge Lights)

 Cost of Goods Sold
Cash in Bank

10 Salaries Expense - Selling

Salaries Expense - Administrative
Cash in Bank

11 Utilities Expense - Selling

Utilities Expense - Administrative
Cash in Bank
Debit Credit
₱ 3,285,000.00 Transaction No.
₱ 3,285,000.00 1

₱ 4,940,000.00
₱ 4,940,000.00

₱ 2,372,000.00 2
₱ 2,372,000.00

₱ 938,000.00
₱ 938,000.00
3
₱ 573,000.00
₱ 573,000.00

₱ 375,000.00
₱ 1,125,000.00 4
₱ 1,500,000.00

₱ 128,040.00
₱ 128,040.00

₱ 1,916,720.00 5
₱ 59,280.00
₱ 1,976,000.00

₱ 2,964,000.00
₱ 2,964,000.00
6
₱ 218,366.40
₱ 6,753.60
₱ 225,120.00

₱ 337,680.00
₱ 337,680.00

₱ 98,000.00
₱ 98,000.00
7
₱ 2,190,000.00
 ₱ 43,800.00
₱ 2,146,200.00

₱ 561,000.00
₱ 187,000.00
₱ 748,000.00

₱ 160,800.00
₱ 107,200.00
₱ 268,000.00
8

₱22,542,840.00 ₱ 22,542,840.00 9

10

11
 Supporting Calculations

Desk Lamps 1,500 x 210

Table Lamps 4,500 x 460
Floor Lamps 1,500 x 600
Total

Table Lamps (Sale) 5,200 x 950

Table Lamps (COGS) 2,000 x 450
3,200 x 460
Total COGS

Desk Lamps 2,800 x 335

Desk Lamps (COGS) 1,500 x 200
1,300 x 210
Total COGS

Fair Value Fraction

Land 300,000 1/ 4
Office building 900,000 3/ 4
Total 1,200,000

Accounts Receivable 264,000

Less: Allowance for Doubtful Accounts -7920
Accounts Receivable NET 256,080
Multiply by 50% *0.5
Cash Collection 128,040

Accounts Receivable (Atlas Furnishing) 4,940,000

Multiply by 40% *0.4
AR Collected Within the Discount Period 1,976,000
Multiply by 3% *0.03
Sales Discount 59,280

Accounts Receivable (Atlas Furnishing) 4,940,000

Less: AR within discount period -1,976,000
AR beyond discount period 2,964,000

Accounts Receivable (Garcia Home Furnishing Corp.) 938,000

Multiply by 60% *0.60
Accounts Receivable Collected 562,800
Multiply by 40% *0.40
AR Collected within the discount period 225,120
Multiply by 3% *0.03
Sales Discount 6,753.60

Accounts Receivable Collected 562,800

Less: AR collected within discount period -225,120
AR collected beyond discount period 337,680

(Not Needed Anymore)

Accounts Payable (Blue Ridge Lights) 3,285,000

Multiply by 2/3 *(2/3)
AR paid within discount period 2,190,000
Multiply by 2% *0.02
Purchase Discount 43,800

Cash 748,000
Multiply by 75% *0.75
Salaries Expense - Selling 561,000

Cash 748,000
Multiply by 25% *0.25
Salaries Expense - Administrative 187,000

Cash 268,000
Multiply by 60% *0.60
Utilities Expense - Selling 160,800

Cash 268,000
Multiply by 40% *0.40
Utilities Expense - Administrative 107,200
Total Purchases
315,000 Units Units Cost
2,070,000 Beg.
900,000 Transaction 1 1,500 210
3,285,000
Transaction 3
4,940,000
900,000
1,472,000
2,372,000

938,000
300,000
273,000
573,000

Allocated Amount Purchases

375,000 Units Units Cost
1,125,000 Beg
1,500,000 Transaction 1 4,500 460

Transaction 2

Purchases
Units Units Cost
Beg
Transaction 1 1,500 600
 DESK LAMP INVENTORY STOCKCARD - FIFO PERPETUAL
urchases Sales Balance
Total Cost Units Units Cost Total Cost Units
1,500
315,000 1,500
1,500
1,500 200 300,000
1,300 210 273,000 200

TABLE LAMP INVENTORY STOCKCARD - FIFO PERPETUAL

urchases Sales Balance
Total Cost Units Units Cost Total Cost Units
2,000
2,070,000 2,000
4,500
2,000 450 900,000
3,200 460 1,472,000 1,300

FLOOR LAMPS INVENTORY STOCKCARD - FIFO PERPETUAL

urchases Sales Balance
Total Cost Units Units Cost Total Cost Units
2,500
900,000 2,500
1,500
 Balance
Units Cost Total Cost
200 300,000
200 300,000
210 315,000

210 42,000

Balance
Units Cost Total Cost
450 900,000
450 900,000
460 2,070,000

460 598,000

Balance
Units Cost Total Cost
650 1,625,000
650 1,625,000
600 900,000
 Journal Entries

No. Particulars
1 Merchandise Inventory
Accounts Payable (Blue Ridge Lights)

2 Merchandise Inventory
Accounts Payable (Blue Ridge Lights)

3 Accounts Receivable (Campbell Corp.)

Sales

Cost of Goods Sold

Merchandise inventory

4 Accounts Receivable (Maddox Company)

Sales

Cost of Goods Sold

Merchandise Inventory

5 Accounts Receivable (Cranberry Furnishings)

Sales

Cost of Goods Sold

Merchandise Inventory

6 Sale Return & Allowances

Accounts Receivable (Cranberry Furnishings)

Merchandise Inventory
Cost of Good Sold

7 Warehouse Fixtures
Accounts Payable (Remmers Company)
Cash in Bank

8 Land
Share Capital

9 Cash in Bank
Accounts Receivable (2018)
10 Cash in Bank
Accounts Receivable (Garcia Homes)

11 Cash in Bank
Sales Discount
Accounts Receivable (Campbell Corp.)

Cash in Bank
Sales Discount
Accounts Receivable (Maddox Company)

12 Cash in Bank
Sales Discount
Accounts Receivable (Cranberry Furnishings)

13 Accounts Payable (Blue Ridge Lights)

Cash in Bank

14 Accounts Payable (Blue Ridge Lights)

Cash in Bank
Cost of Goods Sold

15 Salaries Expene - Selling

Salaries Expense - Administrative
Cash in Bank

16 Utilities Expense - Selling

Utilities Expense - Adminsitrative
Cash in Bank
Debit Credit
₱ 776,000.00 Transaction No.
₱ 776,000.00 1

₱ 1,746,000.00
₱ 1,746,000.00
2
₱ 1,005,000.00
₱ 1,005,000.00

₱ 668,000.00
₱ 668,000.00 3

₱ 2,945,000.00
₱ 2,945,000.00

₱ 1,463,000.00
₱ 1,463,000.00 4

₱ 5,625,000.00
₱ 5,625,000.00

₱ 2,837,500.00
₱ 2,837,500.00 5

₱ 375,000.00
₱ 375,000.00

₱ 187,500.00
₱ 187,500.00 6

₱ 219,520.00
₱ 212,520.00 7
₱ 7,000.00

₱ 1,200,000.00 8
₱ 1,200,000.00
9
₱ 57,618.00
₱ 57,618.00
₱ 375,200.00
₱ 375,200.00
10
₱ 584,910.00
₱ 18,090.00
₱ 603,000.00
11
₱ 1,713,990.00
₱ 53,010.00
₱ 1,767,000.00

₱ 982,000.00
₱ 18,000.00
₱ 1,000,000.00

₱ 1,095,000.00
₱ 1,095,000.00

₱ 1,891,500.00 12
₱ 1,861,236.00
₱ 30,264.00

₱ 561,000.00
₱ 187,000.00
₱ 748,000.00

₱ 171,600.00
₱ 114,400.00
₱ 286,000.00 13

14

₱26,870,838.00 ₱ 26,870,838.00

15

16
 Supporting Calculations

Desk Lamps 1,800 x 220

Table Lamps 800 x 475
Total

Desk Lamps 1,500 x 230

Table Lamps 1,600 x 485
Floor Lamps 1,000 x 625
Total

Desk Lamps 3,000 x 335

Desk Lamps COGS 200 x 210
1,800 x 220
1,000 x 230
Total COGS

Table Lamps 3,100 x 950

Table Lamps COGS 1,300 x 460
800 x 475
1,000 x 485
Total COGS

Floor Lamps 4,500 x 1,250

Floor Lamps COGS 2,500 x 650
1,500 x 600
500 x 625
Total COGS

Floor Lamp Returned (Deduction to AR) 300 x 1,250

Floor Lamp Returned (Addition to MI) 300 x 625

Warehouse fixtures at NET 224000*.98

Less: Cash

Share Capital 10,000 x 120

Accounts Receivable (2018) Net 256,080

Less: AR Collected 2018 -128,040
AR Outstanding 2018 128,040
Multiplty by 45% *0.45
AR Collected 57,618

Accounts Receivable (Garcia Home Furnishing) 938,000

Less AR Collected (Garcia Home Furnishing) -562,800
AR Outstanding 375,200.00

Accounts Receivable (Campbell Corp.) 1,005,000

Multiply by 60% *0.60
AR Collected 603,000
Multiply by 3% *0.03
Sales Discount 18,090

Accounts Receivable (Maddox Corp.) 2,945,000

Multiply by 60% *0.60
AR Collected 1,767,000
Multiply by 3% *0.03
Sales Discount 53,010

AR Collected (Cranberry Furnishings) 1,000,000

Multiply by 60% *0.60
AR Collected within discount period 600,000
Multiply by 3% *0.03
Sales Discount 18,000

AR Collected (Cranberry Furnishings) 1,000,000

Less; AR Collected within discount period 600,000
AR Collected beyond discount period 400,000

Accounts Payable Oustanding (Blue Ridge) 1,095,000

Account Payable Paid 1,095,000

Accounts Payable (Blue Ridge Lights) Qtr. 2 2,522,000

Multiply by (3/4) *(3/4)
AP Paid 1,891,500
Multiply by 80% *0.80
AR Paid Within Discount period 1,513,200
Multiply by 2% *0.02
Purchase Discount 30,264

Cash Paid
Salaries Expense - Selling 748,000 x 75%
Salaries Expense - Administrative 748, 000 x 25%

Cash Paid
Utilities Expense - Selling 286,000 x 60%
Utilities Expense - Administrative 286, 000 x 40%
Total Purchases
396,000 Units
380,000 Beg.
776,000 Transaction 1 (qtr. 1) 1,500

345,000 Transaction 3 (qtr. 1)

776,000
625,000 Transaction 1 (qtr. 2) 1,800
1,746,000 Transaction 2 (qtr. 2) 1,500

1,005,000 Transaction 3 (qtr.2)

42,000
396,000
230,000
668,000

2,945,000
598,000
380,000
485,000
1,463,000
Purchases
5,625,000 Units
1,625,000 Beg
900,000 Transaction 1 (qtr. 1) 4,500
312,500
2,837,500 Transaction 2 (qtr. 1)

375,000 Transaction 1 (qtr. 2) 800

187,000 Transaction 2 (qtr.2) 1,600

219,520 Transaction 4 (qtr. 2)

7,000

1,200,000
 Purchases
Units
Beg
Transaction 1 (qtr. 1) 1,500

Transaction 2 (qtr. 2) 1,000

Transaction 5 (qtr.2)

Transaction 6 (qtr. 2)

748,000
561,000
187,000

286,000
171,600
114,400
 DESK LAMP INVENTORY STOCKCARD - FIFO PERPETUAL
Purchases Sales
Units Cost Total Cost Units Units Cost Total Cost

210 315,000

1,500 200 300,000

1,300 210 273,000
220 396,000
230 345,000

200 210 42,000

1,800 220 396,000
1,000 230 230,000

TABLE LAMP INVENTORY STOCKCARD - FIFO PERPETUAL

Purchases Sales
Units Cost Total Cost Units Units Cost Total Cost

460 2,070,000

2,000 450 900,000

3,200 460 1,472,000
475 380,000
485 776,000

1,300 460 598,000

800 475 380,000
1,000 485 485,000
 FLOOR LAMPS INVENTORY STOCKCARD - FIFO PERPETUAL
Purchases Sales
Units Cost Total Cost Units Units Cost Total Cost

600 900,000

625 625,000

2,500 650 1,625,000

1,500 600 900,000
500 625 312,500
PERPETUAL
Balance
Units Units Cost Total Cost
1,500 200 300,000
1,500 200 300,000
1,500 210 315,000

200 210 42,000

200 210 42,000
1,800 220 396,000
1,500 230 345,000

500 230 115,000

PERPETUAL
Balance
Units Units Cost Total Cost
2,000 450 900,000
2,000 450 900,000
4,500 460 2,070,000

1,300 460 598,000

1,300 460 598,000
800 475 380,000
1,600 485 776,000

600 485 291,000

PERPETUAL
Balance
Units Units Cost Total Cost
2,500 650 1,625,000
2,500 650 1,625,000
1,500 600 900,000
2,500 650 1,625,000
1,500 600 900,000
1,000 625 625,000

500 625 312,500

500 625 312,500
300 625 187,500
 Journal Entries

No. Particulars
1 Merchandise Inventory
Accounts Payable (Blue Ridge Lights)

2 Accounts Receivable (Parkway Homes Store)

Sales

Cost of Goods Sold

Merchandise Inventory

3 Accounts Receivable (Go-Mart Discount Stores)

Sales

Cost of Goods Sold

Merchandise Inventory

4 Accounts Receivable (LB Home Depot)

Sales

Cost of Goods Sold

Merchandise Inventory

5 Warehouse Building
Repairs and Maintenance
Cash in Bank

6 Cash in Bank
Accounts Receivable (Campbell Corp.)

Cash in Bank
Accounts Receivable (Maddox Corp.)

Cash in Bank
Sales Discount
Accounts Receivable (Cranberry)

Cash in Bank
Sales Discount
Accounts Receivable (Parkway)
Accounts Receivable (Go-Mart)
Accounts Receivable (LB Homes)
7 Accounts Payable (Remmer's Company)
Cash in Bank

8 Accounts Payable (Blue Ridge Lights)

Cash in Bank
Cost of Goods Sold

9 Salaries Expense - Selling

Salaries Expense - Administrative
Cash in Bank

10 Utilities Expense - Selling

Utilities Expense - Administrative
Cash in Bank
Debit Credit
₱ 3,919,000.00 Transaction No.
₱ 3,919,000.00 1

₱ 1,440,500.00
₱ 1,440,500.00

₱ 1,008,000.00
₱ 1,008,000.00 2

₱ 3,515,000.00
₱ 3,515,000.00

₱ 1,825,500.00 3
₱ 1,825,500.00

₱ 3,000,000.00
₱ 3,000,000.00
4
₱ 1,508,000.00
₱ 1,508,000.00

₱ 90,000.00
₱ 100,000.00 5
₱ 190,000.00

₱ 200,000.00
₱ 200,000.00 6

₱ 590,000.00
₱ 590,000.00

₱ 3,630,900.00
₱ 44,100.00
₱ 3,675,000.00

₱ 4,458,700.50
₱ 314,599.50
₱ 864,300.00
₱ 2,109,000.00
₱ 1,800,000.00
₱ 212,520.00
₱ 212,520.00

₱ 3,639,600.00
₱ 3,588,645.60
₱ 50,954.40

₱ 561,000.00
₱ 187,000.00
₱ 748,000.00

₱ 194,400.00
₱ 129,600.00
₱ 324,000.00

₱30,568,420.00 ₱ 30,568,420.00

8
 Supporting Calculations

Desk Lamps 4,000 x 235

Table Lamps 3,600 x 495
Floor Lamps 1,900 x 630
Total

Desk Lamps 4,300 x 335

Desk Lamps COGS 500 x 230
3,800 x 235
Total COGS

Table Lamps 3,700 x 950

Table Lamps COGS 600 x 485
3,100 x 495
Total COGS

Floor Lamps 2,400 x 1,250

Floor Lamps COGS 500 x 625
1,900 x 630
Total COGS

Automatics Operating Door System 100,000

Office Building Paint 90,000
Office Building 190,000

Accounts Receivable Collected (Campbell Corp) 200,000

Accounts Receivable Collected (Maddox Corp) 590,000

Accounts Receivable Collected (Cranberry) 3,675,000

Multiply by 40% *0.40
AR Collected within discount period 1,470,000
Multiply by 3% *0.03
Sales Discount 44,100

Accounts Receivable Outstanding (Parkway) 1,440,500

Multiply by 60% *0.60
AR Collected 864,300.00
Multiply by 50% *0.50
AR Collected within Discount Period 432,150.00
Multiply by 3% *0.03
Sales Discount 12,964.50

Accounts Receivable Outstanding (Go-Mart) 3,515,000

Multiply by 60% *0.60
AR Collected 2,109,000.00
Multiply by 50% *0.5
AR Collected within Discount Period 1,054,500.00
Multiply by 3% *0.03
Sales Discount 31,635.00

Accounts Receivable Outstanding (LB Homes) 3,000,000

Multiply by 60% *0.60
AR Collected 1,800,000.00
Multiply by 50% *0.50
AR Collected within Discount Period 900,000.00
Multiply by 3% *0.3
Sales Discount 270,000.00

Payment of AP Outstanding (Remmer's) 219,520

AP Outstanding (Blue Ridge Lights) 4,549,500

Multiply by 80% *0.80
Accounts Payable Paid 3,639,600
Multiply by 70% *0.70
AP Paid Within discount period 2,547,720
Multiply by 2% *0.02
Purchase Discount 50,954
 Purchases
Total Units
940,000 Beg.
1,782,000 Transaction 1 (qtr. 1) 1,500
1,197,000
3,919,000 Transaction 3 (qtr. 1)

1,440,500 Transaction 1 (qtr. 2) 1,800

115,000 Transaction 2 (qtr. 2) 1,500
893,000
1,008,000 Transaction 3 (qtr.2)

3,515,000
291,000 Transaction 1 (qtr. 3) 4,000
1,534,500
1,825,500 Transaction 2 (qtr. 3)

3,000,000
312,500
1,197,000
1,509,500

Purchases
Units
Beg
Transaction 1 (qtr. 1) 4,500

Transaction 2 (qtr. 1)

Transaction 1 (qtr. 2) 800

Transaction 2 (qtr.2) 1,600

Transaction 4 (qtr. 2)
576200

Transaction 1 (qtr. 3) 3,600

Transaction 3 (qtr. 3)

Purchases
Units
Beg
Transaction 1 (qtr. 1) 1,500

Transaction 2 (qtr. 2) 1,000

Transaction 5 (qtr.2)

Transaction 6 (qtr. 2)

Transaction 1 (qtr. 3) 1,900

Transaction 4 (qtr. 3)
 DESK LAMP INVENTORY STOCKCARD - FIFO PERPETUAL
Purchases Sales
Units Cost Total Cost Units Units Cost Total Cost

210 315,000

1,500 200 300,000

1,300 210 273,000
220 396,000
230 345,000

200 210 42,000

1,800 220 396,000
1,000 230 230,000
235 940,000

500 230 115,000

3,800 235 893,000

TABLE LAMP INVENTORY STOCKCARD - FIFO PERPETUAL

Purchases Sales
Units Cost Total Cost Units Units Cost Total Cost

460 2,070,000

2,000 450 900,000

3,200 460 1,472,000
475 380,000
485 776,000

1,300 460 598,000

800 475 380,000
1,000 485 485,000
495 1,782,000
 600 485 291,000
3,100 495 1,534,500

FLOOR LAMPS INVENTORY STOCKCARD - FIFO PERPETUAL

Purchases Sales
Units Cost Total Cost Units Units Cost Total Cost

600 900,000

625 625,000

2,500 650 1,625,000

1,500 600 900,000
500 625 312,500

630 1,197,000

800 625 500,000

1,600 630 1,008,000
PERPETUAL
Balance
Units Units Cost Total Cost
1,500 200 300,000
1,500 200 300,000
1,500 210 315,000

200 210 42,000

200 210 42,000
1,800 220 396,000
1,500 230 345,000

500 230 115,000

500 230 115,000
4,000 235 940,000

200 235 47,000

PERPETUAL
Balance
Units Units Cost Total Cost
2,000 450 900,000
2,000 450 900,000
4,500 460 2,070,000

1,300 460 598,000

1,300 460 598,000
800 475 380,000
1,600 485 776,000

600 485 291,000

600 485 291,000
3,600 495 1,782,000
 500 495 247,500
500 495 247,500

PERPETUAL
Balance
Units Units Cost Total Cost
2,500 650 1,625,000
2,500 650 1,625,000
1,500 600 900,000
2,500 650 1,625,000
1,500 600 900,000
1,000 625 625,000

500 625 312,500

500 625 312,500
300 625 187,500
500 625 312,500
300 625 187,500
1900 630 1197000

300 630 189,000

 Journal Entries

No. Particulars
1 Merchandise Inventory
Accounts Payable (Blue Ridge Lights)

2 Merchandise Inventory
Accounts Payable

3 Accounts Receivable (Owlette Corp.)

Sales

Cost of Goods Sold

Merchandise Inventory

4 Accounts Receivable (Davis Home Depot)

Sales

Cost of Goods Sold

Merchandise Inventory

5 Accounts Receivable (Warner Company)

Sales

Cost of Goods Sold

Merchandise Inventory

6 NO ENTRIES

7 Cash in Bank
Accounts Receivable (Campbell)
Accounts Receivable (Maddox)
Accounts Receivable (Cranberry)
Accounts Receivable (Parkway)
Accounts Receivable (Go-Mart)
Accounts Receivable (LB Home)

Cash in bank
Sales Discount
Accounts Receivable (Owlette)

Cash in bank
 Sales Discount
Accounts Receivable (Warner)

Cash in Bank
Sales Discount
Accounts Receivable (Davis Corp)

8 Accounts Payable
Cost of Goods Sold
Cash in Bank

9 Salaries Expense - Selling

Salaries Expense - Administrative
Cash in Bank

10 Utilities Expense - Selling

Utilities Expense - Administrative
Cash in Bank

11 Franchise
Cash in Bank

12 Cost of Goods Sold

Merchandise Inventory (Desk Lamp)

Merchandise Inventory (Table Lamps)

Cost of Goods Sold

Cost of Goods Sold

Merchandise Inventory (Floor Lamps)

13 Cost of Goods Sold

Merchanise Inventory

14 Doubtful Accounts Expense

Allowance for Doubtful Accounts

15 Insurance Expense
Prepaid Insurance

16 Supplies Expense - Administrative

Supplies Expense - Selling
Office Supplies
Warehouse Supplies
17 NO ENTRIES

18 Cash short or over

Cash in Bank

Miscellaneous Expense
Cash in Bank

19 Bank Expenses
Cash in Bank

20 Depreciation Expense - Office Building

Accumulated Depreciation - Office Building

Depreciation Expense - Warehouse Building

Accumulated Depreciation - Warehouse Building

Depreciation Expense - Office Furniture and Equipment

Accumulated Depreciation - Office Furniture and Equipment

Depreciation Expense - Warehouse Fixtures

Accumulated Depreciation - Warehouse Fixtures
Debit Credit
₱ 4,318,000.00 Transaction No.
₱ 4,318,000.00 1

₱ 2,131,000.00
₱ 2,131,000.00

₱ 1,641,500.00 2
₱ 1,641,500.00

₱ 1,178,500.00
₱ 1,178,500.00
3
₱ 4,180,000.00
₱ 4,180,000.00

₱ 2,197,500.00
₱ 2,197,500.00
4
₱ 1,500,000.00
₱ 1,500,000.00

₱ 765,000.00
₱ 765,000.00 5

6
₱ 3,456,040.00
₱ 181,800.00 7
₱ 529,200.00
₱ 517,500.00
₱ 403,340.00
₱ 984,200.00
₱ 840,000.00

₱ 970,126.50
₱ 14,773.50
₱ 984,900.00

₱ 886,500.00
₱ 13,500.00
₱ 900,000.00

₱ 1,918,287.00
₱ 29,213.00
₱ 1,947,500.00

₱ 5,800,000.00
₱ 81,200.00
₱ 5,718,800.00

₱ 561,000.00
₱ 187,000.00
₱ 748,000.00

₱ 205,200.00
₱ 136,800.00
₱ 342,000.00

₱ 2,650,000.00
₱ 2,650,000.00

₱ 150,185.00
₱ 150,185.00

₱ 139,500.00
₱ 139,500.00

₱ 15,000.00
₱ 15,000.00

₱ 58,075.00
₱ 58,075.00

₱ 93,172.04 8
₱ 93,172.04

₱ 33,750.00
₱ 33,750.00

₱ 84,000.00 9
₱ 78,000.00
₱ 84,000.00
₱ 78,000.00 10
 11
₱ 1,000.00
₱ 1,000.00 12

₱ 15,480.00
₱ 15,480.00

₱ 13,300.00
₱ 13,300.00

₱ 112,500.00
₱ 112,500.00

₱ 310,000.00
₱ 310,000.00 13

₱ 100,000.00
₱ 100,000.00

₱ 95,630.00
₱ 95,630.00

14

15

16
17

18

19

20
 Supporting Calculations

Desk Lamps 4,000 x 240

Table Lamps 3,900 x 500
Floor Lamps 2,200 x 640
Total

Desk Lamps 2,600 x 245

Table Lamps 1,800 x 505
Floor Lamps 900 x 650
Total

Desk Lamps 4,900 x 335

Desk Lamps COGS 200 x 235
4,000 x 240
700 x 245
Total COGS

Table Lamps 4,400 x 950

Table Lamps COGS 500 x 495
3,900 x 500
Total COGS

Floor Lamps 1,200 x 1,250

Floor Lamps COGS 300 x 630
900 x 640
NO ENTRIES Total COGS

AR Outstanding (Campbell) 202,000.00

Multiply by 90% *0.90
AR collected 181,800.00

AR Outstanding (Maddox) 588,000.00

Multiply by 90% *0.90
AR Collected 529,200.00

AR Outstanding (Cranberry) 575,000.00

Multiply by 90% *0.90
AR Collected 517,500.00

AR Outstanding (Parkway) 576,200.00

Multiply by 70% *0.7
AR collected 403,340.00

AR Outstanding (Go-Mart) 1,406,000.00

Multiply by 70% *0.70
AR Collected 984,200.00

AR Outstanding (LB-Home Depot) 1,200,000.00

Multiply by 70% *0.70
AR Collected 840,000.00

AR Outstanding (Owlette) 1,641,500.00

Multiply by 60% *0.60
AR Collected 984,900.00
Multiply by 50% *0.50
AR Collected Within Discount Period 492,450.00
Multiply by 3% *0.03
Sales Discount 14,773.50

AR Outstanding (Warner) 1,500,000.00

Multiply by 60% *0.60
AR Collected 900,000.00
Multiply by 50% *0.50
AR Collected Within Discount Period 450,000.00
Multiply by 3% *0.03
Sales Discount 13,500.00

AR Collected (Davis Corp) 1,947,500.00

Multiply by 50% *0.50
AR Collected within discount period 973,750.00
Multiply by 3% *0.03
Sales Discount 29,212.50

AP Paid (Blue Ridge Lights) 5,800,000.00

Multiply 70% *0.70
AP Paid within discount period 4,060,000.00
Multiply by 2% *0.02
Purchase Discount 81,200.00

Salaries Expense - selling 748,000 x 75%

Salaries Expense - Adminstrative 748,000 x 25%

Utilities Expense - Selling 342,000 x 60%

Utilities Expense - Administrative 342,000 x 40%
Franchise Purchased 2,650,000.00

MI Cost Desk Lamps - Books 465,500.00

MI Cost Desk Lamps - Physical Count 315,315.00
Inventory Shortage 150,185.00

MI Cost Table Lamps - Books 909,000.00

MI Cost Table Lamps - Physical Count 1,048,500.00
Inventory Overage 139,500.00

MI Cost Floor Lamps - Books 1,417,000.00

MI Cost Floor Lamps - Physical Count 1,402,000.00
Inventory Shortage 15,000.00

Cost (Total)
Desk Lamps 315,315
Table Lamps 1,048,500
Floor Lamps 1,402,000

Subsequent Supporting calculations: NRV

Est. Selling Price
Desk Lamps 335
Table Lamps 950
Floor Lamps 1,250

Cost - Year End 2,765,815

LCNRV 2,707,740
Inventory Writedown 58,075

Accounts Receivable 4,658,602

Multiply by 2% *0.02
Doubtful Accounts 93,172.04

Prepaid Insurance 135,000.00

Divided By 2 /2
Annual Insurance Expense 67,500.00
Multiply by (6/12) *6/12
Insurance Expired 33, 750

Warehouse Supplies Expired 130,000 x 60%

Office Supplies Expired 210,000 x 40%
NO ENTRIES

Petty Cash Fund Balance ₱ 20,000.00

Less: Cash ₱ 3,520.00
Less: Miscellaneous Expense ₱ 15,480.00
Cash Shortage ₱ 1,000.00

Bank Service Charge 1,300.00

Cost of printing 12,000.00
Deductions to Cash in Bank 13,300.00

Office Bldg. - cost

Divided by useful life
Depreciation Exp. - Office Bldg.

Warehouse Bldg. - cost

Less: Acc. Dep.
Carrying Amount
Add: Additional cost (Q3T5)
New Carrying Amount
Divided by remaining useful life
Original Dep. Exp. (3M/10yrs) ₱ 300,000.00
Acc. Dep. ₱ 300,000.00
Expired Year/s 1 yr
Depreciation Exp. - Warehouse Bldg.

Office Furniture and Equipment - cost

Less: Acc. Dep.
Carrying Amount
Divided by remaining useful life
Original Dep. Exp. (5/15*600000) ₱ 200,000.00
Acc. Dep. ₱ 200,000.00
Expired Year/s 1 yr
Depreciation Exp. - Warehouse Bldg.

Warehouse Fixtures - cost

Less: Acc. Dep.
Carrying Amount
Add: Additional cost (Q2T7)
New Carrying Amount
Divided by remaining useful life (40%*260000)
Original Dep. Exp. (40%*260000) ₱ 104,000.00
Acc. Dep. ₱ 104,000.00
Expired Year/s 1 yr
Depreciation Exp. - Warehouse Fixtures
Total Purchases
960,000 Units
1,950,000 Beg.
1,408,000 Transaction 1 (qtr. 1) 1,500
4,318,000
Transaction 3 (qtr. 1)
637,000
909,000 Transaction 1 (qtr. 2) 1,800
585,000 Transaction 2 (qtr. 2) 1,500
2,131,000
Transaction 3 (qtr.2)
1,641,500
47,000
960,000 Transaction 1 (qtr. 3) 4,000
171,500
1,178,500 Transaction 2 (qtr. 3)

4,180,000 Transaction 1 (qtr. 4) 4,000

247,500 Transaction 2 (qtr. 4) 2,600
1,950,000
2,197,500 Transaction 3 (qtr. 4)

1,500,000
189,000
576,000
765,000

Purchases
Units
Beg
Transaction 1 (qtr. 1) 4,500

Transaction 2 (qtr. 1)
 Transaction 1 (qtr. 2) 800
Transaction 2 (qtr.2) 1,600

Transaction 4 (qtr. 2)

Transaction 1 (qtr. 3) 3,600

Transaction 3 (qtr. 3)

Transaction 1 (qtr. 4) 3,900

Transaction 2 (qtr. 4) 1,800

Transaction 4 (qtr. 4)

Purchases
Units
Beg
Transaction 1 (qtr. 1) 1,500

Transaction 2 (qtr. 2) 1,000

Transaction 5 (qtr.2)

561,000 Transaction 6 (qtr. 2)

187,000
Transaction 1 (qtr. 3) 1,900
205,200
136,800
 Transaction 4 (qtr. 3)

Transaction 1 (qtr. 4) 2,200

Transaction 2 (qtr. 4) 900

Transaction 5 (qtr. 5)

NRV (Total) Units LCNRV

308,880 1,287 308,880
1,060,290 2,079 1,048,500
1,350,360 2,178 1,350,360

Est. Selling Cost NRV

95 240
440 510
630 620

78,000
84,000
₱ 1,125,000.00
₱ 10.00
₱ 112,500.00

₱ 3,000,000.00
₱ 300,000.00
₱ 2,700,000.00
₱ 90,000.00
₱ 2,790,000.00
9

₱ 310,000.00

₱ 600,000.00
₱ 200,000.00
₱ 400,000.00
4

₱ 100,000.00

₱ 260,000.00
₱ 104,000.00
₱ 156,000.00
₱ 226,520.00
₱ 382,520.00
4

₱ 95,630.00
 DESK LAMP INVENTORY STOCKCARD - FIFO PERPETUAL
Purchases Sales
Units Cost Total Cost Units Units Cost Total Cost

210 315,000

1,500 200 300,000

1,300 210 273,000
220 396,000
230 345,000

200 210 42,000

1,800 220 396,000
1,000 230 230,000
235 940,000

500 230 115,000

3,800 235 893,000
240 960,000
245 637,000

200 235 47,000

4,000 240 960,000
700 245 171,500

TABLE LAMP INVENTORY STOCKCARD - FIFO PERPETUAL

Purchases Sales
Units Cost Total Cost Units Units Cost Total Cost

460 2,070,000

2,000 450 900,000

3,200 460 1,472,000
 475 380,000
485 776,000

1,300 460 598,000

800 475 380,000
1,000 485 485,000
495 1,782,000

600 485 291,000

3,100 495 1,534,500
500 1,950,000
505 909000

500 495 247,500

3,900 500 1,950,000

FLOOR LAMPS INVENTORY STOCKCARD - FIFO PERPETUAL

Purchases Sales
Units Cost Total Cost Units Units Cost Total Cost

600 900,000

625 625,000

2,500 650 1,625,000

1,500 600 900,000
500 625 312,500

630 1,197,000
 800 625 500,000
1,600 630 1,008,000
640 1408000
650 585000

300 630 189,000

900 640 576,000
PERPETUAL
Balance
Units Units Cost Total Cost
1,500 200 300,000
1,500 200 300,000
1,500 210 315,000

200 210 42,000

200 210 42,000
1,800 220 396,000
1,500 230 345,000

500 230 115,000

500 230 115,000
4,000 235 940,000

200 235 47,000

200 235 47,000
4,000 240 960,000
2,600 245 637,000

1,900 245 465,500

PERPETUAL
Balance
Units Units Cost Total Cost
2,000 450 900,000
2,000 450 900,000
4,500 460 2,070,000

1,300 460 598,000

 1,300 460 598,000
800 475 380,000
1,600 485 776,000

600 485 291,000

600 485 291,000
3,600 495 1,782,000

500 495 247,500

500 495 247,500
3,900 500 1,950,000
500 495 247,500
3,900 500 1,950,000
1,800 505 909000

1,800 505 909,000

PERPETUAL
Balance
Units Units Cost Total Cost
2,500 650 1,625,000
2,500 650 1,625,000
1,500 600 900,000
2,500 650 1,625,000
1,500 600 900,000
1,000 625 625,000

500 625 312,500

500 625 312,500
300 625 187,500
500 625 312,500
300 625 187,500
1900 630 1197000
 300 630 189,000
300 630 189,000
2,200 640 1,408,000
900 650 585,000

1,300 640 832,000

900 650 585,000
 GENERAL LEDGER

CASH IN BANK
BEG. ₱ 1,246,620.00 ₱ 1,500,000.00 Q1T4
Q1T5 ₱ 128,040.00 ₱ 98,000.00 Q1T8
Q1T6 ₱ 1,916,720.00 ₱ 2,146,200.00 Q1T9
Q1T6 ₱ 2,964,000.00 ₱ 748,000.00 Q1T10
Q1T7 ₱ 218,366.40 ₱ 268,000.00 Q1T11
Q1T7 ₱ 337,680.00 ₱ 7,000.00 Q2T7
Q2T9 ₱ 57,618.00 ₱ 1,095,000.00 Q2T13
Q2T10 ₱ 375,200.00 ₱ 1,861,236.00 Q2T14
Q2T11 ₱ 584,910.00 ₱ 748,000.00 Q2T15
Q2T11 ₱ 1,713,990.00 ₱ 286,000.00 Q2T16
Q2T12 ₱ 982,000.00 ₱ 190,000.00 Q3T5
Q3T6 ₱ 200,000.00 ₱ 212,520.00 Q3T7
₱ 590,000.00 ₱ 3,588,645.60 Q3T8
₱ 3,630,900.00 ₱ 748,000.00 Q3T9
₱ 4,458,700.50 ₱ 324,000.00 Q3T10
Q4T7 ₱ 3,456,040.00 ₱ 5,718,800.00 Q4T8
₱ 970,126.50 ₱ 748,000.00 Q4T9
₱ 886,500.00 ₱ 342,000.00 Q4T10
₱ 1,918,287.00 ₱ 2,650,000.00 Q4T11
₱ 1,000.00 Q4T18
₱ 15,480.00 Q4T18
₱ 13,300.00 Q4T19

BALANCE ₱ 3,326,516.80

PETTY CASH FUND

BEG. ₱ 20,000.00
BALANCE ₱ 20,000.00

ACCOUNTS RECEIVABLE
BEG. ₱ 264,000.00 ₱ 128,040.00 Q1T5
Q1T2 ₱ 4,940,000.00 ₱ 1,976,000.00 Q1T6
Q1T3 ₱ 938,000.00 ₱ 2,964,000.00 Q1T6
Q2T3 ₱ 1,005,000.00 ₱ 225,120.00 Q1T7
Q2T4 ₱ 2,945,000.00 ₱ 337,680.00 Q1T7
Q2T5 ₱ 5,625,000.00 ₱ 375,000.00 Q2T6
Q3T2 ₱ 1,440,500.00 ₱ 57,618.00 Q2T9
Q3T3 ₱ 3,515,000.00 ₱ 375,200.00 Q2T10
Q3T4 ₱ 3,000,000.00 ₱ 603,000.00 Q2T11
Q4T3 ₱ 1,641,500.00 ₱ 1,767,000.00 Q2T11
Q4T4 ₱ 4,180,000.00 ₱ 1,000,000.00 Q2T12
Q4T5 ₱ 1,500,000.00 ₱ 200,000.00 Q3T6
₱ 590,000.00
₱ 3,675,000.00
₱ 864,300.00
₱ 2,109,000.00
₱ 1,800,000.00
₱ 181,800.00 Q4T7
₱ 529,200.00
₱ 517,500.00
₱ 403,340.00
₱ 984,200.00
₱ 840,000.00
₱ 984,900.00
₱ 900,000.00
₱ 1,947,500.00

BALANCE ₱ 4,658,602.00

MERCHANDISE INVENTORY
BEG. ₱ 2,825,000.00 ₱ 2,372,000.00 Q1T2
Q1T1 ₱ 3,285,000.00 ₱ 573,000.00 Q1T3
Q2T1 ₱ 776,000.00 ₱ 668,000.00 Q2T3
Q2T2 ₱ 1,746,000.00 ₱ 1,463,000.00 Q2T4
Q2T6 ₱ 187,500.00 ₱ 2,837,500.00 Q2T5
Q3T1 ₱ 3,919,000.00 ₱ 1,008,000.00 Q3T2
Q4T1 ₱ 4,318,000.00 ₱ 1,825,500.00 Q3T3
Q4T2 ₱ 2,131,000.00 ₱ 1,508,000.00 Q3T4
Q4T12 ₱ 139,500.00 ₱ 1,178,500.00 Q4T3
₱ 2,197,500.00 Q4T4
₱ 765,000.00 Q4T5
₱ 150,185.00 Q4T12
₱ 15,000.00
₱ 58,075.00 Q4T13

BALANCE ₱ 2,765,815.00

WAREHOUSE SUPPLIES
BEG. ₱ 130,000.00 ₱ 78,000.00 Q4T16

BALANCE ₱ 52,000.00

OFFICE SUPPLIES
BEG. ₱ 210,000.00 ₱ 84,000.00 Q4T16
BALANCE ₱ 126,000.00

PREPAID INSURANCE
BEG. ₱ 135,000.00 ₱ 33,750.00 Q4T15

BALANCE ₱ 101,250.00

NOTES RECEIVABLE
BALANCE ₱ -

INTEREST RECEIVABLE

BALANCE ₱ -

LAND
BEG. ₱ 1,000,000.00
Q1T4 ₱ 375,000.00
Q2T8 ₱ 1,200,000.00

BALANCE ₱ 2,575,000.00

OFFICE BUILDING
Q1T4 ₱ 1,125,000.00
BALANCE ₱ 1,125,000.00

WAREHOUSE BUILDING
BEG. ₱ 3,000,000.00
Q3T5 ₱ 90,000.00

BALANCE ₱ 3,090,000.00

OFFICE FURNITURE AND EQUIPMENT

BEG. ₱ 600,000.00
BALANCE ₱ 600,000.00

WAREHOUSE FIXTURES
BEG. ₱ 260,000.00
Q2T7 ₱ 219,520.00

BALANCE ₱ 479,520.00

FRANCHISE
Q4T11 ₱ 2,650,000.00

BALANCE ₱ 2,650,000.00

SALES DISCOUNT
Q1T6 ₱ 59,280.00
Q1T7 ₱ 6,753.60
Q2T11 ₱ 18,090.00
Q2T11 ₱ 53,010.00
Q2T12 ₱ 18,000.00
Q3T6 ₱ 44,100.00
₱ 314,599.50
Q4T7 ₱ 14,773.50
₱ 13,500.00
₱ 29,213.00

BALANCE ₱ 571,319.60

SALES RETURN AND ALLOWANCES

Q2T6 ₱ 375,000.00

BALANCE ₱ 375,000.00

INTEREST EXPENSE
BALANCE ₱ -

FRANCHISE FEE EXPENSE

BALANCE ₱ -

AMORTIZATION EXPENSE - FRANCHISE

BALANCE ₱ -

COST OF GOODS SOLD

Q1T2 ₱ 2,372,000.00 ₱ 43,800.00 Q1T9
Q1T3 ₱ 573,000.00 ₱ 187,500.00 Q2T6
Q2T3 ₱ 668,000.00 ₱ 30,264.00 Q2T14
Q2T4 ₱ 1,463,000.00 ₱ 50,954.40 Q3T8
Q2T5 ₱ 2,837,500.00 ₱ 81,200.00 Q4T8
Q3T2 ₱ 1,008,000.00 ₱ 139,500.00 Q4T12
Q3T3 ₱ 1,825,500.00
Q3T4 ₱ 1,508,000.00
Q4T3 ₱ 1,178,500.00
Q4T4 ₱ 2,197,500.00
Q4T5 ₱ 765,000.00
Q4T12 ₱ 150,185.00
₱ 15,000.00
Q4T13 ₱ 58,075.00

BALANCE ₱ 16,027,966.60

INSURANCE EXPENSE
Q4T15 ₱ 33,750.00

BALANCE ₱ 33,750.00

REPAIRS AND MAINTENANCE

Q3T5 ₱ 100,000.00
BALANCE ₱ 100,000.00

SALARIES EXPENSE - ADMINISTRASTIVE

Q1T10 ₱ 187,000.00
Q2T15 ₱ 187,000.00
Q3T9 ₱ 187,000.00
Q4T9 ₱ 187,000.00

BALANCE ₱ 748,000.00

SUPPLIES EXPENSE - ADMINISTRASTIVE

Q4T16 ₱ 84,000.00

BALANCE ₱ 84,000.00
 UTILITIES EXPENSE - ADMINISTRASTIVE
Q1T11 ₱ 107,200.00
Q2T16 ₱ 114,400.00
Q3T10 ₱ 129,600.00
Q4T10 ₱ 136,800.00

BALANCE ₱ 488,000.00

MERCHANDISE INVENTORY - DESK LAMP

BALANCE ₱ -
 ACCOUNTS PAYABLE
Q1T8 ₱ 98,000.00 ₱ 98,000.00 BEG.
Q1T9 ₱ 2,190,000.00 ₱ 3,285,000.00 Q1T1
Q2T13 ₱ 1,095,000.00 ₱ 776,000.00 Q2T1
Q2T14 ₱ 1,891,500.00 ₱ 1,746,000.00 Q2T2
Q3T7 ₱ 212,520.00 ₱ 212,520.00 Q2T7
Q3T8 ₱ 3,639,600.00 ₱ 3,919,000.00 Q3T1
Q4T8 ₱ 5,800,000.00 ₱ 4,318,000.00 Q4T1
₱ 2,131,000.00 Q4T2

₱ 1,558,900.00 BALANCE

DIVIDENDS PAYABLE
 ₱ - BALANCE

ALLOWANCE FOR DOUBTFUL ACCOUNTS

₱ 7,920.00 BEG.
₱ 93,172.04 Q4T14

₱ 101,092.04 BALANCE

NOTES PAYABLE
 ₱ - BALANCE

INTEREST PAYABLE

₱ - BALANCE

SHARE CAPITAL
₱ 7,000,000.00 BEG.
₱ 1,200,000.00 Q2T8
 ₱ 8,200,000.00 BALANCE

SHARE PREMIUM
₱ 700,000.00 BEG.

₱ 700,000.00 BALANCE

RETAINED EARNINGS
₱ 1,280,700.00 BEG.
 ₱ 1,280,700.00 BALANCE

SALES
₱ 4,940,000.00 Q1T2
₱ 938,000.00 Q1T3
₱ 1,005,000.00 Q2T3
₱ 2,945,000.00 Q2T4
₱ 5,625,000.00 Q2T5
₱ 1,440,500.00 Q3T2
₱ 3,515,000.00 Q3T3
₱ 3,000,000.00 Q3T4
₱ 1,641,500.00 Q4T3
₱ 4,180,000.00 Q4T4
₱ 1,500,000.00 Q4T5

₱ 30,730,000.00 BALANCE

INTEREST REVENUE

₱ - BALANCE

ACCUMULATED DEPRECIATION - OFFICE BUILDING

₱ 112,500.00 Q4T20
 ₱ 112,500.00 BALANCE

ACCUMULATED DEPRECIATION - WAREHOUSE BUILDING

₱ 300,000.00 BEG.
₱ 310,000.00 Q4T20

₱ 610,000.00 BALANCE

ACCUMULATED DEPRECIATION - OFFICE FURNITURE AND EQUIPMENT

₱ 200,000.00 BEG.
₱ 100,000.00 Q4T20
 ₱ 300,000.00 BALANCE

ACCUMULATED DEPRECIATION - WAREHOUSE FIXTURES

₱ 104,000.00 BEG.
₱ 95,630.00 Q4T20

₱ 199,630.00 BALANCE

DEPRECIATION EXPENSE - OFFICE BUILDING

Q4T20 ₱ 112,500.00

BALANCE ₱ 112,500.00

DEPRECIATION EXPENSE - OFFICE FURNITURE AND EQUIPMENT

Q4T20 ₱ 100,000.00
BALANCE ₱ 100,000.00

DEPRECIATION EXPENSE -WAREHOUSE BUILDING

Q4T20 ₱ 310,000.00

BALANCE ₱ 310,000.00

DEPRECIATION EXPENSE - WAREHOUSE FIXTURES

Q4T20 ₱ 95,630.00
BALANCE ₱ 95,630.00

DOUBTFUL ACCOUNTS EXPENSE

Q4T14 ₱ 93,172.04

BALANCE ₱ 93,172.04

BANK EXPENSES
Q4T19 ₱ 13,300.00

BALANCE ₱ 13,300.00

CASH SHORT OR OVER

Q4T18 ₱ 1,000.00
BALANCE ₱ 1,000.00

MISCELLANEOUS EXPENSE
Q4T18 ₱ 15,480.00

BALANCE ₱ 15,480.00
 SALARIES EXPENSE - SELLING
Q1T10 ₱ 561,000.00
Q2T15 ₱ 561,000.00
Q3T9 ₱ 561,000.00
Q4T9 ₱ 561,000.00

BALANCE ₱ 2,244,000.00

SUPPLIES EXPENSE - SELLING

Q4T16 ₱ 78,000.00

BALANCE ₱ 78,000.00
 UTILITIES EXPENSE - SELLING
Q1T11 ₱ 160,800.00
Q2T16 ₱ 171,600.00
Q3T10 ₱ 194,400.00
Q4T10 ₱ 205,200.00

BALANCE ₱ 732,000.00

MERCHANDISE INVENTORY - TABLE LAMP

BALANCE ₱ -
 SUBSIDIARY LEDGER

AR - ATLAS FURNISHING
Q1T2 ₱ 4,940,000.00 ₱ 1,976,000.00
₱ 2,964,000.00

BALANCE ₱ -

AR - GARCIA HOMES
Q1T3 ₱ 938,000.00 ₱ 225,120.00
₱ 337,680.00
₱ 375,200.00
BALANCE ₱ -

AR - CAMPBELL CORP.
Q2T3 ₱ 1,005,000.00 ₱ 603,000.00
₱ 200,000.00
₱ 181,800.00

BALANCE ₱ 20,200.00

AR - MADDOX COMPANY
Q2T4 ₱ 2,945,000.00 ₱ 1,767,000.00
₱ 590,000.00
₱ 529,200.00
BALANCE ₱ 58,800.00

AR - CRANBERRY FURNISHINGS
Q2T5 ₱ 5,625,000.00 ₱ 375,000.00
₱ 1,000,000.00
₱ 3,675,000.00
₱ 517,500.00

BALANCE ₱ 57,500.00

AR - PARKWAY HOMES STORE

Q3T2 ₱ 1,440,500.00 ₱ 864,300.00
₱ 403,340.00
BALANCE ₱ 172,860.00

AR - GO-MART DISCOUNT STORES

Q3T3 ₱ 3,515,000.00 ₱ 2,109,000.00
₱ 984,200.00

BALANCE ₱ 421,800.00

AR - LB HOME DEPOT
Q3T3 ₱ 3,000,000.00 ₱ 1,800,000.00
₱ 840,000.00
BALANCE ₱ 360,000.00

AR - OWLETTE CORP.
Q4T3 ₱ 1,641,500.00 ₱ 984,900.00

BALANCE ₱ 656,600.00

AR - DAVIS HOME DEPOT

Q4T4 ₱ 4,180,000.00 ₱ 1,947,500.00

BALANCE ₱ 2,232,500.00

AR - WARNER COMPANY
Q4T5 ₱ 1,500,000.00 ₱ 900,000.00
BALANCE ₱ 600,000.00
 MERCHANDISE INVENTORY - FLOOR LAMP

BALANCE ₱ -
 AP - BLUE RIDGE LIGHTS
Q1T6 Q1T9 ₱ 2,190,000.00
Q1T6 Q2T13 ₱ 1,095,000.00
Q2T14 ₱ 1,891,500.00
Q3T8 ₱ 3,639,600.00

AP - REMMERS COMPANY
Q1T7 Q3T7 ₱ 212,520.00
Q1T7
Q2T10
Q2T11
Q3T6
Q4T7

Q2T11
Q3T6
Q4T7
 Q2T6
Q2T12
Q3T6
Q4T7

Q3T6
Q4T7
Q3T6
Q4T7

Q3T6
Q4T7
Q4T7

Q4T7

Q4T7
AP - BLUE RIDGE LIGHTS
₱ 3,285,000.00 Q1T1
₱ 776,000.00 Q2T1
₱ 1,746,000.00 Q2T2
₱ 4,318,000.00 Q4T1

₱ 1,308,900.00 BALANCE

P - REMMERS COMPANY
₱ 212,520.00 Q2T7
₱ - BALANCE
 Lights U
Unadjusted
As of Dece

TRIAL BALANCE
ACCOUNT TITLE Debit

Cash in Bank ₱ 3,326,516.80

Petty Cash Fund ₱ 20,000.00
Accounts Receivable ₱ 4,658,602.00
Allowance for Doubtful Accounts
Merchandise Inventory ₱ 2,765,815.00
Warehouse Supplies ₱ 52,000.00
Office Supplies ₱ 126,000.00
Prepaid Insurance ₱ 101,250.00
Notes Receivable
Interest Receivable
Land ₱ 2,575,000.00
Office Building ₱ 1,125,000.00
Accumulated Depreciation - Office Building
Warehouse Building ₱ 3,090,000.00
Accumulated Depreciation - Warehouse Building
Office Furniture and Equipment ₱ 600,000.00
Accumulated Depreciation - Office Furniture and Equipment
Warehouse Fixtures ₱ 479,520.00
Accumulated Depreciation - Warehouse Fixtures
Franchise ₱ 2,650,000.00
Accounts Payable
Dividends Payable
Notes Payable
Interest Payable
Share Capital
Share Premium
Retained Earnings
Sales
Sales Discount ₱ 571,319.60
Sales Return and Allowances ₱ 375,000.00
Interest Revenue
Interest Expense
Franchise Fee Expense
Amortization Expense - Franchise
Cost of Goods Sold ₱ 16,027,966.60
Insurance Expense ₱ 33,750.00
Repairs and Maintenance ₱ 100,000.00
Salaries Expense - Administrative ₱ 748,000.00
Supplies Expense - Administrative ₱ 84,000.00
Utilities Expense - Administrative ₱ 488,000.00
Depreciation Expense - Office Building ₱ 112,500.00
Depreciation Expense - Office Furniture and Equipment ₱ 100,000.00
Doubtful Accounts Expense ₱ 93,172.04
Bank Expenses ₱ 13,300.00
Cash Short or Over ₱ 1,000.00
Miscellaneous Expense ₱ 15,480.00
Salaries Expense - Selling ₱ 2,244,000.00
Supplies Expense - Selling ₱ 78,000.00
Utilities Expense - Selling ₱ 732,000.00
Depreciation Expense - Warehouse Building ₱ 310,000.00
Depreciation Expense - Warehouse Fixtures ₱ 95,630.00

TOTAL ₱ 43,792,822.04
 Lights Up Company
Unadjusted Trial Balance
As of December 31, 2019

TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT

Credit Debit Credit Debit

₱ 101,092.04

₱ 112,500.00

₱ 610,000.00

₱ 300,000.00

₱ 199,630.00

₱ 1,558,900.00

₱ 8,200,000.00
₱ 700,000.00
₱ 1,280,700.00
₱ 30,730,000.00 ₱ -
₱ 571,319.60
₱ 375,000.00
₱ -
₱ -
₱ -
₱ -
₱ 16,027,966.60
₱ 33,750.00
 ₱ 100,000.00
₱ 748,000.00
₱ 84,000.00
₱ 488,000.00
₱ 112,500.00
₱ 100,000.00
₱ 93,172.04
₱ 13,300.00
₱ 1,000.00
₱ 15,480.00
₱ 2,244,000.00
₱ 78,000.00
₱ 732,000.00
₱ 310,000.00
₱ 95,630.00

₱ 43,792,822.04 ₱ - ₱ - ₱ 22,223,118.24

₱ -
INCOME STATEMENT BALANCE SHEET
Credit Debit Credit

₱ 3,326,516.80
₱ 20,000.00
₱ 4,658,602.00
₱ - ₱ 101,092.04
₱ 2,765,815.00 ₱ -
₱ 52,000.00 ₱ -
₱ 126,000.00 ₱ -
₱ 101,250.00 ₱ -
₱ - ₱ -
₱ - ₱ -
₱ 2,575,000.00 ₱ -
₱ 1,125,000.00 ₱ -
₱ - ₱ 112,500.00
₱ 3,090,000.00 ₱ -
₱ - ₱ 610,000.00
₱ 600,000.00 ₱ -
₱ - ₱ 300,000.00
₱ 479,520.00 ₱ -
₱ - ₱ 199,630.00
₱ 2,650,000.00 ₱ -
₱ - ₱ 1,558,900.00
₱ - ₱ -
₱ - ₱ -
₱ - ₱ -
₱ - ₱ 8,200,000.00
₱ - ₱ 700,000.00
₱ - ₱ 1,280,700.00
₱ 30,730,000.00
₱ -
₱ -
₱ -
₱ -
₱ -
₱ -
₱ -
₱ -
₱ -
₱ -
₱ -
₱ -
₱ -
₱ -
₱ -
₱ -
₱ -
₱ -
₱ -
₱ -
₱ -
₱ -
₱ -

₱ 30,730,000.00 ₱ 21,569,703.80 ₱ 13,062,822.04

Lights Up Company
Statement of Financial Performance
For the Year Ended December 31, 2019

Revenues
Sales
Sales Discount
Sales Return and Allowances
Interest Revenue
Total

Expenses