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Tesda Perpetual Guidelines

The document provides accounting transactions for PhilAsia Distributors from April 1 to April 30. It includes purchases and sales of merchandise on both cash and credit terms. It also includes expenses such as salaries, rent, utilities and advertising. A post-trial balance is provided showing accounts such as cash, accounts receivable, inventory, supplies, equipment, accounts payable and notes payable. The capital account balance reflects the initial investment plus net income for the period.

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Michael Angelo Laguna Dela Fuente
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1K views12 pages

Tesda Perpetual Guidelines

The document provides accounting transactions for PhilAsia Distributors from April 1 to April 30. It includes purchases and sales of merchandise on both cash and credit terms. It also includes expenses such as salaries, rent, utilities and advertising. A post-trial balance is provided showing accounts such as cash, accounts receivable, inventory, supplies, equipment, accounts payable and notes payable. The capital account balance reflects the initial investment plus net income for the period.

Uploaded by

Michael Angelo Laguna Dela Fuente
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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MERCHANDISING

PERPETUAL
ACCOUNTING
TRANSACTIONS

QUESTIONS AND ANSWER


KEYS GUIDELINES
DOLE DISTRIBUTORS
Chart of Accounts
101 Cash
105 Accounts Receivable
115 Merchandise Inventory
120 Supplies
125 Prepaid Expenses
201 Accounts Payable
202 Notes Payable
301 Capital
302 Withdrawal
401 Sales
405 Sales Return and Allowances
410 Sales Discounts
501 Purchases
502 Purchase Return and Allowances
503 Purchase Discounts
504 Freight In
505 Advertising Expense
506 Freight Out
510 Rent Expenses
520 Salaries Expense
540 Utilities Expenses
601 Income Summary Account
On April 1, Juan Lopez began a business, PHILASIA DISTRIBUTORS. The following transactions
occurred during December:
April 1 PHIL ASIA Distributors, was registered as a single proprietorship with DTI, Juan
Lopez invested P 39,000.00
April 2 Bought Computer Equipment for P 10,000.00 cash.
April 2 Bought Merchandise on Account from Lowton Supply Co., P 15,900.00 Terms
2/10, N/30
April 3 Bought office supplies on cash basis P 700.00
April 4 Sold Merchandise on account P 15,200.00 for destination, Terms 2/10, N/30
April 5 Paid P 200.00 for freight on April 4
April 6 received credit from Lowton Supply Co., for merchandise return P 300.00
April 11 Paid Lowton
April 13 Collected from April 4 customer
April 14 Bought merchandise on cash P 14,400
April 15 Paid salaries P 1,500
April 15 Borrow money from RCBC Bank P 12,000, signed promissory note
April 17 Received refund from a supplier on cash basis P500.00
April 18 Bought merchandise from Mesda P 14,200, FOB Shipping point, on account
April 20 Paid freight on April 18, P 700
April 23 Sold merchandise P 16,400
April 26 Bought merchandise for cash P 12,300
April 27 Paid Mesda on the April 18 purchase P9,000
April 28 Lopez, got cash from the business P 2,008.00
April 29 Made refund to cash customers from defective merchandise P900
April 30 Sold merchandise on account P13,700
April 30 Paid the following: Advertising P1000, Utilities P400, Rent P3500, Salaries
P1500
April 30 Inventory April 30,000.00 25,000
PHIL ASIA DISTRIBUTORS
POST TRIAL BALANCE
APRIL 30, 2019

101 Cash PHP 9,400.00

105 Accounts Receivable PHP 13,700.00

115 Merchandise Inventory PHP 22,688.00

120 Supplies PHP 700.00

150 Equipment PHP 10,000.00

201 Accounts Payable PHP 5,200.00

202 Notes Payable PHP 12,000.00

301 Capital PHP 39,288.00

TOTAL TRIAL BALANCE PHP 56,488.00 PHP 56,488.00

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