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AIKEZ Retail Store General Journal For The Month of January 2021 Date Particulars F Debit Credit

1) The document is a general journal for AIKEZ Retail Store for the month of January 2021 recording various financial transactions. 2) Transactions include purchasing equipment and supplies, buying and selling inventory, paying and receiving payments from customers, paying expenses, and withdrawing owner's capital. 3) The journal closes with a total of $69,900 in cash and $0 in outstanding balances for other accounts at the end of January.

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Hasanah Ameril
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77 views20 pages

AIKEZ Retail Store General Journal For The Month of January 2021 Date Particulars F Debit Credit

1) The document is a general journal for AIKEZ Retail Store for the month of January 2021 recording various financial transactions. 2) Transactions include purchasing equipment and supplies, buying and selling inventory, paying and receiving payments from customers, paying expenses, and withdrawing owner's capital. 3) The journal closes with a total of $69,900 in cash and $0 in outstanding balances for other accounts at the end of January.

Uploaded by

Hasanah Ameril
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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NAME: HASANAH I.

AMERIL Course&Year:BSA-2
DATE: AUGUST 28, 2021

AIKEZ Retail Store


General Journal
For the month of January 2021
Page 1
Date PARTICULARS F DEBIT CREDIT
Jan 1 Cash P 117,000
Khen, Capital P 117,000
to record the owner’s initial investment to the
business

2 Equipment 30,000
Cash 30,000
to record the acquisition of POS Machine

Merchandise Inventory 47,700


Accounts Payable 47,700
to record the merchandise bought on credit

3 Office Supplies 2,100


Cash 2,100
to record the acquisition of Office Supplies

4 Accounts Receivable 45,600


Sales 45,600
to recognize sales on credit, 2/10,n/30

Cost of Merchandise 36,600


Merchandise Inventory 36,600
to record the cost of merchandise sold

5 Freight-out 600
Cash 600
to record the cost of delivery/shipping on Jan.4

6 Accounts Payable 900


Merchandise Inventory 900
to record the return of merchandise

11 Accounts Payable 46,800


Purchase Discount 936
Cash 45,864
to record the payment for merchandise 2/10, and a P 900
return

13 Cash 44,688
Sales Discount 912
Accounts Receivable 45,600
to record the payment of customer with 2% discount

14 Merchandise Inventory 43,200


Cash 43,200
to record the purchase of merchandise

15 Salaries Expense 4,500


Cash 4,500
to record the payment of salaries

16 Cash 36,000
Notes Payable 36,000

1|Page
/Prof. ANNA MITOS J. DIZON
NAME: HASANAH I. AMERIL Course&Year: BSA 2nd year
DATE: AUGUST 28, 2021

AIKEZ Retail Store


General Journal
For the month of January 2021
Page 2
Date PARTICULARS F DEBIT CREDIT
17 Cash 43,200
Merchandise Inventory 43,200
to record the refund on cash purchase from Jan.14

18 Merchandise Inventory 42,600


Accounts Payable 42,600
to record the purchase of merchandise 2/10,n/30

20 Merchandise Inventory 2,100


Cash 2,100
to record the cost of delivery/shipping on Jan.18

23 Cash 49,200
Sales 49,200
to record the sales of merchandise in cash

Cost of Merchandise 31,500


Merchandise Inventory 31,500
to recognize cost of sale

26 Merchandise Inventory 36,900


Cash 36,900
to record the purchase of merchandise in cash

27 Accounts Payable 27,000


Cash 27,000
to record the partial payment of Jan.18 purchase (no
discount is allowed for partial payment)

28 Y. Khen, Drawing 6,024


Cash 6,024
to record the withdrawals of the owner

29 Sales Returns and Allowances 2,700


Cash 2,700
to record return of defective merchandise

30 Accounts Receivable 41,100


Sales 41,100
to record sales of merchandise on credit

Cost of Merchandise 33,000


Merchandise Inventory 33,000
to record the cost of merchandise as sold to
customers

2|Page
/Prof. ANNA MITOS J. DIZON
NAME: HASANAH I. AMERIL Course&Year: BSA-2
DATE: AUGUST 28, 2021

AIKEZ Retail Store


General Journal
For the month of January 2021
Page 3
Date PARTICULARS F DEBIT CREDIT
Advertising Expense 3,000
Utilities Expense 1,200
Rent Expense 10,500
Salaries Expense 4,500
Cash 19,200
to record the following expenses

3|Page
/Prof. ANNA MITOS J. DIZON
NAME: HASANAH I. AMERIL Course&year: BSA-2
DATE: AUGUST 28, 2021

AIKEZ Retail Store


General Ledger
For the month of January 2021

1
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
Jan. 1 Cash
P117,000 P117,000
2 Cash P30,000 87,000
3 Cash 2,100 84,900
5 Cash 600 84,300
11 Cash 45,864 38,436
13 Cash 44,688 83,124
14 Cash 43,200 39,924
15 Cash 4,500 35,424
16 Cash 36,000 71,424
17 Cash 43,200 114,624
20 Cash 2,100 112,524
23 Cash 49,200 161,724
26 Cash 36,900 124,824
27 Cash 27,000 97,824
28 Cash 6,024 91,800
29 Cash 2,700 89,100
30 Cash 19,200 P
69,900

2
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
Jan. 3 Office Supplies P 2,100 P 2,100

3
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
Jan. 2 Equipment P P
30,000 30,000

4|Page
/Prof. ANNA MITOS J. DIZON
NAME: HASANAH I. AMERIL Course&year: BSA-2
DATE: AUGUST 28, 2021

4
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
Jan. 2 Accounts Payable P P
47,700 47,700
6 Accounts Payable P 900 46,800
11 Accounts Payable 46,800 0
18 Accounts Payable 42,600 42,600
27 Accounts Payable 27,000 P
15,600

5
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
Jan. 1 Khen, Capital P P
117,000 117,000

6
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
Jan. 28 Y. Khen, Drawing P 6,024 P 6,024

7
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
Jan. 4 Accounts Receivable P P 45,600
45,600
13 Accounts P 0
Receivable 45,600
30 Accounts Receivable 41,100 P 41,100

5|Page
/Prof. ANNA MITOS J. DIZON
NAME: HASANAH I. AMERIL Course&Year: BSA-2
DATE: AUGUST 28, 2021

8
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
Jan. 4 Cost of Merchandise P 36,600 P 36,600
23 Cost of Merchandise 31,500 68,100
30 Cost of Merchandise 33,000 P101,100

9
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
Jan. 4 Sales P P
45,600 45,600
23 Sales 49,200 94,800
30 Sales 41,100 P 135,
900

10
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
Jan. 2 Merchandise P P 47,700
Inventory 47,700
4 Merchandise 36,600 11,100
Inventory
6 Merchandise 900 10,200
Inventory
11 Merchandise 936 9,264
Inventory
14 Merchandise 43,200 52,464
Inventory
17 Merchandise 43,200 9,264
Inventory
18 Merchandise 42,600 51,864
Inventory
20 Merchandise 2,100 53,964
Inventory
23 Merchandise 31,500 22,464
Inventory
26 Merchandise 36,900 59,364
Inventory
30 Merchandise 33,000 P
Inventory 26,364

6|Page
/Prof. ANNA MITOS J. DIZON
NAME: HASANAH I. AMERIL Course&Year: BSA-2
DATE: AUGUST 28, 2021

11
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
Jan. 5 Freight-out P 600 P 600

12
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
Jan. 13 Sales Discount P 912 P 912

13
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
Jan. 16 Notes Payable P P
36,000 36,000

14
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
Jan. 29 Sales Returns and P 2,700 P 2,700
Allowances

15
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
Jan. 15 Salaries Expense P 4,500 P 4,500
30 Salaries Expense 4,500 P 9,000

16
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
Jan. 30 Advertising Expense P 3,000 P 3,000

7|Page
/Prof. ANNA MITOS J. DIZON
NAME: HASANAH I. AMERIL Course&Year: BSA-2
DATE: AUGUST 28, 2021

17
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
Jan. 30 Utilities Expense P 1,200 P 1,200

18
BALANCE
DATE PARTICULARS F DEBIT CREDIT DEBIT CREDIT
Jan. 30 Rent Expense P P
10,500 10,500

8|Page
/Prof. ANNA MITOS J. DIZON
NAME: HASANAH I. AMERIL Course&Year: BSA-2
DATE: AUGUST 28, 2021

AIKEZ Retail Store


Trial Balance
January 2021

Page No. Account Titles Debit Credit


1 Cash P 69,900
2 Office Supplies 2,100
3 Equipment 30,000
4 Accounts Payable P 15,600
5 Y. Khen, Capital 117,000
6 Y. Khen, Drawing 6,024
7 Accounts Receivable 41,100
8 Cost of Merchandise 101,100
9 Sales 135, 900
10 Merchandise Inventory 26,364
11 Freight-out 600
12 Sales Discount 912
13 Notes Payable 36,000
14 Sales Returns and Allowances 2,700
15 Salaries Expense 9,000
16 Advertising Expense 3,000
17 Utilities Expense 1,200
18 Rent Expense 10,500
TOTAL P 304,500 P 304,500

9|Page
/Prof. ANNA MITOS J. DIZON
NAME: HASANAH I. AMERIL Course&Year: BSA-2
DATE: AUGUST 28, 2021

AIKEZ Retail Store


Income Statement
For the month ended January 2021

Sales P 135,900
Less: Sales Returns and Allowances P 2,700
Sales Discount 912 (3,612)
Net Sales P 132,288
Less: Cost of Goods Sold1 101,100
Gross Profit P 31,188
Operating Expenses:
Salaries Expense P 9,000
Advertising Expense 3,000
Utilities Expense 1,200
Rent Expense 10,500
Freight-out 600 (24,300)
Net Income P 6,888

10 | P a g e
/Prof. ANNA MITOS J. DIZON
NAME: HASANAH I. AMERIL Course&Year.BSA-2
DATE: AUGUST 28, 2021

AIKEZ Retail Store


Statement of Changes of Owner’s Equity
For the month ended January 2021

Y. Khen, Capital,Beg. P 117,000

Add: Net Income 6,888


Total P 123,888
Less: Withdrawal (6,024)
Y. Khen, Capital,End. P 117,864

11 | P a g e
/Prof. ANNA MITOS J. DIZON
NAME HASANAH I. AMERIL Course/year.BSA-2
DATE: AUGUST 28, 2021

AIKEZ Retail Store


Statement of Financial Position
As of January 2021

ASSETS
Cash P 69,900
Accounts Receivable 41,100
Merchandise Inventory 26,364
Office Supplies 2,100
Equipment 30,000
TOTAL ASSETS P 169,464

LIABILITIES AND OWNER’S EQUITY


LIABILITIES
Accounts Payable P 15,600
Notes Payable 36,000 51,600
EQUITY

Y. Khen, Capital P 117,864 P 117,864


TOTAL LIABILITIES AND EQUITY P 169,464

12 | P a g e
/Prof. ANNA MITOS J. DIZON
NAME: HASANAH I. AMERIL Course/year.BSA-2
DATE: AUGUST 28, 2021

AIKEZ Retail Store


Statement of Cash Flow
For the year ended January 31, 2021

Cash flow from Operating Activities


Cash Received from customers P 93,888
Refund from supplier 43,200
Purchase of Inventory (80,100)
Purchase of office supplies (2,100)
Payments for employees (9,000)
Payment for merchandise (936)
Payment for freight (2,700)
Payment for office rent (10,000)
Payment for utilizes (1,200)
Payment for advertising (3,000)
Payment for suppliers (27,000)
Return of defective merchandise (2,700)
Net cash provided by (used in) operating activities (P 2,148)

Cash flows from investing activities


Purchase of POS Machine P 30,000
Purchase of office supplies 2,100
Net cash provided by (used in) investing activities (P 32,100)

Cash flows from financing activities


Cash received as an investment by owner P 117,000
Cash received from bank loan 36,000
Payment for withdrawal by owner (6,024)
Net cash provided by (used in) financing activities P 146,976

Net Increase (Decrease) in Cash P 112,728


Add: Cash balance at the beginning of the period P 112,728

13 | P a g e
/Prof. ANNA MITOS J. DIZON
NAME: HASANAH I. AMERIL Course/year.BSA-2
DATE: AUGUST 28, 2021

CLOSING ENTRIES

Date Particulars F Debit Credit


01/31/21 Sales 135,900
Income and expense summary 135,900

Income and expense summary 129,000


Sales Discount 912
Sales return and allowances 2700
Cost of goods sold 101,100
Freight-out 600
Salaries Expense 9,000
Advertising Expense 3,000
Utilities Expense 1,200
Rent Expense 10,500

Income Summary 6,888


Y. Khen, Capital 6,888

Y. Khen, Capital 6,024


Y. Khen, Drawings 6,024

14 | P a g e
/Prof. ANNA MITOS J. DIZON
NAME: HASANAH I. AMERIL Course/year.BSA-2
DATE: AUGUST 28, 2021

Date Particulars F Debit Credit

15 | P a g e
/Prof. ANNA MITOS J. DIZON
NAME: HASANAH I. AMERIL Course/year.BSA-2
DATE: AUGUST 28, 2021

AIKEZ Retail Store


POST CLOSING TRIAL BALANCE
January 2021

Account Titles Debit Credit


Cash 69,900
Accounts Receivable 41,100
Office Supplies 2,100
Equipment 30,000
Merchandise Inventory 26,364
Accounts Payable 15,600
Notes Payable 36,000
Y. Khen, Capital 117,864

P 169,464 P 169,464

16 | P a g e
/Prof. ANNA MITOS J. DIZON
NAME: HASANAH I. AMERIL Course&Year.BSA-2
DATE: AUGUST 28, 2021

PART II Prepare the original entry (if there is a need), adjusting, closing
and reversing entries.

1.
Date PARTICULARS F DEBIT CREDIT
ORIGINAL ENTRY

Dec. 1 ADJUSTING ENTRY


Accrued Expense 8,000
Utility Expense 8,000

Dec. 31 CLOSING ENTRY


Income Summary 8,000
Utility Expense 8,000

Jan. 8 REVERSING ENTRY


Utility Expense 8,000
Utility Payable 8,000

2.
Date PARTICULARS F DEBIT CREDIT
Sept. 1 ORIGINAL ENTRY 12,000
Insurance Expense 12,000
Cash

Dec. 31 ADJUSTING ENTRY


Prepaid Insurance 6,000
Insurance Expense 6,000

Dec. 31 CLOSING ENTRY


Income Summary 6,000
Insurance Expense 6,000

REVERSING ENTRY
Jan. 1 Insurance Expense 6,000
Prepaid Insurance 6,000

17 | P a g e
/Prof. ANNA MITOS J. DIZON
NAME: HASANAH I. AMERIL Course&Year:BSA-2
DATE: AUGUST 28, 2021

3.
Date PARTICULARS F DEBIT CREDIT
Oct. 1 ORIGINAL ENTRY
Shop Supplies 65,000
Cash 65,000

Dec. 31 ADJUSTING ENTRY


Supplies Expense 15,000
Shop Supplies 15,000

Dec. 31 CLOSING ENTRY


Income Summary 15,000
Supplies Expense 15,000

Jan. 1 REVERSING ENTRY


Shop Supplies 50,000
Supplies Expense 50,000

4.
Date PARTICULARS F DEBIT CREDIT
ORIGINAL ENTRY

Dec. 31 ADJUSTING ENTRY


Salaries Expense 40,000
Salaries Payable 40,000

Dec. 31 CLOSING ENTRY


Income Summary 40,000
Salaries Expense 40,000

Jan. 1 REVERSING ENTRY


Salaries Payable 40,000
Salaries Expense 40,000

18 | P a g e
/Prof. ANNA MITOS J. DIZON
NAME: HASANAH I. AMERIL Course&Year:BSA-2
DATE: AUGUST 28, 2021

5.
Date PARTICULARS F DEBIT CREDIT
ORIGINAL ENTRY

Dec. 31 ADJUSTING ENTRY


Allowance for Uncollectible Accounts 1,240
Accounts Receivable 1,240

Dec. 31 CLOSING ENTRY


Income Summary 1,240
Allowance for Uncollectible 1,240
Accounts

Jan. 1 REVERSING ENTRY


Accounts Receivable 1,240
Allowance for Uncollectible 1,240
Accounts

6.
Date PARTICULARS F DEBIT CREDIT
Jan. 1 ORIGINAL ENTRY
Shop Equipment 120,000
Cash 120,000

Dec. 31 ADJUSTING ENTRY


Depreciation Expense 24,000
Accumulated Depreciation 24,000

CLOSING ENTRY

REVERSING ENTRY

19 | P a g e
/Prof. ANNA MITOS J. DIZON
NAME: HASANAH I. AMERIL Course/year.BSA-2
DATE: AUGUST 28, 2021

PART III. USE CAPITAL LETTERS ONLY.

1. 6. 11. 16.

2. 7. 12. 17.

3. 8. 13. 18.

4. 9. 14. 19.

5. 10. 15. 20.

GOOD LUCK

20 | P a g e
/Prof. ANNA MITOS J. DIZON

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