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    Kashato-Shirts Merchandising

    Uploaded by

    Fred Wilson
    1. The document contains journal entries recording sales, cash receipts, purchases, payments to suppliers, and adjusting entries. 2. It provides account balances and transactions for sales, receivables, cash, purchases, payables, expenses, and various tax and contribution payments. 3. The document includes a trial balance, adjustments, and adjusted trial balance to prepare financial statements showing income, expenses, and ending balances of assets, liabilities, and equity.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Kashato-Shirts Merchandising

    Uploaded by

    Fred Wilson
    139 views3 pages
    1. The document contains journal entries recording sales, cash receipts, purchases, payments to suppliers, and adjusting entries. 2. It provides account balances and transactions for sales, receivables, cash, purchases, payables, expenses, and various tax and contribution payments. 3. The document includes a trial balance, adjustments, and adjusted trial balance to prepare financial statements showing income, expenses, and ending balances of assets, liabilities, and equity.

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    Kashato-Shirts_Merchandising

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    1. The document contains journal entries recording sales, cash receipts, purchases, payments to suppliers, and adjusting entries. 2. It provides account balances and transactions for sales, receivables, cash, purchases, payables, expenses, and various tax and contribution payments. 3. The document includes a trial balance, adjustments, and adjusted trial balance to prepare financial statements showing income, expenses, and ending balances of assets, liabilities, and equity.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    139 views3 pages

    Kashato-Shirts Merchandising

    Uploaded by

    Fred Wilson
    1. The document contains journal entries recording sales, cash receipts, purchases, payments to suppliers, and adjusting entries. 2. It provides account balances and transactions for sales, receivables, cash, purchases, payables, expenses, and various tax and contribution payments. 3. The document includes a trial balance, adjustments, and adjusted trial balance to prepare financial statements showing income, expenses, and ending balances of assets, liabilities, and equity.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    You are on page 1of 3

    1.

    SALES JOURNAL

    Accounts receivable 463,680.00


    Output tax 49,680.00
    Sales 414,000.00

    2. CASH RECEIPT JOURNAL

    Cash 2,442,067.20
    Sales discount 5,640.00
    Output tax 676.80
    Accounts receivable 544,320.00
    Output tax 177,864.00
    Sales 1,482,200.00
    Notes receivable 240,000.00
    Interest receivable 2,400.00
    Interest income 1,600.00

    3. VOUCHER REGISTER

    Purchases 684,400.00
    Input tax 93,598.80
    Transportation in 4,000.00
    Repairs and maintenance 7,400.00
    Voucher payable 219,520.00
    Furniture and fixtures 36,000.00
    Salaries expense 233,000.00
    Supplies 17,190.00
    Notes payable 500,000.00
    Interest payable 16,166.67
    Interest expense 3,833.33
    Ballada, withdrawals 205,000.00
    Miscellaneous 700.00
    Utilities expense 22,300.00
    Advertising expense 8,000.00
    SSS, EC contribution payable 5,086.40
    SSS, EC contribution expense 10,563.60
    Philhealth contribution payable 2,928.75
    Philhealth contribution expense 2,928.75
    Pag-ibig contribution payable 900.00
    Pag-ibig contribution expense 900.00
    Witholding tax payable 14,170.98

    Voucher payable 2,043,101.15


    Purchase returns and allowances 10,000.00
    Input tax 2,400.00
    SSS, EC contribution payable 5,086.40
    Philhealth contribution payable 2,928.75
    Pag-ibig contribution payable 900.00
    Witholding tax payable 14,170.98
    Furniture and fixtures 10,000.00

    2,088,587.28 2,088,587.28

    4. CHECK REGISTER -

    Voucher payable 1,836,856.15


    Purchase discount 10,400.00
    Input tax 1,248.00
    Cash 1,825,208.15

    5. GENERAL JOURNAL

    Sales returns & allowances 4,000.00


    Output tax 480.00
    Accounts receivable 4,480.00

    Nots receivable 33,600.00


    Accounts receivable 33,600.00

    Allowance for uncollectible accounts 6,720.00


    Accounts receivable 6,720.00

    6. ADJUSTING ENTRIES

    1 Cash 22,400.00
    Accounts receivable 22,400.00

    2 Interest receivable 134.40


    Interest income 134.40

    3 Uncollectible accounts 4,771.20


    Allowance for uncollectibe accounts 4,771.20

    4 Supplies expense 22,190.00


    Supplies 22,190.00

    5 Insurance expense 2,750.00


    Prepaid insurance 2,750.00
    6 Rent expense 50,000.00
    Prepaid rent 50,000.00

    7 Depreciation Expense - FF 7,605.00


    Accum. Depreciation- FF 7,605.00

    8 Depreciation Expense - Equipment 12,250.00


    Accum. Depreciation- Equipment 12,250.00

    9 Depreciation Expense - SV 5,500.00


    Accum. Depreciation- SV 5,500.00

    10 Voucher payable 655,962.88


    Accounts payable 482,048.00
    SSS, EC contribution payable 15,650.00
    Philhealth contribution payable 5,857.50
    Pag-ibig contribution payable 1,800.00
    Witholding tax payable 14,170.98
    VAT payable 136,436.40

    FOR THE WORKSHEET TOTALS, in order to prepare the financial statements :

    Trial Balance 5,373,995.93


    Adjustments 783,563.48
    Adjusted Trial Balance 5,404,256.53
    Income Statement 1,963,931.88 + Net Income 654,762.52
    Balance Sheet 4,140,684.65

    YOU CAN NOW PREPARE YOUR FINANCIAL STATEMENTS.

    PASS YOUR COMPLETED PRACTICE SET. THANK YOU. GOOD WORK! YOU ARE UP TO THE NEXT LEVEL.

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