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Merchandising 2

Prepare the following accounting documents for Procopio Merchandising Company for June 2022: journal entries, trial balance, adjustments, worksheet, income statement, statement of equity, balance sheet, and closing entries. The documents should be saved as LastName_FirstName_Merchandising2. Given are the June 1 account balances and transactions during the month, along with additional information on accruals, expenses, and inventory count.

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662 views2 pages

Merchandising 2

Prepare the following accounting documents for Procopio Merchandising Company for June 2022: journal entries, trial balance, adjustments, worksheet, income statement, statement of equity, balance sheet, and closing entries. The documents should be saved as LastName_FirstName_Merchandising2. Given are the June 1 account balances and transactions during the month, along with additional information on accruals, expenses, and inventory count.

Uploaded by

Desirre Transona
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Prepare the following:

1. Char of Accounts
2. Journal
3. Trial Balance
4. Adjustments
5. Worksheet
6. Income Statement
7. Statement of Changes in Equity
8. Balance Sheet
9. Closing Entries
10. Post-closing Trial Balance
Save your file: LastName_FirstName_Merchandising2
Listed below are the June. 1, 2022 account balances of the Procopio Merchandising Company:
110 Cash P70,000
120 Accounts Receivable 250,000
130 Merchandise Inventory 35,000
140 Supplies 30,000
150 Prepaid Insurance 95,000
160 Land 460,000
170 Building 3,000,000
175 Accumulated Depreciation-Building P300,000
180 Store Equipment 2,250,000
185 Accumulated Depreciation-Store Equipment 750,000
210 Accounts Payable 115,000
220 Salaries Payable
230 Mortgage Payable 2,150,000
310 Procopio, Capital 2,875,000
320 Procopio, Withdrawals
330 Income Summary
410 Sales
420 Sales Returns and Allowances
430 Sales Discounts
510 Purchases
520 Purchases Returns and Allowances
530 Purchases Discounts
540 Transportation In
610 Salaries Expense
620 Supplies Expense
630 Insurance Expense
640 Depreciation Expense-Building
650 Depreciation Expense-Store Equipment
660 Transportation Out
670 Advertising Expense
680 Interest Expense
690 Miscellaneous Expense
Total P6,190,000 P6,190,000
The following transactions were completed by Metro Merchandising Company during June 2022.
June 1 Purchased merchandise from Ariva Marketing, list price, P 35,000, trade discount. 20%, terms:
2/10, n/eom, FOB shipping point, freight prepaid, P1,200.
3 Purchased merchandise from Montage Trading P17,500, terms: 2/10, n/30, FOB destination.
5 Sold merchandise on credit to Alice Enterprise, P6,250, terms: 2/10, n/30, FOB shipping point,
freight prepaid, P450.
7 Returned defective merchandise to Montage Trading P 1,500.
9 Sold merchandise to Town Sales Company, P9,750, terms 1/10, n/30, FOB destination
9 Paid freight costs on shipment to Town Sales Company, P550.
11 Paid Ariva Marketing the invoice of June 1 less discount.
11 Received defective merchandise returned by Town Sales Co. P800.
11 Paid Montage Trading the invoice of June 3 in full.
11 Sold merchandise to Oscar Toledo, P6,550, terms: 2/10, n/30 FOB destination, freight prepaid,
P480.
11 Received a check from Alice Enterprise in full payment of account.
17 Bought merchandise from Super Mart Company, P27,500 terms: n/eom, FOB shipping point.
17 Paid transportation charges on merchandise purchased from Super Mart Company, P1,050.
18 Sold merchandise to Solomon Company, P8,750, terms: 1/10, n/30, FOB shipping point, freight
prepaid, P650.
18 Received check from Town Sales Company in full payment of account.
19 Purchased merchandises from Manila Trading P11,400, terms: 2/10, n/30, FOB destination.
19 Received a check of P2,000 from Oscar Toledo as partial payment of account.
20 Received allowance for price adjustment for defective merchandise from Manila Trading, P1,400.
25 Paid P10,000 to Super Mart Company as partial payment of account.
25 Sold merchandise to Solo Marketing, P3,250, terms: 2/10, eom, n/60, FOB shipping point.
26 Granted price adjustment allowance for defective merchandise sold to Solo Marketing, P350.
26 Paid Super Mart Company the invoice of June 17 in full.
30 Received check from Solomon Company in payment of account.
30 Paid Manila Trading the invoice of June 20 in full.

Additional Information:
a. Accrual of Salaries at June 30 is P10,300.
b. Insurance coverage with premiums of P25,000 has expired at month-end.
c. Depreciation on the building and on the store equipment for the month amounted to P3,000 and
P6,000, respectively.
d. Supplies on hand at month-end amounted to P8,000.
e. Miscellaneous expenses are P7,500.
f. A count of the merchandise inventory on June 30, 2022 amounted to P39,000.

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