ADONIS DANIEL TRADING

CASE PPROBLEM

June 1 The business, ADONIS DANIEL TRADING, was registered as a single proprietorship
with the DTI. Adonis Daniel Buenaventura invested P39,000.
2 Bought computer equipment for P10,000 cash.
2 Bought merchandise on account from ROBINSON Supply, P15,900,terms 2/10, n/30.
3 Bought office supplies on cash basis for P700.
4 Sold merchandise on account P15,200, FOB Destination, terms 2/10,n/30. The cost of
merchandise sold was P12, 200.
5 Paid P200 freight on June 4 sale.
6 Received credit from ROBINSON Supply for merchandise returned P300.
11 Paid ROBINSON Supply.
13 Collected from June 4 Customers.
14 Bought merchandise on cash basis for P14,400.
15 Paid for salaries, P1,500
16 Borrowed money from the Bank of the Philippine Islands, signed a promissory note for
P12,000.
17 Received refund from a supplier on purchase of June 14,P500.
18 Bought merchandise from SM DEPARTMENT Store, P14,200, FOB Shipping point,
terms, 2/10, n/30.
20 Paid, Frieght on June 18 Purchase, 700.
23
Sold merchandise for P16,400. The merchandise sold had a cost of P10,500.
26 Bought merchandise for cash, P12,300.
27 Paid SM DEPARTMENT Store on the June 18 purchase, P9,000. No discount allowed
on partial payment.
28 Adonis Daniel Buenaventura got cash from the business, P2,008.
29 Made refund to cash customers for defective merchandise, P900.
30 Sold merchandise on account, P13,700, n/30. Cost of the merchandise sold is P11,000.
30 Paid the following:
Advertising, P1,000;
Utilities, P400;
Rent P3,500;
Salaries P1,500;

ADONIS DANIEL TRADING

 CHART OF ACCOUNTS
Use for Journalization and Posting to the Ledger
100 ASSETS 400 INCOME
101 CASH 401 SALES
SALES RETURNS AND
105 ACCOUNTS RECEIVABLE 405 ALLOWANCES
115 MERCHANDISE INVENTORY 410 SALES DISCOUNTS
120 SUPPLIES 500 EXPENSES
150 EQUIPMENT 501 COST GOODS OF SOLD
200 LIABILITIES 503 ADVERTISING EXPENSE
201 ACCOUNTS PAYABLE 506 FREIGHT OUT
202 NOTES PAYABLE 510 RENT EXPENSE
300 EQUITY 530 SALARIES
301 BUENAVENTURA, CAPITAL 540 UTILITIES
302 BUENAVENTURA, DRAWING 601 INCOME SUMMARY

ADONIS DANIEL TRADING

CHART OF ACCOUNTS
Use for Financial Statements Preparation
100 ASSETS 400 INCOME
101 Cash & Cash Equivalent 401 Net Sales
105 Receivables 405
115 Inventories 410
120 Prepaid Expenses 500 EXPENSES
150 Property Plan & Equipment 501 Cost of Goods Sold
200 LIABILITIES 503 Advertising Expense
201 Accounts Payable 506 Freight Out
202 Notes Payable 510 Rent Expense
300 EQUITY 530 Salaries
301 BUENAVENTURA, Capital 540 Utilities
302 BUENAVENTURA, Drawings
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TRIAL BALANCE
ACCOUNT TITLE DEBIT CREDIT

STATEMENT OF PERFORMANCE
 (In Pesos)

STATEMENT OF EQUITY
(In Pesos)
STATEMENT OF CASH FLOW

(In Pesos)
 STATEMENT OF FINANCIAL POSITION

(IN PESOS)
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DATE DESCRIPPTION REF DEBIT CREDIT
 ADONIS DANIEL TRADING
POST-CLOSING TRIAL BALANCE
JUNE 30, 2017
(IN PESOS)
DEBIT CREDIT