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Periodic Method

1. The document shows accounting transactions for Milky Fish business from July 1-30, including cash deposits and payments, purchases and sales of inventory, expenses paid, and ending balances for key accounts. 2. Major transactions include Rita Bangus depositing $65,000 cash into the business, acquiring $12,000 of furniture in cash, purchasing and paying for inventory on account, collecting $37,500 from sales, and paying $6,400 in expenses. 3. By July 30th, the business had $81,316 cash on hand, $13,700 in accounts receivable, $1,700 in supplies, $12,000 in furniture, $8,700 in accounts pay

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RACHEL DAMALERIO
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42 views14 pages

Periodic Method

1. The document shows accounting transactions for Milky Fish business from July 1-30, including cash deposits and payments, purchases and sales of inventory, expenses paid, and ending balances for key accounts. 2. Major transactions include Rita Bangus depositing $65,000 cash into the business, acquiring $12,000 of furniture in cash, purchasing and paying for inventory on account, collecting $37,500 from sales, and paying $6,400 in expenses. 3. By July 30th, the business had $81,316 cash on hand, $13,700 in accounts receivable, $1,700 in supplies, $12,000 in furniture, $8,700 in accounts pay

Uploaded by

RACHEL DAMALERIO
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
You are on page 1/ 14

Page 1

2021 Accounts and Explanation P.R. Debit Credit


1-Jul Cash 101 65,000.00
Milky Fish, Capital 301 65,000.00
Rita Bangus deposited cash for the business

2-Jul Furnitue & Fixtures 150 12,000.00


Cash 101 12,000.00
Acquired cabinet in cash

2-Jul Purchases 501 9,900.00


Accounts Payable 201 9,900.00
Purchased merchandise on account, terms 2/10, n/30

3-Jul Supplies 120 1,700.00


Cash 101 1,700.00
Bought office supplies in cash

4-Jul Accounts Receivable 105 37,500.00


Sales 401 37,500.00
Sold merchandise on account; FOB Destination, terms 2/10, n/30

5-Jul Freight-Out 502 500.00


Cash 101 500.00
Paid freight on July 4 sale

6-Jul Accounts Payable 201 1,600.00


Purchase Returns & Allowances 502 1,600.00
Received credit from Sugpo-Sugpo for merchandise returned

11-Jul Accounts Payable 201 8,300.00


Purchase Discounts 503 166.00
Cash 101 8,134.00
Paid Pusito Squidy for merchandise bought on account

13-Jul Cash 101 36,750.00


Sales Discount 410 750.00
Accounts Receivable 105 37,500.00
Collected from July 4 customers

14-Jul Purchases 501 10,800.00


Cash 101 10,800.00
Purchased merchandise on cash basis

15-Jul Salaries 504 3,500.00


Cash 101 3,500.00
Salaries paid

16-Jul Cash 101 25,000.00


Notes Payable 202 25,000.00
Acquired loan from Urduja Rural Bank signed a promissory note

17-Jul Cash 101 1,500.00


Purchase Returns & Allowances 502 1,500.00
Received refund from a supplier on cash purchase of July 14

18-Jul Purchases 501 17,200.00


Accounts Payable 201 17,200.00
Purchased merchandise from Malaga Tilapia 18,200 FOB Shipping
point , terms, 2/10, n/30

20-Jul Freight-In 504 900.00


Cash 101 900.00
Paid Freight on July 18 purchase

23-Jul Cash 101 18,100.00


Sales 401 18,100.00
Sold merchandise on account

26-Jul Purchases 501 9,300.00


Cash 101 9,300.00
Purchased merchandise on cash basis

27-Jul Accounts Payable 201 8,500.00


Cash 101 8,500.00
Paid Shiny Hipon on the July 18 purchase

28-Jul Milky Fish, Drawing 302 2,400.00


Cash 101 2,400.00
Jerry Alimasag got cash from the business

29-Jul Sales Returns & Allowances 405 900.00


Cash 101 900.00
Made refund to cash customers for defective merchandise

30-Jul Accounts Receivable 105 13,700.00


Sales 401 13,700.00
Sold merchandise on account, n/30

30-Jul Advertising 501 1,000.00


Rent Expense 503 3,500.00
Salaries 504 1,500.00
Utilities 505 400.00
Cash 101 6,400.00
Paid the expenses for the month
Account: Cash Account No. 101
Date Explanation Ref Debit Date Explanation Ref Credit
1-Jul J-1 65,000.00 2-Jul J-1 12,000.00
13-Jul J-1 36,750.00 3-Jul J-1 1,700.00
16-Jul J-1 25,000.00 5-Jul J-1 500.00
17-Jul J-1 1,500.00 11-Jul J-1 8,134.00
23-Jul J-1 18,100.00 14-Jul J-1 10,800.00
15-Jul J-1 3,500.00
20-Jul J-1 900.00
26-Jul J-1 9,300.00
27-Jul J-1 8,500.00
28-Jul J-1 2,400.00
29-Jul J-1 900.00
30-Jul J-1 6,400.00

146,350.00 65,034.00

Balance 81,316.00

Account: Accounts Receivable Account No. 105


Date Explanation Ref Debit Date Explanation Ref Credit
4-Jul J-1 37,500.00 13-Jul J-1 37,500.00
30-Jul J-1 13,700.00

Balance 13,700.00

Account: Merchandise Inventory Account No. 115


Date Explanation Ref Debit Date Explanation Ref Credit

Balance -

Account: Supplies Account No. 120


Date Explanation Ref Debit Date Explanation Ref Credit
3-Jul J-1 1,700.00

Balance 1,700.00

Account: Furniture & Fixtures Account No. 150


Date Explanation Ref Debit Date Explanation Ref Credit
2-Jul J-1 12,000.00

Balance 12,000.00

Account: Accounts Payable Account No. 201


Date Explanation Ref Debit Date Explanation Ref Credit
6-Jul J-1 1,600.00 2-Jul J-1 9,900.00
11-Jul J-1 8,300.00 18-Jul J-1 17,200.00
27-Jul J-1 8,500.00

Balance 8,700.00

Account: Notes Payable Account No. 202


Date Explanation Ref Debit Date Explanation Ref Credit
16-Jul J-1 25,000.00

Balance 25,000.00
Account: Milky Fish, Capital Account No. 301
Date Explanation Ref Debit Date Explanation Ref Credit
1-Jul J-1 65,000.00

Balance 65,000.00

Account: Milky Fish, Drawings Account No. 302


Date Explanation Ref Debit Date Explanation Ref Credit
28-Jul J-1 2,400.00

Balance 2,400.00

Account: Sales Account No. 401


Date Explanation Ref Debit Date Explanation Ref Credit
4-Jul J-1 37,500.00
23-Jul J-1 18,100.00
30-Jul J-1 13,700.00

Balance 69,300.00

Account: Sales Returns & Allowances Account No. 405


Date Explanation Ref Debit Date Explanation Ref Credit
29-Jul J-1 900.00

Balance 900.00

Account: Sales Discounts Account No. 410


Date Explanation Ref Debit Date Explanation Ref Credit
13-Jul J-1 750.00

Balance 750.00

Account: Purchases Account No. 501


Date Explanation Ref Debit Date Explanation Ref Credit
2-Jul J-1 9,900.00
14-Jul J-1 10,800.00
18-Jul J-1 17,200.00
26-Jul J-1 9,300.00

Balance 47,200.00

Account: Purchase Returns & Allowances Account No. 502


Date Explanation Ref Debit Date Explanation Ref Credit
6-Jul J-1 1,600.00
17-Jul J-1 1,500.00

Balance 3,100.00

Account: Purchase Discounts Account No. 503


Date Explanation Ref Debit Date Explanation Ref Credit
11-Jul J-1 166.00

Balance 166.00
Account: Freight-In Account No. 504
Date Explanation Ref Debit Date Explanation Ref Credit
20-Jul J-1 900.00

Balance 900.00

Account: Advertising Account No. 505


Date Explanation Ref Debit Date Explanation Ref Credit
30-Jul J-1 1,000.00

Balance 1,000.00

Account: Freight-Out Account No. 506


Date Explanation Ref Debit Date Explanation Ref Credit
5-Jul J-1 500.00

Balance 500.00

Account: Rent Expense Account No. 510


Date Explanation Ref Debit Date Explanation Ref Credit
30-Jul J-1 3,500.00

Balance 3,500.00

Account: Salaries Account No. 530


Date Explanation Ref Debit Date Explanation Ref Credit
15-Jul J-1 3,500.00
30-Jul J-1 1,500.00

Balance 5,000.00

Account: Utilities Account No. 540


Date Explanation Ref Debit Date Explanation Ref Credit
30-Jul J-1 400.00

Balance 400.00

Account: Income Summary Account No. 601


Date Explanation Ref Debit Date Explanation Ref Credit

Balance -
Dried Fish Distributors
Trial Balance
July 30, 2021

101 Cash ₱ 81,316.00


105 Accounts Receivable 13,700.00
115 Merchandise Inventory -
120 Supplies 1,700.00
150 Furniture & Fixtures 12,000.00
201 Accounts Payable ₱ 8,700.00
202 Notes Payable 25,000.00
301 Milky Fish, Capital 65,000.00
302 Milky Fish, Drawing 2,400.00
401 Sales 69,300.00
405 Sales Returns & Allowances 900.00
410 Sales Discount 750.00
501 Purchases 47,200.00
502 Purchase Returns & Allowances 3,100.00
503 Purchase Discounts 166.00
504 Freight-In 900.00
505 Advertising 1,000.00
506 Freight-Out 500.00
510 Rent Expense 3,500.00
530 Salaries 5,000.00
540 Utilities 400.00
Totals ₱ 171,266.00 ₱ 171,266.00
Dried Fish Distributors
Income Statement
For the month ended July 30, 2021

Net Sales
Gross Sales ₱ 69,300.00
Less: Sales Return & Allowances 900.00
Sales Discount 750.00 1,650.00
Net Sales 67,650.00
Cost of Sales
Merchandise Inventory, 7/1/2021 ₱ -
Purchases 47,200.00
Less: Purchase Rerurns & Allowances 3,100.00
Purchase Discounts 166.00 3,266.00
Net Purchases 43,934.00
Freight-In 900.00
Net Cost of Purchases 44,834.00
Goods Available for Sale 44,834.00
Less: Merchandise Inventory, 7/30/2021 17,114.00
Cost of Sales 27,720.00
Gross Profit ₱ 39,930.00

Operating Expenses
Selling Expenses
Advertising Expense 1,000.00
Freight-Out 500.00
Total Selling Expenses ₱ 1,500.00

Administrative Expenses
Rent Expense 3,500.00
Salaries Expense 5,000.00
Utilities Expense 400.00
Total Administrative Expenses 8,900.00
Total Operating Expenses 10,400.00
Operating Profit ₱ 29,530.00
Other Income -
Interest Expense -
Profit ₱ 29,530.00
Dried Fish Distributors
Statement of Chages in Equity
For the month ended July 30, 2021

Frawny Capital, July 1 ₱ 65,000.00


Add: Profit 29,530.00
Total 94,530.00
Less: Milky Fish, Drawings 2,400.00
Milky Fish, Capital July 30 ₱ 92,130.00
Dried Fish Distributors
Balance Sheet
As of July 30, 2021

Assets

Current Assets
Cash ₱ 81,316.00
Accounts Receivable 13,700.00
Merchandise Inventory 17,114.00
Supplies 1,700.00
Total Current Assets ₱ 113,830.00
Non-Current Assets
Furniture & Fixtures 12,000.00

Total Assets ₱ 125,830.00

Liabilities

Current Liabilities
Accounts Payable ₱ 8,700.00
Notes Payable 25,000.00
Total Current Liabilities ₱ 33,700.00

Non-Current Liabilities -

Total Liabilities ₱ 33,700.00

Owner's Equity

Milky Fish, Capital July 30, 2021 92,130.00

Total Liabilities and Equity ₱ 125,830.00


Page 2
2021 Accounts and Explanation P.R. Debit Credit
30-Jul Sales 401 69,300.00
Purchase Returns & Allowances 502 3,100.00
Purchase Discounts 503 166.00
Merchandise Inventory, End 115 17,114.00
Income Summary 601 89,680.00
To close temporary accounts with credit balances and establish
ending inventory

30-Jul Income Summary 60,150.00


Sales Returns & Allowances 900.00
Sales Discount 750.00
Purchases 47,200.00
Freight-In 900.00
Advertising 1,000.00
Freight-Out 500.00
Rent Expense 3,500.00
Salaries 5,000.00
Utilities 400.00
To close temporary accounts with debit balances

30-Jul Income Summary 29,530.00


Milky Fish, Capital 29,530.00
To close the income summary account

30-Jul Milky Fish, Capital 2,400.00


Milky Fish, Drawing 2,400.00
To close the withdrawal account
Account: Cash Account No. 101
Date Explanation Ref Debit Date Explanation Ref Credit
1-Jul J-1 65,000.00 2-Jul J-1 12,000.00
13-Jul J-1 36,750.00 3-Jul J-1 1,700.00
16-Jul J-1 25,000.00 5-Jul J-1 500.00
17-Jul J-1 1,500.00 11-Jul J-1 8,134.00
23-Jul J-1 18,100.00 14-Jul J-1 10,800.00
15-Jul J-1 3,500.00
20-Jul J-1 900.00
26-Jul J-1 9,300.00
27-Jul J-1 8,500.00
28-Jul J-1 2,400.00
29-Jul J-1 900.00
30-Jul J-1 6,400.00

146,350.00 65,034.00

Balance 81,316.00

Account: Accounts Receivable Account No. 105


Date Explanation Ref Debit Date Explanation Ref Credit
4-Jul J-1 37,500.00 13-Jul J-1 37,500.00
30-Jul J-1 13,700.00

Balance 13,700.00

Account: Merchandise Inventory Account No. 115


Date Explanation Ref Debit Date Explanation Ref Credit
30-Jul J-2 17,114.00

Balance 17,114.00

Account: Supplies Account No. 120


Date Explanation Ref Debit Date Explanation Ref Credit
3-Jul J-1 1,700.00

Balance 1,700.00

Account: Furniture & Fixtures Account No. 150


Date Explanation Ref Debit Date Explanation Ref Credit
2-Jul J-1 12,000.00

Balance 12,000.00
Account: Accounts Payable Account No. 201
Date Explanation Ref Debit Date Explanation Ref Credit
6-Jul J-1 1,600.00 2-Jul J-1 9,900.00
11-Jul J-1 8,300.00 18-Jul J-1 17,200.00
27-Jul J-1 8,500.00

Balance 8,700.00

Account: Notes Payable Account No. 202


Date Explanation Ref Debit Date Explanation Ref Credit
16-Jul J-1 25,000.00

Balance 25,000.00

Account: Milky Fish, Capital Account No. 301


Date Explanation Ref Debit Date Explanation Ref Credit
30-Jul J-2 2,400.00 1-Jul J-1 65,000.00
30-Jul J-2 29,530.00

Balance 92,130.00

Account: Milky Fish, Drawings Account No. 302


Date Explanation Ref Debit Date Explanation Ref Credit
28-Jul J-1 2,400.00 30-Jul J-2 2,400.00

Balance -
Account: Sales Account No. 401
Date Explanation Ref Debit Date Explanation Ref Credit
30-Jul J-2 69,300.00 4-Jul J-1 37,500.00
23-Jul J-1 18,100.00
30-Jul J-1 13,700.00

Balance -

Account: Sales Returns & Allowances Account No. 405


Date Explanation Ref Debit Date Explanation Ref Credit
29-Jul J-1 900.00 30-Jul J-2 900.00

Balance -

Account: Sales Discounts Account No. 410


Date Explanation Ref Debit Date Explanation Ref Credit
13-Jul J-1 750.00 30-Jul J-2 750.00

Balance -

Account: Purchases Account No. 501


Date Explanation Ref Debit Date Explanation Ref Credit
2-Jul J-1 9,900.00 30-Jul J-2 47,200.00
14-Jul J-1 10,800.00
18-Jul J-1 17,200.00
26-Jul J-1 9,300.00

Balance -

Account: Purchase Returns & Allowances Account No. 502


Date Explanation Ref Debit Date Explanation Ref Credit
30-Jul J-2 3,100.00 6-Jul J-1 1,600.00
17-Jul J-1 1,500.00

Balance -

Account: Purchase Discounts Account No. 503


Date Explanation Ref Debit Date Explanation Ref Credit
11-Jul J-2 166.00 11-Jul J-1 166.00

Balance -

Account: Freight-In Account No. 504


Date Explanation Ref Debit Date Explanation Ref Credit
20-Jul J-1 900.00 30-Jul J-2 900.00

Balance -
Account: Advertising Account No. 505
Date Explanation Ref Debit Date Explanation Ref Credit
30-Jul J-1 1,000.00 30-Jul J-2 1,000.00

Balance -

Account: Freight-Out Account No. 506


Date Explanation Ref Debit Date Explanation Ref Credit
5-Jul J-1 500.00 30-Jul J-2 500.00

Balance -

Account: Rent Expense Account No. 510


Date Explanation Ref Debit Date Explanation Ref Credit
30-Jul J-1 3,500.00 30-Jul J-2 3,500.00

Balance -

Account: Salaries Account No. 530


Date Explanation Ref Debit Date Explanation Ref Credit
15-Jul J-1 3,500.00 30-Jul J-2 5,000.00
30-Jul J-1 1,500.00

Balance -

Account: Utilities Account No. 540


Date Explanation Ref Debit Date Explanation Ref Credit
30-Jul J-1 400.00 30-Jul J-2 400.00

Balance -

Account: Income Summary Account No. 601


Date Explanation Ref Debit Date Explanation Ref Credit
30-Jul J-2 60,150.00 30-Jul J-2 89,680.00
30-Jul J-2 29,530.00

Balance -
Dried Fish Distributors
Post-Closing Trial Balance
July 30, 2021

101 Cash ₱ 81,316.00


105 Accounts Receivable 13,700.00
115 Merchandise Inventory 17,114.00
120 Supplies 1,700.00
150 Furniture & Fixtures 12,000.00
201 Accounts Payable ₱ 8,700.00
202 Notes Payable 25,000.00
301 Milky Fish, Capital 92,130.00
Totals ₱ 125,830.00 ₱ 125,830.00

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