CASE PROBLEM : ABC DISTRIBUTORS

APRIL 1 The business ABC Distributors, was registered as a single proprietorship

with the DTI , Juan Rizal invested P39,000.00. The company uses Perpetual
Inventory System

2 Purchased a computer equipment for P10,000.00 in cash

2 Purchased merchandise on account from DEF Supply Co., P 15, 900,

term 2/10, 2/30.

3 Purchased office supplies on cash basis for P700.00

4 Sold merchandise on account P15,200.00, FOB destination, terms 2/10, n/30 to GHI Company.
The cost of merchandise sold was P12,200.00

5 They paid P200.00 freight on April 4 sale.

6 Received credit from DEF Supply Co. for merchandise returned P300.00.

11 Paid DEF Supply Co.

13 Collected from April 4 GHI Company.

14 Purchased merchandise on cash basis for P14,400.00

15 Paid a salaries to the employees P1,500.00

16 Borrowed money from BPI bank and signed a promissory note for the amount of P12,000.00

17 Received a refund from a suppllier on cash purchase of April 14 amounting to P500.00

18 Purchase a merchandise from NOVA worth P14,200.00, FOB shipping point, terms,
2/10, 2/30.

20 Paid freight on April 18 purchase, P700.00

23 Sold merchandise for P16,400.00. The merchandise sold had a cost of P10,500.00

26 Purchased merchandise for cash worth P12,300.00

27 Paid NOVA on April 18 purchase, amounting to P9,000.00. Discount was not allowed
on partial payment.
28 J. Rizal got cash from the business amounting to P2,008.00 for personal use.

29 Refund was made to cash customers for damaged merchandise worth P900.00.

30 Merchandise was sold on account, P13,700.00 n/30 to XYZ. The cost of merchandise sold is
P11,000.00

30 ABC Distributors paid the following : Advertising, P1,000.00, Utilities, P400.00, Rent P3,500.00
Salaries for P1,500.00
 s Perpetual

ms 2/10, n/30 to GHI Company.

or the amount of P12,000.00

amounting to P500.00

pping point, terms,

cost of P10,500.00

unt was not allowed

ersonal use.

worth P900.00.

cost of merchandise sold is

lities, P400.00, Rent P3,500.00 and

 ABC DISTRIBUTORS
CHART OF ACCOUNTS
USE FOR JOURNALIZATION AND POSTING TO THE LEDGER

100 ASSETS 400

101 CASH 401
105 ACCOUNTS RECEIVABLE 405
115 MERCHANDISE INVENTOR410
120 SUPPLIES 500
150 EQUIPMENT 501
200 LIABILITIES 503
201 ACCOUNTS PAYABLE 506
202 NOTES PAYABLE 510
300 EQUITY 530
301 RIZAL, CAPITAL 540
302 RIZAL, DRAWINGS 601

ABC DISTRIBUTORS
CHART OF ACCOUNTS
USE FOR FINANCIAL STATEMENTS PREPARATION
100 ASSETS 400
101 CASH & CASH EQUIVALEN401
105 RECEIVABLES 405
115 INVENTORIES 410
120 PREPAID EXPENSES 500
150 PROPERTY, PLANT & EQU 501
200 LIABILITIES 503
201 ACCOUNTS PAYABLE 506
202 NOTES PAYABLE 510
300 EQUITY 530
301 RIZAL, CAPITAL 540
302 RIZAL, DRAWINGS
C DISTRIBUTORS
RT OF ACCOUNTS
TION AND POSTING TO THE LEDGER

INCOME
SALES
SALES RETURNS AND ALLOWANCES
SALES DISCOUNTS
EXPENSES
COST OF GOODS SOLD
ADVERTISING EXPENSES
FREIGHT OUT
RENT EXPENSE
SALARIES
UTILITIES
INCOME SUMMARY

C DISTRIBUTORS
RT OF ACCOUNTS
AL STATEMENTS PREPARATION
INCOME

NET SALES

EXPENSES
COST OF GOODS SOLD
ADVERTISING EXPENSES
FREIGHT OUT
RENT EXPENSE
SALARIES
UTILITIES
 GENERAL JOURNAL
DATE DESCRIPTION P/R
April 1 CASH 101
J. RIZAL CAPITAL 301
OWNER'S INVESTMENT

2 EQUIPMENT 150
CASH 101
PURCHASED COMPUTER

2 MERCHANDISE INVENTORY 115

ACCOUNTS PAYABLE 201
PURCHASED MERCHANDISE

3 SUPPLIES 120
CASH 101
PURCHASED SUPPLIES

4 ACCOUNTS RECEIVABLE 105

SALES 401
SOLD MERCHANDISE

4 COST OF GOODS SOLD 501

MERCHANDISE INVENTORY 115
MERCHANDISE SOLD

5 FREIGHT OUT 506

CASH 105
FREIGHT ON APRIL 4

6 ACCOUNTS PAYABLE 201

MERCHANDISE INVENTORY 115
RETURNED MERCHANDISE
11 ACCOUNT PAYABLE 201
MERCHANDISE INVENTORY 410
CASH 101
PAID PURCHASE

13 CASH 101
SALES DISCOUNT 410
ACCOUNTS PAYABLE 105
COLLECTED TO GHI

14 MERCHANDISE INVENTORY 115

CASH 101
PURCHASED MERCHANDISE ON CASH

15 SALARIES 530
CASH 101
PAID SALARIES

16 CASH 101
NOTES PAYABLE 405
BORROWED MONEY

17 CASH 101
MERCHANDISE INVENTORY 405
RECEIVED A REFUNDS

18 MERCHANDISE INVENTORY 115

ACCOUNTS PAYABLE 201
PURCHASED MERCHANDISE

20 MERCHANDISE INVENTORY 201

CASH 506
PAID MERCHANDISE

23 CASH 101
SALES 401
COST OF GOOD SOLD
23 COST OF GOODS SOLD 5012
MERCHANDISE INVENTORY 115
COST OF SOLD MERCHANDISE

26 MERCHANDISE INVENTORY 115

CASH 101
PURCHASE MERCHANDISE

27 ACCOUNTS PAYABLE 201

CASH 101
PARTIAL PAYMENT

28 J. RIZAL DRAWING 302

CASH 101
WITHDRAWAL FOR PERSONAL USE

29 SALES RETURN AND ALLOWANCES 405

CASH 101
REFUND MERCHANDISE

30 ACCOUNTS RECEIVABLE 105

SALES 401
SOLD MERCHANDISE

30 COST OF GOODS SOLD 501

MERCHANDISE INVENTORY 115
COST OF MERCHANDISE SOLD ON ACCOU

30 ADVERTISING 503
UTILITIES 540
RENT EXPENSES 510
SALARIES 530
CASH 101
PAID EXPENSES
 DEBIT CREDIT
39,000.00
39,000.00

10,000.00
10,000.00

15,900.00
15,900.00

700.00
700.00

15,200.00
15,200.00

12,200.00
12,200.00

200.00
200.00

300.00
300.00
15,600.00
312.00
15,288.00

14,896.00
304.00
15,200.00

14,400.00
14,400.00

1,500.00
1,500.00

12,000.00
12,000.00

500.00
500.00

14,200.00
14,200.00

700.00
700.00

16,400.00
16,400.00
10,500.00
10,500.00

12,300.00
12,300.00

9,000.00
9,000.00

2,008.00
2,008.00

900.00
900.00

13,700.00
13,700.00

11,000.00
11,000.00

1,000.00
400.00
3,500.00
1,500.00
6,400.00
₱ 249,808.00 ₱ 249,808.00
 CASH
Date
Items P/R Debit
2020
April 1 GJ1 39,000
13 GJ1 14,896
16 GJ1 12,000
17 GJ1 500
23 GJ1 16,400
Balance: 9,400 82,796

ACCOUNTS RECEIVABL
Date Items P/R Debit
2020
April 4 GJ1 15,200
30 GJ1 13,700
Balance: 13,700 28,900

MERCHANDISE INVENTO
Date
Items P/R Debit
2020
April 2 GJ1 15,900
14 GJ1 14,400
18 GJ1 14,200
20 GJ1 700
26 GJ1 12,300
Balance: 22,688 57,500

SUPPLIES
Date
Items P/R Debit
2020
April 3 GJI 700
Balance: 700 700
 EQUIPMENT
Date
Items P/R Debit
2020
April 10 GJ1 10,000
Balance: 10,000 10,000

ACCOUNTS PAYABLE
Date
Items P/R Debit
2020
April 6 GJ1 300
11 GJ1 15,600
27 GJ1 9,000
24,900
NOTES PAYABLE
Date
Items P/R Debit
2020

RIZAL, CAPITAL
Date
Items P/R Debit
2020

RIZAL, DRAWING
Date
Items P/R Debit
2020
April 28 GJ1 2,008
Balance: 2,008 2,008

SALES
Date
Items P/R Debit
2020
 SALES RETURN AND ALLOW
Date
Items P/R Debit
2020
April 29 GJ1 900
Balance: 900 900

SALES DISCOUNT
Date
Items P/R Debit
2020
April 13 GJ1 304
Balance: 304 304

COST OF GOODS SOLD

Date
Items P/R Debit
2020
April 4 GJ1 12,200
23 GJ1 10,500
30 GJ1 11,000
Balance: 33,700 33,700

ADVERTISING EXPENSE
Date
Items P/R Debit
2020
April 30 GJ1 1,000
Balance: 1,000 1,000

FREIGHT-OUT
Date
Items P/R Debit
2020
April 5 GJ1 200
Balance: 200 200

RENT EXPENSE
Date
Items P/R Debit
 Items P/R Debit
2020
April 30 GJ1 3,500
Balance: 3,500 3,500

SALARIES
Date
Items P/R Debit
2020
April 15 GJ1 1,500
30 GJ1 1,500
Balance: 3,000 3,000
UTILITIES
Date
Items P/R Debit
2020
April 30 GJ1 400
Balance: 400 400
 CASH
Date
Items P/R Credit
2020
April 2 GJ1 10,000
3 GJ1 700
5 GJ1 200
11 GJ1 15,288
14 GJ1 14,400
15 GJ1 1,500
20 GJ1 700
26 GJ1 12,300
27 GJ1 9,000
28 GJ1 2,008
29 GJ1 900
30 GJ1 6,400
73,396

COUNTS RECEIVABLE
Date Items P/R Credit
2020
April 13 GJ1 15,200
15,200

CHANDISE INVENTORY
Date
Items P/R Credit
2020
April 4 GJ1 12,200
6 GJ1 300
11 GJ1 312
17 GJ1 500
23 GJ1 10,500
30 GJ1 11,000
34,812
SUPPLIES
Date
Items P/R Credit
2020
 EQUIPMENT
Date
Items P/R Credit
2020

CCOUNTS PAYABLE
Date
Items P/R Credit
2020
April 2 GJ1 15,900
18 GJ1 14,200
Balance: 5,200 30,100

NOTES PAYABLE
Date
Items P/R Credit
2020
April 16 GJ1 12,000
Balance: 12,000 12,000

RIZAL, CAPITAL
Date
Items P/R Credit
2020
April 1 GJ1 39,000
Balance: 39,000 39,000

RIZAL, DRAWING
Date
Items P/R Credit
2020

SALES
Date
Items P/R Credit
2020
April 4 GJ1 15,200
23 GJ1 16,400
30 GJ1 13,700
 Balance: 45,300 45,300

ETURN AND ALLOWANCES

Date
Items P/R Credit
2020

SALES DISCOUNT
Date
Items P/R Credit
2020

OST OF GOODS SOLD

Date
Items P/R Credit
2020

VERTISING EXPENSES
Date
Items P/R Credit
2020

FREIGHT-OUT
Date
Items P/R Credit
2020

RENT EXPENSE
Date
Items P/R Credit
 Items P/R Credit
2020

SALARIES
Date
Items P/R Credit
2020

UTILITIES
Date
Items P/R Credit
2020
 CASH
Date
Items P/R
2020
April 1 Owner's investment GJ1
2 Purchases made GJ1
3 Purchases made GJ1
5 Paid freight GJ1
11 Paid DEF Supply Co. GJ1
13 Collected cash from GHI Co. GJ1
14 Purchases made GJ1
15 Paid salaries GJ1
16 Borrowed money from BPI bank GJ1
17 Received a refund from a supplier GJ1
20 Paid freight GJ1
23 Sold merchandise GJ1
26 Purchases made GJ1
27 Paid NOVA for purchases made GJ1
28 Withdrew for personal use GJ1
29 Refund for damaged merchandise GJ1
30 Paid expenses GJ1

ACCOUNTS RECEIVABLE
Date
Items P/R
2020
April 4 Sold merchandise on account GJ1
13 Collected cash from GHI Co. GJ1
30 Merchandise sold GJ1

MERCHANDISE INVENTORY
Date
Items P/R
2020
April 2 Purchases made GJ1
4 Merchandise sold GJ1
 6 Received credit for merchandise returned GJ1
11 Paid DEF Supply Co. GJ1
14 Purchases made GJ1
17 Received a refund from a supplier GJ1
18 Purchases made GJ1
20 Paid freight GJ1
23 Sold merchandise GJ1
26 Purchases made GJ1
30 Merchandise sold GJ1

SUPPLIES
Date
Items P/R
2020
April 3 Purchases made GJ1

EQUIPMENT
Date
Items P/R
2020
April 2 Purchases made GJ1

ACCOUNTS PAYABLE
Date
Items P/R
2020
April 2 Purchases made GJ1
6 Received credit for merchandise returned GJ1
11 Paid DEF Supply Co. GJ1
18 Purchases made GJ1
27 Paid NOVA for purchases made GJ1

NOTES PAYABLE
Date
Items P/R
2020
April 16 Borrowed money from BPI bank GJ1
 RIZAL, CAPITAL
Date
Items P/R
2020
April 1 Owner's investment GJ1

RIZAL, DRAWING
Date
Items P/R
2020
April 28 Withdrew for personal use GJ1

SALES
Date
Items P/R
2020
April 4 Sold merchandise on account GJ1
23 Sold merchandise GJ1
30 Merchandise sold GJ1

SALES RETURN AND ALLOWANCE

Date
Items P/R
2020
April 29 Refund for damaged merchandise GJ1

SALES DISCOUNT
Date
Items P/R
2020
April 13 Collected cash from GHI Co. GJ1

COST OF GOODS SOLD

Date
Items P/R
2020
April 4 Merchandise sold GJ1
23 Sold merchandise GJ1
 30 Merchandise sold GJ1

ADVERTISING EXPENSE
Date
Items P/R
2020
April 30 Merchandise sold GJ1

FREIGHT-OUT
Date
Items P/R
2020
April 5 Paid freight GJ1

RENT EXPENSE
Date
Items P/R
2020
April 30 GJ1

SALARIES
Date
Items P/R
2020
April 15 Paid salaries GJ1
30 Paid expenses GJ1

UTILITIES
Date
Items P/R
2020
April 30 Paid expenses GJ1
ASH
Debit Credit Balance

39,000 39,000
10,000 29,000
700 28,300
200 28,100
15,288 12,812
14,896 27,708
14,400 13,308
1,500 11,808
12,000 23,808
500 24,308
700 23,608
16,400 40,008
12,300 27,708
9000 18,708
2008 16,700
900 15,800
6,400 9,400
9,400

RECEIVABLE
Debit Credit Balance

15,200 15,200
15,200 0
13,700 13,700
13,700

E INVENTORY
Debit Credit Balance

15,900 15,900
12,200 3,700
 300 3,400
312 3,088
14,400 17,488
500 16,988
14,200 31,188
700 31,888
10,500 21,388
12,300 33,688
11,000 22,688
22,688
PLIES
Debit Credit Balance

700 700
700

PMENT
Debit Credit Balance

10,000 10,000
10,000

S PAYABLE
Debit Credit Balance

15,900 15,900
300 15,600
15,600 0
14,200 14,200
9,000 5,200
5,200
AYABLE
Debit Credit Balance

12,000 12,000
12,000
CAPITAL
Debit Credit Balance

39,000 39,000
39,000

DRAWING
Debit Credit Balance

2008 2008
2008

LES
Debit Credit Balance

15,200 15,200
16,400 31,600
13,700 45,300
45,300

ND ALLOWANCES
Debit Credit Balance

900 900
900

ISCOUNT
Debit Credit Balance

304 304
304

OODS SOLD
Debit Credit Balance

12,200 12,200
10,500 22,700
 11,000 33,700
33,700

NG EXPENSE
Debit Credit Balance

1,000 1,000
1,000

HT-OUT
Debit Credit Balance

200 200
200

XPENSE
Debit Credit Balance
3,500 3,500
3,500

ARIES
Debit Credit Balance
1,500 1,500
1,500 3,000
3,000
ITIES
Debit Credit Balance

400 400
400
 CASH
Date
Items P/R
2020
April 1 Owner's investment GJ1
2 Purchases made GJ1
3 Purchases made GJ1
5 Paid freight GJ1
11 Paid DEF Supply Co. GJ1
13 Collected cash from GHI Co. GJ1
14 Purchases made GJ1
15 Paid salaries GJ1
16 Borrowed money from BPI bank GJ1
17 Received a refund from a supplier GJ1
20 Paid freight GJ1
23 Sold merchandise GJ1
26 Purchases made GJ1
27 Paid NOVA for purchases made GJ1
28 Withdrew for personal use GJ1
29 Refund for damaged merchandise GJ1
30 Paid expenses GJ1

ACCOUNTS RECEIVABL
Date
Items P/R
2020
April 4 Sold merchandise on account GJ1
13 Collected cash from GHI Co. GJ1
30 Merchandise sold GJ1

ACCOUNTS RECEIVABL
Date
Items P/R
2020
April 2 Purchases made GJ1
4 Merchandise sold GJ1
 6 Received credit for merchandise returned GJ1
11 Paid DEF Supply Co. GJ1
14 Purchases made GJ1
17 Received a refund from a supplier GJ1
18 Purchases made GJ1
20 Paid freight GJ1
23 Sold merchandise GJ1
26 Purchases made GJ1
30 Merchandise sold GJ1

SUPPLIES
Date
Items P/R
2020
April 3 Purchases made GJ1

EQUIPMENT
Date
Items P/R
2020
April 2 Purchases made GJ1

ACCOUNTS PAYABLE
Date
Items P/R
2020
April 2 Purchases made GJ1
6 Received credit for merchandise returned GJ1
11 Paid DEF Supply Co. GJ1
18 Purchases made GJ1
27 Paid NOVA for purchases made GJ1

NOTES PAYABLE
Date
Items P/R
2020
April 16 Borrowed money from BPI bank GJ1
 RIZAL, CAPITAL
Date
Items P/R
2020
April 1 Owner's investment GJ1
30 Closing GJ2
30 Closing GJ2
RIZAL, DRAWING
Date
Items P/R
2020
April 28 Withdrew for personal use GJ1
30 Closing GJ2

SALES
Date
Items P/R
2020
April 4 Sold merchandise on account GJ1
23 Sold merchandise GJ1
30 Merchandise sold GJ1
30 Closing GJ2

SALES RETURN AND ALLOW

Date
Items P/R
2020
April 29 Refund for damaged merchandise GJ1
30 Closing GJ2

SALES DISCOUNT
Date
Items P/R
2020
April 13 Collected cash from GHI Co. GJ1
30 Closing GJ2

COST OF GOODS SOLD

Date
Items P/R
2020
April 4 Merchandise sold GJ1
23 Sold merchandise GJ1
30 Merchandise sold GJ1
30 Closing GJ2

ADVERTISING EXPENS
Date
Items P/R
2020
April 30 Merchandise sold GJ1
30 Closing GJ2

FREIGHT - OUT
Date
Items P/R
2020
April 5 Paid freight GJ1
30 Closing GJ2

RENT EXPENSE
Date
Items P/R
2020
April 30 Paid rent GJ1
30 Closing GJ2

SALARIES
Date
Items P/R
2020
April 15 Paid salaries GJ1
30 Paid expenses GJ1
30 Closing GJ2
UTILITIES
Date
Items P/R
2020
April 30 Paid expenses GJ1
30 Closing GJ2

INCOME SUMMARY
 Date Item Post
April 30 Closing GJ2
30 Closing GJ2
30 Closing GJ2
 CASH
Balance
Debit Credit
Debit Credit
39,000 39,000
10,000 29,000
700 28,300
200 28,100
15,288 12,812
14,896 27,708
14,400 13,308
1,500 11,808
12,000 23,808
500 24,308
700 23,608
16,400 40,008
12,300 27,708
9000 18,708
2008 16,700
900 15,800
6,400 9,400
9,400

UNTS RECEIVABLE
Balance
Debit Credit
Debit Credit
15,200 15,200
15,200 0
13,700 13,700
13,700

UNTS RECEIVABLE
Balance
Debit Credit
Debit Credit
15,900 15,900
12,200 3,700
 300 3,400
312 3,088
14,400 17,488
500 16,988
14,200 31,188
700 31,888
10,500 21,388
12,300 33,688
11,000 22,688
22,688

SUPPLIES
Balance
Debit Credit
Debit Credit
700 700
700

EQUIPMENT
Balance
Debit Credit
Debit Credit
10,000 10,000
10,000

COUNTS PAYABLE
Balance
Debit Credit
Debit Credit
15,900 15,900
300 15,600
15,600 0
14,200 14,200
9,000 5,200
5,200

OTES PAYABLE
Balance
Debit Credit
Debit Credit
12,000 12,000
 12,000

IZAL, CAPITAL
Balance
Debit Credit
Debit Credit
39,000 39,000.00
2,296.00 41,296.00
2,008.00 39,288.00
ZAL, DRAWING
Balance
Debit Credit
Debit Credit
2,008.00 2,008.00
2,008.00 0

SALES
Balance
Debit Credit
Debit Credit
15,200 15,200
16,400 31,600
13,700 45,300
45,300.00 0

URN AND ALLOWANCES

Balance
Debit Credit
Debit Credit
900.00 900.00
900.00 0

ALES DISCOUNT
Balance
Debit Credit
Debit Credit
304.00 304.00
304.00 0

T OF GOODS SOLD
Balance
Debit Credit
Debit Credit
 12,200.00 12,200.00
10,500.00 22,700.00
11,000.00 33,700.00
0
33,700.00
ERTISING EXPENSE
Balance
Debit Credit
Debit Credit
1,000.00 1,000.00
1,000.00 0

FREIGHT - OUT
Balance
Debit Credit
Debit Credit
200.00 200.00
200.00 0

RENT EXPENSE
Balance
Debit Credit
Debit Credit
3,500.00 3,500.00
3,500.00 0

SALARIES
Balance
Debit Credit
Debit Credit
1,500.00 1,500.00
1,500.00 3,000.00
3,000.00 0
UTILITIES
Balance
Debit Credit
Debit Credit
400.00 400.00
400.00 0

COME SUMMARY
 Balance
Debit Credit
Debit Credit
44,096.00 44,096.00
41,800.00 2,296.00
2,296.00 0
 ABC DISTRIBUTORS
TRIAL BALANCE
APRIL 30, 2020
ACCOUNTS TITLE P/R DEBIT
Cash 101 9,400
Accounts Receivable 105 13,700
Merchandise Inventory 115 22,688
Supplies 120 700
Equipment 150 10,000
Accounts Payable 201
Notes Payable 202
Rizal, Capital 301
Rizal, Drawing 302 2,008
Sales 401
Sales Return and Allowances 405 900
Sales Discounts 410 304
Cost of Good Sold 501 33,700
Advertising Expenses 503 1,000
Freight Out 506 200
Rent Expense 510 3,500
Salaries 530 3,000
Utilities 540 400
101,500
ORS
CE
0
CREDIT

5,200
12,000
39,000

45,300

101,500
 ABC DISTRIBUTORS
TRIAL BALANCE
APRIL 30, 2020
ACCOUNTS TITLE P/R DEBIT CREDIT
Cash 101 82,796 73,396
Accounts Receivable 105 28,900 15,200
Merchandise Inventory 115 57,500 34,812
Supplies 120 700
Equipment 150 10,000
Accounts Payable 201 24,900 30,100
Notes Payable 202 12,000
Rizal, Capital 301 39,000
Rizal, Drawing 302 2,008
Sales 401 45,300
Sales Return and Allowances 405 900
Sales Discounts 410 304
Cost of Good Sold 501 33,700
Advertising Expenses 503 1,000
Freight Out 506 200
Rent Expense 510 3,500
Salaries 530 3,000
Utilities 540 400
249,808 249,808
 ABC DISTRIBUTOR
WORKSHEET
April 30, 2020
TRIAL BALANCE
ACCOUNTS TITLE P/R
DEBIT
Cash 101 9,400
Accounts Receivable 105 13,700
Merchandise Inventory 115 22,688
Supplies 120 700
Equipment 150 10,000
Accounts Payable 201
Notes Payable 202
Rizal, Capital 301
Rizal, Drawing 302 2,008
Sales 401
Sales Return and Allowances 405 900
Sales Discounts 410 304
Cost of Good Sold 501 33,700
Advertising Expenses 503 1,000
Freight Out 506 200
Rent Expense 510 3,500
Salaries 530 3,000
Utilities 540 400
101,500
Net Income
 ABC DISTRIBUTORS
WORKSHEET
April 30, 2020
TRIAL BALANCE INCOME STATEMENT BALANCE SHEET
CREDIT DEBIT CREDIT DEBIT
9,400
13,700
22,688
700
10,000
5,200
12,000
39,000
2,008
45,300 45,300
900
304
33,700
1,000
200
3,500
3,000
400
101,500 43,004 45,300 58,496
2,296
45,300 45,300 58,496
ALANCE SHEET
CREDIT

5,200
12,000
39,000

56,200
2,296
58,496
 ABC DISTRIBUTORS
STATEMENT OF PERFORMANCE
FOR THE PERIOD ENDED APRIL 30, 2017
(IN PESOS)
NET SALES
LESS: COST OF SALES
GROSS PROFIT
LESS: OPERATING EXPENSES
FREIGHT OUT 200.00
ADVERTISING 1,000.00
RENT 3,500.00
SALARIES 3,000.00
UTILITIES 400.00
TOTAL EXPENSES
NET PROFIT
TORS
FORMANCE SALES
D APRIL 30, 2017 LESS : SALES DISCOUNTS
) SALES RETURN & ALLOWANCE
NET SALES
44,096.00
33,700.00
10,396.00

8,100.00
2,296.00
45,300.00
304.00
900.00
44,096.00
 ABC DISTRIBUTOR
STATEMENT OF EQUITY
FOR THE PERIOD ENDED APRIL 30, 2017
(IN PESOS)
J. RIZAL CAPITAL
INITIAL INVESTMENT
DRAWINGS
NEW PROFIT
J. RIZAL, CAPITAL APRIL 30
 DISTRIBUTOR
MENT OF EQUITY
OD ENDED APRIL 30, 2017
(IN PESOS)
P 0
39,000.00
2,008.00
2,296.00
39,288.00
 ABC DISTRIBUTORS
STATEMENT OF FINANCIAL POSITION
APRIL 30, 2017
(IN PESOS)
ASSETS
CURRENT ASSETS
CASH AND EQUIVALENT 9,400.00
RECEIVABLES 13,700.00
INVENTORIES 22,688.00
PREPAID EXPENSES 700.00
TOTAL CURRENT ASSETS 46,488.00

NONCURRENT ASSETS
PROPERTY, PLANT & EQUIPMENT 10,000.00
TOTAL ASSETS 56,488.00

LIABILITIES & EQUITY

CURRENT LIABILITIES
ACCOUNTS PAYABLE 5,200.00

NONCURRENT LIABILITIES
NOTES PAYABLE 12,000.00
TOTAL LIABILITIES 17,200.00

OWNER'S EQUITY
J. RIZAL, CAPITAL 39,288.00
TOTAL LIABILITIES AND EQUITY 56,488.00
 ABC DISTRIBUTORS
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED APRIL 30, 2017
(IN PESOS )
CASH FLOW FROM OPERATING ACTIVITIES
CASH RECEIVED FROM
SALES
RECEIVABLES COLLECTION
REFUND FROM PURCHASES
PAYMENT FOR
OFFICE SUPPLIES
FREIGHT ON SOLD GOODS
GOODS BOUGHT
OPERATING EXPENSES
REFUND FROM CUSTOMERS
FREIGHT ON PURCHASES
Net Cash Flow from Operating Activities

CASH FLOW FROM INVESTING ACTIVITIES

COMPUTER EQUIPMENT BOUGHT

CASH FLOW FROM FINANCING ACTIVITIES

INITIAL INVESTMENT
BORROWINGS
DRAWINGS
Net Cash Flow from Financing Activities

INCREASE IN CASH AND CASH EQUIVALENTS

ADD: CASH & CASH EQUIVALENTS, BEG.
CASH & CASH EQUIVALENTS, APRIL 30
ORS
FLOWS
PRIL 30, 2017

16,400.00 23-Apr
14,896.00 13-Apr
500.00 17-Apr

(700.00) 3-Apr
(200.00) 5-Apr
(50,988.00) 11-Apr 14-Apr 26-Apr 27-Apr
(7,900.00) 15-Apr 30-Apr
(900.00) 29-Apr
(700.00) 20-Apr
(29,592.00)

(10,000.00) 2-Apr

39,000.00 1-Apr
12,000.00 16-Apr
(2,008.00) 28-Apr
48,992.00

9,400.00
0.00
9,400.00
 CLOSING JOURNAL ENTRIES
DATE DESCRIPTION REF DEBIT
APRIL 30 SALES 401 45,300.00
INCOME SUMMARY 601
SALES RETURN & ALLOWANCES
SALES DISCOUNT
To close sales, sales return and sales discounts

INCOME SUMMARY 601 401,800.00

COST OF GOODS SOLD 501
ADVERTISING 503
FREIGHT OUT 506
RENT 510
SALARIES 530
UTILITIES 540
To close cost of goods sold and expenses

INCOME SUMMARY 601 2,296.00

J. RIZAL, CAPITAL 301

J. RIZAL, CAPITAL 301 2,008.00

J. RIZAL, DRAWING 302
NG JOURNAL ENTRIES
CREDIT

44,096.00
900.00
304.00

33,700.00
1,000.00
200.00
3,500.00
3,000.00
400.00

2,296.00

2,008.00
 ABC DISTRIBUTORS
POST CLOSING TRIAL BALANCE
APRIL 30, 2020
(IN PESOS)

DEBIT CREDIT
101 CASH 9,400.00
105 ACCOUNTS RECEIVABLE 13,700.00
115 MERCHANDISE INVENTORY 22,688.00
120 SUPPLIES 700.00
150 EQUIPMENT 10,000.00
201 ACCOUNTS PAYABLE 5,200.00
202 NOTES PAYABLE 12,000.00
301 RIZAL, CAPITAL 39,288.00
TOTALS 56,488.00 56,488.00