PERPETUAL INVENTORY SYSTEM ACTIVITY 1 DATE

15
BUKIDNON MERCHANDISING FOR THE MONTH OF JULY 2019
JOURNAL ENTRY
DATE C/A PARTICULAR REFERENCE DEBIT CREDIT 16
1 101 CASH AND CASH EQUIVALENT JV001 60,000
500 CAPITAL JV001 60,000

2 301 MERCHANDISE INVENTORY VP001 30,000 18

601 ACCOUNTS PAYABLE VP001 30,000

2 301 MERCHANDISE INVENTORY CV001 1,000 19

101 CASH AND CASH EQUIVALENT CV001 1,000

5 302 SUPPLIES INVENTRORY CV002 3,600 19

101 CASH AND CASH EQUIVALENT CV002 3,600

6 401 EQUIPMENT VP002 25,000 20

601 ACCOUNS PAYABLE VP002 25,000

7 201 ACCOUNTS RECEIVABLE SI001 56,600 22

901 SALES SI001 56,600

7 806 COST OF GOODSOLD JV002 35,000 22

301 MERCHANDISE INVENORY JV002 35,000

8 301 MERCHANDISE INVENTORY CV003 40,000 25

101 CASH AND CASH EQUIVALENT CV003 40,000

9 601 ACCOUNTS PAYABLE JV003 3,000 26

301 MERCHANDISE INVENTORY JV003 3,000

10 903 SALES DISCOUNT JV004 2,000 29

101 ACCOUNTS RECEIVABLE JV004 2,000

11 601 ACCOUNTS PAYABLE CV004 27,000 30

301 MERCHANDISE INVENTORY CV004 540
101 CASH AND CASH EQUIVALENT CV004 26,460

13 101 CASH AND CASH EQUIVALENT SI002 50,000

901 SALES SI002 50,000

13 806 COST OF GOOD SOLD JV005 30,000

301 MERCHANDISE INVENTORY JV005 30,000
14 101 CASH AND CASH EQUIVALENT JV006 2,000
301 MERCHANDISE INVENTORY JV006 2000
C/A PARTICULAR REFERENCE DEBIT CREDIT BUKIDNO
701 SALARIES CV005 5,000
101 CASH AND CASH EQUNALENT CV005 5,000

101 CASH AND CASH EQUNALENT OR001 53,508 DATE

902 SALES DISCOUNT OR001 1,092 1 101
201 ACCOUNT RECEIVABLE OR001 54,600 2 101
5 101
101 CASH AND CASH EQUIVALENT JV007 30,000 8 101
602 NOTES PAYABLE JV007 30,000 11 101
13 101
902 SALES DISCOUNT CV006 500 14 101
101 CASH AND CASH EQUINALENT CV006 500 15 101
16 101
301 MERCHANDISE INVENTORY JV008 200 18 101
806 COST OF GOOD SOLD JV008 200 19 101
25 101
301 MERCHANDISE INVENTORY VP003 25,000 26 101
601 ACCOUNTS PAYABLE VP003 25,000 29 101
30 101
201 ACCOUNT RECEIVABLE SI003 35,000
901 SALES SI003 35,000

806 COST OF GOOD SOLD JV009 20,000 DATE

301 MERCHANDSE INVENTORY JV009 20,000 2 301
2 301
601 ACCOUNTS PAYABLE CV007 25,000 7 301
101 CASH AND CASH EQUIVALENT CV007 25,000 8 301
9 301
501 DRAWING CV008 5,000 11 301
101 CASH AND CASH EQUIVALENT CV008 5,000 13 301
14 301
601 ACCOUNTS PAYABLE CV009 12,500 19 301
101 CASH AND CASH EQUIVALENT CV009 12,500 20 301
22 301
706 RENTAL CV010 6,000
703 UTILITIES CV010 5,000
701 SALARIES CV010 8,000
101 CASHAND CASH EQUIVALENT CV010 19,000 DATE
7 806
ADJUSTIMENT JOURNAL ENTRY 13 806
806 COST OF GOOD SOLD JV010 19 806
301 MERCHANDISE INVENTORY JV010 22 806
 BUKIDNON MERCHANDISING FOR THE MONTH OF JULY 2019
SUBSIDIARY LEDGER DATE
7 201
CASH & CASH EQUIVALENT 10 101
PARTICULAR REF. DEBIT CCREDIT DEBIT BAL CREDIT BAL 16 201
Initial investment JV001 60,000 60,000 22 201
payment of freight CV001 1,000 1,000
payment of supplies CV002 3,600 4,600
payment of merchandise CV003 40,000 44,600
payment with valencia marketing CV004 26,460 71,060
sold merchandise SI002 50,000 110,000 DATE
refund of merchandise retuned JV006 2,000 112,000 2 601
payment of salaries CV005 5,000 76,060 6 601
collections from mlybly traders OR001 53,508 165,508 9 601
cash received from PNB JV007 30,000 195,508 11 601
refund to valencia merchants CV006 500 76,560 20 601
payment with DC Tech CV007 25,000 101,560 25 601
Cruz withdrawn CV008 5,000 106,560 29 601
Partial payment with Allied Trading CV009 12,500 119,060
payment of various expenses CV010 19,000 138,060
195,508 138,060
DATE
MERCHANDISE INVENTORY 1 500
PARTICULAR REF DEBIT CREDIT DEBIT BAL CREDIT BAL
purchase of merchandise VP001 30,000 30,000
payment of freight CV001 1,000 31,000
cost of good sold JV002 35,000 35,000 DATE
purchase of merchandise CV003 40,000 71,000 5 302
returned merchandise JV003 3,000 38,000
payment with valencia marketing CV004 540 38,540
sales merchandise JV005 30,000 68,540
returned merchandise JV006 2,000 70,540 DATE
cost of good sold JV008 200 71,200 6 401
purchase of merchandise VP003 25,000 96,200
cost of good sold JV009 20,000 90,540
96,200 90,540 DATE
7 901
COST OF GOOD SOLD 13 901
PARTICULAR REF. DEBIT CREDIT DEBIT BAL CREDIT BAL 22 901
COST OF GOODSOLD JV002 35,000 35,000
COST OF GOOD SOLD JV005 30,000 65,000
COST OF GOOD SOLD JV008 200 200 DATE
COST OF GOOD SOLD JV009 20,000 85,000 10 903
85,000 200 16 902
19 902
 ACCOUNTS RECEIVABLE
PARTICULAR REF. DEBIT CREDIT DEBIT BAL CREDIT BAL DATE
Sales merchandise to mlybly traders SI001 56,600 56,600 15 701
allowance for d merchandise JV004 2,000 2,000 30 701
collections from malaybalay traders OR001 54,600 56,600
Sales merchandise to don carlos SI003 35,000 91,600
91,600 56,600 DATE
602

ACCOUNTS PAYABLE
PARTICULAR REF. DEBIT CREDIT DEBIT BAL CREDIT BAL
Purchase fr valencia mktg VP001 30,000 30,000 DATE
payment of equipment VP002 25,000 55,000 26 501
returned merchandise JV003 3,000 3,000
full payment with valencia mktg CV004 27,000 30,000
purchase fr Allied Trading VP003 25,000 80,000
payment with DC Tech CV007 25,000 55,000
partial payment with Allied Trading CV009 12,500 67,500 DATE
67,500 80,000 30 706

CAPITAL
PARTICULAR REF. DEBIT CREDIT DEBIT BAL CREDIT BAL
Initial investment JV001 60,000 60,000
60,000
DATE
SUPPLIES INVENTRORY 703
PARTICULAR REF. DEBIT CREDIT DEBIT BAL CREDIT BAL
Purchase office supplies CV002 3,600 3,600
3,600
DATE
EQUIPMENT
PARTICULAR REF. DEBIT CREDIT DEBIT BAL CREDIT BAL
purchase equipment VP002 25,000 25,000
25,000
SALES NOTE: USOLD MERCHANDISE
PARTICULAR REF. DEBIT CREDIT DEBIT BAL CREDIT BAL
sales on credit with mlybly traders SI001 56,600 56,600
sales on cash with valencia merchants SI002 50,000 106,600
sales on credit w/ don carlos dealers SI003 35,000 141,600
141,600
SALES DISCOUNT
PARTICULAR REF. DEBIT CREDIT DEBIT BAL CREDIT BAL
allowance for defective merchandise JV004 2,000 2,000
grant sales discount w/ mlyblty traders OR001 1,092 3,092
refund cash to valencia merchants CV006 500 3,592
 SALARIES
PARTICULAR REF. DEBIT CREDIT DEBIT BAL CREDIT BAL
Payment of salaries CV005 5,000 5,000
payment of salaries CV010 8,000 13,000
13,000
NOTES PAYABLE
PARTICULAR REF. DEBIT CREDIT DEBIT BAL CREDIT BAL
barrowed from PNB JV007 30,000 30,000
30,000

DRAWINGS
PARTICULAR REF. DEBIT CREDIT DEBIT BAL CREDIT BAL
cruz withdrawn CV008 5,000 5,000
5,000

RENTAL
PARTICULAR REF. DEBIT CREDIT DEBIT BAL CREDIT BAL
payments of rental CV010 6,000 6,000
6,000

UTILITIES
PARTICULAR REF. DEBIT CREDIT DEBIT BAL CREDIT BAL
payments of utilities CV010 5,000 5,000
5,000

SALES RETURN
PARTICULAR REF. DEBIT CREDIT DEBIT BAL CREDIT BAL
- -
-

NOTE: USOLD MERCHANDISE COSTING 15,000 LESS: COST OF GOOD SOL

 BUKIDNON MERCHANDISING
TRIAL BALANCE
FOR THE MONTH OF JULY 2019

UNADJUSTED ADJUSTMENT ADJUSTED

DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
CASH & CASH EQUIVALENT 195,508 138,060 195,508 138,060
ACCOUNTS RECEIVABLE 91,600 56,600 91,600 56,600
MERCHANDISE INVENTORY 96,200 90,540 9,340 15,000
SUPPLIES 3,600 3,600
EQUIPMENT 25,000 25,000
CAPITAL 60,000 60,000
DRAWING 5,000 5,000
ACCOUNTS PAYABLE 67,500 80,000 67,500 80,000
NOTES PAYABLE 30,000 30,000
SALES 141,600 141,600
SALES DISCOUNT 3,592 3,592
SALES RETURN - -
COST OF GOOD SOLD 85,000 200 9,340 75,460
SALARIES 13,000 13,000
UTILITIES 5,000 5,000
RENTAL 6,000 6,000
597,000 597,000 506,260 506,260

BUKIDNON MERCHANDISING
STATEMETNT OF INCOME FOR THE MONTH OF JULY 2019

SALES 141,600
LESS: SALES DISCOUNT 3,592
SALES RETURN - 3,592
NET SALES 138,008
LESS: COST OF GOOD SOLD 75,460
GROSS PROFIT 62,548
LESS EXPENSES:
RENT 6,000
UTILITIES 5,000
SALARIES 13,000 24,000
NET INCOME BEFORE TAX 38,548
 BUKIDNON MERCHANDISING
STATEMENT OF FINANCIAL POSITION
FOR THE MONTH OF JULY 2019

ASSETS LIABILITY AND CAPITAL

CURRENT ASSET LIABILITIES
CASH & CASH EQUIVALENT 57,448 ACCOUNTS PAYABLE 12,500
ACCOUNTS RECEIVABLE 35,000 NOTES PAYABLE 30,000
MERCHANDISE INVENTORY 15,000 TOTAL LIABILITY 42,500
SUPPLIES 3,600
TOTAL CURRENT ASSET 111,048
CAPITAL 55,000
NON-CURRENT ASSET INCOME FOR THE PERIOD 38,548
EQUIPMENT 25,000
TOTAL NON-CURRENT ASSET 25,000
TOTAL ASSETS 136,048 TOTAL CAPITAL & LIABILITY 136,048

BUKIDNON MERCHANDISING
STATEMENT OF RETAINED EARNING
AS OF JULY 2019

CAPITAL BEGINNING 60,000

LESS DRAWING 5,000
NET CAPITAL 55,000
ADD INCOME FOR THE PERIOD 38,548
CAPITAL END 93,548

BUKIDNON MERCHANDISING
STATEMENT OF CASHFLOW

1. OPERATING ACTIVITIES
NET INCOME 38,548 3. FINANCING ACTIVITIES
INCREASE(DECREASE) IN NOTES PAYABLE 30,000
ACCOUNTS RECEIVABLE 35,000 CASH PROVIDED FROM
MERCHANDISE INVENTORY 15,000 FINANCING ACTIVITIE 30,000
SUPPLIES INVENTORY 3,600
ACCOUNTS PAYABLE 12,500 CASH BALANCE END 57,448
CASH PROVIDED FROM
OPERATING ACTIVITIES (2,552)

2. INVESTING ACTIVITIES
CAPITAL 55,000
EQUIPMENT 25,000
CASH PROVIDED FROM
INVESTING ACTIVITIES 30,000
 BUKIDNON MERCHANDISING
CLOSING ENTRES

1. SALES 141,600 3. INCOME & EXPENSE SUMMARY 75,460

SALES RETURN COST OF GOOD SOLD 75,460
SALES DISCOUNT 3,592 #
INCOME & EXPENSE SUMMARY 138,008 4. INCOME & EXPENSE SUMMARY 38,548
# CAPITAL 38,548
2. INCOME & EXPENSE SUMMAR 24,000 #
SALARIES 13,000
RENTAL 6,000
UTILITIES 5,000
#

BUKIDNON MERCHANDISING
CLOSING ENTRES
AS OF JULY 2019
DEBIT CREDIT
CASH & CASH EQUIVALENT 57,448
ACCOUNTS RECEIVABLE 35,000
MERCHANDISE INVENTORY 15,000
SUPPLIES 3,600
EQUIPMENT 25,000
CAPITAL 93,548
ACCOUNTS PAYABLE 12,500
NOTES PAYABLE 30,000
TOTAL 136,048 136,048