Barreto, Eins Neun Swanzig

Cabrera, Al Shane Lara

Ollada, Catherine

Journal Entries Remarks

1. Accounts Receivable EGA 140,000 A/R Subsidiary Ledger Journal

Sales EGA 140,000 Sales Journal

***Sales on Account- EGA Inv.#13-02

Accounts Receivable RASA 150,000 A/R Subsidiary Ledger Journal

Sales RASA 150,000 Sales Journal
***Sales on Account- RASA Inv.#14-01

CASH LLA 300,000 Cash Receipts Journal

Sales RASA 300,000 Sales Journal
***Sales on Cash- LLA Inv.# 14-02

2. Accounts Payable WAYA 50,000 A/P Subsidiary Ledger Journal

CASH 50,000 Cash Disbursements Journal
***Payment to WAYA- Payable Record 0103

Accounts Payable OPPA 30,000 A/P Subsidiary Ledger Journal

CASH 30,000 Cash Disbursements Journal
***Payment to WAYA- Payable Record 0108

3. Operating Expenses 80,000 Purchases Journal

Accrued Payable 80,000 General Journal
***Accrual of Expenses

Accrued Payable 40,000 General Journal

CASH 40,000 Cash Disbursement
Journal
***Payment of Accrued Expenses

4. Inventory 200,000 General Journal

Accounts Payable OPPA 200,000 A/P Subsidiary Ledger Journal
***Purchased Inventory for sale – Payable record 0191

5. CASH 100,000 Cash Receipts Journal

Accounts Receivable EGA 100,000 A/R Subsidiary Ledger Journal
***Partial Payment Inv. #13-02

6. CASH 355,000 Cash Receipts Journal

Inventory (COS) 355,000 General Journal
***Disposal/Sale of inventories [185,000+ 200,000-30,000]

7. Insurance Expense 6,000 General Journal

Prepaid Insurance 6,000 General Journal
***Expensed out Prepaid Insurance [10,000 – 4,000]
 ABACA RETAILERS – BRANCH
Accounts Receivable Subsidiary Ledger
December 31, 20x1

EGA
Date Invoice No. Posting Debit Credit Total
Reference
Dec 19 12-05 Sales Journal 50,000 50,000
Xxxxxx 13-02 Sales Journal 140,000 190,000
Xxxxxx 13-02 Sales Journal 100,000 90,000

TAU
Date Invoice No. Posting Debit Credit Total
Reference
Dec 1 12-01 Sales Journal 30,000 30,000

Dec 20 12-13 Sales Journal 30,000 60, 000

RASA
Date Invoice No. Posting Debit Credit Total
Reference
Dec 15 12-04 Sales Journal 15,000 15,000

Xxxxx 14-01 Sales Journal 150,000 165,000

TOTAL 315,000
 ABACA RETAILERS – BRANCH
Accounts Payable Subsidiary Ledger
December 31, 20x1

WAYA- Accounts Payable

Date Invoice No. Posting Debit Credit Total
Reference
Dec 16 0103 Purchase 50,000 50,000
Journal
Xxxxx 0103 Purchase 50,000
Journal

OPPA – Accounts Payable

Date Invoice No. Posting Debit Credit Total
Reference
Dec 22 0108 Purchase 30,000 30,000
Journal
Xxxx 0108 Purchase 30,000
Journal
Xxxxx 0191 Purchase 200,000 200,000
Journal

Total 200,000
 Q1 Transactions ADJUSTMENTS
Beginnin Debit Credit Unadjusted Debit Credit Adjusted
g Trial Trial
balance Balance Balance

Assets Cash 285,000 400,000 120,000 565,000 565,000

Accounts 125,000 290,000 100,000 315,000 315,000

Receivable
Inventory 185,000 200,000 385,000 355,000 30,000

Prepaid 10,000 10,000 6,000 4,000

Insurance
Property, 30,000 30,000 30,000
Plant and
Equipmen
t

Liabilities Accounts (80,000) 80,000 200,000 (200,000) (200,000)

Payable
Accounts 40,000 (40,000) (40,000)
Payable

Equity Common (500,000) (500,000) (500,000)

Stock
Retained (55,000) (55,000) (55,000)
Earnings

Sales 590,000 (590,000) (590,000)

Cost of 355,000 355,000

Sales
Operating 80,000 80,000 6,000 86,000
Expenses
- 1,050,00 1,050,00 - 361,00 361,00 -
 0 0 0 0

ABACA RETAILERS – BRANCH

Income Statement
for the Quarter Ended March 31, 20x2

Sales 590, 000.00

Cost of Sales (355,000.00)
Gross Profit 235,000.00
Operating Expenses (86,000.00)

Net Profit 149,000.00

ABACA RETAILERS – BRANCH

Balance Sheet
as of March 31, 20x2

ASSETS LIABILITIES
Cash 565,000.00 Accounts Payable
200,000.00
Accounts Receivable 315,000.00 Accounts Payable
40,000.00
Inventory 30,000.00
Prepaid Insurance 4,000.00 TOTAL LIABILITIES
Property, Plant and Equipment 30,000.00
EQUITY
Common Stock
500,000.00
Retained Earnings
204,000.00

TOTAL ASSETS 944,000.00 TOTAL LIABILITIES & EQUITY 944,000.00