Figure 2

Sample Accounting Practice Set

AngTindahan Co. is a wholesaler of office and school supplies. The following are the transactions of AngTindahan Co. for the first month of its
operations. All cash disbursements are made by bank check. Assume perpetual inventory method is used.

Date Transaction Amount Business/Bank Journal Journal

forms to be filled up Entry

July 1 Rachel Dy made initial contribution to the business by depositing money in the company’s P200,000
bank account.

July 1 Purchased laptop from Computershop Inc. for office use. P45,000
Payment term: COD (Cash on Delivery). 145
Date Transaction Amount Business/Bank Journal Journal
forms to be filled up Entry

July 2 Paid advance rental for 6 months. 30,000

July 4 Received 200 reams of bond papers (inventory) ordered from Jude Corp. 25,000
Payment terms: 2/10, n/30.

July 7 Delivered150 reams of bond papers to Aurora Company. 41,250

Payment terms: 2/10, n/20.
Cost of merchandise was P18,750.

July 8 Paid the July 4 purchases 24,500

July 15 Paid salary of employee 7,000

July 16 Received payment from the July 7 sales. 40,425

July 18 Sold 20 reams of bond papers to Audrey Company. Audrey picked up the merchandise 5,500
from the store.
Payment term: 15 days.
Cost of merchandise was P2,500.

July 19 Received10 boxes of ballpoint pens from Mickey Inc. Payment terms: COD 25,000

July 22 Over the counter sale of 4 boxes of ballpoint pens to Happy Company. 22,000
Cost of merchandise was P 10,000

Cost of merchandise was P 10,000

July 23 Received 10 calculators from Plusminus Corporation. Payment terms: 30 days. 3,000

July 24 Sold 6 calculators to Joel Company. Joel picked up the merchandise from the store. 3,960
Payment Term: 15 days.
Cost of merchandise was P1,800

July 25 Paid electricity bill. 7,400

July 26 Received 2 defective calculators from Joel Company. Cost of defective calculators is P 1,320
600

July 31 Over the counter cash withdrawal by the owner, Rachel Dy, for her personal expenses. 10,000
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Requirements:
1. Identify the following and indicate on the spaces provided:
a. Business or bank forms to be used by AngTindahan to document the above transactions.
b. Journal to be used to record the original entry for the respective transactions.
2. Prepare the journal entry (debit-credit format) to record the above transactions. Use only the accounts listed on the chart of accounts given
below.
3. Fill up the relevant forms based on the answer in 1a. Format of the forms are provided below. Reproduce the necessary forms. Follow the
numbering instructions.
4. Based on your answer in 1b, record the transactions in the appropriate journals. Formats are also provided below.
5. Post the journal entries in the appropriate subsidiary ledgers and general ledger accounts.Formats are also provided below.
6. Summarize the ledger accounts and list the balances on the trial balance.
7. Record the following adjusting entries.
a. Accrual of one month rent
b. One month depreciation of laptop computer. Estimated life is 5 years. Note: The teacher has the option to instruct the
c. Accrue employee salary, P 7,000 learners to perform requirement 1. The other
alternative is to give these information to the
8. Prepare the financial statements from the trial balance.
learners and just go straight to the succeeding
9. Prepare necessary closing entries and record on the general journal and ledger. requirements.
10. Perform financial statement analysis on the completed financial statements.

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Chart of Accounts

Account Number Account Name Account Number Account Name

1000 Cash 4100 Sales

1200 Accounts Receivable 4101 Sales Returns and Allowances

1201 Allowance for Bad Debts 4102 Sales Discount

1300 Inventory 5100 Cost of Sales

1400 Prepaid Expenses 6100 Salaries Expense

1600 Office Equipment 6150 Supplies Expense

1601 AccumDeprn - Off Eqpt 6200 Utilities Expense

1800 Land 6250 Travel Expense

2000 Accounts Payable 6300 Rental Expense

2100 Notes Payable 6350 Fuel Expense

2201 Salaries Payable 6400 Advertising Expense

2202 Utilities Payable 6450 Commissions Expense

3000 Dy, Drawings 6500 Depreciation Expense

3100 Dy, Capital 6700 Interest Expense

Accounts Receivable - Subsidiary Ledger Accounts Receivable - Subsidiary Ledger

Customer ID Customer Name Supplier ID Supplier Name

Number Number

1200-00001 Audrey Company 2000-00001 Computershop Inc.

1200-00002 Aurora Company 2000-00002 Jude Corp.

1200-00003 Happy Company 2000-00003 Plusminus Corporation

1200-00004 Joel Company

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Business Forms

Instruction for business and bank forms:

1. Reproduce the forms based on the number of transactions to be documented.
2. Provide the last digit of the business form numbers. Begin with 1 for the first form used. Example, first bank check used should be
numbered Check Number 000432651. The second bank check used should be Check Number 000432652.

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