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    Exercises For Journal Entries

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    Hanjin Margaret Zaporteza
    Fatima opened a store in September 2018, investing cash and purchasing store equipment and furniture. Throughout September, Fatima purchased inventory, supplies, and paid expenses. Various sales were made to customers on credit terms. By month's end, a trial balance was prepared using T-accounts to summarize Fatima's transactions for the month.

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    Exercises For Journal Entries

    Uploaded by

    Hanjin Margaret Zaporteza
    217 views3 pages
    Fatima opened a store in September 2018, investing cash and purchasing store equipment and furniture. Throughout September, Fatima purchased inventory, supplies, and paid expenses. Various sales were made to customers on credit terms. By month's end, a trial balance was prepared using T-accounts to summarize Fatima's transactions for the month.

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    Exercises for Journal Entries

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    Fatima opened a store in September 2018, investing cash and purchasing store equipment and furniture. Throughout September, Fatima purchased inventory, supplies, and paid expenses. Various sales were made to customers on credit terms. By month's end, a trial balance was prepared using T-accounts to summarize Fatima's transactions for the month.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    217 views3 pages

    Exercises For Journal Entries

    Uploaded by

    Hanjin Margaret Zaporteza
    Fatima opened a store in September 2018, investing cash and purchasing store equipment and furniture. Throughout September, Fatima purchased inventory, supplies, and paid expenses. Various sales were made to customers on credit terms. By month's end, a trial balance was prepared using T-accounts to summarize Fatima's transactions for the month.

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    ACCOUNTING 2

    JOURNAL ENTRIES, POSTING, TRIAL BALANCE

    FATIMA opened a store dealing in general merchandise in September, 2018. Her transactions are as
    follows:

    Sept. 1 Invested the following in her business: cash – 2,200,000; computer and printer-
    25,000; store furniture – 6,000.
    2 Paid rent of the store as follows: advance payment for two months – 60,000 and rent for
    September – 30,000.
    Paid PLDT for installation of telephone line, 3,600.
    3 Paid municipal license and mayor’s permit to City Treasurer, 2,800.
    Paid BIR for registration of business, 500.
    4 Bought lumber and other materials to be used for construction of store furniture, 24,000
    Paid carpenters for construction of various store furniture, 6,500.
    Purchased various store equipment, 36,400.
    Bought office equipment from CRD Queen, 48,000. Terms: 40% down payment,
    balance, 2/10, n/30

    4 Bought various merchandise from Wala Suerte, 445,000. Terms: COD


    5 Purchased rice and sugar from Bueratan, 180,000. Terms: 2/10, n/30
    Paid the freight on various goods purchased, 4,200.

    6 Received a credit memo from Bueratan for damaged goods returned, 2,700.
    Bought various canned goods and groceries from Trisma, 280,000. Terms: 40% down
    payment, 9%, 15-day, 120,000 note, balance, 2/10, 1/15, n/60
    7 Paid FGU for a 1-year insurance premium on merchandise, 5,400.
    Sold merchandise to various customers, 33,300. Terms: COD
    Bought old newspaper and paper bags for packing use, 3,300.
    Bought bond paper, computer ink, pad paper, staple wire and envelops, 1,600.
    8 Sold groceries to Lyrel, 12,000. Terms: 2/10, n/30
    Paid Art Center for signage made, 4,600.
    Purchased various grocery items from Arielle, 150,000. Terms: 10% and 5%, 20% down
    payment, balance, 3/12, n/60
    9 Sold rice and grocery items to Angelika, 75,000. Terms: 30% down payment, 18%, 12-
    day, 36,000 note, balance, 3/10, n/40
    Paid the freight on delivery of goods, 3,100.
    10 Issued a credit memo to Lyrel as allowance on defective goods, 600.
    Cash purchases to date, 128,000.
    Cash sales to date, 39,000.

    11 Paid Pocholo for damaged merchandise returned, 800.


    Paid salary advances to store personnel, 800.
    Sold goods to Trixcia, 28,000. Terms: 5% and 2%, balance, n/20
    Issued a credit memo to Angelika for defective goods returned, 700.
    Paid the following expenses: Transportation – 400; water bill – 1,000; repairs – 600.
    12 The proprietor took home various grocery items for family use, 4,800.
    13 Paid CRD Queen in full payment of account
    14 Paid salaries of store personnel 8,500.
    Paid Bueratan in full of account.
    Cash sales to date, 48,000.

    15 Received refund for defective goods returned, 1,200.


    Bought groceries from Pauline, 90,000. Terms: 30% downpayment, balance, 3/8, n/45
    16 Paid in full the open account due to Trisma.
    Purchased a laptop from Apple, 33,000.
    Sold groceries to Graco, 48,000. Terms: 25% down payment, balance, 18%, 10-day note.
    17 Paid the freight on various merchandise sold, 3,900.
    Collected from Lyrel in full of account.
    18 Bought the following: paper bag - 1,700; computer ink – 900; 2 electric fans for the store
    – 5,200.
    Received a credit memo from Pauline as allowance on damaged goods, 3,000.
    Collected in full the open account due from Angelika.
    19 Cash sales to date, 38,900.
    Paid Arielle in full of account.

    20 Paid the note due to Trisma.


    Collected the note due from Angelika.
    Cash purchases to date, 25,000.
    21 Paid Pauline to apply on account, 25,000.
    22 Paid the electric bill to Meralco, 4,900.
    Fatima paid from her own personal fund the telephone bill due to Digitel, 2,400.
    23 Paid in full the account due to Pauline.

    The proprietor withdrew 8,000 from the store’s bank account.


    24 Collected the note due from Graco .
    Paid salary advances of personnel, 1,200.
    25 Cash sales to date, 52,000.
    Paid the following: Xerox of documents, 100; transportation – 500; office supplies – 900
    Paid the security guard, 7,500 less 2% tax withheld.
    30 Paid salaries of personnel, 14,000 less 5% tax withheld, 3% SSS contributions, 2% Pag-
    ibig contributions, 1% Philhealth contributions and the balance of salary advances.

    REQUIRED
    1. On your 14-column portfolio, record the above transactions. Use the following account titles:

    Accounts payable Purchase discount


    Accounts receivable Purchase returns & allow.
    Advances to employees Purchases
    Cash Rent expense
    Electric expense Repairs & maintenance
    Fatima, Capital Salaries & wages
    Fatima, Drawing Sales
    Freight in Sales discount
    Freight out Sales returns & allow.
    Insurance expense Security services
    Interest expense SSS contrib payable
    Interest income Store equipment
    Notes payable Store furniture
    Notes receivable Store supplies
    Office equipment Taxes & licenses
    Office supplies Telephone expense
    Pag-ibig contrib payable Transportation
    PH contrib payable Water expense
    Prepaid rent
    Withholding taxes payable
    Xerox expense

    2. Post to T accounts. 33 lines for Cash, 4 lines each for the rest of the accounts.
    3. Foot and balance all accounts
    4. Prepare a trial balance

    Note: File this problem in your portfolio.

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