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    Practice Set - Basic Accounting

    Uploaded by

    Thessaloe B. Fernandez
    This document contains journal entries for various transactions between January 2nd and January 31st. It records debits and credits to accounts such as accounts receivable, accounts payable, cash, purchases, and sales. The entries show increases and decreases to asset, liability and equity accounts over the one month period through a series of debits and credits.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Practice Set - Basic Accounting

    Uploaded by

    Thessaloe B. Fernandez
    1K views26 pages
    This document contains journal entries for various transactions between January 2nd and January 31st. It records debits and credits to accounts such as accounts receivable, accounts payable, cash, purchases, and sales. The entries show increases and decreases to asset, liability and equity accounts over the one month period through a series of debits and credits.

    Original Description:

    a practice set of basic accounting

    Original Title

    Practice Set- basic accounting

    Copyright

    © © All Rights Reserved

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    This document contains journal entries for various transactions between January 2nd and January 31st. It records debits and credits to accounts such as accounts receivable, accounts payable, cash, purchases, and sales. The entries show increases and decreases to asset, liability and equity accounts over the one month period through a series of debits and credits.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    1K views26 pages

    Practice Set - Basic Accounting

    Uploaded by

    Thessaloe B. Fernandez
    This document contains journal entries for various transactions between January 2nd and January 31st. It records debits and credits to accounts such as accounts receivable, accounts payable, cash, purchases, and sales. The entries show increases and decreases to asset, liability and equity accounts over the one month period through a series of debits and credits.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 26

    Date

    2-Jan
    3-Jan
    4-Jan

    ACCOUNT TITLE
    Accounts receivable
    purchases
    cash
    Sales Discount

    Ref
    120
    510
    110
    430

    Debit
    240,000.00
    90,000.00
    205,800.00
    4,200.00

    5-Jan
    7-Jan

    Cash
    Accounts Payable

    110
    220

    430,000.00
    130,000.00

    8-Jan

    Account receivable

    9-Jan

    Accounts Payable

    10-Jan

    Cash
    Sales Discounts

    235,200.00
    4,800.00

    11-Jan

    Purchases

    120,000.00

    11-Jan

    Accounts Payable

    80,000.00

    12-Jan

    Purchases

    70,000.00

    13-Jan

    Accounts Receivable

    14-Jan

    Interest Expense

    10,000.00

    15-Jan

    Salaries Expense

    80,000.00

    17-Jan

    Purchases

    190,000.00

    18-Jan

    Accounts Receivable

    460,000.00

    19-Jan

    Advances of Officers

    100,000.00

    20-Jan

    Treasury Stock

    19,000.00

    21-Jan

    Office Supplies

    40,000.00

    22-Jan

    Transportation in

    20,000.00

    22-Jan

    Cash

    310,000.00
    10,000.00

    130,000.00

    127,400.00

    Sales Discount

    2,600.00

    23-Jan

    Accounts Receivable

    110,000.00

    24-Jan

    Sales returns and allowances

    25-Jan

    Cash

    280,000.00

    25-Jan

    Purchases

    340,000.00

    26-Jan

    Accounts Payable

    27-Jan

    Cash

    170,000.00

    28-Jan

    Purchases

    270,000.00

    29-Jan

    Accounts Receivable

    170,000.00

    30-Jan

    Purchases

    360,000.00

    30-Jan

    Cash

    1,310,000.00

    31-Jan

    Cash

    15,750.00

    31-Jan

    Rent Expense

    15,000.00

    30,000.00

    90,000.00

    Date
    2-Jan
    3-Jan
    4-Jan

    ACCOUNT TITLE
    Sales
    Accounts payable
    Accounts Receivable

    Ref
    410
    220
    120

    Credit
    240,000.00
    90,000.00
    210,000.00

    5-Jan
    7-Jan

    sales
    Cash
    Purchase Discounts

    410

    430,000.00
    126,100.00
    3,900.00

    8-Jan

    Sales

    9-Jan

    Purchase Returns and Allowances

    10-Jan

    Accounts Receivable

    240,000.00

    11-Jan

    Accounts Payable

    120,000.00

    11-Jan

    Cash
    Purchase Discounts

    77,600.00
    2,400.00

    12-Jan

    Cash

    70,000.00

    13-Jan

    sales

    130,000.00

    Cash

    10,000.00

    SSS/PHIC Payable
    Withholding Tax payable
    cash

    5,000.00
    1,500.00
    73,500.00

    310,000.00
    10,000.00

    Accounts Payable

    190,000.00

    Sales

    460,000.00

    Cash

    100,000.00

    Cash

    19,000.00

    Cash

    40,000.00

    Cash

    20,000.00

    Accounts Receivable

    130,000.00

    Sales

    110,000.00

    Accounts Receivable

    30,000.00

    Accounts Receivable

    280,000.00

    Accounts Pyable

    340,000.00

    Cash

    90,000.00

    Notes Payable

    170,000.00

    Accounts Payable

    270,000.00

    Sales

    170,000.00

    Accounts Payable

    360,000.00

    Sales

    1,310,000.00

    Treasury Stock
    Share Premium- treasury Stock

    14,250.00
    1,500.00

    Withholding Tax payable


    Cash

    750.00
    14,250.00

    Date

    OR. NO.
    4-Jan

    Particulars
    3005 Collection of Cielo Bonita's credit

    CASH

    DEBITS
    SALES DISCOUNTS
    PR
    205,800.00
    4,200.00

    CREDITS

    CREDITS
    ACCOUNTS RECEIVABLE
    ACCOUNT TITLES
    210,000.00

    SUNDRIES
    PR
    DR

    CR

    DATE

    INV. NO.

    12/28/2012
    jan 2, 2013

    316
    5-Jan

    317

    PARTICULARS

    Sold Merchandise on credit to April Anne


    Sold Merchandise invoice no. 317

    TERMS

    2/10, n/30

    DEBITS
    PR

    CASH

    430,000.00

    ACCOUNTS RECEIVABLE
    210,000.00
    240,000.00

    CREDITS
    SALES
    240,000.00
    430,000.00

    DATE

    CV NO.

    PARTICULARS

    CREDITS
    CASH

    PURCH DISC

    PR

    DEBITS
    ACCOUNTS PAYABLE

    SALARIES

    OFFICE SUPPLIES

    SUND
    TRANSPORTATION IN

    ADVANCE OF OFFICERS

    ACCOUNT TITLES

    SUNDRIES
    PR

    DR

    CR

    DATE
    December 29, 2012

    RR NO.
    1001

    PARTICULARS
    Purch. Of Merchandise on account from Tony
    Company

    TERMS
    3/10,n/10

    CREDITS
    ACCOUNTS PAYABLE
    130,000.00

    DEBITS
    PURCHASES
    130,000.00

    SUND
    ACCOUNT TITLES

    SUNDRIES
    PR

    DR

    CR

    DATE

    JV NO.

    PARTICULARS

    PR

    DEBITS

    CREDITS

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