Practice Activity
Practice Activity
Practice Activity
2018
October 1 Cash 101 P 650,000
V. Ibini, Capital 301 P
To record owner's
investment
P 1,183,650 P
Credit
650,000
75,000
5,650
100,000
50,000
25,000
25,000
15,000
8,000
7,500
2,000
1,000
48020
49,000
5,000
75,000
50,000
7,000
10,000
8,000
2,500
13,000
1,183,650
Account Title: Cash
Date Item F Debit Credit
2018
October 1 Investment GJ1 650,000
3 Equipment GJ3 5,650
5 Supplies GJ4 100,000
9 Sales GJ6 25,000
10 Payable GJ7 25,000
12 Receivable GJ8 11,500
15 Expense GJ9 8,000
15 Expense GJ10 7,500
18 Cancellation of Obligation GJ12 48,000
20 Merchandise GJ13 5,000
23 Payable GJ15 50,000
27 Withdrawal GJ16 7,000
28 Sales GJ17 10,000
30 Expense GJ18 8,000
30 Permit and Registration GJ19 2,500
30 Sales GJ20 13,000
650,000
644,350
544,350
569,350
544,350
555,850
547,850
540,350
588,350
593,350
543,350
536,350
546,350
538,350
535,850
P548, 850
50,000
48,000
-2,000
3,500
5,650
75,000
650,000
7,000
50,000
75,000
90,000
95,000
105,000
118,000
1,000
2,000
3,000
100,000
175,000
8,000
16,000
7,500
2,500
57,000
Vin Ibini General Merchandise
Trial Balance
For the Month of October 31, 2018
ACCOUNTS DEBIT
101 Cash P 548, 850
102 Account Receivable -2,000
103 Note Receivable 3,500
104 Office Supplies 5,650
105 Store Equipment 75,000
201 Account Payable P
301 V. Ibini, Capital
302 V. Ibini, Drawing 7,000
401 Sales
402 Sales Discount 1,000
403 Sales Return and Allowance 3,000
501 Purchases 175,000
601 Salary Expense 16,000
602 Utilities Expense 7,500
604 Permit and Registration 2,500
P 843,000 P
CREDIT
75,000
650,000
118,000
843,000
Vin Ibini General Merchandise
STATEMENT OF COST OF GOOD SOLD
As of October, 2018
175,000
0
-57000
118000
Vin Ibini General Merchandise
STATEMENT OF COMPREHENSIVE INCOME
For the period ending October, 2018
Sales
Less Sales Discount P 980
Sales Return and Allowance 3,000
Total Sales
Less: Cost of Goods Sold
Gross Sales
Less: Operating Expenses
Salary Expense 16,000
Utilities Expense 7,500
Permit and Registration 2,500
26,000
P 0
Vin Ibini General Merchandise
STATEMENT OF CHANGE OF OWNER'S EQUITY
As of October, 2018
Asset
Current Asset
Cash P
Account Receivable
Note Receivable
Capital
Owner's, capital-New
Total Capital
Total Liabilities and Capital
l Merchandise
nancial Position
548,850
-2,000
3,500
P 550,350
75,000
75,000
P 625,350
and Capital
75,000
P 75,000
761,000
761,000
P 836,000
Vin Ibini General Merchandise
Statement of Cash Flow
As of October 31, 2018
I. OPERATING ACTIVITIES
CASH RECEIVED FROM
SALES/INCOME P 118,000
COLLECTIONS 1,500
EQUIPMENT 75,000
31,650
151,150
75,000
643,000
491,850