lOMoARcPSD|13693913

Al Fresco Adjusting Entries

Financial Management (Pontifical and Royal University of Santo Tomas, The Catholic
University of the Philippines)

StuDocu is not sponsored or endorsed by any college or university

Downloaded by Sofia Grace Mallari (sofiamallari.2002@gmail.com)
 lOMoARcPSD|13693913

AL FRESCO MARKETING PRACTICE SET

SALES JOURNAL
Accounts 12%
Date Customer Terms Inv. # F Receivable Cash Sales Sales Output Tax
Debit Debit Credit Credit
June 2 Eva Perez COD CI008 3,325.60 2.968.75 356.25.60
3 Phil. Christian House 25% down, 2/7, n/15 SI 018 / 4,940.00 4,410.71 529.29
8 Shop Here 25% down, 2/7, n/15 SI 019 / 16,200.00 14,464/29 1,735.71
9 Joni Bulatao COD CI 009 3.800.00 3,392.86 407.14
11 Vasquez Grocery 25% down, 2/7, n/15 SI 020 / 14,800.00 13,214.29 1,585.71
15 Paula’s 25% down, 2/7, n/15 SI 021 / 4,020.00 3,589.29 430.71
17 Marietta Milan COD CI 0010 2,850.00 2,544.64 305.36
22 Fair View 25% down, 2/7, n/15 SI 022 / 16,800.00 15,000.00 1,800.00
23 Int’l. Supermarket 25% down, 2/7, n/15 SI 023 / 11,400.00 10,178.57 1,221.43
29 Merle Ong COD CI 0011 3,847.50 3,435.27 412.23

68,160.00 13,822.50 73,198.67 8,783.83

(104) (/) (601) (411.2)

CASH RECIEPTS JOURNAL

Cash In Sales Accounts Cash
Bank Discoun Receivable Sales Sundry - Credit
t
Dat Received from Explanation OR# CI# Debit Debit F Credit Credit Account F Amount
e Title
6/2 Eva Perez Cash sales 0008 3,325.00 3,325.00

3 Phil. Christian Down payment 0028 1,235.00 / 1,235.00

House

4 Int’l. Supermarket In full of acct. 0029 6,547.50 180.80 / 6,750.00 Output Tax (21.70)

6 Zen’s Spa In full of acct. 0030 9,825.00 / 9,825.00

8 Shop Here Down payment 0031 4,050.00 / 4,050.00

9 Joni Bulatao Cash sales 0009 3,800.00 3,800.00

10 Phil. Christian In full of acct. 0032 3,593.85 99.24 / 3,705.00 Output Tax (11.91)
House

11 Vasquez Grocery Down payment 0033 3,700.00 / 3,700.00

14 Shop Here In full of acct. 0034 11,785.5 325.44 / 12,150.00 Output Tax (390.05)
1

15 Paula’s Down payment 0035 1,005.00 / 1,005.00

17 Marietta Mllari Cash sales 0010 2,850.00 2,850.00

22 Fair View Down payment 0036 4,200.00 / 4,200.00

23 Int’l. Supermarket Down payment 0037 2,850.00 / 2.850.00

27 Fair View 50% of SI022 0038 6,300.00 / 6,300.00

29 Merly Ong Cash sales 0011 3,847.50 3,847.50

68,914.3 605.48 55,770.00 13,822.50 (72.66)

6

(102) (602) (104) (/) (411.2)

PURCHASE JOURNAL
Date Purchased from Terms Inv. # Purchases 12% Input Accts Pay
Debit Debit F Credit
June 4 Nature’s Best 2/10,n/60 3100 20,892.86 2,507.14 / 23,400.00
16 Wonder Care 2/10.n/60 338 38,571.43 4,628.57 / 43,200.00
25 Ever Bright 2/10,n/30 81075 4,821.43 578.57 / 5,400.00

Downloaded by Sofia Grace Mallari (sofiamallari.2002@gmail.com)

 lOMoARcPSD|13693913

64,285.72 7,714.28 72,000.00

(701) (411.1) (401)
CASH PAYMENT JOURNAL
CV CHK CASH Purch Accts SUNDRY
Ju No. No. inBank Disc Payable
n
1 Sy Dev May rent 0038 668860 11000.0 Rent 10000.00
Corp
Utilities Utilities 1500.00
Creditable 500
Inc.TaxWH
BIR May Vat 0039 668861 2,058.15 Vat Payable 2,058.15
BIR May 0040 668862 2703.90 WT 2.703.90
WTax Payable
7 HDMF May 0041 668863 1,000.00 HDMF Pay 1,000.00
HDMF
SSS May SS, EC 0042 668864 5,582.00 SS,EC Pay. 5,582.00
PhilHealth May 0043 668865 1,325.00 Medicare 1,325.00
Mdcre
Ever Bright May acct 0044 668866 2,646.00 48.21 / 2,700.00 Input Tax 5.79
9 BIR Withheld 0045 668867 500.00 Creditable 500.00
for rent Inc.TaxWH
Nature’s May acct 0046 668868 5.850.00 / 5,850.00
11 Janet PCF 0047 668869 1,700.00 Mabuhay 200.00
Lopez replenished Personal
14 Nature 50% Inv. 0048 668870 11,700.00 / 11,700.0 Repairs 1,000.00
3100 0
15 Employees Salaries 0049 668871 25148.05 Gas & Oil 500.00
Salaries 26,500.00
WholdingT 1,351..9
5
23 Wonder 50% paid 0050 668872 19,800.00 / 19,800.0
0
30 Employees salaries 0051 668873 22,198.95 Salaries 26,500.00
WTax Pay 1.351.9
5
SS Prem 1.786.6
Pay 0
HDMF Pay 500.00
Med Prem 66250
Pay
113212.05 48.21 400.50 79369.05 6158.79
(102) (703) (401) (/) (/)

Downloaded by Sofia Grace Mallari (sofiamallari.2002@gmail.com)

 lOMoARcPSD|13693913

PETTY CASH BOOK

Petty Cash Fund DISTRIBUTION OF PAYMENT
Date Explanation Payee PCV Receipts Payments Gas Supplies Rep. &
# & Expense Maint. Account Amount
Oil Name F
June Balance 2000
1
4 Repairs Reyes 18 1000 1,000
7 Personal Use Mabuhay 19 200 Mabuhay, 200.00
Personal
8 Gas & Oil Caltex 20 500 500
2000 1700 500 1,000 200.00
Balance ____ 300
2000 2000
11 Balance 300
Replenishment 1700
13 Supplies Natl BS 21 308.00 308
17 Repairs Reyes 22 452.05 452.05
22 Repairs Reyes 23 795.30 795.30
28 Gas & Oil Caltex 24 350.00 350

GENERAL JOURNAL
Date Particulars F Debit Credit
June 1 Supplies Expense 313.35
Prepaid Supplies 313.35
Re – JV No. 10

Cash In Bank 20,000

Cash on Hand 20,000.00

Rent Payable 10,000.00

Utilities Payable 1,500.00
Rent Expense 10,000.00
Utilities Expense 1,500.00
Re – JV no. 9

Furniture & Equipment 36,000.00

Mabuhay Capital 36,000.00
Add’l. Invest. JV 11

Cash In Bank 20,000.00

Cash On Hand 20,000.00
May undeposited collection

10 Furniture & Equipment 13,500.00

Input Tax 1,620.00
Notes Payable 15,120.00
30 days 18% note to Hall of Fame.

20 Accounts Payable 3,600.00

Purchase Returns 3,214.29
Input Tax 385.71

Downloaded by Sofia Grace Mallari (sofiamallari.2002@gmail.com)

 lOMoARcPSD|13693913

30 a) SS, EC Prem. Exp. 3,795.40

SS, EC Prem. Payable 3.795.40

HDMF Premium Expense 500

HDMF Premium Payable 500

Medicare Expense 662.50

Medicare Premiums Payable 662.50

b) Rent Expense 10,000

Utilities Expense 1,500
Rent Payable 10,000
Utilities Payable 1,500

c) Depn. – Furn. & Equipt. 850.00

Depn. Exp. – Del. Equipt. 1,333.00
Accum. Depn. – Furn. & Equipt. 850.00
Accum. Depn. – Del. Equipt. 1,333.00

d) Service & Bank Charges 700

Cash in Bank 700

e) Prepaid Supplies 250

Supplies Expense 250

f) Gas & Oil Expense 350.00

Supplies Expense 308.00
Repairs and Maintenance 1,247.35
Petty |Cash |Fund 1,905.35

g) Output Tax 8,711.17

Deferred Tax 231.61
Input Tax 8,942.78

h) Interest Expense 51.24

Interest Payable 51.24

i) Merchandise Inventory 71,800.00

Income & Expense Summary 71,800.00

j) Cash On Hand 3,847.50

Cash In Bank 3,847.50
Undeposited Collections

Downloaded by Sofia Grace Mallari (sofiamallari.2002@gmail.com)

 lOMoARcPSD|13693913

ACCOUNTS RECEIVABLE
Subsidiary Ledger

Name: International Supermarket Address: Bocobo St. Mla.

Date Particulars F Debit Credit Balance
May 28 SI 0017 SJ 2 9 000.00 9 000.00
OR 0025 CR 2 750 00 6 750 00
2
June 4 OR 0028 CR 6 750 00 0
3
23 SI 0023 SJ3 11 400 00 11 400 00
OR 0037 CR 2 850 00 8 550 00
3

Name:Zen’s Good Spa Address: Singalong Mla.

Date Particulars F Debit Credit Balance
May 20 SI 0016 SB2 1 3100 00 1 3100 00
OR 0020 CR 3 275 00 9 825 00
2
June 06 OR 0030 CR 9 825 00 0
3

Name: Philippine Christian House Address:

Date Particulars F Debit Credit Balance
June 3 SI 0018 SJ3 4 940 00 4 940 00
OR 0029 CRJ 1 235 00 3 705 00
5
10 OR 0032 CR3 3 705 00 0

Name: Shop Here Address:

Date Particulars F Debit Credit Balance
June 08 SI 019 SJ3 16 200 00 16 200 00
OR 0031 CR 4 050 00 12 150 00
3
14 OR 0034 CR 12 150 00 0
3

Name: Paula’s Address:

Date Particulars F Debit Credit Balance
June 15 SI 0021 SJ3 4 020 00 4 020 00
OR 0035 CR 1 005 00 3 015 00
3

Name: Fair View Address:

Date Particulars F Debit Credit Balance
June 22 SI 022 SJ3 16 800 16 800
OR 0036 CR 4 200 12 600
3
27 OR 0038 CR 6 300 6 300
3

Name: Vaszues Address:

Date Particulars F Debit Credit Balance
June 11 SI 020 SJ3 14 800 14 800
OR 0033 CR 3 700 11 100
3

Downloaded by Sofia Grace Mallari (sofiamallari.2002@gmail.com)

 lOMoARcPSD|13693913

ACCOUNTS PAYABLE

Name: Ever Bright Address:

Date Particulars F Debit Credit Balance
May 30 Inv. No. 81023 PJ2 2 700 2 700
June 8 Ck voucher 0044 CP3 2 700 0
Chk. No. 668866 CP3
25 Inv. No. 81075 PJ3 5 400 5 400

Name: Nature’s Best Address:

Date Particulars F Debit Credit Balance
May 8 Inv No 2386 PJ 2 11 700 11 700
15 Ck 668845 CP 2 925 8 775
2
May 28 Ck 668851 CP 2 925 5 850
3
June 9 Ck 668868 CP 5 850 0
3
10 Inv 3100 PJ 3 23 400 23 400
14 Ck 668870 CP 11 700 11 700
3

Name: Wonder Care Address:

Date Particulars F Debit Credit Balance
June 16 Inv No 338 PJ 3 43 200 43 200
20 DM 004 GJ4 3 600 39 600
23 Ck 668872 CP 19 800 19 800
3

ALFRESCO Marketing
Bank Reconciliation Statement
June 30, 2011

Adjusted Balance per Book P26,485.01

Balance per Bank June 30 P46,285.01

Less Outstanding Check 668872 19,800.00

Adjusted bank Balance June 30 P26,485.01

Correct the balance of two checks for:

ORIGINATING DEBIT CREDIT
DATE UNIT DESCRIPTION AMOUNT AMOUNT BALANCE
02 IW 668862 2,703.90
30 IW 668873 22,198.95

Downloaded by Sofia Grace Mallari (sofiamallari.2002@gmail.com)

 lOMoARcPSD|13693913

ALFRESCO MARKETING
STATEMENT OF FINANCIAL POSITION
JUNE 30, 2011

ASSETS
Current Assets:
Cash On Hand and In bank (Note 1) P 30,332.51
Petty Cash Fund 94.65
Accounts Receivable (Note 2) 28,965.00
Merchandise Inventory (Note 3) 71,800.00
Prepaid Supplies 250.00
Total P131,442.16
Property, Plant & Equipment: (Note 4) 154,537.50
Other Assets: (Note 5) 12,231.61
P298,211.27
LIABILITIES AND CAPITAL
Current Liabilities:
Accounts Payable (Note 6) P36,900.00
Notes Payable 15,120.00
Interest Payable 151.20
SS and EC Premiums Payable 5,582.00
Philhealth Premiums Payable 1,325.00
Pag-ibig Premiums Payable 1,000.00
Withholding Taxes Payable 2,703.90
Rent Payable 10,000.00
Utilities Payable 1,500.00
Total P 74,282.10
Mariano Mabuhay, Capital 223,929.17
TOTAL LIABILITIES AND CAPITAL P298,211.27

Note 1: Cash In Bank P 26,485.01

Cash On Hand (undeposited collections) 3,847.50
Total Cash In Bank and On Hand P 30,332.51
Note 2: Accounts Receivable
International Supermarket P 8,550.00
Pauline’s 3,015.00
Fair View 6,300.00
Vasquez Grocery 11,100.00
P 28,965.00
Note 4: Property, Plant & Equipment
Furniture & Equipment P70,000.00
Less Accumulated Depreciation 1,462.50 P 68,537.50
Delivery Equipment P90,000.00
Less Accumulated Depreciation 4,000.00 86,000.00
Total P154,537.50

Note 5:
Other Assets:
Deferred Tax P 231.61
Deposit for Rent 10,000.00
Deposit for Utilities 2,000.00
Total P12,231.61

Note 6: Accounts Payable

Downloaded by Sofia Grace Mallari (sofiamallari.2002@gmail.com)

 lOMoARcPSD|13693913

Ever Bright P 5,400

Nature’s Best 11,700
Wonder Care 19,800 P36,900

ALFRESCO MARKETING
STATEMENT OF FINANCIAL POSITION
For the Month Ended JUNE 30, 2011

Sales 73,198.67
Less Sales Discount 605.48
Net Sales P72,593.19

Cost of Sales:
Inventory Beg. P 57,790
Purchases P 64,285.72
Purchases returns (3,214.29)
Purchase discounts (48.21) 61,023.22
Inventory End (71,800.00)
47,013.22
Gross Profit P25,579.97
Operating Expenses:
Depreciation P 2,183.00
Gas and Oil 850.00
Medicare 662.50
Pag-ibig 500.00
Rent 10,000.00
Repairs 2,247.35
SS and EC 3,795.40
Salaries 53,000.00
Supplies 371.35
Utilities 1,500.00 75,109.60
Net Operating Loss 49,529.63
Bank Charges P700.00
Interest Expense 151.20 851.20
Net Loss
P50,380.83

ALFRESCO MARKETING
STATEMENT OF OWNER’S EQUITY
For the Month Ended JUNE 30, 2011

Mabuhay, Capital June 1 P274,510.00

Less Net Loss
Drawings P50,380.83
200.00 50,580.83
Mabuhay, Capital, June 30 P223,929.17

Downloaded by Sofia Grace Mallari (sofiamallari.2002@gmail.com)