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Joel Amos Periodic Inventory

Joel Amos began a merchandising business called Amos Trading on November 1, 2019. He invested cash and office equipment totaling P57,800. Throughout November, Amos Trading purchased and sold merchandise, paid expenses, and took out a loan. By November 30, Amos Trading's assets included cash, accounts receivable, supplies, equipment and inventory, while liabilities included accounts payable and a loan.

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Jasmine P. Manlungat - EMERALD
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311 views7 pages

Joel Amos Periodic Inventory

Joel Amos began a merchandising business called Amos Trading on November 1, 2019. He invested cash and office equipment totaling P57,800. Throughout November, Amos Trading purchased and sold merchandise, paid expenses, and took out a loan. By November 30, Amos Trading's assets included cash, accounts receivable, supplies, equipment and inventory, while liabilities included accounts payable and a loan.

Uploaded by

Jasmine P. Manlungat - EMERALD
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Joel Amos began a merchandising business on November 1,2019 abd named it Amos Trading.

Nov 1. Joel Amos invested P50,000 cash and P7,800 office Equipment in the business
Paid the months rent, P3,000
2 Bought Supplies from Jet Supplies for cash, P690
3 Purchased Merchandise from Sisa Trading for Cash, P2,500
Purchased Merchandise from Juan Trading, P8,950- Term 2/15, n/30
4 Cash Sales of Merchandise, P5,950
7 Bought Merchandise from Karl Trading for Cash- P2,560
10 Bought a second hand delivery truck on credit from United Motor Exchange. P40,000 Term- 1/10,
11 Return Merchandise worth P460 to Sisa Trading and received cash refund for the same day
13 Joel Amos withdrew from the business P2,000 cash and P900 Merchandise
16 Sold Merchandise to Ellen Celso, P3,000. Terms : P1,000 down , balance 2/10, n/30
18 Paid Juan Luna Trading in Full
20 Paid United Motor Exchange in Full
21 Issue a credit memo to Ellen Celso for merchandise returned P200
22 Borrowed P20,000 from Urban Development Bank by giving a 60- day,14% note.
23 Sold Merchandise to Arsenio Mabalay P4,200 terms 2/10,n/30
24 Purchased merchandise from franco sales company, P10,750, terms P1,750 down, balance -1/10,
25 Received a credit memo from Franco Sales company for covering P500 the cost of Merchandise d
26 Collected the account of Ellen Celso in Full
27 Paid utility bills for the month P950
29 Purchased Merchandise for cash from merchant trading P2,750
30 Paid Salary of the employees P6,500
Used supplies for the month P590
19 abd named it Amos Trading.
in the business

Term
term 2/15 2% discount

r Exchange. P40,000 Term- 1/10, n/30


ash refund for the same day
Merchandise
, balance 2/10, n/30

0- day,14% note.

erms P1,750 down, balance -1/10, n/30


ng P500 the cost of Merchandise damaged during the delivery
Account Title
Cash
Accounts Receivable-Ellen Celso
Accounts Receivable- Arsenio Mabalay
Merchandise Inventory
Supplies
Office Equipment
Delivery Equipment
Accounts Payable - Juan Trading
Accounts Payable- United Motor Exchange
Accounts Payable- Franco Sales Company
Notes Payable
J. Amos, Capital
J. Amos , Drawing
Sales
Sales Discount
Sales Return and Allowances
Purchases
Purchases Discounts
Purchase Return and Allowances
Freight In
Rent Expense
Salaries Expnese
Utilities Expense
Supplies Expense
General Journal
Particulars Debit Credit
2019
Nov. 1 Cash P50,000
Office Equipment 7,800
J. Amos, Capital P57,800
to record initial investment

Rent Expense 3,000


Cash 3,000
to record rent expense

2 Supplies 690
Cash 690
to record supplies on hand

3 Purchases 2,500
Cash 2,500
to record merchandise- Sisa Trading

Purchases 8,950
Accounts Payable 8,950
to record merchandise on account- Juan Trading

4 Cash 5,950
Sales 5,950
to record merchandise sold

7 Purchases 2,560
Cash 2,560
to record merchandise- Karl Trading

10 Delivery Equipment 40,000


Accounts Payable 40,000
to record purchased of Truck- 1/10, n/30
from United Motor Exchange

11 Cash 460
Puchases Return and Allowances 460
to record return on mechandise

13 J. Amos Drawing 2,900


Cash 2,000
Purchases 900
to record withdrawals
16 Cash 1,000
Accounts Receivable 2,000
Sales 3,000
to record Sales from Ellen Celso- 2/10, n/30

18 Accounts Payable 8,950


Purchases Discount- (8,950 x 2%) 179
Cash 8,771
to record payment less 2% discount Juan Luna Trading

20 Accounts Payable 40,000


Cash 39,600
Delivery Equipment ( 40,000 x 1%) 400
to record payment less 1% discount United Motor Exchange

21 Sales Return and Allowances 200


Accounts Receivable 200
to record sales return Ellen Celso

22 Cash 20,000
Notes Payable 20,000
to record loan-temr 60,14%

23 Accounts Receivable 4,200


Sales 4200
to record merchandise sold A. Mabalay- 2/10,n/30

24 Purchases 10,750
Cash 1,750
Accounts Payable 9,000
to record merchandise- franco- 1/10, n/30

25 Accounts Payable 500


Purchases Return and allowance 500
to record delivery damage

26 Cash 1764
Sales Discount (1800 x 2%) 36
Accounst Receivable 1800
to collection less 2% discount

27 Utilities Expense 950


Cash 950
to record utilities expense

29 Purchases 2,750
Cash 2,750
to record purchases

30 Salaries Expense 6,500


Cash 6,500
to record Salaries Expense

Supplies Expense 590


Supplies 590
to record supplies used for the month
Amos Trading
Trial Balance
As of November 30,2019
Debit Credit
Cash
Accounts Receivable
Supplies
Office Equipment
Delivery Equipment
Accounts Payable
Notes Payable
J. Amos, Capital
J. Amos , Drawing
Sales
Sales Discount
Sales Return and Allowances
Purchases
Purchases Discounts
Purchase Return and Allowances
Freight In
Rent Expense
Salaries Expnese
Utilities Expense
Supplies Expense

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