QUIZ NO.

40
NAME ____________________________ SCORE _____________
YEAR & SECTION _________________ DATE ______________

Marvin Co, a soap distributor, started his business on August 1, 2007 with a cash
investment of P500,000. The business engaged in the following transactions which you are
to record using special journals. Start with OR 01, CRT, Vo 101, CM 1, Inv 1001.

Aug. 3 Bought merchandise for cash from Rustic Company,P50,000 less 5% trade discount.
5 Bought equipment for office use from Olympia's, P80,000. Terms: 2/10,n/30
6 Cash purchases from Babyland P50,000.
7 Sold merchandise on account to Greenland, P30,000. Terms: 2/10, n/30
10 Purchased merchandise from Jasmin's, P15,000. Terms: 2/10, n/30
14 Cash sales, P20,000.
17 Paid freight to Aboitiz on purchase shipments, P3,000.
18 Returned defective merchandise to Jasmin's, P1,000.
20 Sold merchandise on account to Oakland, P18,000. Terms: 2/10,n/30
21 Cash refund to customers for sales allowances, P2,000.
22 Paid Jasmin's in full of account.
25 Collected Oakland's account.
30 Paid for salaries P5,000 less 5% withholding tax, 3% SS, 2% HDMF, 1% PhilHealth.
31 Paid for 3% percentage tax based on net sales.

SALES JOURNAL
ACCOUNTS CASH SALES
DATE CUSTOMER INV. F RECEIVABLE DEBIT SALES
NO. DEBIT CREDIT
8/7 Greenland 1001 30,000 30,000
8/14 Various Customers 1002 20,000 20,000
8/20 Oaklland 2/10, n/30 1003 18,000 18,000

PURCHASES JOURNAL
CASH ACCOUNTS
DATE SUPPLIER INV. PURCHASES PURCHASES F PAYABLE
NO. DEBIT CREDIT CREDIT
8/3 Rustic 1001 47,500 47,500
8/6 Babyland 1002 50,000 50,000
8/10 Jasmin 1003 15,000 15,000

GENERAL JOURNAL
DATE ACCOUNTS & EXPLANATION DEBIT CREDIT

413
8/5 Equipment 78,400
Accounts Payable 78,400
Olympia 2/10, n/30

8/18 Accounts Payable 1,000

Purchase returns and allowances 1,000
Returned to Jasmin

414
 CASH RECEIPTS JOURNAL
SALES ACCOUNTS CASH
DATE RECEIVED FROM EXPLANATIONS O.R. CASH DISCOUNT F RECEIVABLE SALES SUNDRY
NO. DEBIT DEBIT CREDIT CREDIT ACCOUNT CREDIT
Aug 1 Marvin Initial 01 500,000 Marvin 500,000
Investment Capital
8/14 Various Cash Sales 02 20,000 20,000
Customers
8/25 Oakland Collection of AR 03 17,640 360 18,000

415
 CASH DISBURSEMENTS JOURNAL
PURCHASE ACCOUNTS CASH
DATE PAID TO EXPLANATIONS VO. CASH DISCOUNT F PAYABLE PURCHASES SUNDRY Debit Credit
NO. CREDIT CREDIT DEBIT DEBIT ACCOUNT
8/3 Rustic Cash Purchases 101 47,500 47,500
8/6 Babyland Cash Purchases 102 50,000 50,000
8/17 Aboitiz Freight in 103 3,000 Freight in 3,000
8/21 Cash Customers Cash Refund 104 2,000 Sales & 2,000
Returns &
Allow
8/22 Jasmin Pmt of AP 105 14,000 14,000
8/30 Salary 5,000
Expense
Withholding 250
tax pay
SS premium 150
pay
HDMF prem 100
Pay
4,450 Philhealth 50
Premium Pay
8/31 BIR Taxes & Licences 1,440 Taxes & 1,440
Licences Exp
(48000X.03)

416
 QUIZ NO. 41
NAME ____________________________ SCORE _____________
YEAR & SECTION _________________ DATE ______________

Tirso Trading is a distributor of beauty products. To attract customers it offers its goods
on credit terms of 2/10,n/30. 12% VAT is included in the invoice. The business engaged in
the following selected transactions during April:
1 Sold merchandise to David's Salon on account for P8,960. Invoice No. 428.
3 Sold merchandise to Jessie Mendez on account, P3,920.
4 Received a check from Hair Straightening in payment on a sale made last March 27;
Official Receipt 231 for P2,587. (Refer to customer's card)
5 Authorized an allowance of P560 to be credited to the account of David' Salon, who
reported that merchandise from the sale of April 1 was defective. Credit Memo 3.
6 Sold merchandise for P2,464 to Ricky Reyes. Terms: 50% down, balance on account.
8 Record various cash sales for the day amounting to P3,696. Cash register tapes.
9 Sold excess store supplies at cost to Woodmark Company for cash, P250
10 David's Salon made a partial payment of 50%.
12 Received a check from Jessie Mendez for the amount due.
15 Received a check from Ricky Reyes for the amount due.
29 Sold merchandise to Jessie Mendez on account for P2,240.
30 David's Salon issued a 15-day, 12% note for the overdue account.
Required:
1. Journalize the April transactions in the appropriate journals.
2. Open the Accounts Receivable control account ledger and make the necessary postings.
3. Open the customers’ cards. Reconcile the balances against the control account.

417
418
 SALES JOURNAL
ACCOUNTS OUTPUT
DATE CUSTOMER'S NAME INV. F RECEIVABLE CASH SALES SALES TAX
NO. DEBIT DEBIT CREDIT CREDIT

CASH RECEIPTS JOURNAL

SALES ACCOUNTS CASH SALES
DATE RECEIVED FROM EXPLANATIONS O.R. CASH DISCOUNT F RECEIVABLE CREDIT SUNDRY ACCOUNT CREDIT
NO. DEBIT DEBIT CREDIT

420
 GENERAL JOURNAL

DATE ACCOUNTS & EXPLANATION DEBIT CREDIT

GENERAL LEDGER
ACCOUNTS RECEIVABLE No. 2

Date Particulars F Debit Date Particulars F Credit

421
Customer's Cards:
Name: Hair Straightening

Date Explanation Ref Debit Credit Balance

March 27 2/10, n/30 Inv. 0111 SJ3 2 640

Name:
Date Explanation Ref Debit Credit Balance

Name:
Date Explanation Ref Debit Credit Balance

Name:
Date Explanation Ref Debit Credit Balance

422
 QUIZ NO. 42
NAME ____________________________ SCORE _____________
YEAR & SECTION _________________ DATE ______________

Dizon Fruits of Mindanao uses special journals in recording transactions. A 12% VAT is
included in all purchases and freight invoices. The following are the selected transactions of
Dizon Fruits during the month of December:
Dec. 2 Cash purchases from San Pedro Orchard, P8,960. (start with Voucher21. Inv. 42).
3 Paid taxes of P2,000 to Davao City Hall.
4 Purchased goods from Ms. Cojuangco, P5,600.
Terms: 2/10, n/30. (Invoice 12515)
6 Paid freight to Davao Forwarders on the above purchases under the term FOB
Shipping Point P1,120.
7 Purchased store furniture from Ideas for P16,800.
Terms: 2/15, n/30. (Invoice 711)
9 Purchased supplies for cash, P2,800 from Corona Bazaar.
14 Ms. Cojuangco credited Dizon Fruits for P560 worth of goods returned for being
spoiled.
15 Paid salaries to employees P6,000 less 5% withholding tax.
16 Purchased merchandise from West Farms, P8,400. Terms: 15-day, 18% note.
(Invoice 102)
17 Paid Ideas in full of account.
25 Gave a cash refund to a customer for the return of merchandise, P224. (CM 981).
28 Paid Ms. Cojuangco in full of account.
30 Paid for salaries of clerks less 5% withholding tax , 3% SS, 1.5% Philhealth and 2%
Pag-ibig.
31 Paid for the note that was due today.
Required:
a. Journal entries using the Purchases Journal, the Cash Payment journal and the
General Journal whenever necessary.
b. Open the accounts payable ledger and the corresponding subsidiary ledger cards.
Reconcile the balances.

423
 PURCHASES JOURNAL
CASH ACCOUNTS
DATE PURCHASED FROM INV. PURCHASES INPUT TAX PURCHASES F PAYABLE
NO. Debit Debit Credit Credit

GENERAL JOURNAL

DATE ACCOUNTS & EXPLANATIONS DEBIT CREDIT

GENERAL LEDGER for ACCOUNTS PAYABLE

424
 Date Particulars F Debit Date Particulars F Credit

425
 CASH DISBURSEMENTS JOURNAL
PURCHASE ACCOUNTS CASH
DATE PAID TO EXPLANATIONS VO. CASH DISCOUNT F PAYABLE PURCHASES SUNDRY Debit Credit
NO. CREDIT CREDIT DEBIT DEBIT ACCOUNT

426
SUPPLIERS' CARDS
Name:

Date Explanation Ref Debit Credit Balance

Name:

Date Explanation Ref Debit Credit Balance

Name:

Date Explanation Ref Debit Credit Balance

Name:

Date Explanation Ref Debit Credit Balance

427
 QUIZ NO. 43
NAME ____________________________ SCORE _____________
YEAR & SECTION _________________ DATE ______________

Analyze and record the following transactions of Zodiac, a VAT registered ready to
wear store owned and operated by Cielito Poras, in special journals. Make immediate
postings to the subsidiary ledgers. Foot and rule the journals at the end of the month. (Start
with Official Receipt No.1, Cash Voucher No. 101, Sales Inv. No.001, Journal Voucher
No.1, and Credit Memo No.001) Use only one cash account. Credit term: 2/10, n/30.

July 1 Cielito started her business with a cash investment of P25,000. She invested
furniture and fixtures of P15,000 and merchandise of P20,000.
4 Bought wrapping papers, boxes, ribbons, paper bags and other supplies and paid
cash of P1,500 to Tondo Trading.
5 Bought several dresses from Chic Wear Store, P4,800. FOB Shipping Point.
Terms: 1/10, n/30. Invoice 123.
6 Paid freight on the above shipment P200.
10 Sold merchandise to Mona's Dress Shop, P4,000.
Terms: 25% down, a balance on account.
11 A store clerk received a cash advance of P150 to be applied against her June 15
salary.
12 Paid Chic Wear in full of account.
14 Cash of P1,500 was received from Nova Lozada who occupies a corner of the store.
15 Paid salaries of P3,900 less withholding tax of P350 and the cash advance.
17 Cash sales to date, P9,750.
18 Sold goods to Lea's Creations, P14,000.
Terms: P4,000 down, 10-day, 20% note for P10,000. Inv. No. 66.
20 Received shipment of goods ordered from Fashion House, P10,000.
Terms: 2/10, n/30. (Invoice 1718)
Collected Mona's account.
24 Paid P2,500 for display cabinets which were constructed by High Builders.
25 Cash purchases from Fanny Soriano, P3,500. Inv. No. 509
28 Collected the note due today from Lea's Creations.
29 Sold merchandise to Brenda's Apparels, P7,500.
Terms: 50% down, balance on account.
30 Paid rent for the store, P3,000,
Paid for salaries of P3,900 less Withholding Tax P350, 3% SS, 1.5%Philhealth and
2% Pag-ibig.
31 Recorded employer's liabilities for 3% SS and 1.5% Philhealth and 2%.
Received bills from PLDT P450 and Meralco P300.

428
429
 SALES JOURNAL
ACCOUNTS
DATE CUSTOMER'S NAME INV. F RECEIVABLE CASH SALES SALES OUTPUT
NO. DEBIT DEBIT CREDIT TAX
CREDIT

CASH RECEIPTS JOURNAL

SALES ACCOUNTS CASH
DATE RECEIVED FROM EXPLANATIONS O.R. CASH DISCOUNT F RECEIVABLE SALES SUNDRY ACCOUNT CREDIT
NO. DEBIT DEBIT CREDIT CREDIT

430
431
 PURCHASES JOURNAL
CASH ACCOUNTS
DATE PURCHASED FROM INV. PURCHASES INPUT TAX PURCHASES PAYABLE
NO. Debit Debit Credit Credit

GENERAL JOURNAL

DATE ACCOUNTS & EXPLANATION DEBIT CREDIT

432
433
 CASH DISBURSEMENTS JOURNAL
PURCHASE ACCOUNTS CASH
DATE PAID TO EXPLANATIONS VO.. CASH DISCOUNT PAYABLE PURCHASES SUNDRY ACCOUNT
NO. CREDIT CREDIT F DEBIT DEBIT Account Title F Debit Credit

434
 GENERAL LEDGER
ACCOUNTS RECEIVABLE

Date Particulars F Debit Date Particulars F Credit

ACCOUNTS PAYABLE

Date Particulars F Debit Date Particulars F Credit

CUSTOMERS' CARDS:
Name:

Date Particulars Ref Debit Credit Balance

435
Name:

Date Particulars Ref Debit Credit Balance

Name:

Date Particulars Ref Debit Credit Balance

SUPPLIERS' CARDS

436
Name:

Date Particulars Ref Debit Credit Balance

Name:

Date Particulars Ref Debit Credit Balance

Name:

Date Particulars Ref Debit Credit Balance

437