Republic of the Philippines

Commission on Higher Education

Don Honorio Ventura State University
Bacolor, Pampanga

QUIZ- ACCOUNTING CYCLE FOR MERCHANDISING (PERIODIC)

Name: Score: _______________________

GENERAL LEDGER

CASH ACCOUNT NO. 10

Date Particulars F Debit Credit Debit Credit

(Balance) (Balance)
October 1 Beginning Balance P 824,113
October 1 Purchased Goods J1 156,900 667,213
October 1 Paid Freight J1 3,800 663,413
October 2 Collection from J1 89,300 752,713
Previous Customers
October 4 Additional J1 612,500 1,365,213
Investments
October 11 Cash Collections J1 275,300 1,640,513
October 15 Paid Various J1 325,700 1,314,813
Expenses
October 19 Cash Collections J1 147,000 1,461,813
October 20 Purchased Goods J1 89,500 1,372,313
October 24 Paid its account J1 27,832 1,344,481
October 25 Paid Office Supplies J1 67,330 1,277,151
October 28 Withdrawals made by J1 173,335 1,103,816
Jagiya

ACCOUNTS RECEIVABLE ACCOUNT NO. 11

Date Particulars F Debit Credit Debit Credit
(Balance) (Balance)
October 1 Beginning Balance P 245,675
October 2 Collection from J1 89,300 156,375
previous customers
October 5 Sold Goods J1 874,350 1,030,725
October 6 Returned Goods from J1 100,400 930,325
Customers
October 11 Cash Collections J1 275,300 655,025
October 19 Cash Collections J1 150,000 505,025

FURNITURE & FIXTURES ACCOUNT NO. 21

Date Particulars F Debit Credit Debit Credit

ACCOUNTING 101 1 | Page

 (Balance) (Balance)
October 14 Purchased F and F J1 58,400 58,400

ACCOUNTS PAYABLE ACCOUNT NO. 30

Date Particulars F Debit Credit Debit Credit
(Balance) (Balance)
October 1 Beginning Balance P 325,845
October 8 Purchased Goods J1 291,290 617,135
October 13 Returned Goods to J1 23,560 593,575
suppliers
October 14 Purchased F and F J1 58,400 651,975
October 24 Paid its account J1 28,400 623,575

JAGIYA, CAPITAL ACCOUNT NO. 50

Date Particulars F Debit Credit Debit Credit

(Balance) (Balance)
October 1 Beginning Balance P 743,943
October 4 Additional J1 612,500 1,356,443
Investments

JAGIYA, DRAWING ACCOUNT NO. 51

Date Particulars F Debit Credit Debit Credit

(Balance) (Balance)
October 28 Withdrawals made by J1 173,335 173,335
Jagiya

SALES ACCOUNT NO. 60

Date Particulars F Debit Credit Debit Credit

(Balance) (Balance)
October 5 Sold Goods J1 874,350 874,350

SALES DISCOUNT ACCOUNT NO. 61

Date Particulars F Debit Credit Debit Credit

(Balance) (Balance)
October 19 Cash Collections J1 3,000 3,000

SALES RETURNS AND ALLOWANCES ACCOUNT NO. 62

Date Particulars F Debit Credit Debit Credit
(Balance) (Balance)
October 6 Returned goods from J1 100,400 100,400
customers

PURCHASES ACCOUNT NO. 71

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 Date Particulars F Debit Credit Debit Credit
(Balance) (Balance)
October 1 Purchased Goods J1 156,900 156,900
October 8 Purchased Goods J1 291,290 448,190
October 20 Purhased Goods J1 89, 500 537,690

FREIGHT IN ACCOUNT NO. 72

Date Particulars F Debit Credit Debit Credit

(Balance) (Balance)
October 1 Paid Freight J1 3,800 3,800

PURCHASE DISCOUNTS ACCOUNT NO. 73

Date Particulars F Debit Credit Debit Credit

(Balance) (Balance)
October 24 Paid its account J1 568 568

PURCHASE RETURNS AND ALLOWANCES ACCOUNT NO. 74

Date Particulars F Debit Credit Debit Credit

(Balance) (Balance)
October 13 Returned Goods to J1 23,560 23,560
suppliers

SALARIES EXPENSE ACCOUNT NO. 75

Date Particulars F Debit Credit Debit Credit

(Balance) (Balance)
October 15 Paid Various J1 85,400 85,400
Expenses

UTILITIES EXPENSE ACCOUNT NO. 76

Date Particulars F Debit Credit Debit Credit

(Balance) (Balance)
October 15 Paid Various J1 78,500 78,500
Expenses

ADVERTISING EXPENSE ACCOUNT NO. 77

Date Particulars F Debit Credit Debit Credit

(Balance) (Balance)
October 15 Paid Various J1 105,300 105,300
Expenses

FREIGHT OUT ACCOUNT NO. 78

Date Particulars F Debit Credit Debit Credit

(Balance) (Balance)
October 15 Paid Various J1 56,500 56,500

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 Expenses

OFFICE SUPPLIES EXPENSE ACCOUNT NO. 79

Date Particulars F Debit Credit Debit Credit

(Balance) (Balance)
October 25 Paid Office Supplies J1 67,330 67,330

JAGIYA KPOP TV MERCHANDISE

TRIAL BALANCE
OCTOBER 31, 2021

Account No. Account Title Debit Credit

10 Cash 1,103,816
11 Accounts Receivable 505,025
21 Furniture & Fixtures 58,400
30 Accounts Payable 623,575
50 Jagiya, Capital 1,356,443
51 Jagiya, Drawing 173,335
60 Sales 874,350
61 Sales Discount 3,000
62 Sales jReturns and 100,400
Allowances
71 Purchases 537,690
72 Freight In 3,800
73 Purchase Discount 568
74 Purchase Returns and 23,560
Allowances
75 Salaries Expense 85,400
76 Utilities Expense 78,500
77 Advertising Expense 105,300
78 Freight Out 56,500
79 Office Supplies Expense 67,330

TOTAL 2,878,496 2,878,496

JAGIYA KPOP TV MERCHANDISE

Statement of Cost of Goods Sold
For the month ended October 31, 2021

Jagiya, Beginning Inventory 0

Add: Purchases P 537,690
Freight In 3,800
Less: Purchase Discount 568
Purchase Returns and Allowances 23,560
Total Goods Available for Sale P 517,362
Less: Ending Inventory 0
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COST OF GOODS SOLD P 517,362

JAGIYA KPOP TV MERCHANDISE

Income Statement
For the month ended October 31, 2021

Sales P 874,350
Less: Sales Discount P ( 3,000 )
Sales Returns and Allowances ( 100,400 )
Net Sales 770,950
Less: Cost of Goods Sold ( 517,362 )
GROSS PROFIT 253,588
Less: Operating Expenses
Salaries P 85,400
Utilities 78,500
Advertising 105,300
Freight Out 56,500
Office Supplies 67,330
Total Operating Expenses ( 393,030 )
NET LOSS P 139,442

JAGIYA KPOP TV MERCHANDISE

Statement OF Owner’s Equity
For the month ended October 31, 2021

Jagiya, Beginning Capital P 1,356,443

Less: Net Loss P 139,442

Jagiya, Drawing 173,335

Jagiya, Ending Capital P 1,043,666

JAGIYA KPOP TV MERCHANDISE

Statement OF Financial Position
For the month ended October 31, 2021

ASSETS
Current Assets
Cash P 1,103,816
Accounts Receivable 505,025
Total Current Assets P 1,608,841
Non Current Assets

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 Furniture & Fixtures P 58,400 58,400
TOTAL ASSETS P 1,667,241
Current Liabilities
Accounts Payable P 623,575
Total Current Liabilities P 623,575
Owner’s Equity
Jagiya, Capital 1,043,666
TOTAL LIABILITIES & OWNER’S EQUITY P 1,667,241

CLOSING ENTRIES:

Date Particulars F Debit Credit

October 31 Sales 60 P 874,350

Purchase Discount 73 568
Purchase Return and Allowances 74 23,560
Income Summary 52 P 898,478
To close all credit nominal accounts

31 Income Summary 52 1,037,920

Sales Discount 61 3,000
Sales Return and Allowances 62 100,400
Purchases 71 537,690
Freight In 72 3,800
Freight Out 78 56,500
Salaries Expense 75 85,400
Utilities Expense 76 78,500
Advertising Expense 77 105,300
Official Supplies Expense 79 67,330
To close all debit accounts

31 Jagiya, Capital 50 139,442

Income Summary 52 139,442
To close the income summary

31 Jagiya, Capital 50 139,442

Jagiya, Drawing 51 173,335
To close the withdrawal account

JAGIYA KPOP TV MERCHANDISE

POST- TRIAL BALANCE
OCTOBER 31, 2021

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 Account No. Account Title Debit Credit
10 Cah P 1,103816
11 Accounts Receivable 505,025
21 Furniture & Fixture 58,400
30 Accounts Payable P 623,575
50 Jagiya, Capital 1,043,666
P 1,667,241 P 1,667,241

Required:
Using the given Ledger and Trial Balance, Complete the remaining requirements in the accounting cycle

1. Statement of Cost of Goods Sold (Write the figures)

2. Income Statement (Write the figures)
3. Statement of Owner’s Equity (Write the Titles and figures)
4. Statement of Financial Position (Write the Titles and Figures)
5. Closing Entries
6. Post- Closing Trial Balance

Notes to remember:
1. You can use a separate 2 column journal or the excel journals that we are using before in answering the cycle
2. ACCOUNT NUMBER FOR INCOME SUMMARY IS 52,
3. NO BEGINNING AND ENDING INVENTORY
4. No need to prepare for Journal Entries and Statement of Cash Flows
5. NO NEED TO POST ALL CLOSING ENTRIES TO THE LEDGER, LET US JUST ASSUME THAT ALL
NOMINAL ACCOUNTS IN THE LEDGER WILL BECOME ZERO AFTER YOU PREPARE THE CLOSING
ENTRIES, PROCEED ALREADY IN PREPARING THE POST CLOSING TRIAL BALANCE.

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