₱ 440,986

DATE ACCOUNT TITLE AND EXPLANATION PR DEBIT

MAY
1 Cash 110 ₱ 100,000
NR, Capital 300
To record initial investment.

1 Purchases 510 ₱ 50,350

Accounts Payable - Ryu M. 210
To record the purchas of merchandise, 2/10, n/30.

2 Accounts Payable - Ryu M. 210 ₱ 1,200

Purchase Return and Allowances 520

To record the return of merchandise to the supplier.

3 Accounts Receivables - F. Vargas 120 ₱ 16,550

Sales 410
To record the sale of merchandise to customers, 2/10,
n/30.

5 Cash 110 ₱ 5,680

Sales 410
To record the sale of merchandise to customers.

8 Equipment (Computer) 150 ₱ 27,880

Cash 110
To record the purchase of computer equipment.

10 Accounts Payable - Ryu M. (P50,350 - P1,200) 210 ₱ 49,150

Purchase Discount (2% x P49,150) 530
Cash 110
To record the payment of purchases to Ryu
Merchandising.

11 Accounts Receivables - L. Cala 120 ₱ 35,000

Sales 410
To record the sale of merchandise, 2/10, n/30.

12 Cash 110 ₱ 16,219

Sales Discount 415 ₱ 331
Accounts Receivables - F. Vargas 120
 To record the collection from customers.

25 Cash 110 ₱ 15,000

Accounts Receivables 120
To record the partiall collection from customers.

30 Utilities Expense 630 ₱ 800

Rent Expense 640 ₱ 2,000
Salaries Expense 650 ₱ 2,000
Cash 110
To record the payment of various expenses.

CLOSING ENTRIES
May-30 Income Summary ₱ 55,481
Purchases
Sales Discount
Utilities Expense
Rent Expense
Salaries Expense
To close the expense (debit) accounts.

30 Sales ₱ 57,230
Purchase Return and Allowances ₱ 1,200
Purhase Discount ₱ 983
Income Summary
To close the income (credit) accounts.

30 Income Summary ₱ 3,932

NR, Capital
Close the Income Summary account.
₱ 440,986
CREDIT CHART OF ACCOUNTS
Account No. Account Title
110 Cash
₱ 100,000 120 Accounts Receivable
130 Merchandise Inventory
150 Equipment
210 Accounts Payable
₱ 50,350 300 NR, Capital
310 Nr, Drawings
410 Sales
415 Sales Return and Allowances
₱ 1,200 420 Sales Discount

510 Purchases

520 Purchase Return and Allowances

530 Purchase Discount
₱ 16,550 630 Utilities Expense

640 Rent Expense

650 Salaries Expense

660 Income Summary
₱ 5,680 670 Cost of Goods Sold

₱ 27,880

₱ 983
₱ 48,167

₱ 35,000

₱ 16,550
₱ 15,000

₱ 4,800

₱ 50,350
₱ 331
₱ 800
₱ 2,000
₱ 2,000

₱ 59,413

₱ 3,932
110 Cash
Balance
Date Explanation PR Debit Credit Debit
1 ₱ 100,000 ₱ 100,000
5 ₱ 5,680 ₱ 105,680
8 ₱ 27,880 ₱ 77,800
10 ₱ 48,167 ₱ 29,633
12 ₱ 16,219 ₱ 45,852
25 ₱ 15,000 ₱ 60,852
30 ₱ 4,800 ₱ 56,052

120 Accounts Receivable

Balance
Date Explanation PR Debit Credit Debit
3 ₱ 16,550 ₱ 16,550
11 ₱ 35,000 ₱ 51,550
12 ₱ 16,550 ₱ 35,000
25 ₱ 15,000 ₱ 20,000

130 Merchandise Inventory

Balance
Date Explanation PR Debit Credit Debit

150 Equipment
Balance
Date Explanation PR Debit Credit Debit
8 ₱ 27,880 ₱ 27,880
 210 Accounts Payable
Balance
Credit Date Explanation PR Debit Credit
1 ₱ 50,350
2 ₱ 1,200
10 ₱ 49,150

300 NR, Capital

Balance
Credit Date Explanation PR Debit Credit
1 ₱ 100,000
₱ 3,932

310 NR, Drawings

Balance
Credit Date Explanation PR Debit Credit

Balance
Credit
 410 Sales
Balance
Debit Credit Date Explanation PR Debit Credit
₱ 50,350 3 ₱ 16,550
₱ 49,150 5 ₱ 5,680
₱ - 11 ₱ 35,000
30 ₱ 57,230

415 Sales Return and Allowances

Balance
Debit Credit Date Explanation PR Debit Credit
₱ 100,000
₱ 103,932

420 Sales Discount

Balance
Debit Credit Date Explanation PR Debit Credit
12 ₱ 331
₱ 331
 510 Purchases
Balance
Debit Credit Date Explanation PR Debit Credit
₱ 16,550 1 ₱ 50,350
₱ 22,230 ₱ 50,350
₱ 57,230
₱ -

520 Purchase Return and Allowances

Balance
Debit Credit Date Explanation PR Debit Credit
2 ₱ 1,200
₱ 1,200

530 Purchase Discount

Balance
Debit Credit Date Explanation PR Debit Credit
₱ 331 10 ₱ 983
₱ - ₱ 983
 630 Utilities Expense
Balance
Debit Credit Date Explanation PR Debit Credit
₱ 50,350 30 ₱ 800
₱ - ₱ 800

640 Rent Expense

Balance
Debit Credit Date Explanation PR Debit Credit
₱ 1,200 30 ₱ 2,000
₱ - ₱ 2,000

650 Salaries Expense

Balance
Debit Credit Date Explanation PR Debit Credit
₱ 983 30 ₱ 2,000
₱ - ₱ 2,000
 660 Income Summary
Balance
Debit Credit Date Explanation PR Debit Credit
₱ 800 30 ₱ 55,481
₱ - ₱ 59,413
₱ 3,932

670 Cost of Goods Sold

Balance
Debit Credit Date Explanation PR Debit Credit
₱ 2,000
₱ -

Balance
Debit Credit
₱ 2,000
₱ -
 Balance
Debit Credit
₱ 55,481
₱ 3,932
₱ -

Balance
Debit Credit
₱ -
 NR Enterprises
Trial Balance
May-30

Account No. Account Title Debit Credit

110 Cash ₱ 56,052
120 Accounts Receivable ₱ 20,000
130 Merchandise Inventory
150 Equipment ₱ 27,880
210 Accounts Payable ₱ -
300 NR, Capital ₱ 100,000
310 Nr, Drawings ₱ -
410 Sales ₱ 57,230
415 Sales Return and Allowances ₱ -
420 Sales Discount ₱ 331
510 Purchases ₱ 50,350
520 Purchase Return and Allowances ₱ 1,200
530 Purchase Discount ₱ 983
630 Utilities Expense ₱ 800
640 Rent Expense ₱ 2,000
650 Salaries Expense ₱ 2,000
670 Cost of Goods Sold
BALANCES ₱ 159,413 ₱ 159,413
 NR Enterprises
Cost of Goods Sold
May-30

Inventory Beginning 0
Add: Purchases ₱ 50,350
Less: Purchase Return and Allowances ₱ 1,200
Purchase Discount ₱ 983 -₱ 2,183
Total ₱ 48,167
Add: Freight In 0
Cost of Goods Available for Sale ₱ 48,167
Less: Ending Inventory 0 lalabas lang dito sa COGS, kung ano yung en
COST OF GOODS SOLD ₱ 48,167
ang dito sa COGS, kung ano yung ending balance nya (no journal entry) - physical count
 NR Enterprises
Income Statement
May-30

Sales ₱ 57,230
Less: SRA ₱ -
SD ₱ 331 -₱ 331
Net Sales ₱ 56,899
Less: COGS -₱ 48,167
Gross Profit ₱ 8,732
Less: Utilities Expenses ₱ 800
Rent Expenses ₱ 2,000
Salaries Expenses ₱ 2,000 -₱ 4,800
NET INCOME ₱ 3,932
 NR Enterprises
Statement of Changes in Equity
May-30

NR Capital, Beginning ₱ 100,000

Add: Net Income ₱ 3,932
TOTAL ₱ 103,932
Less: NR, Drawing 0
NR Capital, Ending ₱ 103,932
 NR Enterprises
Balance Sheet
As of May 30

ASSETS
Cash ₱ 56,052
Accounts Receivable ₱ 20,000
Merchandise Inventory ₱ -
Equipment ₱ 27,880
TOTAL ASSETS ₱ 103,932

LIABILITIES
Accounts Payable 0

EQUITY
NR, Capital ₱ 103,932
TOTAL LIABILITIES AND EQUITY ₱ 103,932