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Merchandising Activity - Fin

The document outlines the transactions of Ayuban Company for April 2018, including purchases, sales, and expenses. It provides a post-closing trial balance from March 2018 and additional information for inventory and accounts receivable. The requirements include preparing journal entries, T-accounts, and a 10-column worksheet.

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xylenna9
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8 views2 pages

Merchandising Activity - Fin

The document outlines the transactions of Ayuban Company for April 2018, including purchases, sales, and expenses. It provides a post-closing trial balance from March 2018 and additional information for inventory and accounts receivable. The requirements include preparing journal entries, T-accounts, and a 10-column worksheet.

Uploaded by

xylenna9
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Activity 1

Merchandise Inventory/Worksheet

The following are the transaction of Ayuban Company for the month of April 2018.

Ayuban Company
Post-Closing Trial Balance
March 2018

Cash ₱ 400,000.00
Accounts Receivable 6,000.00
Merchandise Inventory 45,000.00
Store Supplies Inventory 10,000.00
Furniture and Fixture 150,000.00
Accumulated Depreciation ₱ 6,250.00
Office Equipment 250,000.00
Accumulated Depreciation 10,416.67
Accounts Payable 80,000.00
Notes Payable 60,000.00
Ayuban, Capital 704,333.33
Total ₱ 861,000.00 ₱ 861,000.00

April 5 Bought store supplies inventory on account J. Constantino amounting to P15,000.


8 Bought merchandise for cash, P75,000.
10 Sold merchandise for cash, P70,000.
11 Bought merchandise on account from R. Ybanez Trading, P25,000, Term 2/10, n/30.
15 Sold merchandise on account to P. Pedrono Co., P65,000, term 3/10, n/30.
17 Bought merchandise for: cash, P60,000. FOB Shipping point freight of P1,000.
18 Received P 1,500 cost of merchandise returned from P. Pedrono Co.
19 Sold merchandise for cash, P60,000. FOB Destination, freight of P1,500.
20 Paid account to R. Ybanez Trading
23 Paid rental for the month, P10,000.
24 Collected the account of P. Pedrono Co.
26 Bought merchandise on account from C. Poyot Co., P15,000, Term 3/10, n/30. Paid freight of
P800.
27 Bought merchandise on account from S. Jabalaon Co., P20,000. Term: 2/10, n/30.
27 Returned P 1,500 cost of merchandise to C. Poyot for not conforming to the order.
28 Sold merchandise for cash, P55,250.
29 Paid light and water (utilities expense), P4,000.
29 Paid advertising expenses, P2,500
30 Sold merchandise on account to P. Peras Co., P61,500, Term 3/10, n/30.
30 Paid salaries of P20,000 for the month of March 2018
Mr. Ayuban, withdraw P20,000 for personal expenses.
Additional Information:
a) Store Supplies Inventory that were actually on hand when physical counting was made, P3,000.
b) Estimated Uncollectible Accounts is 1% of the outstanding accounts receivable
c) Furniture and Fixture was acquired on November 1, 2017 with an estimated 10 years
d) Office Equipment was acquired on November 1, 2017 with an estimated 10 years
e) A physical count of the merchandise inventory showed unsold merchandise amounting to
P30,000

Requirements:
1. Prepare journal entries
2. Prepare the T-account
3. 10 column Worksheet

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