Date Account Code Account

April 2 1 Cash
7 Merchandise Inventory
12 Store Furniture
20 Ramos, Capital

To record initial investment

3 26 Purchases
1 Cash
15 Notes Payable
14 Accounts Payable
To record purchase of Merchandise Inventory from Chloe

4 39 Taxes and Licenses

1 Cash

To record payment of permits and licenses

5 8 Supplies on Hand
1 Cash
To record payment of supplies

6 1 Cash
3 Accounts Receivable
23 Sales
To record sales

7 38 Freight out
1 Cash
To record freight chrages for sales

8 24 Sales Returns and Allowances

1 Cash
To record cash refund to cash customers for defective goods

10 10 Office Equipment
14 Accounts Payable
To record purchase of equipment
11 10 Office Equipment
1 Cash
To record freight charges for equipment purchased

12 1 Cash
25 Sales Discounts
3 Accounts Receivable
To record collections of customer's account w/in discount period

13 14 Accounts Payable
1 Cash
28 Purchase Discounts
To record payment to Chloe w/in discount period

14 30 Sales Salaries
31 Office Salaries
1 Cash
To record payment of salaries

15 5 Notes Receivable
23 Sales

To record sales via promissory note

16 21 Ramos, Drawing
1 Cash

To record owner's withdrawal of cash

17 14 Accounts Payable
1 Cash
10 Office Equipment
To record full payment of equipment purchased w/in discount period

18 26 Purchases
1 Cash
14 Accounts Payable
To record purchase of Merchandise Inventory from Krystel

19 29 Freight In
1 Cash
To record freight on merchandise purchase

20 14 Accounts Payable
 27 Purchase Returns and Allowances
To record return of defective merchandise to Krystel

22 37 Utilities Expense
18 Utilities Payable
To record electric bills

25 14 Accounts Payable
1 Cash
28 Purchase Discounts
To record payment to Krystel w/in discount period

27 32 Store Rent Expense

33 Office Rent expense
1 Cash
To record payment of rent expense

28 1 Cash
23 Sales
To record cash sales

29 3 Accounts Receivable
23 Sales
To record credit sales

30 1 Cash
19 Loan Payable - 5 years
To record long term loan from banks

30 31 Office Salaries
16 SSS Payable
17 Phil Health Payable
1 Cash
To record payment of office salary

Closing Entries:
Date Account Code Account

22 Revenue and Expense Summary

23 Sales
27 Purchase Returns and Allowances
28 Purchase Discounts
7 Merchandise Inventory - beg
24 Sales Returns and Allowances
25 Sales Discounts
26 Purchases
29 Freight In
30 Sales Salaries
31 Office Salaries
32 Store Rent Expense
33 Office Rent expense
37 Utilities Expense
38 Freight out
39 Taxes and Licenses

To close IS accounts and Beg Inventory to Rev &Exp Summary

7 Merchandise Inventory
22 Revenue and Expense Summary

To set up the ending inventory

20 Ramos, Capital
22 Revenue and Expense Summary

To close Revenue & Expense Summary to Owners's Equity

 Debit Credit

200,000
500,000
30,000
730,000

40,000
8,000
10,000
22,000
entory from Chloe

8,000
8,000

2,500
2,500

35,000
80,000
115,000

2,000
2,000

1,000
1,000
s for defective goods

36,000
36,000
 1,500
1,500

29,400
600
30,000
unt w/in discount period

22,000
21,560
440

15,000
10,000
25,000

60,000
60,000

4,500
4,500

36,000
35,280
720
purchased w/in discount period

15,000
4,000
11,000
entory from Krystel

800
800

2,000
 2,000
se to Krystel

3,500
3,500

9,000
8,820
180

12,000
8,000
20,000

100,000
100,000

25,000
25,000

75,000
75,000

10,000
300
200
9,500

Debit Credit

323,280
300,000
2,000
 620
500,000
1,000
600
55,000
800
15,000
20,000
12,000
8,000
3,500
2,000
8,000

o Rev &Exp Summary

300,000
300,000

23,280
23,280

o Owners's Equity
 ARKYN TRADING
General Ledger

Cash
Date Description Debit Credit
April 2 Initial Investment 200,000
3 Cash Purchase 8,000
4 Payment of permit & licenses 8,000
5 Payment of supplies 2,500
6 Cash Sales 35,000
7 Payment of freight for sales 2,000
8 Cash refund on sales 1,000
11 Payment of freight for equip 1,500
12 Collection of receivable 29,400
13 Payment of payables 21,560
14 Payment of salaries 25,000
16 Owner's withdrawal 4,500
17 Payment of payables 35,280
18 Cash Purchase 4,000
19 Payment of freight in 800
25 Payment of payables 8,820
27 Payment of rent expense 20,000
28 Cash Sales 100,000
30 Proceeds from loans 75,000
30 Payment of salaries 9,500

ARKYN TRADING
General Ledger

Accounts Receivable
Date Description Debit Credit
April 6 Credit Sales 80,000
12 Collection of receivables 30,000
29 Credit Sales 25,000

ARKYN TRADING
General Ledger

Notes Receivable
Date Description Debit Credit
April 15 Sales 60,000
 ARKYN TRADING
General Ledger

Merchandise Inventory
Date Description Debit Credit
April 2 Initial Investment 500,000
3 Purchases 40,000
13 Purchase discount 440
18 Purchases 15,000
19 Freight in 800
20 Purchase returns 2,000
25 Purchase discount 180
Cost of good sold 253,180

ARKYN TRADING
General Ledger

Supplies on Hand
Date Description Debit Credit
April 5 Purchase of supplies 2,500

ARKYN TRADING
General Ledger

Office Equipment
Date Description Debit Credit
April 10 Purchase of equipment 36,000
11 Freight charges 1,500
29 Discount 720

ARKYN TRADING
General Ledger

Store Furniture
Date Description Debit Credit
 April 2 Initial investment 30,000

ARKYN TRADING
General Ledger

Accounts Payable
Date Description Debit Credit
April 3 Credit Purchase 22,000
10 Purchase of equip on account 36,000
13 Payment of account 22,000
17 Payment of account 36,000
18 Credit Purchase 11,000
20 Purchase return 2,000
25 Payment of account 9,000

ARKYN TRADING
General Ledger

Notes Payable
Date Description Debit Credit
April 3 Purchases 10,000

ARKYN TRADING
General Ledger

SSS Payable
Date Description Debit Credit
April 30 Deduction from salaries 300

ARKYN TRADING
General Ledger

Phil Health Payable

Date Description Debit Credit
April 30 Deduction from salaries 200
 ARKYN TRADING
General Ledger

Utilities Payable
Date Description Debit Credit
April 22 Billing of utilities 3,500

ARKYN TRADING
General Ledger

Loans Payable - 5 years

Date Description Debit Credit
April 30 Loan from bank 75,000

ARKYN TRADING
General Ledger

Ramos, Capital
Date Description Debit Credit
April 2 Initial Investment 730,000

ARKYN TRADING
General Ledger

Ramos, Drawing
Date Description Debit Credit
April 16 Owner's withdrawal 4,500
Balance
200,000
192,000
184,000
181,500
216,500
214,500
213,500
212,000
241,400
219,840
194,840
190,340
155,060
151,060
150,260
141,440
121,440
221,440
296,440
286,940

Balance
80,000
50,000
75,000

Balance
60,000
Balance
500,000
540,000
539,560
554,560
555,360
553,360
553,180
300,000

Balance
2,500

Balance
36,000
37,500
36,780

Balance
 30,000

Balance
22,000
58,000
36,000
-
11,000
9,000
-

Balance
10,000

Balance
300

Balance
200
Balance
3,500

Balance
75,000

Balance
730,000

Balance
4,500
 ARKYN TRADING
General Ledger

Net Sales
Date Description Debit Credit
April 6 Sales 115,000
8 Sales return 1,000
12 Sales discount 600
15 Sales 60,000
28 Sales 100,000
29 Sales 25,000

ARKYN TRADING
General Ledger

Net Purchases
Date Description Debit Credit
April 3 Purchases 40,000
13 Purchase discount 440
18 Purchases 15,000
19 Freight in 800
20 Purchase returns 2,000
25 Purchase discount 180

ARKYN TRADING
General Ledger

Sales Salaries
Date Description Debit Credit
April 14 Payment of salaries 15,000

ARKYN TRADING
General Ledger

Office Salaries
Date Description Debit Credit
April 14 Payment of salaries 10,000
30 Payment of salaries 10,000
 ARKYN TRADING
General Ledger

Store Rent Expense

Date Description Debit Credit
April 27 Payment of rent 12,000

ARKYN TRADING
General Ledger

Office Rent Expense

Date Description Debit Credit
April 27 Payment of rent 8,000

ARKYN TRADING
General Ledger

Utilities Expense
Date Description Debit Credit
April 22 Billing of utilities 3,500

ARKYN TRADING
General Ledger

Freight out
Date Description Debit Credit
April 7 Payment of freight on sales 2,000

ARKYN TRADING
General Ledger
 Freight out
Date Description Debit Credit
April 4 Payment of permit & licenses 8,000
Balance
115,000
114,000
113,400
173,400
273,400
298,400

Balance
40,000
39,560
54,560
55,360
53,360
53,180

Balance
15,000

Balance
10,000
20,000
Balance
12,000

Balance
8,000

Balance
3,500

Balance
2,000
Balance
8,000
Account Code Account
1 Cash
2 Petty Cash Fund
3 Accounts Receivable
4 Allowance for Bad Debts
5 Notes Receivable
6 Advances to Employees
7 Merchandise Inventory (Beginning balance)
8 Supplies on Hand
9 Prepaid Insurance
10 Office Equipment
11 Allowance for Depreciation -Office Equipment
12 Store Furniture
13 Allowance for Depreciation -Office Furniture
14 Accounts Payable
15 Notes Payable
16 SSS Payable
17 Phil Health Payable
18 Utilities Payable
19 Loan Payable - 5 years
20 Ramos, Capital
21 Ramos, Drawing
22 Revenue and Expense Summary
23 Sales
24 Sales Returns and Allowances
25 Sales Discounts
26 Purchases
27 Purchase Returns and Allowances
28 Purchase Discounts
29 Freight In
30 Sales Salaries
31 Office Salaries
32 Store Rent Expense
33 Office Rent expense
34 Depreciation Exp.-Office Equipment
35 Depreciation Exp.-Store Furniture
36 Bad Debts Expense
37 Utilities Expense
38 Freight out
39 Taxes and Licenses
40 Commision Expense
Debit Credit
286,940
-
75,000
-
60,000
-
500,000
2,500
-
36,780
-
30,000
-
-
10,000
300
200
3,500
75,000
730,000
4,500
-
300,000
1,000
600
55,000
2,000
620
800
15,000
20,000
12,000
8,000
-
-
-
3,500
2,000
8,000
-
1,121,620 1,121,620
Account Code Account
1 Cash
3 Accounts Receivable
5 Notes Receivable
7 Merchandise Inventory
8 Supplies on Hand
10 Office Equipment
12 Store Furniture
15 Notes Payable
16 SSS Payable
17 Phil Health Payable
18 Utilities Payable
19 Loan Payable - 5 years
20 Ramos, Capital
21 Ramos, Drawing
Debit Credit
286,940
75,000
60,000
300,000
2,500
36,780
30,000
10,000
300
200
3,500
75,000
706,720
4,500
795,720 795,720
 ARKYN TRADING
Statement of Financial Position
As of April 30, xxxx

ASSETS
Current Assets:
Cash 286,940
Notes and Accounts Receivable - net 135,000
Merchandise Inventory 300,000
Supplies on Hand 2,500
Total Current Assets 724,440

Non-current Assets:
Property, Plant and Equipment-net 66,780
Total Non-current Assets 66,780

TOTAL ASSETS 791,220

LIABILITIES
Current Liabilities:
Notes and Accounts Payable 10,000
Other current payables 4,000
Total Current Liabilities 14,000

Non-urrent Liabilities:
Loans Payable - 5 years 75,000
Total Non-current Liabilities 75,000

Total Liabilities 89,000

OWNER'S EQUITY
Ramos, Capital - net 702,220

TOTAL LIABILITIES AND OWNER'S EQUITY 791,220

ARKYN TRADING
Income Statement
For period ended April 30, xxxx

Net Sales 298,400

Cost of Good Sold 253,180
Gross Profit 45,220

Operating Expenses:
Selling Expense 29,000
General and Administrative Expense 39,500
Total Operating Expnses 68,500

NET LOSS - 23,280

ARKYN TRADING
Statement of Changes in Owner's Equity
As of April 30, xxxx

Ramos, Capital - April 1 -

Initial investment 730,000
Net Loss - 23,280
Ramos, Capital - April 30 706,720

Less: Ramos, Drawing - 4,500

Ramos, Capital - net 702,220