ACTBAS2 Exercises Rex opened Rex Trading, a shop selling various merchandise.

The following are the balances for the period ended December 31, 2007. The balances are already after adjusting entries but before VAT Payable/Creditable Input Tax. Total Cash account at the beginning of the year amounted to Php224,500. Merchandise Inventory at the beginning of the year amounted to Php445,800. Accounts Payable Accounts Receivable Accumulated Depreciation - Building Accumulated Depreciation - Furniture and Fixtures Accumulated Depreciation - Store Equipment Allowance for Bad Debts Available for Sale Securities Bad Debts Expense Bonds Payable Building Cash Communications Expense Copyright Current Portion of Long-term Debt Depreciation Expense - Building Depreciation Expense - Furniture and Fixtures Depreciation Expense - Store Equipment Discount on Notes Payable Foreign Exchange Gain Freight-in Freight-out Furniture and Fixtures 355,000. 00 375,000. 00 120,000. 00 261,600. 00 300,000. 00 18,750. 00 247,850. 00 2,500.0 0 590,300. 00 1,500,000. 00 950,000. 00 21,800. 00 97,600. 00 260,400. 00 60,000. 00 130,800. 00 150,000. 00 79,000. 00 850,000. 00 97,500. 00 87,400. 00 654,000.

Goodwill Held-to-Maturity Securities Input VAT Interest Expense Interest Income Interest Payable Interest Receivable Investment in Bonds Investment in Trading Securities Land Light, Water and Telephone Loans Payable Loss on Sale of Store Equipment Merchandise Inventory Mortgage Payable Notes Payable Notes Payable - 5 years Notes Receivable Output VAT Patents Prepaid Interest Prepaid Rent Prepaid Subscriptions Purchase Discount Purchase Returns and Allowances Purchases Rent Expense

00 88,000. 00 268,800. 00 150,000. 00 52,800. 00 55,500. 00 109,400. 00 105,700. 00 333,450. 00 145,000. 00 3,500,000. 00 25,400. 00 601,500. 00 12,500. 00 555,400. 00 650,400. 00 255,500. 00 475,000. 00 240,500. 00 100,000. 00 102,450. 00 99,000. 00 200,000. 00 240,000. 00 10,500. 00 27,500. 00 987,500. 00 50,000.

Repairs and Maintenance Representation and Entertainment Rex, Capital, beginning Rex, Drawing Sales Sales Discount Sales Returns and Allowances SSS Premiums Expense SSS Premiums Payable Store Equipment Store Supplies Store Supplies Expense Subscriptions Expense Taxes Payable Trademark Unearned Interest Income Withholding Taxes Payable Cash received from: Customers Interest on investments Sale of office equipment Proceeds from loans Proceeds from notes payable Additional investment

00 75,500. 00 79,000. 00 7,169,825. 00 1,500,000. 00 1,750,000. 00 97,000. 00 150,645. 00 120,000. 00 120,120. 00 750,000. 00 78,000. 00 55,000. 00 45,500. 00 150,400. 00 104,000. 00 104,300. 00 148,500. 00

245,0 00 24,5 00 20,0 00 450,0 00 550,0 00 70,5 00

Cash paid for: Purchase of merchandise

70,0

Interest on loans Interest on notes payable Operating expenses Withdrawals

00 7,5 00 8,0 00 522,0 00 27,0 00