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AQUINAS UNIVERSITY OF LEGAZPI

COLLEGE OF BUSINESS MANAGEMENT AND ACCOUNTANCY


S.Y. 2013-2014

FINAL EXAM
IN
IT 103.1
Submitted by:
Janica C. Sia
Submitted to:
Prof. Carlo Pinto, CPA

GENERAL JOURNAL
Date:
Sept. 1 Cash

Account Title:

Debit
500,000

Sia, Capital
2 Prepaid Rent
Cash
2 Store Equipment
Cash
2 Furniture & Fixtures
Cash
3 Supplies
Cash
3 Novellino Purchases
Accounts Payable- Novellino Corp.

500,000
20,000
20,000
8,000
8,000
11,500
11,500
8,500
8,500
10,000
10,000

4 Maria Clara Purchases


Cash

9,600

5 Cash

1,600

9,600

Maria Clara Sales


5 Cash

Credit

1,600
4,500

Novellino Sales
6 Franzia Purchases
Cash
7 Cash
Accounts Receivable- DJ Duran
Maria Clara Sales

4,500
15,600
15,600
3,000
5,000
8,000

7 Carlo Rossi Purchases


Cash

14,000

7 Accounts Payable- Novellino Corp.


Purchase Discounts
Cash

10,000

14,000

200
9,800

Date:
Account Title:
Sept. 9 Accounts Receivable- JE Poniente
Franzia Sales

Debit
11,900

11,900

10 Advertising Expense
Cash

1,000

11 Cash

5,000

1,000

Accounts Receivable- DJ Duran


11 Accounts Receivable- AJ Planes
Novellino Sales
12 Paul Masson Purchases
Accounts Payable- Paul Masson Corp.

5,000
3,750
3,750
19,500
19,500

13 Cash
Accounts Receivable- JS Reyes
Carlo Rossi Sales

6,450
4,000

14 Sia, Withdrawals
Cash

3,500

15 Accounts Receivable- DM Butac


Carlo Rossi Sales

5,700

16 Maria Clara Purchases


Accounts Payable- MC Inc.

7,200

17 Cash

Credit

10,450

3,500

5,700

7,200
11,900

Accounts Receivable- JE Poniente


17 Cash

11,900
16,000

Paul Masson Sales

16,000

18 Utilities Expense
Utilities Payable

2,000

19 Cash

3,750

2,000

Accounts Receivable- AJ Planes


20 Sales Returns and Allowances
Accounts Receivable- DM Butac

3,750
950
950

Date:
Account Title:
Sept. 21 Accounts Payable- Paul Masson Corp.
Purchase Discounts
Cash

Debit
19,500

390
19,110

22 Accounts Payable- MC Inc.


Purchase Returns and Allowances

2,400

23 Cash

6,000

2,400

Novellino Sales

6,000

23 Accounts Receivable- DJ Duran


Paul Masson Sales
Cash

9,100

24 Cash
Accounts Receivable- JS Reyes
Franzia Sales

3,100
2,000

25 Sia, Withdrawals
Cash

1,000

25 Novellino Purchases
Freight-in
Accounts Payable- Novellino Corp.
Cash

1,000
100

26 Cash

Credit

8,400
700

5,100

1,000

1,000
100
12,350

Carlo Rossi Sales

12,350

27 Accounts Receivable- JS Reyes


Maria Clara Sales

9,600

28 Paul Masson Purchases


Cash

1,500

29 Cash
Sales Discounts
Accounts Receivable- DJ Duran

8,932
168

30 Utilities Expense
Cash

9,600

1,500

9,100
200
200

Date:
Sept. 30 Salaries Expense
Cash

Account Title:

30 Rent Expense
Prepaid Rent

Debit
2,000

Credit
2,000

10,000
10,000

30 Supplies Expense
Supplies

2,000

30 Depreciation Expense- Furniture & Fixtures


Accumulated Depreciation- Furniture & Fixtures

1,150

30 Depreciation Expense- Store Equipment


Accumulated Depreciation- Store Equipment

1,000

2,000

1,150

1,000

GENERAL LEDGER
Cash
500,000
1,600
4,500
3,000
5,000
6,450
11,900
16,000
3,750
6,000
3,100
12,350
8,932

20,000
8,000
11,500
8,500
9,600
15,600
14,000
9,800
1,000
3,500
19,110
700
1,000
100
1,500
200
2,000

456,472
Accounts Receivable
5,000
5,000
11,900
11,900
3,750
3,750
4,000
950
5,700
9,100
9,100
2,000
9,600
20,350
Supplies
8,500
6,500

2,000

Prepaid Rent
20,000
10,000
10,000

Furniture & Fixtures


11,500
11,500

Sales
1,600
4,500
8,000
11,900
3,750
10,450
5,700
16,000
6,000
8,400
5,100
12,350
9,600
103,350

Accum Dep'n- Fur & Fix


1,150
1,150
Store Equipment
8,000
8,000
Accum Dep'n- Store Equip
1,000
1,000
Accounts Payable
10,000
10,000
19,500
19,500
2,400
7,200
1,000
5,800
Utilities Payable
2,000
2,000
Sia, Capital
500,000
500,000
Sia, Withdrawals
3,500
1,000
4,500

Sales Discount
168
168
Sales Returns & Allow.
950
950
Purchases
10,000
9,600
15,600
14,000
19,500
7,200
1,000
1,500
78,400

Purchase Discounts
200
390
590
Purchase Disc & Allow.
2,400
2,400
Freight-in
100
100

Salaries Expense
2,000
2,000

Advertising Expense
1,000
1,000

Supplies Expense
2,000
2,000

Dep'n Exp.- Fur. & Fix.


1,150
1,150

Rent Expense
10,000
10,000

Dep'n Exp.- Store Equip


1,000
1,000

Utilities Expense
2,000
200
2,200

Tabaco Winery
Adjusted Trial Balance
September 30, 2013
Cash
Accounts Receivable
Supplies
Prepaid Rent
Furniture and Fixtures
Accumulated Depreciation- Furniture and Fixtures
Store Equipment
Accumulated Depreciation- Store Equipment
Accounts Payable
Utilities Payable
Sia, Capital
Sia, Withdrawals
Sales
Sales Discounts
Sales Returns & Allowances
Purchases
Purchase Discounts
Purchase Returns & Allowances
Freight-in
Salaries Expense
Supplies Expense
Advertising Expense
Utilities Expense
Rent Expense
Depreciation Expense-Furniture & Fixtures
Depreciation Expense-Store Equipment

Tabaco Winery

456,472
20,350
6,500
10,000
11,500
1,150
8,000
1,000
5,800
2,000
500,000
4,500
103,350
168
950
78,400
590
2,400
100
2,000
2,000
1,000
2,200
10,000
1,150
1,000
616,290

616,290

Income Statement
For the month ended September 30, 2013
Net Sales
Gross Sales
Less: Sales Returns and Allowances
Sales Discounts
Net Sales
Cost of Sales
Merchandise Inventory, 09/01/13
Purchases
Less: Purchase Returns and Allowances
Purchase Discounts
Net Purchases
Freight-in
Net Cost of Purchases
Goods Available for Sale
Less: Merchandise Inventory, 09/30/13
Cost of Sales
Gross Profit
Operating Expenses
Salaries Expense
Rent Expense
Utilities Expense
Advertising Expense
Depreciation Expense- Furniture & Fixtures
Depreciation Expense- Store Equipment
Supplies Expense
Total Operating Expenses
Profit

103,350
950
168

1,118
102,232

0
78,400
2,400
590

Tabaco Winery

2,990
75,410
100
75,510
75,510
75,510
26,722
2,000
10,000
2,200
1,000
1,150
1,000
2,000
19,350
7,372

Statement of Changes in Equity


For the Month Ended September 30, 2013
Sia, Capital, 09/01/13
Add: Profit
Total
Less: Withdrawals
Sia, Capital, 09/30/13

PHP 500,000
7,372
PHP 507,372
4,500
502,872

Tabaco Winery
Statement of Financial Position
September 30, 2013
Assets
Current Assets
Cash
Accounts Receivable
Supplies
Prepaid Rent
Total Current Assets
Non-Current Assets
Furniture and Fixtures
Less: Accumulated Depreciation
Store Equipment
Less: Accumulated Depreciation
Total Assets

PHP 456,472
20,350
6,500
10,000
PHP 493,322
11,500
1,150
8,000
1,000

10,350
7,000

PHP 17,350
PHP 510,672

Liabilities
Current Liabilities
Accounts Payable
Utilitites Payable
Total Current Liabilities

PHP 5,800
2,000
PHP 7,800
Owner's Equity

Sia, Capital, 09/30/13


Total Liabilities and Owner's Equity

502,872
PHP 510,672

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