JOURNAL ENTRIES

Vitter Sugar Wholesale and Retail has just opened it s new accounting period.
The transactions for the year 2014 are as follows:
January

February

March

5
7
7
8
1
0
1
2
1
4
2
2
3
1
3
1

Jean Lapiz invested P 450,000 cash in the business.

Purchased store equipment for P 50,000 cash.
Purchased 130 sacks of sugar for cash from Suga Sweet Corp., P 234,000.
Paid store rent for the month, P 8,000.
Paid business permit to the city government, P 2,400.

6
9
1
4
1
8
2
1
2
5
2
6
3
1

Paid salaries to store employees, P 5,720.

Purchased 120 sacks of sugar for P 216,000 from Suga Sweet Corp.
Paid store rent for the month, P 8,000.

1
1
2
1
5
1
6
2
6

Purchased 120 sacks of sugar for P 216,000 from Suga Sweet Corp.
Paid salaries to store employees, P 5,720.

Paid one-year fire insurance, P 4,000.

Purchased store supplies for cash, P 2,000.
Paid salaries to store employees, P 5,720.
Sold a total of 100 sacks of sugar at P 2,160 for P 216,000 cash for the month.
Paid utilities expense for the month, P 3,000.

Sold 110 sacks of sugar for cash, P 237,600.

Paid miscellaneous expense, P 500.
Purchased 70 sacks of sugar worth P 126,000.
Paid salaries to store employees, P 5,720.
Paid utilities expense for the month, P 2,800.

Sold 100 sacks of sugar for cash, P 216,000.

Paid store rent for the month, P 8,000.
Paid salaries to store employees, P 5,720.

April

May

2
8
3
0
3
1

Paid utilities expense for the month, P 3,000.

2
4
9
1
1
1
4
1
5
1
8
2
0
2
4
2
5
2
8
2
9
3
1

Paid P 6,000 for rent on storage space.

Purchased 150 sacks of sugar from Suga Sweet Corp. on account, terms 2/10, n/30
Sold 70 sacks of sugar for cash, P 151,200.
Paid salaries to store employees, P 5,720.

1
6
7
1
1
1
2
1
4
1
5
1
7
2
2
2

Purchased 90 sacks of sugar from Suga Sweet Corp, P 162,000.

Sold 85 sacks of sugar for P 183,600.
Paid P 6,000 for rent on storage space.
Paid salaries to store employees, P 5,720.

Jean Lapiz withdrew P 80,000 cash for personal use.

Sold 110 sacks of sugar for cash, P 237,600.

Paid Suga Sweet Corp. in full, less discount.

Paid store rent for the month, P 8,000.
Sold on account 80 sacks of sugar, P 172,800 terms 2/10, n/30.
Jean Lapiz made an additional investment of P 30,000.
Paid salaries to store employees, P 5,720.
Purchased store supplies for cash, P 2,500.
Received collections in full, less discount from customers billed on April 18.
Paid utilities expense for the month, P 3,000.

Purchased truck for P 200,000, paying P 15,000 cash as down payment and the ba

Purchased 100 sacks of sugar on account from Suga Sweet Corp. P 180,000, terms
Paid gas and oil on truck for the month, P 1,500.
Paid rent for the month, P 8,000.
Sold 90 sacks of sugar on account P 194,400 terms, 2/10, n/30.
Paid Suga Sweet Corp. in full, less discount.
Paid store rent for the month, P 8,000.

5
2
7
2
8
2
9
3
1
June

July

Collected 50% from customers billed on May 17, P 95,256, net of discount, P 1,944
Paid monthly instalment for truck, P 46,250.
Paid utilities expense for the month, P 3,000.
Purchased 100 sacks of sugar from Suga Sweet Corp. P 180,000.

3
7
1
2
1
4
1
5
1
7
1
9
2
5
2
7
2
8
2
9
3
0
3
0

Sold 105 sacks of sugar for cash, P 226,800.

Paid P 6,000 for rent on storage space.
Collected the remaining 50% of customers billed on May 17, P 97,200.

2
3
9
1
0
1
2
1
3
1
7
1

Paid Suga Sweet Corp. In full, less 1% discount, P 213,840, net of discount, P 2,160
Purchased on account 90 sacks of sugar, P 162,000, terms 2/10, n/30.
Paid P 6,000 for rent on storage space.
Sold 85 sacks of sugar for cash, P 183,600.

Paid salaries to store employees, P 5,720.

Paid store rent for the month, P 8,000.
Paid miscellaneous expense, P 500.

Purchased on account 120 sacks of sugar from Suga Sweet Corp. P 216,000, terms
Sold 70 sacks of sugar for cash, P 151,200.
Sold 60 sacks of sugar on account P 129,600, terms 2/10, 1/15, n/30.
Paid monthly instalment for truck, P 46,250.
Paid salaries to store employees, P 5,720.
Paid utilities expense for the month, P 2,000.
Paid gas and oil on truck for the month, P 2,000.

Paid Suga Sweet Corp. In full, less discount.

Paid salaries to store employees, P 5,720.
Paid store rent for the month, P 8,000.
Received collections in full from customers billed on June 27, P 129, 600.

8
2
3
2
5
2
8
2
9
3
1
August

Septemb
er

Paid gas and oil on truck for the month, P 1,500.

Sold 45 sacks of sugar for cash, P 97,200.
Paid monthly instalment for truck, P 46,250.
Paid salaries to store employees, P 5,720.
Paid utilities expense for the month, P 3,000.

4
5
8
1
0
1
1
1
4
1
6
1
9
2
8
3
0
3
1

Purchased 110 sacks of sugar for cash, P 198,000.

Purchased store supplies for cash, P 2,500.
Paid P 6,000 for rent on storage space.
Purchased on account 100 sacks of sugar, P 180,000 terms 2/10, n/30.

Sold on account 80 sacks of sugar, P 172,800 terms 2/10, n/30.

4
5
7
9
1
0
1
2
1
4
2
0
2

Paid gas and oil on truck for the month, P 1,800.

Jean Lapiz made an additional investment of P 40,000.
Purchased 110 sacks of sugar on account from Suga Sweet Corp., P 198,000.
Paid P 6,000 for rent on storage space.
Collected 70% from the customers billed on September 1.

Paid store rent for the month, P 8,000.

Paid salaries to store employees, P 5,720.
Sold 125 sacks of sugar for cash, P 270,000.
Paid Suga Sweet Corp. In full, less discount.
Paid monthly instalment for truck, P 46,250.
Paid salaries to store employees, P 5,720.
Paid utilities expense for the month, P 3,000.

Paid store rent for the month, P 8,000.

Paid salaries to store employees, P 5,720.
Collected the remaining from the customers billed on account on September 1.
Paid Suga sweet Corp. In full.

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2
9
3
1
3
1
October

Novembe
r

Decembe
r

Paid salaries to store employees, P 5,720.

Paid utilities expense for the month, P 3,000.
Paid miscellaneous expense, P 500.

2
7
8
1
1
1
4
2
0
2
4
2
9
3
1

Sold 105 sacks of sugar for cash, P 226,800.

Purchased 120 sacks of sugar for cash, P 216,000.
Paid P 6,000 for rent on storage space.
Paid store rent for the month, P 8,000.

Purchased on account 100 sacks of sugar from Suga Sweet Corp., P 180,000 terms

6
9
1
0
1
2
1
5
2
8
2
9

Paid P 6,000 for rent on storage space.

Sold 130 sacks of sugar for cash, P 280,800.
Paid store rent for the month, P 8,000 and purchased P 3,500 of store supplies.

Purchased 100 sacks of sugar for cash, P 180,000.

4
8
9
1
4
1

Purchased on account 100 sacks of sugar from Suga Sweet Corp., P 180,000 terms
Sold 150 sacks of sugar for cash, P 324,000.
Paid P 6,000 for rent on storage space.
Paid Suga Sweet Corp. In full, less discount.

Paid salaries to store employees, P 5,720.

Sold 70 sacks of sugar for cash, P 151,200.
Paid gas and oil on truck for the month, P 2,300.
Paid salaries to store employees, P 5,720.
Paid utilities expense for the month, P 3,000.

Paid Suga Sweet Corp. In full, less discount.

Paid salaries to store employees, P 5,720.
Paid salaries to store employees, P 5,720.
Paid utilities expense for the month, P 3,000.

Paid salaries to store employees, P 5,720.

5
1
8
2
0
2
3
2
9
3
0

Paid store rent for the month, P 8,000.

Sold another 45 sacks of sugar for cash, P 97,200.
Paid gas and oil on truck for the month, P 2,200.
Paid utilities expense for the month, P 3,500.
Paid salaries to store employees, P 5,720.

The transactions for the year 2015 are as follows:

January

3
4
7
9
1
2
1
5
1
7
2
0
2
3
2
7
2
8
3
0
3
0
February

9
1
3

Received P 250,000 loan granted by Metro Bank with 12% annual

interest payable monthly and principal be paid at the end of each
year for two years.
Purchased store supplies for cash, P 3,000.
Purchased 250 sacks of sugar from Suga Sweet Corp. 120 sacks for
cash and 130 sacks on account terms 2/10,n/30.
Paid one-year fire insurance, P 4,000.
Paid business permits to the city government, P 4,000.
Paid salaries to store employees, P 5,720.
Paid P 6,000 for rent on storage space.
Paid store rent for the month, P 8,000.
Sold 200 sacks of sugar for cash, P 432,000.
Paid Suga Sweet Corp. In full.
Paid salaries to store employees, P 5,720.
Paid gas and oil on truck for the month, P 2,500.
Paid interest expense for the month, P 2,500.
Paid utilities expense for the month, P 3,000.

Purchased 120 sacks of sugar for cash, P 216,000.

Paid salaries to store employees, P 5,720.

March

April

1
6
1
8
2
0
2
4
2
7
2
8
2
8

Paid P 6,000 for rent on storage space.

2
6
9
1
5
1
7
1
8
2
0
2
9
3
0
3
1

Purchased 120 sacks of sugar for cash, P 216,000.

Sold 120 sacks of sugar for cash, P 259,200.
Paid gas and oil on truck for the month, P 3,000.
Paid salaries to store employees, P 5,720.

4
7
9
1
0
1
2
1
4
1
6
2
2
2

Sold 125 sacks of sugar for cash, P 270,000.

Paid Suga Sweet Corp. In full.
Paid P 6,000 for rent on storage space.
Paid store rent for the month, P 8,000.

Paid store rent for the month, P 8,000.

Sold 150 sacks of sugar for cash, P 324,000.
Paid miscellaneous expense of P 500.
Paid salaries to store employees, P 5,720.
Paid interest expense for the month, P 2,500.
Paid utilities expense for the month, P 3,200.

Paid P 6,000 for rent on storage space.

Paid store rent for the month, P 8,000.
Purchased 140 sacks of sugar on account from Suga Sweet Corp. P
252,000 terms 2/10, n/30.
Paid interest expense for the month, P 2,500.
Paid salaries to store employees, P 5,720.
Paid utilities expense for the month, P 2,800.

Purchased 120 sacks of sugar on account from Suga Sweet Corp. P

216,000 terms 2/10, n/30.
Paid salaries to store employees, P 5,720.
Sold 115 sacks of sugar for cash, P 248,400.
Paid Suga Sweet Corp. In full, less discount.
Paid utilities expense for the month, P 3,000.

9
2
9
3
0
May

2
5
8
1
0
1
4
1
5
1
6
2
2
2
9
3
0
3
1

June

July

Paid salaries to store employees, P 5,720.

Paid interest expense for the month, P 2,500.

Paid gas and oil on truck for the month, P 3,000.

Purchased 180 sacks of sugar from Suga Sweet Corp. 90 sacks for
cash and 90 sacks on account terms 2/10, n/30.
Jean Lapiz withdrew P 120,000 cash for personal use.
Paid P 6,000 for rent on storage space.
Paid salaries to store employees, P 5,720.
Paid store rent for the month, P 8,000.
Sold 210 sacks of sugar. 150 sacks for cash P324,000 and 60 sacks
on account terms 2/10, n/30.
Paid Suga Sweet Corp. In full.
Paid salaries to store employees, P 5,720.
Paid interest expense for the month, P 2,500.
Paid utilities expense for the month, P 3,200.

3
6
7
9
1
3
1
5
1
9
2
8
2
9
3
0

Received collections from customers billed on may 16 in full.

Purchased 110 sacks of sugar for cash, P 198,000.
Purchased store supplies, P 3,000.
Paid P 6,000 for rent on storage space.
Paid salaries to store employees, P 5,720.

3
9
1

Purchased 150 sacks of sugar for cash, P 270,000.

Paid P 6,000 for rent on storage space.
Paid store rent for the month, P 8,000.

Paid store rent for the month, P 8,000.

Sold 105 sacks of sugar for cash, P 226,800.
Paid salaries to store employees, P 5,720.
Paid interest expense for the month, P 2,500.
Paid utilities expense for the month, P 3,200.

4
1
5
1
9
2
1
2
3
3
0
3
1
3
1
August

4
7
9
1
2
1
4
1
5
1
9
2
2
2
9
3
0
3
1

Septemb
er

2
8
1
0
1
1
1
2
1

Paid salaries to store employees, P 5,720.

Sold 130 sacks of sugar for cash, P 280,800.
Jean Lapiz made an additional investment of P 40,000.
Paid gas and oil for truck, P 3,000.
Paid interest expense for the month, P 2,500.
Paid utilities expense for the month, P 3,000.
Paid salaries to store employees, P 5,720.

Paid miscellaneous expense for P 500.

Purchased 130 sacks of sugar on account from Suga Sweet Corp. P
234,000 terms 2/10, n/30.
Sold 90 sacks of sugar on account, P 194,400 terms 2/10, n/30.
Paid P 6,000 for rent on storage space.
Paid salaries to store employees, P 5,720.
Paid store rent for the month, P 8,000.
Collected in full, less discount from customers billed on August 4.
Paid Suga Sweet Corp. In full.
Paid salaries to store employees, P 5,720.
Paid utilities expense for the month, P 3,200.
Paid interest expense for the month, P 2,500.

Purchased on account 100 sacks of sugar from Suga Sweet Corp., P

180,000 terms 2/10, n/30.
Sold 105 sacks of sugar for cash, P 226,800.
Paid gas and oil on truck, P 3,200.
Paid P 6,000 for rent on storage space.
Paid Suga Sweet Corp. In full, less discount.
Paid salaries to store employees, P 5,720.

3
1
6
2
1
2
8
2
9
3
0
October

Novembe
r

Paid store rent for the month, P 8,000.

Sold 50 sacks of sugar on account, P 108,000 terms 2/10, n/30.
Paid salaries to store employees, P 5,720.
Paid utilities expense for the month, P 3,000.
Paid interest expense for the month, P 2,500.

1
6
1
1
1
2
1
3
1
5
1
9
2
2
2
5
2
8
2
9
3
1

Purchased 120 sacks of sugar for cash, P 216,000.

Collected full from customers on account.
Paid gas and oil on truck, P 2,000.

Sold 90 sacks of sugar for cash, P 194,400.

1
0
1
4
1
6
1
8
2
3

Paid P 6,000 for rent on storage space.

Sold 100 sacks of sugar for cash, P 216,000.

Paid salaries to store employees, P 5,720.
Paid store rent for the month, P 8,000 and rent on storage space, P
6,000.
Purchased store supplies, P 3,000.
Paid miscellaneous expense for P 400.
Purchased on account 110 sacks of sugar from Suga Sweet Corp., P
198,000 terms 2/10, n/30.
Paid salaries to store employees, P 5,720.
Paid utilities expense for the month, P 3,000.
Paid interest expense for the month, P 2,500.

Paid salaries to store employees, P 5,720.

Paid store rent for the month, P 8,000.
Jean Lapiz made an additional investment of P 50,000.
Purchased 120 sacks of sugar for P 216,000.

Decembe
r

2
9
3
0
3
0

Paid salaries to store employees, P 5,720.

Purchased 50 sacks of sugar for P 90,000.

9
1
5
1
7
2
0
2
9
3
0
3
1
3
1

Paid P 6,000 for rent on storage space.

Paid salaries to store employees, P 5,720.

Paid interest expense for the month, P 2,500.

Paid utilities expense for the month, P 3,000.

Paid store rent for the month, P 8,000.

Paid gas and oil on truck, P 3,000.
Sold 180 sacks of sugar for cash, P 388,800.
Paid salaries to store employees, P 5,720.
Paid utilities expense for the month, P 3,000.
Payment of loan plus interest of P 2,500.