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

7 Purchased store equipment for P 50,000 cash.
7 Purchased 130 sacks of sugar for cash from Suga Sweet Corp., P 234,000.
8 Paid store rent for the month, P 8,000.
10 Paid business permit to the city government, P 2,400.
12 Paid one-year fire insurance, P 4,000.
14 Purchased store supplies for cash, P 2,000.
22 Paid salaries to store employees, P 5,720.
31 Sold a total of 100 sacks of sugar at P 2,160 for P 216,000 cash for the month.
31 Paid utilities expense for the month, P 3,000.

February 6 Paid salaries to store employees, P 5,720.

9 Purchased 120 sacks of sugar for P 216,000 from Suga Sweet Corp.
14 Paid store rent for the month, P 8,000.
18 Sold 110 sacks of sugar for cash, P 237,600.
21 Paid miscellaneous expense, P 500.
25 Purchased 70 sacks of sugar worth P 126,000.
26 Paid salaries to store employees, P 5,720.
31 Paid utilities expense for the month, P 2,800.

March 1 Purchased 120 sacks of sugar for P 216,000 from Suga Sweet Corp.
12 Paid salaries to store employees, P 5,720.
15 Sold 100 sacks of sugar for cash, P 216,000.
16 Paid store rent for the month, P 8,000.
26 Paid salaries to store employees, P 5,720.
28 Paid utilities expense for the month, P 3,000.
30 Jean Lapiz withdrew P 80,000 cash for personal use.
31 Sold 110 sacks of sugar for cash, P 237,600.

April 2 Paid P 6,000 for rent on storage space.

4 Purchased 150 sacks of sugar from Suga Sweet Corp. on account, terms 2/10, n/30.
9 Sold 70 sacks of sugar for cash, P 151,200.
11 Paid salaries to store employees, P 5,720.
14 Paid Suga Sweet Corp. in full, less discount.
15 Paid store rent for the month, P 8,000.
18 Sold on account 80 sacks of sugar, P 172,800 terms 2/10, n/30.
 20 Jean Lapiz made an additional investment of P 30,000.
24 Paid salaries to store employees, P 5,720.
25 Purchased store supplies for cash, P 2,500.
28 Received collections in full, less discount from customers billed on April 18.
29 Paid utilities expense for the month, P 3,000.
31 Purchased truck for P 200,000, paying P 15,000 cash as down payment and the
balance be on account for four instalments.

May 1 Purchased 90 sacks of sugar from Suga Sweet Corp, P 162,000.

6 Sold 85 sacks of sugar for P 183,600.
7 Paid P 6,000 for rent on storage space.
11 Paid salaries to store employees, P 5,720.
12 Purchased 100 sacks of sugar on account from Suga Sweet Corp. P 180,000, terms
2/10, n/30.
14 Paid gas and oil on truck for the month, P 1,500.
15 Paid rent for the month, P 8,000.
17 Sold 90 sacks of sugar on account P 194,400 terms, 2/10, n/30.
22 Paid Suga Sweet Corp. in full, less discount.
25 Paid store rent for the month, P 8,000.
27 Collected 50% from customers billed on May 17, P 95,256, net of discount, P 1,944.
28 Paid monthly instalment for truck, P 46,250.
29 Paid utilities expense for the month, P 3,000.
31 Purchased 100 sacks of sugar from Suga Sweet Corp. P 180,000.

June 3 Sold 105 sacks of sugar for cash, P 226,800.

7 Paid P 6,000 for rent on storage space.
12 Collected the remaining 50% of customers billed on May 17, P 97,200.
14 Paid salaries to store employees, P 5,720.
15 Paid store rent for the month, P 8,000.
17 Paid miscellaneous expense, P 500.
19 Purchased on account 120 sacks of sugar from Suga Sweet Corp. P 216,000, terms
2/10, 1/15, n/30.
25 Sold 70 sacks of sugar for cash, P 151,200.
27 Sold 60 sacks of sugar on account P 129,600, terms 2/10, 1/15, n/30.
28 Paid monthly instalment for truck, P 46,250.
29 Paid salaries to store employees, P 5,720.
30 Paid utilities expense for the month, P 2,000.
30 Paid gas and oil on truck for the month, P 2,000.

July 2 Paid Suga Sweet Corp. In full, less 1% discount, P 213,840, net of discount, P 2,160.
3 Purchased on account 90 sacks of sugar, P 162,000, terms 2/10, n/30.
 9 Paid P 6,000 for rent on storage space.
10 Sold 85 sacks of sugar for cash, P 183,600.
12 Paid Suga Sweet Corp. In full, less discount.
13 Paid salaries to store employees, P 5,720.
17 Paid store rent for the month, P 8,000.
18 Received collections in full from customers billed on June 27, P 129, 600.
23 Paid gas and oil on truck for the month, P 1,500.
25 Sold 45 sacks of sugar for cash, P 97,200.
28 Paid monthly instalment for truck, P 46,250.
29 Paid salaries to store employees, P 5,720.
31 Paid utilities expense for the month, P 3,000.

August 4 Purchased 110 sacks of sugar for cash, P 198,000.

5 Purchased store supplies for cash, P 2,500.
8 Paid P 6,000 for rent on storage space.
10 Purchased on account 100 sacks of sugar, P 180,000 terms 2/10, n/30.
11 Paid store rent for the month, P 8,000.
14 Paid salaries to store employees, P 5,720.
16 Sold 125 sacks of sugar for cash, P 270,000.
19 Paid Suga Sweet Corp. In full, less discount.
28 Paid monthly instalment for truck, P 46,250.
30 Paid salaries to store employees, P 5,720.
31 Paid utilities expense for the month, P 3,000.

September 1 Sold on account 80 sacks of sugar, P 172,800 terms 2/10, n/30.

4 Paid gas and oil on truck for the month, P 1,800.
5 Jean Lapiz made an additional investment of P 40,000.
7 Purchased 110 sacks of sugar on account from Suga Sweet Corp., P 198,000.
9 Paid P 6,000 for rent on storage space.
10 Collected 70% from the customers billed on September 1.
12 Paid store rent for the month, P 8,000.
14 Paid salaries to store employees, P 5,720.
20 Collected the remaining from the customers billed on account on September 1.
23 Paid Suga sweet Corp. In full.
29 Paid salaries to store employees, P 5,720.
31 Paid utilities expense for the month, P 3,000.
31 Paid miscellaneous expense, P 500.

October 2 Sold 105 sacks of sugar for cash, P 226,800.

7 Purchased 120 sacks of sugar for cash, P 216,000.
8 Paid P 6,000 for rent on storage space.
 11 Paid store rent for the month, P 8,000.
14 Paid salaries to store employees, P 5,720.
20 Sold 70 sacks of sugar for cash, P 151,200.
24 Paid gas and oil on truck for the month, P 2,300.
29 Paid salaries to store employees, P 5,720.
31 Paid utilities expense for the month, P 3,000.

November 2 Purchased on account 100 sacks of sugar from Suga Sweet Corp., P 180,000 terms
2/10, n/30.
6 Paid P 6,000 for rent on storage space.
9 Sold 130 sacks of sugar for cash, P 280,800.
10 Paid store rent for the month, P 8,000 and purchased P 3,500 of store supplies.
12 Paid Suga Sweet Corp. In full, less discount.
15 Paid salaries to store employees, P 5,720.
28 Paid salaries to store employees, P 5,720.
29 Paid utilities expense for the month, P 3,000.

December 1 Purchased 100 sacks of sugar for cash, P 180,000.

4 Purchased on account 100 sacks of sugar from Suga Sweet Corp., P 180,000 terms
2/10, n/30.
8 Sold 150 sacks of sugar for cash, P 324,000.
9 Paid P 6,000 for rent on storage space.
14 Paid Suga Sweet Corp. In full, less discount.
15 Paid salaries to store employees, P 5,720.
18 Paid store rent for the month, P 8,000.
20 Sold another 45 sacks of sugar for cash, P 97,200.
23 Paid gas and oil on truck for the month, P 2,200.
29 Paid utilities expense for the month, P 3,500.
30 Paid salaries to store employees, P 5,720.

The transactions for the year 2015 are as follows:

January 1 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.
3 Purchased store supplies for cash, P 3,000.
4 Purchased 250 sacks of sugar from Suga Sweet Corp. 120 sacks for cash and 130
sacks on account terms 2/10,n/30.
7 Paid one-year fire insurance, P 4,000.
 9 Paid business permits to the city government, P 4,000.
12 Paid salaries to store employees, P 5,720.
15 Paid P 6,000 for rent on storage space.
17 Paid store rent for the month, P 8,000.
20 Sold 200 sacks of sugar for cash, P 432,000.
23 Paid Suga Sweet Corp. In full.
27 Paid salaries to store employees, P 5,720.
28 Paid gas and oil on truck for the month, P 2,500.
30 Paid interest expense for the month, P 2,500.
30 Paid utilities expense for the month, P 3,000.

February 9 Purchased 120 sacks of sugar for cash, P 216,000.

13 Paid salaries to store employees, P 5,720.
16 Paid P 6,000 for rent on storage space.
18 Paid store rent for the month, P 8,000.
20 Sold 150 sacks of sugar for cash, P 324,000.
24 Paid miscellaneous expense of P 500.
27 Paid salaries to store employees, P 5,720.
28 Paid interest expense for the month, P 2,500.
28 Paid utilities expense for the month, P 3,200.

March 2 Purchased 120 sacks of sugar for cash, P 216,000.

6 Sold 120 sacks of sugar for cash, P 259,200.
9 Paid gas and oil on truck for the month, P 3,000.
15 Paid salaries to store employees, P 5,720.
17 Paid P 6,000 for rent on storage space.
18 Paid store rent for the month, P 8,000.
20 Purchased 140 sacks of sugar on account from Suga Sweet Corp. P 252,000 terms
2/10, n/30.
29 Paid interest expense for the month, P 2,500.
30 Paid salaries to store employees, P 5,720.
31 Paid utilities expense for the month, P 2,800.

April 4 Sold 125 sacks of sugar for cash, P 270,000.

7 Paid Suga Sweet Corp. In full.
9 Paid P 6,000 for rent on storage space.
10 Paid store rent for the month, P 8,000.
12 Purchased 120 sacks of sugar on account from Suga Sweet Corp. P 216,000 terms
2/10, n/30.
14 Paid salaries to store employees, P 5,720.
 16 Sold 115 sacks of sugar for cash, P 248,400.
22 Paid Suga Sweet Corp. In full, less discount.
29 Paid utilities expense for the month, P 3,000.
29 Paid salaries to store employees, P 5,720.
30 Paid interest expense for the month, P 2,500.

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

June 3 Received collections from customers billed on may 16 in full.

6 Purchased 110 sacks of sugar for cash, P 198,000.
7 Purchased store supplies, P 3,000.
9 Paid P 6,000 for rent on storage space.
13 Paid salaries to store employees, P 5,720.
15 Paid store rent for the month, P 8,000.
19 Sold 105 sacks of sugar for cash, P 226,800.
28 Paid salaries to store employees, P 5,720.
29 Paid interest expense for the month, P 2,500.
30 Paid utilities expense for the month, P 3,200.

July 3 Purchased 150 sacks of sugar for cash, P 270,000.

9 Paid P 6,000 for rent on storage space.
14 Paid store rent for the month, P 8,000.
15 Paid salaries to store employees, P 5,720.
19 Sold 130 sacks of sugar for cash, P 280,800.
21 Jean Lapiz made an additional investment of P 40,000.
23 Paid gas and oil for truck, P 3,000.
30 Paid interest expense for the month, P 2,500.
31 Paid utilities expense for the month, P 3,000.
 31 Paid salaries to store employees, P 5,720.

August 4 Paid miscellaneous expense for P 500.

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

September 2 Purchased on account 100 sacks of sugar from Suga Sweet Corp., P 180,000 terms
2/10, n/30.
8 Sold 105 sacks of sugar for cash, P 226,800.
10 Paid gas and oil on truck, P 3,200.
11 Paid P 6,000 for rent on storage space.
12 Paid Suga Sweet Corp. In full, less discount.
13 Paid salaries to store employees, P 5,720.
16 Paid store rent for the month, P 8,000.
21 Sold 50 sacks of sugar on account, P 108,000 terms 2/10, n/30.
28 Paid salaries to store employees, P 5,720.
29 Paid utilities expense for the month, P 3,000.
30 Paid interest expense for the month, P 2,500.

October 1 Purchased 120 sacks of sugar for cash, P 216,000.

6 Collected full from customers on account.
11 Paid gas and oil on truck, P 2,000.
12 Sold 100 sacks of sugar for cash, P 216,000.
13 Paid salaries to store employees, P 5,720.
15 Paid store rent for the month, P 8,000 and rent on storage space, P 6,000.
19 Purchased store supplies, P 3,000.
22 Paid miscellaneous expense for P 400.
25 Purchased on account 110 sacks of sugar from Suga Sweet Corp., P 198,000 terms
2/10, n/30.
28 Paid salaries to store employees, P 5,720.
29 Paid utilities expense for the month, P 3,000.
 31 Paid interest expense for the month, P 2,500.

November 5 Sold 90 sacks of sugar for cash, P 194,400.

10 Paid P 6,000 for rent on storage space.
14 Paid salaries to store employees, P 5,720.
16 Paid store rent for the month, P 8,000.
18 Jean Lapiz made an additional investment of P 50,000.
23 Purchased 120 sacks of sugar for P 216,000.
29 Paid salaries to store employees, P 5,720.
30 Paid interest expense for the month, P 2,500.
30 Paid utilities expense for the month, P 3,000.

December 3 Purchased 50 sacks of sugar for P 90,000.

9 Paid P 6,000 for rent on storage space.
15 Paid salaries to store employees, P 5,720.
17 Paid store rent for the month, P 8,000.
20 Paid gas and oil on truck, P 3,000.
29 Sold 180 sacks of sugar for cash, P 388,800.
30 Paid salaries to store employees, P 5,720.
31 Paid utilities expense for the month, P 3,000.
31 Payment of loan plus interest of P 2,500.