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October Merchandising Financial Analysis

The document outlines the transactions of DEADMA WALKING MERCHANDISING for October 2018, detailing cash inflows and outflows, sales, purchases, and expenses. It includes a post-closing trial balance from September 30, 2018, and requires the preparation of T-accounts, trial balance, financial statements, closing entries, and a post-closing trial balance. Additionally, it notes that there was no beginning merchandise inventory and provides an estimated ending inventory of P150,000.

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Phegiel Honculada Magamay
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23 views2 pages

October Merchandising Financial Analysis

The document outlines the transactions of DEADMA WALKING MERCHANDISING for October 2018, detailing cash inflows and outflows, sales, purchases, and expenses. It includes a post-closing trial balance from September 30, 2018, and requires the preparation of T-accounts, trial balance, financial statements, closing entries, and a post-closing trial balance. Additionally, it notes that there was no beginning merchandise inventory and provides an estimated ending inventory of P150,000.

Uploaded by

Phegiel Honculada Magamay
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd

Merchandising Problem: Periodic Method

1. DEADMA WALKING MERCHANDISING company owned by Ms. Migs had the following transactions for
the month of October, 2018.
Date Particulars F Debit Credit
October 3 Cash P 1,355,500
Migs, Capital P 1,355,500
Cash Investment

5 Accounts Receivable 555,690


Sales 555,690
Sold goods on account

7 Purchases 86,800
Accounts Payable 86,800
Purchased goods on account

8 Freight In 4,700
Cash 4,700
Paid freight

10 Accounts Payable 8,600


Purchase Returns & Allowances 8,600
Returned goods

11 Cash 347,110
Sales 347,110
Sold goods in cash

12 Freight Out 5,700


Salaries Expense 89,600
Utilities Expense 12,800
Cash 108,100
Paid various expenses

14 Cash 445,500
Sales Discount 4,500
Accounts Receivable 450,000
Collected its account

17 Purchases
Cash 180,900
Purchased goods in cash 180,900

19 Accounts Payable 50,000


Cash 49,500
Purchase Discounts 500
Paid its account partially

20 Migs, Withdrawal 66,300


Cash 66,300
Withdrew cash for personal use

22 Purchases 119,400
Accounts Payable 119,400
Purchased goods on account

24 Accounts Receivable 48,900


Sales 48,900
Sold goods on account

25 Sales Returns & Allowances 23,000


Accounts Receivable 23,000
Returned merchandise

27 Cash 25,382
Sales Discount 518
Accounts Receivable 25,900
Collected its account

30 Furniture and Fixtures 48,900


Accounts Payable 48,900
Purchased furniture on account
Aside from the General Journal Records, beginning balances were also given, details are as follows:

DEADMA WALKING MERCHANDISING COMPANY


POST-CLOSING TRIAL BALANCE
September 30, 2018

Account Title Debit Credit


Cash P 1,228,200
Accounts Receivable 228,700
Office Equipment 338,600
Furniture and Fixtures 100,700
Accounts Payable P 450,550
Migs, Capital 1,445,650
Total P 1,896,200 P 1,896,200
Other Information:
1. No beginning Merchandise Inventory for the month starting October.
2. Ending Merchandise Inventory is estimated to be P150,000.

Requirements:
1. Make a T-accounts
2. Trial Balance
3. Prepare the following Financial Statements
a. Cost of Goods Sold
b. Income Statement
c. Statement of Owner’s Equity
d. Statement of Financial Position
4. Closing Entries
5. Post-closing Trial Balance (excluding account no.)

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