Business Enterprise Simulation
Module 2: Start-Up General Merchandise
Subject Objectives
At the end of this module, learners are expected to:
1. prepare the journal entries for the transactions of Start-Up Gen. Mdse.
every month
2. prepare the trial balances for each month of operations
3. prepare the adjusting entries
4. prepare the worksheet for the end of the year for Start-Up Gen. Mdse.
5. prepare the closing entries and post-closing trial balance of Start-Up
Gen. Mdse.
6. prepare the financial statements of Start-Up Gen. Mdse.
Subject Content
MERCHANDISING BUSINESS
A merchandising business sells goods, also known as merchandise.
Good examples of merchandising businesses include retail clothing, grocery
stores and bookstores. Some businesses produce the goods they sell, while
other merchandise businesses buy and sell goods, they've purchased
wholesale. Or it could be a combination of the two.
Merchandising is the promotion of goods and/or services that are
available for retail sale. Merchandising includes the determination of
quantities, setting prices for goods and services, creating display designs,
developing marketing strategies, and establishing discounts or coupons. More
broadly, merchandising may refer to retail sales itself: the provision of goods
to end-user consumers.
For a business that produces what it sells, not only does the business
have the normal operating expenses any business has, it also has production
costs, such as purchasing new materials and labor for producing goods.
Merchandising businesses that purchase finished goods must buy the goods
and then mark up the merchandise before they sell it.
Start-Up General Merchandise
Year Revised: 2020 Page 1 of 18
Self-Assessment
START-UP GENERAL MERCHANDISE
General Instructions:
1. Fiscal Year ends on December 31, 2019.
2. SSS, HDMF (Pag-ibig), PhilHealth deductions shall be computed based on
the existing table of contributions for the year 2019 and shall be the same
every month.
3. They shall be recorded as payables every month and will be paid in a
quarterly basis.
4. Cash in Bank when used as payment shall be in the form of a check.
5. Bank transactions cover banking hours of 9:00 AM to 3:00 PM from
Monday to Friday only.
6. All sales are VAT INCLUSIVE.
Start-Up General Merchandise
Year Revised: 2020 Page 2 of 18
September 2019
Date |Transaction
2 Kris T. Melania invested in a grocery named Start-Up General
Merchandise by investing the following: Php 500,000.00 cash
investment; Land 420 sq.m., Php 1,300.00 per sq.m.; Php 453,303.00
in the construction of the grocery space; Php 218,201.00 in the steel
racks shelves; Php 28,496.00 for steel benches and stools.
Purchased 3 cash registers, Php 8,210.00 each.
Purchased 3 receipt printers, Php 2,179.00 each.
Purchased grocery supplies: thermal paper receipt rolls, ballpoint pens,
and the like, Php 8,330.00.
3 Paid for taxes and licenses for the business, Php 5,250.00.
Hired 2 cashiers, Php 8,000.00 monthly salary.
Hired 2 utility baggers, Php 8,000.00 monthly salary.
Hired employees to start work tomorrow.
Purchased 4 electric fans for the grocery, Php 2,600.00 each.
Purchased Php 282,000.00 worth of merchandise from PureMore
Supermarket less 3-2-3-4 and with 3/15 discount n/eom term.
Down payment, Php 60,000.00. FOB shipping point, Php 1,100.00.
Purchased shopping baskets, Php 12,520.00.
Start-Up General Merchandise
Year Revised: 2020 Page 3 of 18
4 Paid for insurance coverage, Php 56,000.00 Coverage started Sept 1.
Registered the business to SSS, PhilHealth, and Pag-ibig. Paid the fees
for licenses here, Php 950.00.
Soft opening of the business. Paid for advertising, Php 3,500.00.
Sales for goods sold, Php 8,348.00.
5 Grand opening of the business.
Sales, Php 12,119.00.
Sold merchandise to Tindahan Store, Php 33,223.00 with 1.5%/10
discount with n/20 term.
Received down payment of Php 7,500.00.
Freight was paid by the buyer.
6 Made partial payment to PureMore, Php 50,000.00
Sales, Php 11,885.00.
Paid for installation of telephone and internet, Php 1,099.00.
7 Sales, Php 19,226.00.
Sold merchandise to 822 Store, Php 27,804.00 with 1%/10 discount
with n/20 term.
Received down payment of Php 5,000.00.
Freight was paid by the buyer.
9 Sales, Php 15,187.00.
Received partial payment from Tindahan Store, Php 12,500.00.
Sold Php 56,000.00 to CPD Convenience Store with 1.3%/10 discount
with n/20 term.
Received down payment, Php 15,000.00.
Freight was paid by the buyer.
10 Sales, Php 19,443.00.
Received partial payment from 822 store, Php 7,000.00.
11 Sales, Php 14,679.00.
Received partial payment from Tindahan Store, Php 10,000.00.
12 Sales, Php 17,811.00.
Received returned goods due label defect from CPD Convenience, Php
6,000.00.
Received full payment from Tindahan Store.
13 Sales, Php 21,036.00.
Purchased merchandise from SaveGold Wholesalers, Php 180,400.00
less 4-1-1-3 with 3/12 2/15 discount n/eom.
Down payment, Php 20,000.00. FOB shipping point, Php 898.00.
Start-Up General Merchandise
Year Revised: 2020 Page 4 of 18
14 Sales, Php 23,881.00.
Paid PureMore in full for the merchandise purchased last Sept. 3.
Received full payment from 822 store.
Paid for the salaries of the employees for the period.
[ Compute for their daily salaries from Sept. 4 to 15 ]
Rented out a part of the parking area to a siomai stand, King Sho
Siomai. Contract stated rent amount to be php 2,600.00 monthly.
Received 1 1/2 months payment from King Sho.
16 Sales, Php 19,856.00.
Renovated part of the grocery space and converted it to an office, Php
37,000.00. Paid 20,000.00 the remaining on a note.
Purchased an office table, a swivel chair, and two office chairs, Php
16,400.00.
Invested her own desktop computer for the business, Php 11,000.00.
EUL = 3 years, Scrap Value = 2,200.00.
17 Sales, Php 17,597.00.
Purchased office supplies, Php 978.00.
Sold, Php 26,450.00 worth of merchandise to SML store with 1/10
discount n/20 term.
Received Php 6,000.00 down payment. Freight was paid by the buyer.
18 Sales, Php 13,443.00.
Made a partial payment to SaveGold, Php 20,000.00.
Paid in full the remaining amount for the office space construction.
Billed for water utilities, Php 355.00.
Received partial payment from CPD store, Php 15,000.00.
19 Sales, Php 16,218.00.
Received full payment from CPD store.
20 Sales, Php 16,886.00.
Sold merchandise to Bravo Mart, Php 48,790.00 less 2-1 with 1.2/15
n/20.
Received Php 10,000.00 down payment. Freight was paid by the buyer.
Made partial payment to SaveGold, Php 30,000.00
21 Sales, Php 22,204.00.
Received partial payment from Bravo Mart, Php 4,800.00.
Billed for electricity, Php 4,490.00.
23 Paid SaveGold for the merchandise purchased last Sept. 13.
Paid for water utilities.
Start-Up General Merchandise
Year Revised: 2020 Page 5 of 18
24 Purchased Merchandise from PureMore, Php 182,300.00 less 2-2-2
with 3/15 n/25.
Made a down payment of Php 60,000.00.
FOB shipping point, Php 890.00.
Sales, Php 11,998.00
25 Returned defective goods to PureMore, Php 4,296.00.
Sales, Php 13,550.00.
Paid for electricity.
26 Sales, Php 16,119.00.
Made partial payment to PureMore, Php 15,000.00.
27 Sales, Php 18,997.00.
Received full payment from BravoMart.
28 Sales, Php 24,067.00.
Made partial payment to PureMore, Php 25,000.00
30 Sales, Php 32,817.00.
Sold merchandise to Tindahan Store, Php 33,610.00 less 2 with 1/10
n/20.
Received Php 15,000.00 down payment. Freight was paid by the buyer.
Paid for the salaries of the employees for the period.
Record SSS, HDMF (Pag-ibig), PhilHealth deductions.
SSS Premium Expense
SSS Premium Payable
PhilHealth Premium Expense
PhilHealth Premium Payable
HDMF Premium Expense
HDMF Premium Payable
*Compute using the tables for SSS, PhilHealth, and HDMF
Contribution tables.
• Prepare the JOURNAL ENTRIES and TRIAL BALANCE for the
month of SEPTEMBER 2019
Start-Up General Merchandise
Year Revised: 2020 Page 6 of 18
October 2019
Date |Transaction
1 Sales, Php 16,440.00.
Made partial payment to PureMore, Php 11,000.00.
Sold merchandise to Singko Store, Php 55,551.00 less 1-2 with 1.5/15
n/20 term.
Received Php 22,000.00 down payment. Freight was paid by the buyer.
2 Sales, Php 12,212.00.
Purchased additional receipt thermal paper rolls, Php 670.00.
Issued a credit memo to Singko Store, Php 2,500.00.
3 Sales, Php 17,663.00.
Made partial payment to PureMore, Php 20,000.00.
4 Sales, Php 17,133.00.
Received partial payment from Php Singko Store, Php 10,000.00.
5 Sales, Php 23,884.00.
Received full payment from Tindahan Store for merchandise sold last
September 30.
Sold merchandise to Tres Store, Php 28.490.00 with 1/10 n/20 term.
Received Php 5,000.00 down payment. Freight was paid by the buyer.
7 Sales, Php 15,211.00.
Paid PureMore for the merchandise purchased last September 24.
Received partial payment from Tres Store, Php 5,000.00.
8 Sales, Php 15,446.00.
Received full payment from Singko Store.
9 Sales, Php 21,545.00
Purchased merchandise from PureMore, Php 142,568.00 less 4-3-1-2
with 3/15 n/25.
Paid Php 50,000.00 down payment.
FOB shipping point, Php 850.00.
10 Sales, Php 19,448.00.
Received partial payment from Tres Store, Php 5,000.00
Sold merchandise to 822 store, Php 29,563.00 less 1 with 1/10 n/15
term.
Received Php Php 10,000.00 down payment. Freight was paid by the
buyer.
Start-Up General Merchandise
Year Revised: 2020 Page 7 of 18
11 Sales, Php 22,118.00.
Decided to purchase a 2nd hand L300 van on account, Php 105,000.00,
for deliveries. One of the utilities will also be the driver. Paid Php
35,000.00 down payment. EUL = 5 years, Scrap value = Php 4,500.00.
Paid for gas of the van, Php 1,900.00.
12 Sales, Php 26,457.00.
Received full payment from Tres Store.
Received partial payment from 822 store, Php 4,000.00.
14 Sales, Php 18,115.00
Billed for internet and telephone utilities, Php 1,099.00
Sold Merchandise to Bravo Mart, Php 42,068.00 with 1.5/10 n/20.
Received Php 15,000.00 down payment.
Freight was paid by the buyer to the grocery’s delivery services,
Php 500.00.
Kris made additional cash investment of Php 200,000.00.
15 Sales, Php 23,117.00.
Purchased merchandise from SaveGold, Php 195,880.00 less 5-5-8-2
with 3/15 n/30 term.
Paid Php 100,000.00 down payment. FOB shipping point, Php 900.00
Paid for the salaries of the employees for the period.
16 Sales, Php 21,338.00.
Disposed broken grocery baskets, Php 160.00.
Purchased new grocery baskets, Php 848.00.
Purchased a printer for the office, Php 7,800.00.
Billed for water utilities, Php 768.00.
17 Sales, Php 22.067.00
Made partial payment to SaveGold, Php 10,000.00.
Received partial payment from Bravo Mart, Php 5,000.00.
Received full payment from 822 Store.
Billed for internet and telephone utilities for the month, Php 1,099.00.
18 Sales, Php 23,887.00
Received partial payment from Bravo Mart, Php 3,000.00.
Sold merchandise to BB merchandising, Php 76,448.00 less 2-2-5 with
2/10 n/20 term.
Received Php 20,000.00 down payment,
Freight received by the grocery’s delivery services, Php 890.00.
Paid PureMore for the the merchandise purchased last Oct. 9.
Start-Up General Merchandise
Year Revised: 2020 Page 8 of 18
19 Sales, Php 29,879.00.
Paid for water utilities.
Made partial payment to SaveGold, Php 20,000.00.
Purchased merchandise from PureMore, Php 165,000.00 less 7-5-5
with 3/15 n/25 term.
Paid Php 40,000.00 down payment.
FOB Shipping point, Php 900.00.
21 Sales, Php 22,067.00.
Paid for internet and telephone utilities.
Made partial payment to SaveGold, Php 10,000.00.
Received partial payment from BB merchandising, Php 25,000.00.
Billed for electricity, Php 4,516.00.
22 Sales, Php 25,078.00.
Received full payment from Bravo Mart.
Sold merchandise to Princess store, Php 43,019.00 less 1-1 with 2/10
n/15 term.
Received Php 15,000.00 down payment.
Freight received by the grocery’s delivery services, Php 800.00.
23 Paid SaveGold for merchandise purchased last Oct. 15.
Sales, Php 28,992.00.
Made partial payment to PureMore, Php 15,000.00.
24 Sales, Php 31,058.00.
Paid for electrical utilities.
Paid for the repair of one receipt printer, Php 200.00.
Gas expense for the van, Php 1,850.00.
Received partial payment from Princess Store, Php 6,000.00.
25 Sales, Php 34,564.00.
Made partial payment to PureMore, Php 15,000.00.
Sold merchandise to MAD and UGA mart, Php 87,880.00 less 1-4 with
2/12 n/20 term.
Received Php 30,000.00 down payment.
Freight received by the grocery’s delivery services, Php 800.00.
Received full payment from BB merchandising.
26 Sales, Php 36,881.00.
Purchased merchandise from SaveGold, Php 225,780.00 less 5-5-6
with 3/15 n/30 term.
Paid Php 50,000.00 down payment. Freight was paid by the seller.
Start-Up General Merchandise
Year Revised: 2020 Page 9 of 18
28 Received full payment from Princess Store.
Received partial payment from MAD and UGA mart, Php 15,000.00.
Sales, Php 32,772.00.
29 Received partial payment from MAD and UGA mart, Php 10,000.00.
Sales, Php 35,880.00.
Paid PureMore for the merchandise purchased last Oct 19.
30 Sales, Php 41,228.00.
Received full payment from MAD and UGA mart.
Made partial payment to SaveGold, Php 25,000.00.
Paid for the salaries of the employees for the period.
31 Sales, Php 34,557.00.
Made partial payment to SaveGold, Php 10,000.00.
Record SSS, HDMF (Pag-ibig), PhilHealth deductions.
SSS Premium Expense
SSS Premium Payable
PhilHealth Premium Expense
PhilHealth Premium Payable
HDMF Premium Expense
HDMF Premium Payable
*Compute using the tables for SSS, PhilHealth, and HDMF
Contribution tables.
• Prepare the JOURNAL ENTRIES and TRIAL BALANCE for the
month of OCTOBER 2019
Start-Up General Merchandise
Year Revised: 2020 Page 10 of 18
NOVEMBER 2019
Date | Transaction
4 Sales, Php 43,578.00.
Paid SaveGold for the merchandise purchased last Oct. 26.
5 Sales, Php 48,993.00
Sold merchandise to BSP trading, Php 53,910.00 with 1.5/10 n/20.
Received Php 10,000.00 down payment.
Freight received by grocery’s delivery service, Php 850.00.
6 Purchased merchandise from SaveGold, Php 550,500.00 less 5-5-2-4
with 3/15 n/eom.
Paid Php 50,000.00 down payment.
Freight was paid by SaveGold.
Sales, Php 46,810.00.
7 Returned defective labeled merchandise to SaveGold, Php 11,750.00.
Sales, Php 42,531.00.
8 Received a credit memo from SaveGold, Php 15,000.00.
Sales, Php 40,120.00.
Made partial payment to SaveGold, Php 50,000.00.
9 Sales, Php 51,229.00.
Purchased merchandise from PureMore, Php 280,200.00 less 5-5-5
with 3/12 n/25 term.
Paid Php 50,000.00 down payment.
FOB shipping point, Php 900.00.
11 Sales, Php 41,288.00
Made partial payment to PureMore, Php 50,000.00.
Purchased additional supplies for the grocery, Php 2,119,00.
Returned defective merchandise to PureMore, Php 18,249.00.
12 Sales, Php 44,884.00.
Received a credit memo from PureMore, Php 18,000.00.
Made partial payment to SaveGold, Php 20,000.00
Received full payment from BSP Trading for merchandise sold last Nov.
5.
13 Sales, Php 32,384.00.
Sold Merchandise to 822 Store, Php 77.900.00 less 1-2 with 1.5/10
n/20 term.
Received Php 25,000.00 down payment.
Received Php 900.00 for freight services.
Start-Up General Merchandise
Year Revised: 2020 Page 11 of 18
14 Sales, Php 46,780.00
Made partial payment to SaveGold, Php 25,000.00
Made partial payment to PureMore, Php 10,000.00
15 Sales, Php 61,150.00
Purchased merchandise from StoreYA, Php 245,895.00 less 5-3-2-1
with 3/15 n/25 term.
Down payment, Php 50,000.00.
Freight was paid by the seller.
Paid the salaries of the employees for the period.
16 Sales, Php 55,771.00.
Made partial payment to SaveGold, Php 25,000.00.
Paid PureMore for merchandise purchased last Nov. 9.
Sold Merchandise to Calypso Trading, Php 94,113.00 less 2-2-2 with
2/10 1.5/15 n/25 term.
Received Php 25,000.00 down payment.
Received Php 900.00 for freight services.
18 Sales, Php 48,958.00
Made partial payment to SaveGold, Php 30,000.00.
Received Php 25,000.00 partial payment from Calypso Trading.
Made partial payment to StoreYA, Php 20,000.00.
Billed for internet and telephone services, Php 1,099.00.
Billed for water utilities, Php 754.00.
19 Sales, Php 51,989.00.
Paid for water utilities.
Received Php 20,000.00 partial payment from Calypso Trading,
Sold merchandise to PI-A gen. mdse., Php 45,991.00 with 1/10 n/15
term.
Received Php 10,000.00 down payment.
Received Php 800.00 for freight services.
20 Sales, Php 51,011.00.
Made partial payment to SaveMore, Php 50,000.00.
Received full payment from Calypso Trading for merchandise sold last
Nov. 16.
Paid for internet and telephone utilities.
21 Sales, Php 52,008.00.
Received Php 5,000.00 partial payment from PI-A gen. mdse.
Billed for electrical utilities, Php 4,814.00.
Start-Up General Merchandise
Year Revised: 2020 Page 12 of 18
22 Sales, Php 53,804.00.
Made partial payment to SaveGold, Php 50,000.00.
Paid for water utilities.
Purchased merchandise from PureMore, Php 780,430.00 less 5-9-9-6-
7 with 5/10 3/15 1.5/25 n/30 term.
Paid Php 100,000.00 down payment
Freight was paid by the seller.
23 Sales, Php 55,010.00
Paid SaveGold for merchandise purchased last Nov. 6.
Paid for electricity.
24 Sales, Php 57,987.00
Made partial payment to PureMore, Php 25,000.00.
Received rent payment from King Sho Siomai.
26 Sales, 51,770.00.
Made partial payment to PureMore, Php 20,000.00.
Paid StoreYA for merchandise purchased last Nov. 15.
Received full payment from PI-A gen. mdse. for merchandise sold last
Nov. 19.
27 Sales, Php 56,449.00.
Made partial payment to PureMore, Php 25,000.00.
Sold merchandise to PI-A gen. mdse., Php 55,980.00 less 1 with 1/10
n/20 term
Received Php 10,000.00 down payment.
Freight services payment received, Php 900.00.
28 Sales, Php 61,884.00.
Made partial payment to PureMore, Php 25,000.00.
Received Php 5,000.00 partial payment from PI-A [Link].
29 Sales, Php 58,871.00.
Made partial payment to PureMore, Php 20,000.00.
Received full payment from PI-A gen. mdse for merchandise sold last
Nov. 27.
30 Sales, Php 68,033.00.
Paid for the salaries of the employees for the period.
Made partial payment to PureMore, Php 25,000.00
Record SSS, HDMF (Pag-ibig), PhilHealth deductions.
• Prepare the JOURNAL ENTRIES and TRIAL BALANCE for the
month of NOVEMBER 2019
Start-Up General Merchandise
Year Revised: 2020 Page 13 of 18
DECEMBER 2019
Date | Transaction
1 Opened a current/checking account in the name of the business. Kris
invested additional cash to the business by depositing it to the bank
account of the business, Php 500,000.00.
Sales, Php 54.903.00.
Made partial payment to PureMore, Php 50,000.00.
3 Sales, Php 50,888.00.
Made partial payment to PureMore, Php 20,000.00.
Received rent payment from King Sho Siomai.
4 Sales, Php 48,997.00
Made partial payment to PureMore, Php 50,000.00.
5 Sold merchandise to Tinipid Trading, Php 112,662.00 less 5-2-1 with
3/10 2/15 1/20 n/eom term.
Received Php 40,000.00 down payment.
Freight services received, Php 1,100.00.
Paid the remaining amount of the van purchased last October 11.
6 Sales, Php 49,007.00.
Made partial payment to PureMore, Php 20,000.00
Received partial payment from Tinipid Trading, Php 15,000.00.
7 Sales, Php 47,991.00.
Made partial payment to PureMore, Php 20,000.00.
8 Sold merchandise to 822 Store, Php 25,883.00 with 1/10 n/15 term.
Received Php 5,000.00 down payment.
Freight was paid by the buyer.
Paid for gas of the van, Php 1,860.00.
10 Purchased merchandise from RobinM Superstore, Php 354,000.00 less
7-1-4-2 with 3/10 2/15 n/25 term.
Issued a check (S.N. 19001) for Php 50,000.00 as down payment to
RobinM Superstore.
Freight was paid by the seller.
Sales, Php 48,813.00.
11 Sales, Php 46,880.00.
Made partial payment to PureMore, Php 50,000.00.
Received Php 5,000.00 partial payment from 822 Store.
12 Sales, Php 51,228.00.
Received partial payment from Tinipid Trading, Php 10,000.00.
Start-Up General Merchandise
Year Revised: 2020 Page 14 of 18
13 Sales, Php 52,668.00.
Made partial payment to PureMore, Php 40,000.00.
Received full payment from 822 Trading.
14 Sales, Php 48,810.00.
Made partial payment to PureMore, Php 20,000.00.
Received full payment from Tinipid Trading.
Sold merchandise to Tinipid Trading, Php 142,558.00 less 4-9-8 with
3/10 2/15 1.2/18 n/30 term. Received Php 50,000.00 down payment.
Freight services received, Php 1,100.00.
15 Sales, Php 58,018.00
Made partial payment to RobinM Superstore, Php 40,000.00.
Paid for the salaries of the employees for the period.
17 Sales, Php 61,005.00.
Issued a check for Php 40,000.00 (S.N. 19002) as partial payment to
PureMore.
Billed for telephone and internet utilities, Php 1,099.00.
Purchased grocery supplies, Php 2,905.00.
18 Sales, Php 62,011.00
Billed for water utilities, Php 804.00.
Received partial payment from Tinipid Trading, Php 20,000.00.
19 Sales, Php 59,557.00.
Paid for telephone and internet utilities.
Made partial payment to RobinM Superstore, Php 20,000.00.
20 Sales, Php 59,698.00.
Paid for water utilities.
Made partial payment to RobinM Superstore, Php 40,000.00.
Issued a check to PureMore for Php 50,000.00 (S.N. 19003) as partial
payment.
21 Sold merchandise to Tindahan Store, Php 86,990.00 less 2-2 with 2/10
1/15 n/25 term.
Freight services received Php 1,100.00 as payment.
Received Php 15,000.00 down payment.
Billed for electricity, Php 5,120.00
Paid PureMore for merchandise purchased last November 22.
Start-Up General Merchandise
Year Revised: 2020 Page 15 of 18
22 Notified by the bank that a payment of Php 10,000.00 was received
from Tinipid Trading.
Received Php 5,000.00 partial payment from Tindahan Store.
Sales, Php 67,456.00.
Released 13th month pay of employees.
Sample:
24 Sales, Php 66,991.00.
Made partial payment to RobinM, Php 25,000.00.
Received full payment from Tinipid Trading.
26 Sales, Php 32,331.00.
Received partial payment from Tindahan Store, Php 5,000.00.
27 Sales, Php 33,884.00.
28 Sales, Php 31,888.00.
Kris deposited a check, Php 150,000.00 as additional cash investment
to the grocery business.
29 Sales, Php 32,199.00.
Made partial payment to RobinM, Php 50,000.00 (check S.N. 19004)
31 Sales, Php 38,101.00.
Paid for the salaries of the employees for the period.
Record SSS, HDMF (Pag-ibig), PhilHealth deductions.
• Prepare the JOURNAL ENTRIES and TRIAL BALANCE for the
month of DECEMBER 2019
Start-Up General Merchandise
Year Revised: 2020 Page 16 of 18
Worksheet and Financial Statement Preparations.
Prepare the following adjustments:
1. Remaining Grocery Supplies, Php 2,315.00.
2. Used Office Supplies, Php 632.00
3. Ending Inventory, Php 112,098.00.
4. Accumulated Depreciation – Grocery Equipment, Php 3,320.00
5. Accumulated Depreciation – Office Equipment, Php 843.00
6. Accumulated Depreciation – Vehicle (compute)
7. Accumulated Depreciation – Furniture and Fixtures, Php 13,451.00
Prepare an Accounts Receivable Aging Analysis to compute for Doubtful
Accounts Expense
Prepare Bank Reconciliation:
1. Deposit last December 28 not yet credited by the bank.
2. Interest earned, Php 1,575.00.
FINANCIAL STATEMENTS
1. Prepare Worksheet
2. Prepare Closing Entries
3. Prepare Post-Closing Trial Balance
4. Prepare Financial Statements
a. Statement of Comprehensive Income
b. Statement of Changes in Partner’s Equity
c. Statement of Financial Position
d. Cash Flow Statement
An EXCEL SHEET will be provided for the Accounting Cycle for Start-Up
General Merchandise for the year 2019.
Start-Up General Merchandise
Year Revised: 2020 Page 17 of 18
Self-Reflection
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FORM
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Section:
Strongly Strongly
Agree Disagree
Agree Disagree
1. I found this work interesting.
2. I make a strong effort.
3. I am proud of the results.
4. I understood all the
instructions.
5. I followed all the steps.
6. I learned something new.
7. I feel ready for the next
assignment.
[Link]/executive-function/self-assessment/
Start-Up General Merchandise
Year Revised: 2020 Page 18 of 18