Exercise 23 Accounts Payable Accounts Receivable

Aug. 1 Cash in Bank 300,000.00 Aug 26 55,000 Aug 26 Php 105,000 Aug 10 92,000 Aug 16 2,900
Cash on Hand 250,000.00 Php 50,000 12 72,000 22 89,100
Merchandise Inventory 100,000.00 164,000 92,000
Feria, Capital 650,000.00 Php 72,000

3 Purchases 132,500.00 Supplier's Subsidiary Ledgers: Customer's Subsidiary Ledgers

Freight In 2,500.00 Bess Carpets Rustan's Manila
Cash in Bank 135,000.00 Date Particulars F Debit Credit Balance Date Particulars F Debit Credit Balance
Aug 26 2/10, n/30 105,000 105,000 Aug 10 2/10, n/30 92,000 92,000
10 Accounts Receivable 92,000.00 28 partial payment 55,000 50,000 16 returns 2,900 89,100
Cash on Hand 2,000.00 50,000 22 full payment 89,100 -
Sales 90,000.00 Robinson's Cebu
Date Particulars F Debit Credit Balance
12 Accounts Receivable 72,000.00 PRETTY CARPETS Aug 12 2/eom, n/30 72,000 72,000
Sales 72,000.00 Income Statement 28 full payment 72,000 -
for the month ended August 31, ____
16 Sales Returns and allowances 2,900.00 BDO Credit cards
Accounts Receivable 2,900.00 Net Sales (note 1) Php 211,660 Date Particulars F Debit Credit Balance
Less Cost of sales (note 2) 140,000 Aug 29 14,000 14,000
20 Salaries Expense 45,500.00 Gross Profit Php 71,660 20 14,000 -
Cash 45,500.00 Less: Operating expenses
Salaries expense Php 91,000 Withholding tax computation
22 Cash 89,100.00 Rent expense 15,000 1 Salesman office emploees
Accounts Receivable 89,100.00 Taxes and Licenses 6,350 Monthly salary Php 26,000 19500
Payroll expenses (note 3) 9,853 Less: SSS (800) 780.00 800 3,160.00
24 Cash on Hand 8,000.00 Bank service charge 420 PH (455) 341.25 455 1,592.50
Purchase Returns and Allowance 8,000.00 Total operating expenses 122,622 HDMF (520) 390.00 520 1,820.00
Net Loss Php (50,962) Monthly Taxable income Php 24,225
26 Purchases 105,000.00 Tax
Accounts Payable 105,000.00 Note 1: Net Sales Php 20,833 0
Sales Php 216,000 3,392 20% 678.40
27 Freight In 3,000.00 Less: Sales returns and allowances Php 2,900 Php 24,225 Php 678.40
Cash on Hand 3,000.00 Sales Discount 1,440 4,340
Net Sales Php 211,660
28 Cash on Hand 70,560.00
Sales Discount 1,440.00
Accounts Receivable 72,000.00 Note 2: Cost of Sales
Merchandise Inventory, beginning Php 100,000
Accounts Payable 55,000.00 Add: Net cost of purchases
Cash on Hand 55,000.00 Purchases Php 237,500
Add: Freight in 5,500
29 Cash in Bank 40,000.00 Total purchases Php 243,000
Accounts Receivable 14,000.00 Less: PRA (8,000) 235,000
Sales 54,000.00 Total goods available for sales Php 335,000
Less: Merchandise Inventory ending 195,000
30 Rent Expense 15,000.00 Cost of sales Php 140,000
Cash in Bank 15,000.00

Cash in Bank 13,580.00 Note 2: Payroll expenses

Bank Service Charge 420.00 SSS Premium expense Php 6,320
Accounts Receivable 14,000.00 EC premium expense 120
PH Premium expense 1,593
31 Salaries expense 45,500.00 Pag-ibig premium expense 1,820
Withholding Taxes Payable 1,356.80 Php 9,853
SS Premiums Payable 3,160.00
Ph premiums Payable 1,592.50
Pag-ibig Premiums Payable 1,820.00
Cash on Hand 37,570.70

SSS Premium expense 6,320.00

EC premium expense 120.00
PH Premium expense 1,592.50
Pag-ibig premium expense 1,820.00
SS Premiums Payable 6,320.00
EC premium payable 120.00
Ph premiums Payable 1,592.50
Pag-ibig Premiums Payable 1,820.00