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Accounting Problem File

The document outlines the accounting activities for Glee Commercial for January 2025, detailing transactions, adjusting data, and requirements for financial reporting. It includes the post-closing trial balance as of December 31, 2024, and lists various transactions such as purchases, sales, and payments made during January 2025. The requirements include posting to the general ledger, preparing financial statements, and making necessary adjusting and closing entries.

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Ramysah May Marsamolo
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6 views2 pages

Accounting Problem File

The document outlines the accounting activities for Glee Commercial for January 2025, detailing transactions, adjusting data, and requirements for financial reporting. It includes the post-closing trial balance as of December 31, 2024, and lists various transactions such as purchases, sales, and payments made during January 2025. The requirements include posting to the general ledger, preparing financial statements, and making necessary adjusting and closing entries.

Uploaded by

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

UNIVERSITY OF BOHOL

TAGBILARAN CITY
COLLEGE OF BUSINESS AND ACCOUNTANCY

TUTORIAL CLASS IN ACCOUNTING 1


December 13, 2025

PROBLEM (Alternate Version)

Glee Commercial, owned and managed by Charice, started operations on January 1, 2024.
The business records its transactions under the income and expense method. The post-
closing trial balance of the business as of December 31, 2024 showed the following
information:

Cash – P180,000
Accounts Receivable – 60,000
Allowance for Bad Debts – (3,000)
Merchandise Inventory – 200,000
Furniture & Fixtures – 195,000
Accumulated Depreciation – (18,000)
Accounts Payable – 130,000
VAT Payable – 22,000
Charice, Capital – 462,000
Total: P635,000 = P635,000

The following transactions, all inclusive of VAT, were completed during January 2025:

Jan 1 – Bought merchandise on account from Solace Trading, P156,000. Terms: 2/10, n/30.
Jan 2 – Paid monthly rental, P5,200.
Jan 5 – Sold merchandise on account to Nova Supermart, P108,000. Terms: 2/10, n/30.
Jan 7 – Remitted VAT to BIR, P22,000.
Jan 9 – Paid Solace Trading in full, 2% discount availed.
Jan 12 – Cash sales, P320,000.
Jan 15 – Collected from Nova Supermart less 2% discount.
Jan 18 – Purchased merchandise from Lila Suppliers, P84,000. Terms: 2/10, n/30.
Jan 19 – Paid freight-in, P3,150.
Jan 22 – Returned goods to Lila Suppliers, P6,720.
Jan 24 – Sold merchandise on account to Kiko Traders, P64,800. Terms: 2/10, n/30.
Jan 25 – Accepted returns from Kiko Traders, P7,560.
Jan 28 – Paid employees’ salaries P24,500 and utilities P3,200.
Jan 31 – Paid partial Accounts Payable (P60,000) and settled remaining VAT payable.

Adjusting Data:
a. Unpaid salaries: P4,000
b. Uncollectible AR estimate: 1.5%
c. Depreciation: P1,900
d. Ending Inventory: P130,000

Requirements:
1. Post beginning balances to the general ledger.
2. Record transactions using provided chart of accounts.
3. Post to ledger and prepare unadjusted trial balance.
4. Prepare adjusting entries.
5. Prepare:
• 10-column worksheet
• Income Statement
• Statement of Changes in Equity
• Balance Sheet
• Closing Entries
• Post-closing trial balance
• Reversing entries

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