XYZ SUPPLY CHAIN

Trial Balance
November, 2018
ACCT# ACCOUNT TITLE DEBIT DEBIT
110 Cash P 45,850
120 Accounts Receivable 52,300
130 Merchandise Inventory 37,265
140 Supplies 18,564
150 Prepaid Insurance 24,000
160 Land 320,000
170 Building 600,000
175 Accumulated Depreciation-Building P 280,200
210 Accounts Payable 23,298
310 XYZ, Capital 794,481
TOTAL 1,097,979 1,097,979

The December transactions were as follows:

December 1 Purchased merchandise from ABC Wholesaler, P25,000,with terms 2/10, 1/20, n/30,
FOB Shipping Point.
3 Paid the shipping fee on the purchase on December 1, P 2,950
4 Purchased store equipment for P 16,000 on credit from DEF Store. Terms: P3,000
down, balance 2/20, 1/30, n/60, FOB Destination.
5 Returned to ABC Wholesaler P1,000 worth of defective products.
6 DEF Store sent a credit memo for a defect on store equipment, P1,000.
7 Sold P15,000 merchandise on credit to GHI Merchandising. Terms: 2/10, 1/20, n/30. FOB
Destination.Cost of Sales is P 12,000
8. Paid the shipping fee on the December 7 sale, P 1,985.75
9 Purchased additional merchandise from JKL Store, P15,000. Terms: P2,500 down,
balance 1/10, n/20, FOB Shipping Point.
10 Paid the delivery fee on the December 9 purchase, P 1,950
11 Made a partial payment of P10,000 to ABC Wholesaler.
12 GHI Merchandising returned merchandise worth P1,500, all items in good condition.
Actual cost of sales is P 800.
18 Received from GHI Merchandising the full payment of its account.
19 Paid in full the account due to JKL Store.
25 Paid the account due to ABC Wholesaler.
27 Paid the balance to DEF Store.
28 Sold merchandise for cash, P 96,500.Cost of sales is P 69,800.
29 The owner withdrew cash for personal use, P 10,000.
30 The owner made an additional investment of P 75,000.
31 Paid the following: Electricity Bill – P 4,345.75 ,Water Bill – P 1,285.25. Telephone &
Internet – P 1,599.00

Prepare the worksheet using the following information:

a Salaries in the amount of P 12, 129 have accrued on December 31.
b Insurance coverage of P 6, 250 has expired at month-end.
c Depreciation on the building for the month amounted to P 14, 000
d Supplies on hand at month-end amounted to P 4, 135.
e A count of the merchandise inventory on December 31, 2018 amounted to P 12,800