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CASE PROBLEM 1: 84% BARRETO DISTRIBUTORS WAS REGISTERED WITH THE DEPARTMENT

OF TRADE AND INDUSTRY AS A SINGLE PROPRIETORSHIP BY J. LOPEZ, THE OWNER. THE


COMPANY USES THE PERPETUAL INVENTORY SYSTEM. YOU ARE ASKED TO COMPLETE
THE ACCOUNTING CYCLE.

The Business, BARRETO, was registered as a single proprietorship with the


Department of Trade and Industry. Juan Lopez

April 1 Invested P 39,000.00


2 Bought computer equipment for P 10,000.00 cash
2 Bought merchandise on account from LOWTOWN Supply Co. P 15,900.00,
terms 2/10, n/30
3 Bought office supplies on cash basis for P 700.00
4 Sold merchandise on account P 15,200.00, FOB Destination, terms 2/10,n/30.
The cost of the merchandise sold was P 12,200.00.
5 Paid P 200.00 freight on April 4 sale
6 Received credit from LOWTOWN Supply Co for merchandise returned P 300.00
11 Paid LOWTOWN
13 Collected from April 4 customers.
14 Bought merchandise on cash basis for P 14, 400.00
15 Salaries paid P 1,500.00
16 Borrowed money from RCBC BANK, signed a promissory note for P 12,000.00
17 Received refund from a supplier on cash purchase of April 14, P 500.00
18 Bought merchandise from MESDA, P 14, 200.00, FOB Shipping point, terms
2/10, n / 30
20 Paid freight on April 18 purchase, P 700.00
23 Sold Merchandise for P 16,400.00. The merchandise sold had a cost of P
10,500.00
26 Bought merchandise for cash P 12,300.00
27 Paid MESDA on the April 18 purchase, P 9,000.00. No discount allowed on
partial payment.
28 J Lopez got cash from the business, P 2,008.00
29 Made refund to cash customer for defective merchandise, P 900.00
30 Sold merchandise on account, P 13,700, n/30. Cost of the merchandise sold is
P 11,000.00
30 Paid the following : ADVERTISING P 1,000.00
UTILITIES 400.00
RENT 3,500.00
SALARIES 1,500.00

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BARRETO DISTRIBUTORS
CHART OF ACCOUNTS

USE FOR JOURNALIZATION AND POSTING TO THE LEDGER


100 ASSETS 400 INCOME
101 CASH 401 SALES
105 ACCOUNTS RECEIVABLE 405 SALES RETURNS & ALLOWANCES
115 MERCHANDISE INVENTORY 410 SALES DISCOUNTS
120 SUPPLIES 500 EXPENSES
150 EQUIPMENT 501 COST OF GOODS SOLD
200 LIABILITIES 503 ADVERTISING EXPENSE
201 ACCOUNTS PAYABLE 506 FREIGHT OUT
202 NOTES PAYABLE 510 RENT EXPENSE
300 EQUITY 530 SALARIES
301 LOPEZ CAPITAL 540 UTILITIES
302 LOPEZ DRAWINGS 601 INCOME SUMMARY

BARRETO
CHART OF ACCOUNTS

USE FOR FINANCIAL STATEMENTS PREPARATION


100 ASSETS 400 INCOME
101 CASH & CASH EQUIVALENTS 401
105 RECEIVABLE 405 NET SALES
115 INVENTORIES 410
120 PREPAID EXPENSES 500 EXPENSES
150 PROPERTY PLANT & EQUIPMENT 501 COST OF GOODS SOLD
200 LIABILITIES 503 ADVERTISING EXPENSE
201 ACCOUNTS PAYABLE 506 FREIGHT OUT
202 NOTES PAYABLE 510 RENT EXPENSE
300 EQUITY 530 SALARIES
301 LOPEZ CAPITAL 540 UTILITIES
302 LOPEZ DRAWINGS

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GENERAL JOURNAL ( 9 CHECKMARKS ON THIS PAGE)
PAGE NUMBER 1 CURRENT JOURNAL MARK
ENTRIES
DATE DESCRIPTION REF DEBIT CREDIT

TOTAL
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GENERAL JOURNAL ( 9 CHECKMARKS ON THIS PAGE)
PAGE NUMBER 2 CURRENT JOURNAL MARK
ENTRIES
DATE DESCRIPTION REF DEBIT CREDIT

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GENERAL JOURNAL ( 9 CHECKMARKS ON THIS PAGE)
PAGE NUMBER 3 CURRENT JOURNAL ENTRIES MARK
DATE DESCRIPTION REF DEBIT CREDIT

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PAGE NUMBER GL =1
ACCOUNT

BALANCE
DATE ITEM POST DEBIT CREDIT DEBIT CREDIT

ACCOUNT
BALANCE
DATE ITEM POST DEBIT CREDIT DEBIT CREDIT

ACCOUNT
BALANCE
DATE ITEM POST DEBIT CREDIT DEBIT CREDIT

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PAGE NUMBER GL =2
ACCOUNT
BALANCE
DATE ITEM POST DEBIT CREDIT DEBIT CREDIT

ACCOUNT
BALANCE
DATE ITEM POST DEBIT CREDIT DEBIT CREDIT

ACCOUNT
DATE ITEM POST DEBIT CREDIT BALANCE
DEBIT CREDIT

ACCOUNT
BALANCE
DATE ITEM POST DEBIT CREDIT DEBIT CREDIT

ACCOUNT
BALANCE
DATE ITEM POST DEBIT CREDIT DEBIT CREDIT

ACCOUNT
BALANCE
DATE ITEM POST DEBIT CREDIT DEBIT CREDIT

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PAGE NUMBER GL =3
ACCOUNT
DATE ITEM POST DEBIT CREDIT BALANCE
DEBIT CREDIT

ACCOUNT
BALANCE
DATE ITEM POST DEBIT CREDIT DEBIT CREDIT

ACCOUNT
BALANCE
DATE ITEM POST DEBIT CREDIT DEBIT CREDIT

ACCOUNT
DATE ITEM POST DEBIT CREDIT BALANCE
DEBIT CREDIT

ACCOUNT
DATE ITEM POST DEBIT CREDIT BALANCE
DEBIT CREDIT

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PAGE NUMBER GL =4
ACCOUNT
DATE ITEM POST DEBIT CREDIT BALANCE
DEBIT CREDIT

ACCOUNT
BALANCE
DATE ITEM POST DEBIT CREDIT DEBIT CREDIT

ACCOUNT
BALANCE
DATE ITEM POST DEBIT CREDIT DEBIT CREDIT

ACCOUNT
DATE ITEM POST DEBIT CREDIT BALANCE
DEBIT CREDIT

ACCOUNT
DATE ITEM POST DEBIT CREDIT BALANCE
DEBIT CREDIT

ACCOUNT
DATE ITEM POST DEBIT CREDIT BALANCE
DEBIT CREDIT

ACCOUNT
DATE ITEM POST DEBIT CREDIT BALANCE
DEBIT CREDIT

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PAGE NUMBER GL -4

ACCOUNT

BALANCE
DATE ITEM POST DEBIT CREDIT DEBIT CREDIT

ACCOUNT

BALANCE
DATE ITEM POST DEBIT CREDIT DEBIT CREDIT

ACCOUNT

BALANCE
DATE ITEM POST DEBIT CREDIT DEBIT CREDIT

ACCOUNT

BALANCE
DATE ITEM POST DEBIT CREDIT DEBIT CREDIT

ACCOUNT

BALANCE
DATE ITEM POST DEBIT CREDIT DEBIT CREDIT

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BARRETO DISTRIBUTORSHIP

TRIAL BALANCE

APRIL 30, 2016

TOTALS

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BARRETO DISTRIBUTORSHIP

STATEMENT OF PERFORMANCE

FOR THE PERIOD ENDED APRIL 30, 2016

TOTALS

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BARRETO

STATEMENT OF EQUITY
FOR THE PERIOD ENDED APRIL 30

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BARRETO
STATEMENT FOR FINANCIAL POSITION
FOR THE YEAR ENDED APRIL 16,2016

DEBIT CREDIT

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BARETTO DISTRIBUTORS
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED APRIL 30, 2016

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DATE DESCRIPTION REF CLOSING JOURNAL ENTRIES

DEBIT CREDIT

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BARETTO
POST CLOSING TRIAL BALANCE
APRIL 30

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CASE PROBLEM 2 SET 1
2.1 SMA company borrowed P100,000.00 on December 1 by signing a six month note that
specifies interest at an annual percentage rate( APR ) of 12%. No interest on principal payment
is due until the note matures on May 31, SMA company prepares financial statements at the end of
each calendar month, provide an answer for the month end of January only.

2.2 In December 1, JEM paid its insurance agent P 2,400.00 for the annual insurance premium
Covering the twelve month period beginning on December 1. The P 2,400.00 payment was
Recorded on December 1 with a debit to the current asset prepaid insurance and a credit
To the current asset Cash. JEM company prepares monthly financial statements at the end
Of each calendar month. Provide an answer for the month end of March Only.

2.3 On December 1, CLM began operations, On December 4, it purchases P1,500.00 of supplies


And recorded the transaction with a debit to the income statement account supplies
expense
And a credit to the liability Accounts Payable. CLM prepares monthly financial statements at
The end of each calendar month. At the end of the day on December 31, SOX Company
estimated that P700.00 of the supplies were still on hand in the supply room.

Requirements : Answer the questions pertaining to the adjusting entries for each the three cases.
Use the answer sheet provided for CASE2 set 1

What is the Case 2.1 Case 2.2 Case 2.3


adjusting entry
Date of the Adjusting January 31 March 31 December 31
entry
Debit account title

Credit account title

Debit & credit Amount

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