Assessment Exercises

MONICA'S WHOLESALE AND RETAIL BUSINESS
JOURNAL ENTRIES
2016 ACCOUNT TITLES DEBIT CREDIT
a. Cash Php 5,000,000.00
Loan Payable Php 5,000,000.00
b. Warehouse and Office 1,500,000.00

Cash 1,500,000.00
c. Office Equipment 500,000.00

Office Supplies 20,000.00
Cash 520,000.00
d. Merchandise Inventory 2,700,000.00

Cash 1,000,000.00
Accounts Payable 1,700,000.00
e. No Entry
f. Cash 2,500,000.00
Sales 2,500,000.00
Cost of Goods Sold 1,800,000.00

Merchandise Inventory 1,800,000.00
g. Accounts Receivable 1,350,000.00

Sales 1,350,000.00
Cost of Goods Sold 900,000.00

Merchandise Inventory 900,000.00
h. Cash 1,080,000.00
Accounts Receivable 1,080,000.00
i. Salaries Expense 27,000.00

Cash 27,000.00
j. Accounts Payable 1,700,000.00

Cash 1,700,000.00
k. Operating Expense 30,000.00

Selling Expenses 10,000.00
Cash 40,000.00
l. Personal Expense 5,000.00

Cash 5,000.00
m. Donation Expense 3,000.00

Cash 3,000.00
n. Interest Expense 43,750.00

Cash 43,750.00
o. Cash 270,000.00
Accounts Receivable 270,000.00
p. Interest Expense 50,000.00

Cash 50,000.00
q. Loan Payable 1,000,000.00

Cash 1,000,000.00
Php 20,488,750.00 Php 20,488,750.00
ACCOUNT TITLES DEBIT CREDIT CLASSIFICATION
Cash Php 5,000,000.00 Balance Sheet
Warehouse and Office Php 1,500,000.00 Balance Sheet
Office Equipment Php 500,000.00 Balance Sheet
Office Supplies Php 20,000.00 Balance Sheet
Merchandise Inventory Php 2,700,000.00 Balance Sheet
Cost of Goods Sold Php 1,800,000.00 Income Statement
Accounts Receivable Php 1,350,000.00 Balance Sheet
Cost of Goods Sold Php 900,000.00 Income Statement
Salaries Expense Php 27,000.00 Income Statement
Accounts Payable Php 1,700,000.00 Balance Sheet
Operating Expense Php 30,000.00 Income Statement
Selling Expenses Php 10,000.00 Income Statement
Personal Expense Php 5,000.00 Income Statement
Donation Expense Php 3,000.00 Income Statement
Interest Expense Php 43,750.00 Income Statement
Cash Php 270,000.00 Balance Sheet
Interest Expense Php 50,000.00 Income Statement
Loan Payable Php 1,000,000.00 Balance Sheet
Loan Payable Php (5,000,000.00) Php 5,000,000.00 Balance Sheet
Cash Php (1,500,000.00) Php 1,500,000.00 Balance Sheet
Cash Php (520,000.00) Php 520,000.00 Balance Sheet
Accounts Payable Php (1,700,000.00) Php 1,700,000.00 Balance Sheet
Sales Php (2,500,000.00) Php 2,500,000.00 Income Statement
Merchandise Inventory Php (1,800,000.00) Php 1,800,000.00 Balance Sheet
Sales Php (1,350,000.00) Php 1,350,000.00 Income Statement
Merchandise Inventory Php (900,000.00) Php 900,000.00 Balance Sheet
Accounts Receivable Php (1,080,000.00) Php 1,080,000.00 Balance Sheet
Accounts Receivable Php (270,000.00) Php 270,000.00 Balance Sheet
Income Statement
For the year ended December 31, 2016
Sales Php 3,850,000.00
Less: Cost of Goods Sold 2,700,000.00
Gross Profit 1,150,000.00
Expenses
Operating Expenses
Operating Expense Php 30,000.00
Salaries Expense 27,000.00
Interest Expense 93,750.00 150,750.00
Selling Expenses
Selling Expense 10,000.00 10,000.00
Other Expenses
Donation Expense 3,000.00
Personal Expense 5,000.00 8,000.00
Total Expenses 168,750.00
Net Income Php 981,250.00

Statement of Financial Position
For the year ended December 31, 2016
ASSETS
Current Assets
Cash Php 2,961,250.00
Office Supplies 20,000.00
Total Current Assets Php 2,981,250.00
Non-current Assets
Warehouse and Office 1,500,000.00
Office Equipment 500,000.00
Total Non-current Assets 2,000,000.00
TOTAL ASSETS Php 4,981,250.00
LIABILITIES AND OWNER'S EQUITY

Current Liabilities
Loan Payable 4,000,000.00
TOTAL LIABILITIES 4,000,000.00
Owner's Equity
Owner's Capital 981,250.00
TOTAL LIABILITIES AND OWNER'S EQUITY Php 4,981,250.00

Statement of Cash Flows
As of year ended December 31, 2016
Cash flows from operating activities

Cash receipts from customers Php 3,850,000.00
Cash payments for expenses 2,868,750.00
Net cash from operating activities Php 6,718,750.00
Cash flows from investing activities

Construction of warehouse and office 1,500,000.00
Purchase of Equipment 500,000.00
Purchase of Supplies 20,000.00
Net cash from investing activities 2,020,000.00
Cash flows from financing activities

Cash obtained from bank loan 5,000,000.00
Payment for bank loan 1,000,000.00
Net cash from financing activities 6,000,000.00
Net increase/decrease in cash and cash equivalents Php 10,698,750.00

Cash balance at June 1, 2016 -
Cash balance at the end of reporting period Php 10,698,750.00

Assessment Exercises

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MONICA'S WHOLESALE AND RETAIL BUSINESS

b. Warehouse and Office 1,500,000.00

c. Office Equipment 500,000.00

d. Merchandise Inventory 2,700,000.00

Cost of Goods Sold 1,800,000.00

g. Accounts Receivable 1,350,000.00

Cost of Goods Sold 900,000.00

i. Salaries Expense 27,000.00

j. Accounts Payable 1,700,000.00

k. Operating Expense 30,000.00

l. Personal Expense 5,000.00

m. Donation Expense 3,000.00

n. Interest Expense 43,750.00

p. Interest Expense 50,000.00

q. Loan Payable 1,000,000.00

Total Expenses 168,750.00

Net Income Php 981,250.00

TOTAL ASSETS Php 4,981,250.00

LIABILITIES AND OWNER'S EQUITY

TOTAL LIABILITIES 4,000,000.00

TOTAL LIABILITIES AND OWNER'S EQUITY Php 4,981,250.00

Cash flows from operating activities

Cash flows from investing activities

Cash flows from financing activities

Net increase/decrease in cash and cash equivalents Php 10,698,750.00

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