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You were hired by Baymax corporation to record their transactions for their first year of operations.

It is
already close to year end and they did not have any previous bookkeeper. Your task is to record the
transactions incurred by the company for the whole year.

Prepare journal entries, post to the ledger then prepare unadjusted trial balance then adjusting entries
and lastly, adjusted trial balance. Goodluck on your work. Completing this will improve your basic
especially in journal entries. Answer CAREFULLY.

As per the Articles of Incoporation, the authorized share capital is 2,000,000 for 100,000 shares at 20
peso par value per share

Jan 1 - Issued 85,000 at P3 0 per share for cash

Jan 1 - Bought on land and building worth 500,000 and 300,000 respectively. The building has remaining
useful life of 5 years with no residual value

Jan 1 transferred 10,000 cash to petty cash fund

Jan 1 Purchased 500,000 worth of merchandises on cash

Feb 2 Sale of goods for 100,000 on cash

Feb 10 Sales of goods for 75,000 on account terms 2/10 n/30

Feb 18 collected payment for feb 10 sale

March 4 Bought Sala Set for 75,000 pesos on account useful life is 5 years no residual cost

March 12 Sold goods for 200,000 on account 2/10 n/30

March 23 Collected half of the sale in march 12

March 28 Sold merchandises worth 50,000 on cash

April 1 - bOught inventories 350,000 list price;trade discount of 10% and 10% on term of 2/10 n/30

April 7 paid for the inventories bought last april 1

April 10 collected the remaining balance of sale on march 12

April 22 bought 5000 shares from the outstanding shares for 25 each

June 21 Sold for 300,000 merchandise for half cash half on account terms 2/10 n/30

June 29 Received payment from the recent sale

July 31 Bought fire insurance to the building for 9 months at a cost of 90,000 recorded using the
expense method

Aug 12 - Purchased 200,000 inventory on cash

Aug 31 Bought theft insurance for 6 months at a cost of 42,000 and recorded using the asset method

Sept 16 Received 120,000 cash for inventory to be delivered 30,000 worth at every end of the end
starting the next month and was recorded using the revenue method
October 9 Sold on account 40,000 n/30

October 14 - collected the receivable from the recent sale

November 29 sold 30,000 inventory on cash

December 1 sold 45,000 worth on inventory on 12% 90-day notes

December 15 bought inventories worth 150,000 on cash

December 31 total utilities for the year is 350,000 paid on cash

Salries for the year is 200,000 all paid on cash

Prepare adjusting entries (Hint: there would be no clue, search for those you need to adjust at year end)

Prepare up to adjusted trial balance.