BMSH2003
ACCOUNTING PRACTICE SET
The Juan Co. is a wholesaler of office and school supplies. The following are the transactions of The Juan Co.
for the first month of its operations. All cash disbursements are made by bank check. Assume the perpetual
inventory method is used.
Date Transaction Amount Business/Bank Journal
forms to be
filled up
July 1 John Rivera made an initial contribution to the
business by depositing money into the P400,000
company’s bank account.
1 Purchased laptop from Wilmy, Inc. for office
90,000
use. Payment term: COD (Cash on Delivery)
2 Paid office rental for 6 months 60,000
4 Received 200 reams of bond papers
(inventory) ordered from Jessa Corp. Payment 60,000
terms: 2/10, n/30.
7 Delivered 150 reams of bond papers to Jerone
Company. Payment terms: 2/10, n/20. The cost 67,500
of the merchandise was P45,000.
8 Paid the July 4 purchases 58,800
15 Paid salary of the employee 7,000
16 Received payment from the July 7 sales 66,150
18 Sold 20 reams of bond papers to Elmira
Company. Elmira picked up the merchandise
9,000
from the store. Payment term: 15 days.
Cost of merchandise was P6,000
19 Received 10 boxes of ballpoint pens from Anjy,
50,000
Inc. Payment terms: COD
22 Over the counter sale of four (4) boxes of
ballpoint pens to Nestor Company. 26,000
Cost of merchandise was P 20,000
23 Received 10 calculators from Cristian
8,000
Corporation. Payment terms: 30 days.
24 Sold six (6) calculators to Cristine Company.
Cristine picked up the merchandise from the
9,600
store. Payment Term: 15 days. Cost of
merchandise was P4,800
25 Paid electricity bill. 4,000
26 Received two (2) defective calculators from
Cristine Company. Cost of defective calculators 3,200
is P1,600.
31 Over the counter cash withdrawal by the
20,000
owner, John Rivera, for his personal expenses.
Requirements:
1. Open a new file and copy the table above in MS Excel. Identify the following and indicate on the spaces
provided:
a. Business or bank forms to be used by The Juan Co. to document the above transactions.
b. Journal to be used to record the original entry for the respective transactions.
2. Rename the sheet as “Transactions for July”.
3. Fill out the relevant forms based on the answer in 1a. The format of the forms is provided below. (Follow
the numbering instructions. You may opt to accomplish these forms before going on to the next steps
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in the accounting process. However, since some of the business forms will be discussed during the 2nd
quarter, all the supporting documents shall be submitted in the 2nd quarter.
4. Based on your answer in 1b, record the transactions in the appropriate journals. Formats are also
provided below. Use only the accounts listed on the chart of accounts given below.
5. Post the journal entries in the appropriate general ledger and subsidiary ledger accounts. Formats are
also provided below.
6. Summarize the ledger accounts and list the balances on the preliminary trial balance.
7. Record the following adjusting entries in the general journal:
a. Accrual of one-month rent
b. One-month depreciation of laptop computer. The estimated life is five (5) years.
c. Accrue employee salary, P 7,000
8. Prepare a worksheet.
9. Prepare the financial statements for the month ended July 31, 201A.
10. Prepare the necessary closing entries and record them in the general journal and ledger.
11. Perform financial statement analysis on the completed financial statements. Round off the
percentages in two (2) decimal places.
Chart of Accounts
Account Account Name Account Account Name
Number Number
1000 Cash 4100 Sales
1200 Accounts Receivable 4101 Sales Returns and Allowances
1201 Allowance for Bad Debts 4102 Sales Discount
1300 Inventory 5100 Cost of Goods Sold
1400 Prepaid Rent 6100 Salaries Expense
1600 Office Equipment 6150 Supplies Expense
Accumulated Depreciation –
1601 6200 Utilities Expense
Office Equipment
1800 Land 6250 Travel Expense
2000 Accounts Payable 6300 Rent Expense
2100 Notes Payable 6350 Fuel Expense
2201 Salaries Payable 6400 Advertising Expense
2202 Utilities Payable 6450 Commissions Expense
3000 J. Rivera, Drawings 6500 Depreciation Expense
3100 J. Rivera, Capital 6700 Interest Expense
Accounts Receivable – Subsidiary Ledger Accounts Payable – Subsidiary Ledger
1200-00001 Jerone Company 2000-00001 Wilmy, Inc.
1200-00002 Elmira Company 2000-00002 Jessa Corp.
1200-00003 Nestor Company 2000-00003 Anjy, Inc.
1200-00004 Cristine Company 2000-00004 Cristian Corporation
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Business Forms
Instructions for business and bank forms:
1. Use the appropriate business form based on the number of transactions to be documented.
2. Provide the last digit of the business form numbers. Begin with one (1) for the first form used. For
example, the first bank check used should be Check Number 000432651. The second bank check used
should be Check Number 000432652.
3. To accomplish the forms:
a. You may print the business forms, fill out the necessary information, and scan them afterward;
or
b. Edit the business form directly on your computer or phone.
4. Compile the business forms in MS Word.
Bank Check
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Withdrawal Slip
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CHECK VOUCHER
Check Voucher No. 00001000____
Date
Received From
Journal Entries Debit Credit
Total
Explanation
Check Number
Printed name Signature Date
Prepared by
Checked by
Approved by
Received by
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Received From RR No.
Date received
PO no. 0001000__
Items Unit of Measure Quantity Description Remarks
10
I hereby certify that the above items, in the quantity Date
listed, have been received and are in good order
except as otherwise stated.
________________________________________
(Printed Name and Signature)
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PURCHASE ORDER
Vendor Name PO No. 00001000____
Contact Information Date
Shipping Method Shipping Date Term Reference
Items Description Qty. Unit Price Total
15
Note Subtotal
VAT
Total
Printed Name Signature Date
Prepared by
Checked by
Approved by
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The Juan Co.
Office Address ____________________________
NON-VAT Registered TIN Number 543-987-234-000
DELIVERY RECEIPT
Delivered To Date
TIN Terms
Address
Quantity Unit Articles
Received the above goods and services in good order and condition
10 Bkts (3X) 1001-1500 Customer’s Signature over Printed Name
BIR Authority to Print No. 4BZ000004333
Date Issued 07-30-20 Valid until 07-29-2025
Printer’s Accreditation No. P09151200
XY PRINTING SERVICES INC. Date Issued 08-01-19
Brgy. 987, Manila
TIN 765-789-098-000 No. 100 _______
THIS DELIVERY RECEIPT SHALL BE VALID FOR FIVE YEARS FROM THE DATE OF ATP.
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The Juan Co.
Office Address ____________________________
NON-VAT Registered TIN Number 543-987-234-000
SALES INVOICE
Sold to: Date
TIN Terms
Address OSCA/PWD ID No.
SC/PWD Signature
Quantity Unit Articles Unit Price Amount
Total Sales P
Less: SC/PWD Discount
10 Bkts (3X) 1001-1500 TOTAL AMOUNT DUE P
BIR Authority to Print No. 4BZ000004333
Date Issued 07-30-20 Valid until 07-29-2025 Printer’s Accreditation No. P09151200
XY PRINTING SERVICES INC. Date Issued 08-01-19
Brgy. 987, Manila
No. 100 _______
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In settlement of the following
The Juan Co.
Billing Invoice No. Amount Office Address ____________________________
NON-VAT Registered TIN Number 543-987-234-000
Total Sales
Less: SC/PW Discount
OFFICIAL RECEIPT
Total Due Date ____________________
Less: Witholding Tax
Amount Due Received from __________________________________ with TIN __________________________ and
address at _______________________________________________ engaged in the business style of
_________________________________________, the sum of __________________________________
pesos (P ______________) in partial/full payment for __________________________________.
Form of Payment
Cash ( ) Check ( ) Sr. Citizen TIN By:
OSCA/PWD ID Signature Cashier/Authorized Representative
No.
10 Bkts (3X) 1001-1500 Printer’s Accreditation No. P09151200
BIR Authority to Print No. 4BZ000004333 Date Issued 08-01-19
Date Issued 07-30-20 Valid until 07-29-2025
XY PRINTING SERVICES INC. No. 100 _______
Brgy. 987, Manila
TIN 765-789-098-000 THIS DELIVERY RECEIPT SHALL BE VALID FOR FIVE YEARS FROM THE DATE OF ATP.
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Accounting Books
SALES JOURNAL
Dr. Accounts Receivable Dr. Cost of Goods Sold
Date Accounts Debited Invoice No. Ref.
Cr. Sales Revenue Cr. Inventory
CASH RECEIPTS JOURNAL
Cr.
Dr. Sales Cr. Sales Cr. Other Dr. Cost of Goods Sold
Date Accounts Credited Ref. Dr. Cash Accounts
Discount Revenue Accounts Cr. Inventory
Receivable
PURCHASES JOURNAL
Dr. Inventory
Date Accounts Credited Terms Ref.
Cr. Accounts Payable
CASH DISBURSEMENTS JOURNAL
Dr. Accounts Dr.
Date Check No. Accounts Debited Ref Dr. Other Accounts Cr. Cash
Payable Inventory
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GENERAL JOURNAL
Account
Date Particulars Ref Debit Credit
Number
General and Subsidiary Ledgers
GL Account – <Accounts title> Account Number
Date Ref Debit Credit Balance
AR Subsidiary Ledger - <Customer’s Customer ID
name> Number
Date Ref Debit Credit Balance
AP Subsidiary Ledger - <Supplier’s
Supplier ID Number
name>
Date Ref Debit Credit Balance
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Worksheet
COMPANY NAME
Worksheet
Date
Adjusted
Account Trial Balance Adjustments Income Statement Balance Sheet
Account Title Trial Balance
Number
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
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