RICARDO PANGAN COMPANY

JOURNALIZING
For the month of January 2021

DATE ACCOUNT TITLES DEBIT CREDIT

Jan. 2 Accounts Receivable - B. Bandonell P 240,000
Sales P 240,000

3 Purchases 90,000
Accounts Payable - T. Arenas Company 90,000

4 Cash 205,800
Sales Discounts 4,200
Accounts Receivable R. Loyola 210,000

5 Cash 430,000
Sales 430,000

7 Accounts Payable - E. Samonte Company 130,000

Cash 126,100
Purchases Discounts 3,900

8 Accounts Receivable - G. Sevidal 310,000

Sales 310,000

9 Accounts Payable - T. Arenas Company 10,000

Purchase Returns and Allowances 10,000

10 Cash 235,200
Sales Discounts 4,800
Accounts Receivable - B. Bandonell 240,000

11 Purchases 120,000
Accounts Payable -L. Viray Company 120,000

11 Accoumts Payable - T. Arenas Company 80,000

Cash 77,600
Purchases Discounts 2,400

12 Purchases 70,000
Cash 70,000

13 Accounts Receivable - M. Cerda 130,000

Sales 130,000

14 Interest Expense 10,000

Cash 10,000
15 Salaries Expense 80,000
Cash 80,000

17 Purchases 190,000
Accounts Payable - E. Samonte 190,000

18 Accounts Receivable - R. Loyola 460,000

Sales 460,000

19 Pangan, Withdrawals 100,000

Cash 100,000

21 Office Supplies 40,000

Cash 40,000

22 Transportation In 20,000
Cash 20,000

22 Cash 127, 400

Sales Discounts 2,600
Accounts Receivable - M. Cerda 130,000

23 Accounts Receivable - B. Bandonell 110,000

Sales 110,000

24 Sales Returns and Allowances 30,000

Accounts Receivable - G Sevidal 30,000

25 Cash 280,000
Accounts Receivable - G. Sevidal 280,000

25 Purchases 340,000
Accounts Payable - A. Braganza Company 340,000

26 Accounts Payable - E. Samonte Company 90,000

Cash 90,000

27 Cash 170,000
Notes Payable - First Morayta Bank 170,000

28 Purchases 270,000
Accounts Payable - L. Viray 270,000

29 Accounts Receivable - M. Cerda 170,000

Sales 170,000
30 Purchases 360,000
Accounrts Payable T. Arenas Company 360,000

30 Cash 1,310,000
Sales 1,310,000
Cash 110 Accounts receivable 120
240,000 210,000

Prepaid rent 140 Office supplies 150

90,000 160,000

Notes payable 210 Accounts payable 220

400,000 130,000

Pangan, Capital 310

1,650,000
Merchandise Inventory 130
730,000

Office equipment 160

1,000,000

Accumulated Depreciation 165

250,000
 GENERAL LEDGER

CASH 110 ACCCOUNTS RECEIVABLE

1-Jan 240,000 613,700 CD43 1/31 1-Jan 210, 000 860,000
1/31 CR35 2,758,400 1/31 S16 1,420,000 30,000
2,998,400 613,700 1,630,000 890,000
2,384,700 740,000

OFFICE EQUIPMENT 160 ACCUMULATED DEPRECIATION

1-Jan 1,000,000 250,000
10,000

1,000,000 260,000

PANGAN, CAPITAL 310 PANGAN, WITHDRAWALS

1/31 G13 100,000 1,650,000 1-Jan 1/19 CD43 100,000 100,000
1,064,700 GJ13 1/31
100,000 2,714,700
2,614,700 0

SALES DICOUNTS 430 PURCHASES

1/31 CR35 11,600 11,600 GJ13 1/31 1/31 P25 1,370,000 1,440,000
1/31 CD43 70,000
1,440,000 1,440,000
0 0
 SALARIES EXPENSE 610 RENT EXPENSE
1/15 CD43 80,000 170,000 GJ13 1/31 1/31 GJ13 30,000 30,000
1/31 GJ13 90,000
170,000 170,000
0 0

R. LOYOLA B. BANDONELL
1-Jan 210,000 210,000 CR32 1/4 1/2 S16 240,000 240,000
Jan-18 S16 460,00 1/23 S16 110,000
670,000 210,000 350,000 240,000
460,000 110,000

E. SAMONTE COMPANY T. ARENAS COMPANY

1/7 CD43 130,000 130,000 1-Jan 1/9 GJ13 10,000 90,000
1/26 CD43 90,000 190,000 P 25 1/17 1/11 CD43 80,000 360,000
220,000 320,000 90,000 450,000
100,000 360,000
 120 MERCHANDISE INVENTORY 130
CR35 1/31 1-Jan 730,000 730,000 GJ13 1/31 1-Jan
GJ13 1/24 1/31 GJ13 470,000
1,200,000 730,000
470,000

165 NOTES PAYABLE 210

1-Jan 400,000 1-Jan Jan-31
GJ13 1/31 170,000 CR35 1/27 1/9 GJ13

570,000

320 INCOME SUMMARY 330

GJ13 1/31 1/31 GJ13 260,000 3,118,400 GJ13 1/31 1/31 GJ13
1/31 GJ13 1,443,700
1/31 GJ13 350,000
1/31 GJ13 1,064,700
3,118,400 3,118,400
0

510 PURCHASES RETURNS AND ALLOWANCES 520

GJ13 1/31 1/31 GJ13 10,000 10,000 GJ13 1/31 GJ13

0
 620 OFFICE SUPPLIES EXPENSE 630
Jan-31 1/31 GJ13 130,000 130,000 GJ13 1/31 1/31 GJ13

ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER

G. SEVIDAL
CR35 1/10 1/8 S16 310,000 30,000 GJ13 1/24 1/13 S16
280,000 CR35 1/25 1/29 S16
310,000 310,000
0

ACCOUNTS PAYABLE SUBSIDIARY LEDGER

[Link] COMPANY
P25 1/1 120,000 P25 1/11
P25 1/30 270,000 P25 1/28
390,000
PREPAID RENT 140 OFFICE SUPPLIES 150
90,000 30,000 GJ13 1/31 1-Jan 160,000 130,000 GJ13
1/21 CD43 40,000
200,000 130,000
60,000 70,000

ACCOUNTS PAYABLE 220 SALARIES PAYABLE 230

CD43 300,000 130,000 1-Jan 90,000 GJ13 1/31
10,000 1,370,000 P25 1/31
310,000 1,500,000
1,190,000 90,000

SALES 410 SALES RETURN AND ALLOWANCES 420

3,160,000 1,420,000 S16 1/31 1/24 GJ13 30,000 30,000 GJ13 1/31
1,740,000 CR35 1/31
3,160,000 3,160,000
0 0

PURCHASES DISCOUNTS 530 TRANSPORTATION IN 540

6,300 6,300 CD43 /31 1/22 CD43 20,000 20,000 GJ13 1/31

0 0
DEPRECIATION EXPENSE 640 INTEREST EXPENSE 650
10,000 10,000 GJ13 1/31 1/14 CD43 10,000 10,000 GJ13 1/31

0 0

M. CERDA
130,000 130,000 CR35 1/22
170,000
300,000 130,000
170,000

A. BRAGANZA COMPANY
340,000 P25 1/25
 SALES JOURNAL

DATE INVOICE NO. ACCOUNT DEBITED POST REF. ACCOUNTS [Link]/SALES CR.
2021
Jan-02 316 B. BANDONELL 240,000
8 317 G. SEVIDAL 310,000
13 318 M. CERDA 130,000
18 319 [Link] 460,000
23 320 B. BANDONELL 110,000
29 321 M. CERDA 170,000
1,420,000
120/ 410

GENERAL LEDGER

Accounts Receivable Sales

120
1/30 S16 1,420,000

Accounts Receivable
Subsidiary Ledger

B. Bandonell M. Cerda
1/2 S16 240,000 1/13 S16 130,000
1/23 110,000 1/29 170,000

R. Loyola
G. Sevidal 1/18 S16 460,000
1/8 S16 310,000

CASH RECEIPTS JOURNAL

 DEBITS

Date O.R No Description Cash

2021
4-Jan R. Loyola 205,800
5 Sold Merchandise for cash 430,000
10 B. Bandonell 235,200
22 M. Cerda 127,400
25 G. Sevidal 280,000
27 Morayta Bank 170,000
30 Sold Merchandise for cash 1,310,000
1,018,400
2,758,400
110

GENERAL LEDGER

Cash

Accounts Receivable
Subsidiary ledger

R. Loyola
1/18 S16 460,000 210,000 CR 35 1/4

B. Bandonell
1/2 S16 240,000 240,000 CR 35 1/10
1/23 110,000

M. Cerda
1/13 S16 130,000 130,000 CR35 1/22
1/29 170,000

G. Sevidal
1/8 S16 310,000 280,000 CR35 1/25
PG. 16

Date R.R. No. Account credited

2021
3-Jan T. Arenas Company
11 L. VIray Company
17 E. Samonte Company
25 A. Braganza Company
28 L. Viray Company
30 T. Arenas Company

GENERAL LEDGER

Accounts Payable
410 220
1/30 S16 1,420,000 1,370,000 P25 1/30

Purchases
510
1/30 P25 1,370,000
 CREDITS
Other Accounts
Sale Discounts Accounts Receivable Sales Account title PR

4,200 210,000
430,000
4,800 240,000
2,600 130,000
280,000
Notes Payable
1,310,000

11,600 860,000 1,740,000

430 120
 PURCHASES JOURNAL

CREDITS DEBIT
PR Accounts Payable Purchases Office supplieStore supplies

as Company 90,000 90,000

120,000 120,000
nte Company 190,000 190,000
anza Company 340,000 340,000
270,000 270,000
as Company 360,000 360,000
1,370,000 1,370,000
220 510

Accounts Payable
Subsidiary Ledger

T. Arenas Company E. Samonte Company

00 P25 1/30 90,000 P25 1/3 190,000 P25 1/17
360,000 1/30
A. Braganza Company
L. Viray Company 340,000 P25 1/25
120,000 P25 1/11
270,000 1/28
PG. 35

CREDITS

Amount Date Ck No. Descriptio Cash

2021
7-Jan 83 126,100
11 84 77,600
12 85 70,000
14 86 10,000
15 87 80,000
170,000 19 88 100,000
21 89 40,000
170,000 22 90 20,000
26 91 90,000
613,700
110

GENERAL LEDGER
Cash
110
1/30 CR35 1,018,400

Sales Discount
430
1/30 CR35 11,600

Accounts Receivable
120
1/30 S16 1,4 860,000 CR35 1/30

Notes Payable
210
170,000 CR35 1/27
 PG. 25

OTHER ACCOUNTS
Account title PR Amount
 CASH PAYMENT JOURNAL PG. 43

DEBITS
Other Accounts
Purchase Discount Accounts Payable Purchases Account title PR Amount

3,900 130,000
2,400 80,000
70,000
10,000
Salaries expense 80,000
Withdrawal, Pangan 100,000
Office supplies 40,000
Freight In 20,000
90,000
6,300 300,000 70,000 240,000
530 220 510 610/320/150/540

Accounts Receivable
Subsidiary ledger

R. Loyola
1/18 S16 460,000 210,000 CR 35 1/4

B. Bandonell
1/2 S16 240,000 240,000 CR 35 1/10
1/23 110,000

M. Cerda
1/13 S16 130,000 130,000 CR35 1/22
1/29 170,000

G. Sevidal
1/8 S16 310,000 280,000 CR35 1/25
 GENERAL JOURNAL

DATE ACCOUNT TITLES AND EXPLANATIONS P.R. DEBIT

2021
JAN. 9
Accounts Payable - T. Arenas Company 220 10,00
Purchases Returns and Allowances 520

24 Sales Returns and Allowances 420 30,000

Accounts Receivable- G. Sevidal 120

31 Rent Expense 620 30,000

Prepaid Expense 140

Office Supplies Expense 630 130,000

Office Supplies

Depreciation Expense 640 10,000

Accumulated Depreciation 165

Salaries Expense 610 90,000

Salaries Payable 230
PAGE 13
CREDIT

10,000

30,000

30,000

130,000

10,000

90,000
 Ricardo Pangan Company
Worksheet
For the Month Ended January 31, 2021
Unadjusted Trial Balance Adjustments
No Account Title
Debit Credit Debit Credit
110 Cash 2,384,700
120 Accounts Receivable 740,000
130 Merchandise Inventory 730,000
140 Prepaid Rent 90,000 a. 30,000
150 Office Supplies 200,000 b. 130,000
160 Office Equipment 1,000,000
165 Accumulated Depreciation 250,000 c. 10,000
210 Notes Payable 570,000
220 Accounts Payable 1,190,000
230 Salaries Payable d. 90,000
310 Pangan, Capital 1,650,000
320 Pangan, Withdrawals 100,000
330 Income Summary
410 Sales 3,160,000
420 Sales Returns and Allowances 30,000
430 Sales Discounts 11,600
510 Purchases 1,440,000
520 Purchases Returns and Allowances 10,000
530 Purchases Discounts 6,300
540 Transportation In 20,000
610 Salaries Expense 80,000 d. 90,000
620 Rent Expense a. 30,000
630 Office Supplies Expense b. 130,000
640 Depreciation Expense c. 10,000
650 Interest Expense 10,000
6,836,300 6,836,300 260,000 260,000
Profit
an Company
heet
d January 31, 2021
Adjusted Trial Balance Income Statement Balance Sheet
Debit Credit Debit Credit Debit Credit
2,384,700 2,384,700
740,000 740,000
730,000 730,000 470,000 470,000
60,000 60,000
70,000 70,000
1,000,000 1,000,000
260,000 260,000
570,000 570,000
1,190,000 1,190,000
90,000 90,000
1,650,000 1,650,000
100,000 100,000

3,160,000 3,160,000
30,000 30,000
11,600 11,600
1,440,000 1,440,000
10,000 10,000
6,300 6,300
20,000 20,000
170,000 170,000
30,000 30,000
130,000 130,000
10,000 10,000
10,000 10,000
6,936,300 6,936,300 ### 3,646,300 ### 3,760,000
1,064,700 1,064,700
### 3,646,300 4,824,700 4,824,700
 Ricardo Pangan Company
Income Statement
For the Month Ended January 31, 2021

Revenues from Sales

Sales
Less: Sales Returns and Allowances
Sales Discounts
Net Sales
Less: Cost of Goods Sold
Merchandise Inventory, Beginning
Purchases 1,440,000
Less: Purchases Returns and Allowances 10,000
Purchases Discounts 6,300 16,300
Net Purchases 1,423,700
Transportation In 20,000
Net Cost of Purchases
Goods Available for Sales
Less: Merchandise Inventory, Ending
Cost of Goods Sold
Gross Profit
Less: Operating Expenses
Salaries Expense
Rent Expense
Office Supplies Expense
Depreciation Expense
Total Operating Expenses
Operating Profit
Less: Finance Costs
Profit

Ricardo Pangan Company

Balance Sheet
As of January 31, 2021

ASSETS
Current Assets
Cash
Accounts Receivable
Merchandise Inventory
 Prepaid Rent
Office Supplies
Total Current Assets
Non-current Assets
Office Equipment 1,000,000
Less: Accumulated Depreciation 260,000
Total Non-current Assets
TOTAL ASSETS

LIABILITIES
Current Liabilities
Notes Payable 570,000
Accounts Payable 1,190,000
Salaries Payable 90,000
Total Current Liabilities

OWNER'S EQUITY

Pangan, Capital, 1/31/2021

TOTAL LIABILITIES AND OWNER'S EQUITY
 Ricardo Pangan Company
Statement of changes in Equ
For the Month Ended January 31

Pangan, Capital, 1/1/2021

3,160,000 Add: Profit
30,000 Total
11,600 41,600 Less: Pangan, Withdrawal
3,118,400 Pangan, Capital, 1/31/2021

730,000

1,443,700
2,173,700
470,000
1,703,700
1,414,700

170,000
30,000
130,000
10,000
340,000
1,074,700
10,000
1,064,700

2,384,700
740,000
470,000
 60,000
70,000
3,724,700

740,000
4,464,700

1,850,000

2,614,700
4,464,700
ardo Pangan Company
ment of changes in Equity
onth Ended January 31, 2021

1,650,000
1,064,700
2,714,700
100,000
2,614,700
 CLOSING ENTRIES FOR RICARDO PANGAN COMPANY
DATE ACCOUNT TITLES AND EXPLANATION
JAN. 31 Merchandise Inventory, ending
Income Summary
Merchandise Inventory, Beginning
To close beg. Inven. And establish ending inventory.

Income Summary
Merchandise Inventory, Beginning
Sales Returns and Allowances
Sales discounts
Purchases
Transportation In
Salaries Expense
Rent Expense
Office Supplies
Depreciation Expense
Interest Expense
To close temporary accounts in the debit side of income summary.

Merchandise Inventory, End

Sales
Purchase Returns and Allowances
Purchase Discounts
Income Summary
To close the temporary accounts in the credit side of income summary.

Income Summary
Pangan, Capital
to close income summary to capital.

Pangan, Capital
Pangan, Withdrawals
To close withdrawal account to capital.
 GENERAL LEDGER
PR DEBIT CREDIT
130 470,000
330 260,000 MERCHANDISE INVEN. BEG. 130
130 730,000 730,000 Jan-31
730,000 Jan-31
1,460,000
330 2,581,600
130 730,000
420 30,000
430 11,600
510 1,440,000
540 20,000 INCOME SUMMARY 330
610 170,000 260,000 3,646,300
620 30,000 2,581,600
630 130,000 1,064,700
640 10,000 3,906,300 3,646,300
650 10,000 260,000

130 470,000
410 3,160,000
520 10,000
530 6,300
330 3,646,300 MERCHANDISE INV. END. 130
470,000
470,000
330 1,064,700 940,000
310 1,064,700

310 100,000
320 100,000

DEPRECIATIONN EXPENSE
10,000
PURCHASES RETURNS AND ALLOW. 520
10,000

PANGAN, CAPITAL 310

1,064,700
100,000
1,164,700
GENERAL LEDGER

SALES RETURNS AND ALLOWANCES 420 TRANSPORTATION IN

30,000

SALES DISCOUNTS 430 SALARIES EXPENSE

11,600

PURCHASES 510 RENT EXPENSE

1,440,000

INTEREST EXPENSE 650 SALES

10,000 3,160,000
PURCHASE DISCOUNTS OFFICE SUPPLIES
6,300

PANGAN, WITHDRAWAL 320

100,000
PORTATION IN 540
20,000

ES EXPENSE 610
170,000

620
30,000

410
 630
130,000
 RICARDO PANGAN COMPANY RICARDO PANGAN COM
SCHEDULE OF ACCOUNTS RECEIVABLE SCHEDULE OF ACCOUNTS PA
JANUARY 31, 2021 JANUARY 31, 2021

R. LOYOLA 460,000 E. SAMONTE COMPANY

B. BANDONELL 110,000 T. ARENAS COMPANY
M. CERDA 170,000 L. VIRAY COMPANY
TOTAL 740,000 A. BARGANZA COMPANY
TOTAL
 RICARDO PANGAN COMPANY
SCHEDULE OF ACCOUNTS PAYABLE
JANUARY 31, 2021

NTE COMPANY 100,000

S COMPANY 360,000
390,000
NZA COMPANY 340,000
1,190,000