PHINMA UPANG COLLEGE URDANETA

College of Management
BOOKKEEPING ENHANCEMENT
PERIODIC INVENTORY SYSTEM

(Answer Sheet)

NAME: _________________________________ Coures/Year/Section:_____________ Date: _______________

1. Journalizing: (Periodic Inventory Method) GJ- 1

Date Particulars Post Ref Debit Credit

PERIODIC INVENTORY SYSTEM | 1

 GJ-2
Date Particulars Post Ref Debit Credit

PERIODIC INVENTORY SYSTEM | 2

2. Postings.
CASH Account No. 110
Date Particulars Post Ref. Debit Credit Balance
Debit Credit

ACCOUNTS REEIVABLE Account No. 120

Date Particulars Post Ref. Debit Credit Balance
Debit Credit

MERCHANDISE INVENTORY Account No. 130

Date Particulars Post Ref. Debit Credit Balance
Debit Credit

OFFICE SUPPLIES Account No. 140

Date Particulars Post Ref. Debit Credit Balance
Debit Credit

EQUIPMENT Account No. 150

Date Particulars Post Ref. Debit Credit Balance
Debit Credit

ACCOUNTS PAYABLE Account No. 210

Date Particulars Post Ref. Debit Credit Balance
Debit Credit

NOTES PAYABLE Account No. 220

Date Particulars Post Ref. Debit Credit Balance
Debit Credit

SILVER SNAKE, CAPITAL Account No. 300

Date Particulars Post Ref. Debit Credit Balance
Debit Credit

PERIODIC INVENTORY SYSTEM | 3

 SILVER SNAKE, DRAWING Account No. 310
Date Particulars Post Ref. Debit Credit Balance
Debit Credit

SALES Account No. 410

Date Particulars Post Ref. Debit Credit Balance
Debit Credit

SALES RETURNS & ALLOWANCES Account No. 415

Date Particulars Post Ref. Debit Credit Balance
Debit Credit

SALES DISCOUNT Account No. 420

Date Particulars Post Ref. Debit Credit Balance
Debit Credit

PURCHASES Account No. 510

Date Particulars Post Ref. Debit Credit Balance
Debit Credit

PURCHASE RETURNS & ALLOWANCES Account No. 520

Date Particulars Post Ref. Debit Credit Balance
Debit Credit

PURCHASE DISCOUNT Account No. 530

Date Particulars Post Ref. Debit Credit Balance
Debit Credit

FREIGHT IN Account No. 540

Date Particulars Post Ref. Debit Credit Balance
Debit Credit

FREIGHT OUT Account No. 610

Date Particulars Post Ref. Debit Credit Balance
Debit Credit

ADVERTISING EXPENSE Account No. 620

Date Particulars Post Ref. Debit Credit Balance
Debit Credit

UTILITIES EXPENSE Account No. 630

Date Particulars Post Ref. Debit Credit Balance
Debit Credit

PERIODIC INVENTORY SYSTEM | 4

 RENT EXPENSE Account No. 640
Date Particulars Post Ref. Debit Credit Balance
Debit Credit

SALARIES EXPENSE Account No. 650

Date Particulars Post Ref. Debit Credit Balance
Debit Credit

INCOME SUMMARY Account No. 660

Date Particulars Post Ref. Debit Credit Balance
Debit Credit

3. Trial Balance

Jewel Dragon Enterprises

Trial Balance
November 30, 2017
Account Title Debit Credit

Total

4. Financial Statements

STATEMENT OF COST OF GOODS SOLD

FOR THE MONTH ENDED NOVEMBER 30, 2017

PERIODIC INVENTORY SYSTEM | 5

 STATEMENT OF INCOME
FOR THE MONTH ENDED NOVEMBER 30, 2017

STATEMENT OF OWNER’S EQUITY

FOR THE MONTH ENDED NOVEMBER 30, 2017

STATEMENT OF FINANCIAL POSITION

AS OF NOVEMBER 30, 2017

ASSETS
Current Assets:

Non-current Assets:

LIABILITIES & CAPITAL

Current Liabilities:

Non-current Liabilities:

PERIODIC INVENTORY SYSTEM | 6

 STATEMENT OF CASH FLOWS
FOR THE MONTH ENDED DECEMBER 30, 2017

5. Closing journal entries: GJ - 3

Date Particulars Post Ref Debit Credit

Nov. 30

PERIODIC INVENTORY SYSTEM | 7

 Jewel Dragon Enterprises
Post-Clsoing Trial Balance
November 30, 2017
Account Title Debit Credit

PERIODIC INVENTORY SYSTEM | 8