Ben&Ben Hardware and Auto Supply

Post-Closing Trial Balance

September 30, 2019

Cash 500,000
Accounts Receivable 200,000
Merchandise Inventory 130,000
Accounts Payable 300,000
Ben, Capital 530,000
830,000 830,000
 Transactions of Ben&Ben Hardware and Auto Supply for Oct. 01- Nov. 14, 2019.

Oct. 01 Mr. Ben made an additional cash investment, 800,000

Oct. 02 Bought office equipment on account from T. Swift and issued a Promissory note, 250,000.
Oct. 03 Bought merchandise for cash from J. Bieber Enterprise, 50,000 vat inclusive.
Oct. 04 Bought office supplies from D. store, 15,000.
Oct. 05 Paid 50% of the account to T. Swift.
Oct. 06 Paid 3 month advance rent, 12,000.
Oct. 07 Returned 6,000 cost of merchandise to J. Bieber Enterprise for not conforming with the order.
Oct. 08 Sold merchandise for cash to Smith Trading, 70,000 vat inclusive.
Oct. 09 Paid in full the remaining amount to T Swift.
Oct. 10 Purchased merchandise on account from J. Bieber Enterprise, 100,000 vat inclusive.
Oct. 11 Sold merchandise on account to Jones Company, 40,000 vat inclusive. Term: 3/10; n/30
Oct. 12 Bought office tables, 30,000.
Oct. 13 Paid 1 year insurance to D. Insurance Company, 20,000.
Oct. 14 Returned 5,000 cost of merchandise to J. Bieber Enterprise due to bad order.
Oct. 15 Received 2,000 cost of merchandise returned by Jones Company.
Oct. 16 Collected the account of Jones Company.
Oct. 17 Purchased merchandise for cash from J. Bieber Enterprise 50,000 vat inclusive.
Oct. 18 Paid half of the account from J. Bieber Enterprise.
Oct. 19 Additional cash investment of Mr. Ben, 30,000.
Oct. 20 Sold merchandise on account to Sawyer Trading, 100,000 vat inclusive.
Oct. 21 Paid in full the remaining account from J. Bieber Enterprise.
Oct. 22 Received 1,000 cost of merchandise returned by Sawyer Trading.
Oct. 23 Cash withdrawal by Mr. Ben for personal use, 50,000.
Oct. 24 Collected the account of Sawyer Trading, 10,000.
Oct. 25 Paid business permits for the month, 6,000.
Oct. 26 Purchased additional office supplies from D. Store 15,000.
Oct. 27 Purchase merchandise on account from J. Bieber Enterprise, 80,000 vat inclusive. Terms: 2/12; n/30.
Oct. 28 Returned 5,000 cost of merchandise to J. Bieber Enterprise due to bad order.
Oct. 29 Sold merchandise to Carson Co. on account, 70,000 vat inclusive.
Oct. 30 Received 6,000 cost of merchandise from Carson Co.
Oct. 31 Paid salaries for the month, 20,000.
Nov. 01 Paid advertising expense, 2500.
Nov. 02 Paid electric bill, 5,000.
Nov. 03 Collected the account of Carson Co., 10,000.
Nov. 04 Cah withdrawal by Mr. Ben for personal use, 8,000.
Nov. 05 Paid accounts to J. Bieber Enterprise.
Nov. 06 Purchased merchandise for cash from J. Bieber Enterprise , 60,000 vat inclusive.
Nov. 07 Returned 6,000 cost of merchandise due to bad order.
Nov. 08 Additional cash investment by Mr. Ben, 30,000.
Nov. 09 Sold merchandise to Jones Company, 100,000 vat inclusive. (on account)
Nov. 10 Received 8,000 cost of merchandise from Jones Company.
Nov. 11 Purchased additional office supplies from ABC store, 5,000.
Nov. 12 Collected the account of Jones Company, 30,000.
Nov. 13 Paid the account from ABC store, 5,000.
Nov. 14 Cash withdrawal by Mr. Ben for personal use, 1,000.
1-Oct Cash 500,000
Accounts Receivable 200,000
Merchandise Inventory 130,000
Accounts Payable 300,000
Ben, Capital 530,000
To established accounts from previous month.

1-Oct Cash 800,000

Ben, Capital 800,000
To record owner's initial investment.

2-Oct Office Equipment 250,000

Notes Payable 250,000
To record Purchased of equipment on account.

3-Oct Purchases 44,642.86

Input Tax 5,357.14
Cash 50,000
To record purchased of merchandise in cash

4-Oct Office Supplies 15,000

Cash 15,000
To Record purchased of supplies in cash

5-Oct Notes Payable 125,000

Cash 125,000
To record payment of account to T. Swift.

6-Oct Prepaid Rent 12,000

Cash 12,000
To record payment of rent in advance.

7-Oct Cash 6,000

Input Tax 720
Purchased Returns and Allowances 5,280
To record returned merchandise to J. Bieber Enterprise.

8-Oct Cash 70,000

Output tax 7,500
Sales 62,500
To record merchandise sold for cash.

9-Oct Notes Payable 125,000

 Cash 125,000
To record payment of account to T. Swift.

10-Oct Purchases 89,285.71

Input Tax 10,714.29
Accounts Payable 100,000
To record purchased of merchandise on account.

11-Oct Accounts Receivable 40,000

Sales 35,714.29
Output Tax 4,285.71
To record sales on account.

12-Oct Furniture and Fixture 30,000

Cash 30,000
To record purchased of office tables.

13-Oct Prepaid Insurance 20,000

Cash 20,000
To record advance payment of insurance premium.

14-Oct Accounts Payable 5,000

Purchased Returns and Allowances 4,464.29
Input Tax 535.71
To record returned merchandise to J. Bieber Enterprise.

15-Oct Sales Returns and Allowance 1785.71

Output Tax 214.29
Account Receivable 2,000
To record returned merchandise by Jones Company.

16-Oct Cash 36,860

Sales Discount 1,140
Accounts Receivable 38,000
To record collection from accounts of Jones Company.

17-Oct Purchases 44,642.86

Input Tax 5,357.14
Cash 50,000
To record purchased of merchandise for cash.

18-Oct Accounts Payable 47,500

Cash 47,500
To record payment of account to J. Bieber Enterprise.
19-Oct Cash 30,000
Ben, Capital 30,000
To record owner's additional investment.

20-Oct Accounts Receivable 100,000

Sales 89,285.71
Output Tax 10,714.29
To record sale of merchandise on account.

21-Oct Accounts Payable 47,500

Cash 47,500
To record payment of remaining account to J. Bieber Enterprise.

22-Oct Sales Returns and Allowances 892.86

Output Tax 107.14
Accounts Receivable 1,000
To record returned merchandise by Sawyer Trading.

23-Oct Ben, Drawing 50,000

Cash 50,000
To record owner's withdrawal.

24-Oct Cash 10,000

Accounts Receivable 10,000
To record collection from Sawyer Trading.

25-Oct Taxes and Licenses 6,000

Cash 6,000
To record payment of business permits.

26-Oct Office Supplies 15,000

Cash 15,000
To record purchased of office supplies for cash.

27-Oct Purchases 71,428.57

Input Tax 8,571.43
Accounts Payable 80,000
To record purchased of merchandise on account.

28-Oct Accounts Payable 5,000

Purchased Returns and Allowances 4,464.29
Input Tax 535.71
To record returned merchandise to J. Bieber Emterprise.

29-Oct Accounts Receivable 70,000

 Sales 62,500
Output Tax 7,500
To record sales on account.

30-Oct Sales Returns and Allowances 5,357.14

Output Tax 642.86
Accounts Receivable 6,000
To record returned merchandise by Carson Co.

31-Oct Salaries Expense 20,000

Cash 20,000
To record payment of salaries.

1-Nov Advertising Expense 2,500

Cash 2,500
To record payment for advertising expense.

2-Nov Utilities Expense 5,000

Cash 5,000
To record payment for electric bill.

3-Nov Cash 10,000

Accounts Receivable 10,000
To record partial collection of customer's account.

4-Nov Ben, Drawing 8,000

Cash 8,000
To record owner's withdrawal

5-Nov Accounts Payable 75,000

Cash 73,500
Purchased Discount 1,500
To record payment of accounts to J. Bieber Enterprise within the discount period.

6-Nov Purchases 53,571.43

Input Tax 6,428.57
Cash 60,000
To record purchased of merchandise for cash.

7-Nov Cash 6,000

Input Tax 720
Purchased Returns and Allowances 5,280
To record returned merchandise to J. Bieber Enterprise.

8-Nov Cash 30,000

 Ben, Capital 30,000
To record additional investment by the owner.

9-Nov Accounts Receivable 100,000

Sales 89,285.71
Output Tax 10,714.29
To record sale of merchnadise on account.

10-Nov Sales Returns and Allowances 7,142.86

Output Tax 857.14
Accounts Receivable 8,000
To record returned merchandise by Jones Company.

11-Nov Office Supplies 10,000

Account Payable 10,000
To record purchased of office supplies on account.

12-Nov Cash 30,000

Accounts Receivable 30,000
To record partial collection from Jones Company.

13-Nov Accounts Payable 5,000

Cash 5,000
To record partial payment of accounts to ABC Store.

14-Nov Ben, Drawing 1,000

Cash 1,000
To record Owner's withdrawal.
iscount period.
 PURCHASES JOURNAL
Credits Debits
R.R.
Date Account Credited PR
Number Accounts Payable Purchases Input VAT

2019
10-Oct 11 J. Bieber Enterprise / ₱100,000 89,285.71 10,714.29
27-Oct 12 J. Bieber Enterprise / ₱80,000 71,428.57 8,571.43

Total ₱180,000 160,714.28 19,285.72

 CASH DISBURSEMENT JOURNAL
Credits
Ck.
Date Description Purchases
Number Cash Input VAT
Discounts
2019
4-Oct D. Store ₱15,000.00
3-Oct J. Bieber Enterprise 50,000
5-Oct T. Swift ₱125,000.00
6-Oct Advance Rent ₱12,000.00
12-Oct Jane Furnitures ₱30,000.00
13-Oct D. Insurance Company ₱20,000.00
17-Oct J. Bieber Enterprise ₱50,000.00
18-Oct J. Bieber Enterprise ₱47,500.00
23-Oct Owner's Withdrawal ₱50,000.00
25-Oct Business Permits ₱6,000.00
31-Oct Salary ₱20,000.00
1-Nov Philippine Daily Inquirer ₱2,500.00
2-Nov Electric Bill ₱5,000.00
4-Nov Owner's Withdrawal ₱8,000.00
5-Nov J. Bieber Enterprise ₱73,500.00 ₱1,500
6-Nov J. Bieber Enterprise ₱60,000.00
13-Nov ABC Store ₱5,000.00
14-Nov Owner's Withdrawal ₱1,000.00

Total ₱580,500.00 ₱1,500

BURSEMENT JOURNAL
Debits
Accounts Other Accounts
Purchases Input VAT
Payable Account Title PR Amount

Office Supplies 15,000.00

44,642.86 5,357.14 Purchases 44,642.86
₱125,000.00
Prepaid Rent 12,000.00
Furniture and Fixture 30,000.00
Prepaid Insurance 20,000.00
44,642.86 5,357.14 Purchases 44,642.86
47,500
Ben, Drawing 50,000.00
Taxes and Licenses 6,000.00
Salaries Expense 20,000.00
Advertising Expense 2,500.00
Utilities Expense 5,000.00
Ben, Drawing 8,000.00
₱75,000
₱53,571.43 ₱6,428.57 Purchases 53,571.43
₱5,000
Accounts Payable 1,000.00

₱252,500 ₱17,143 ₱17,143 ₱312,357

 CASH RECEIPTS JOURNAL
Debits
O.R. Accounts
Date Description Sales Output Receivabl
Number Cash Sales
Discounts VAT e
2019
1-Oct Owner's Additional Investment ₱800,000.00
8-Oct Smith Trading ₱70,000.00 62,500
16-Oct Jones Company ₱36,860.00 1,140
19-Oct Additional Investment ₱30,000.00
24-Oct Sawyer Trading ₱10,000.00
L
Credits
Output Other Accounts
VAT Account Title PR Amount

Ben, Capital ₱800,000

7,500
Accounts Receivable ₱38,000
Ben, Capital ₱30,000
Accounts Receivable ₱10,000
 CASH FURNITURE AND FIXTURE
1-Oct 800,000 12-Oct 30,000
1-Oct 500,000 3-Oct 50,000
7-Oct 6,000 4-Oct 15,000
8-Oct 70,000 5-Oct 125,000
16-Oct 36,860 6-Oct 12,000
19-Oct 30,000 9-Oct 125,000
24-Oct 10,000 12-Oct 30,000
3-Nov 10,000 13-Oct 20,000
7-Nov 6,000 17-Oct 50,000
8-Nov 30,000 18-Oct 47,500
12-Nov 30,000 21-Oct 47,500
23-Oct 50,000
25-Oct 6,000
26-Oct 15,000
31-Oct 20,000
1-Nov 2,500
2-Nov 5,000
4-Nov 8,000
5-Nov 73,500
6-Nov 60,000
13-Nov 5,000
14-Nov 1,000
1,528,860 768000 30,000
760,860

NOTES PAYABLE BEN, CAPITAL

9-Oct 125,000 5-Oct 125,000 1-Oct 530,000
1-Oct 800,000
19-Oct 30,000
8-Nov 30,000

- - 1,390,000
 - -

PURCHASES OFFICE EQUIPMENT

3-Oct 44,642.86 2-Oct 250,000
10-Oct 89,285.71
17-Oct 44,642.86
27-Oct 71428.57
6-Nov 53571.43

303571.43 250,000

INPUT TAX OFFICE SUPPLIES

3-Oct 5357.14 7-Oct 720.00 4-Oct 15,000
10-Oct 10714.29 14-Oct 535.71 26-Oct 15,000
17-Oct 5357.14 28-Oct 535.71 11-Nov 10,000
27-Oct 8571.43 7-Nov 720.00
6-Nov 6428.57

36428.57 2511.42 40,000

33917.15
 PREPAID RENT PURCHASED RETURNS AND ALLOWANCES
6-Oct 12,000 7-Oct 5,280.00
14-Oct 4,464.29
28-Oct 4,464.29
7-Nov 5,280.00

12,000 19,488.58

OUTPUT TAX SALES

15-Oct 214.29 8-Oct 7,500.00 8-Oct 62,500.00
22-Oct 107.14 11-Oct 4,285.71 11-Oct 35,714.29
30-Oct 642.86 20-Oct 10,714.29 20-Oct 89,285.71
10-Nov 857.14 29-Oct 7,500.00 29-Oct 62,500.00
9-Nov 10,714.29 9-Nov 89,285.71

1,821.43 40,714.29 339,285.71

 38,892.86

ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE

14-Oct 5,000 1-Oct 300,000 1-Oct 200,000 15-Oct 2,000
18-Oct 47,500 10-Oct 100,000 11-Oct 40,000 16-Oct 38,000
21-Oct 47,500 27-Oct 80,000 20-Oct 100,000 22-Oct 1,000
28-Oct 5,000 11-Nov 10,000 29-Oct 70,000 24-Oct 10,000
5-Nov 75,000 9-Nov 100,000 30-Oct 6,000
13-Nov 5,000 3-Nov 10,000
12-Nov 30,000
10-Nov 8,000

185,000 490,000 510,000 105,000

305,000 405,000

PREPAID INSURANCE SALES RETURNS AND ALLOWANCES

13-Oct 20,000 15-Oct 1785.71
22-Oct 892.86
30-Oct 5357.14
10-Nov 7142.86

20,000 15178.57
 SALES DISCOUNTS BEN, DRAWING
16-Oct 1,140 23-Oct 50,000
4-Nov 8,000
14-Nov 1,000

1,140 59,000

TAXES AND LICENSES SALARIES EXPENSE

25-Oct 6,000 31-Oct 20,000
 6,000 20,000

ADVERTISING EXPENSE UTILITIES EXPENSE

1-Nov 2,500 2-Nov 5,000

2,500 5,000

PURCHASED DISCOUNT MERCHANDISE INVENTORY

5-Nov 1,500 1-Oct 130,000
1,500 130,000
At the end of the year, the following adjustments were found out:

a. Merchandise Inventory which was determined through physical count was

120,000.00
b. Through estimation, 2% of accounts receivable is doubtful of collection.
c. Office Equipment has an estimated useful life of 4 years without salvage
value.
d. Furniture and Fixture has an estimated useful life of 2 years without salvage
value.
e. 10,000 office supplies inventory has been used up.
f. Expired portion of Insurance.
g. Expired portion of rent.

a. -

b. Uncollectible Account 8,100

Estimated Uncollectible Account 8,100

c. Depreciation- Equipment 7,812.50

Accumulated Depreciation- Equipment 7,812.50

d. Depreciation- Furniture and Fixture 1,875

Accumulated Depreciation- Furniture and Fixture 1,875

e. Office Supplies Expense 10,000

Office Supplies 10,000

f. Insurance Expense 1,666.67

Prepaid Insurance 1,666.67

g. Rent Expense 6,000

Prepaid Rent 6,000
 UNADJUSTED TRIAL BALANCE ADJUSTMENTS
ACCOUNTS DEBIT CREDIT DEBIT CREDIT
Cash 760,860
Accounts Receivable 405,000
Merchandise Inventory 130,000
Prepaid Insurance 20,000 1,666.67
Prepaid Rent 12,000 6,000
Office Supplies 40,000 10,000
Furniture and Fixture 30,000
Office equipment 250,000
Accounts Payable 305,000
Vat Payable 4,975.71
Ben, Capital 1,390,000
Ben, Drawing 59,000
Sales 339,285.71
Sales Discount 1,140
Sales Returns and Allowances 15178.57
Purchases 303,571.43
Purchased Discount 1,500
Purchased Returns and Allowances 19,488.58
Taxes and Licenses 6,000
Salaries Expense 20,000
Advertising Expense 2,500
Utilities Expense 5,000
2,060,250 2,060,250

Aa. Merchandise Inventory End

b. Uncollectible Account 8,100
b. Estimated Uncollectible Account 8,100
c. Depreciation- Equipment 7,812.50
c. Accumulated Depreciation- Equipment 7,812.50
d. Depreciation- Furniture and Fixtures 1,875
d. Accumulated Dpreciation- Furniture & fixtures 1,875
e. Office Supplies Expense 10,000
f. Insurance Expense 1,666.67
g. Rent Expense 6,000
35,454.17 35,454.17
ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
760,860 760,860
405,000 405,000
130,000 130,000
18,333.33 18,333.33
6,000 6,000
30,000 30,000
30,000 30,000
250,000 250,000
305,000 305,000
4,975.71 4,975.71
1,390,000 1,390,000
59,000 59,000
339,285.71 339,285.71
1,140 1,140
15178.57 15178.57
303,571.43 303,571.43
1,500 1,500
19,488.58 19,488.58
6,000 6,000
20,000 20,000
2,500 2,500
5,000 5,000

120,000 120,000
8,100 8,100
8,100 8,100
7,812.50 7,812.50
 7,812.50 7,812.50
1,875 1,875
1,875 1,875
10,000 10,000
1,666.67 1,666.67
6,000 6,000
2,078,037.50 2,078,037.50 518,844.17 480,274.29 1,679,193 1,717,763.21
38,569.88 38,569.88
518,844.17 1,717,763.21