1. Prepare the schedule of Accounts Receivable and Accounts Payable as of February 28, 2020. - 2. Reconcile total of schedule of accounts receivable and accounts payable against balances appearing in the statement of financial position.

Make Statement of Financial Position

NEOFOX GENERAL MERCHANDISING Business Transactions for the month of February, 2020 A. SALES TRANSACTIONS Date Inv. No. Sold To Feb. 1 CS-007 Marzman Trading, Inc. CS-008 Pedro Gomez 2 SI 0206-0210 Various Cash Customers 5 CS-009 Mario Villafuerte 7 CS-010 Lopez General Merchandising 10 CS-011 Traders Joe 12 SI 0211-0220 Various Cash Customers 15 CS-012 Efren Reyes 17 CS-013 Rolando Mercado 20 SI 0221-0230 Various Cash Customers 25 CS-014 Tanya Dy 28 CS-015 All Around Buying & Selling Co. SI 0231-0240 Various Cash Customers Credit Terms 3/5, n/30 2/10, n/45 Cash 2/15, n/45 n/30 1.5/10, n/30 Cash 1/10, n/30 2/10, n/30 Cash 2/10, n/30 n/30 Cash Amount 125,500 10,885 53,163 85,125 10,367 22,500 138,741 50,214 75,892 88,960 15,722 10,500 101,505 B. PURCHASES TRANSACTIONS Date Feb. 1 6 12 18 24 27 Reference Purchased From Inv#8595 Norman Wholesales, Inc. Inv#7546 Standard Packaging Supply, Co. Inv#562 Landry Company Inv#54812 Manila Wholesale Enterprises Inv#1256 Rapoo Electronics & Gadgets Inv#0650 White Paper Incorporated Inv#7854 Bacolod Plastic Products, Co. Credit Terms Nature 1/10, n/20 Merchandise 3/15, n/45 Store Supplies 2/10,n/30 Merchandise 5/10,n/45 Merchandise n/15 Laptop Computer 1/10, n/30 Office Supplies 2/20, n/45 Merchandise Amount 150,000 45,600 175,810 250,000 38,000 8,350 130,000 C. CASH RECEIPTS TRANSACTIONS Date OR No. Received From Feb. 3 002 Pedro Gomez 5 003 Marzman Trading 8 004 Pedro Gomez 10 005 Pedro Gomez 13 006 Rolando Mercado 15 007 Efren Reyes 17 008 Mario Villafuerte 20 009 Trader Joe 25 010 Efren Reyes 27 011 Rolando Mercado Explanation Full payment of CSI#002 Full payment of CSI#007 less discount Full payment of CSI#003 Full payment of CSINO08 less discount Full payment of CS1#004 Partial payment of CSINO05 Full payment of CSI#006 Full payment of CSI#011 less discount Full payment of CS1#012 less discount Full payment of CSIWO13 less discount Amount 6,750 121,735 3,110 10,667 36,215 10,000 120,353 22,163 49,712 74,374 D. CASH DISBURSEMENTS TRANSACTIONS Date Check No. Pay To Feb. 1 75061 Payroll Master 75062 Standard Insurance Co 3 75063 Landry Company 6 75064 Landry Company 7 75065 Payroll Master 10 75066 Norman Wholesales 75067 Various Expenses Amount 12,250 24,000 ? 117,600 8,560 ? ? 11 75068 ABC Enterprises 10,500 13 75069 Cargo, Inc. 2,300 75070 75071 75072 75073 15 16 20 Explanation Salaries of Adm. Employees Jan 16-31 Fire insurance premiums for 12 mos. Full payment of Inv# 155 Full payment of inv#305 less discount Weekly salaries of Sales Employees Full payment of inv#8595 less disc. Transportation 1,520 Representation 5,000 Miscellaneous 255 Purchase of Merchandise for sale net of trade discount Freight of Merchandise received from Manila Wholesale Enterprises Weekly salaries of Sales Employees Salaries of ADM. Employees Feb 1-15 Full payment of Inv#562 less discount Electricity 3,216 Water 1,825 Communication 2,500 Miscellaneous 800 Full payment of inv#54812 less disc. Weekly Salaries of Sales Employees Security & Janitorial Services Office and store space rental for the first quarter of 2020 Salaries of Admin and Sales Empls: Admin 15,230 Sales 8,350 Personal Withdrawal Payroll Master Payroll Master Landry Company Various Expenses 8,300 15,540 ? ? 22 24 25 28 75074 75075 75076 75077 Manila Wholesale Ent. Payroll Master SJ Services Wil Realty, Inc. ? 8,450 22,500 30,000 75078 Payroll Master 23,580 75079 Newton Fox 30,000 ADDITIONAL INFORMATION (to be recorded in the General Journal): 1. On February 28, NeoFox returned damaged merchandise worth P10,000 purchased from Bacolod Plastic Products Co. 2. Fixed assets other than what was originally invested by Mr. Newton Fox, is estimated to be useful in 3 years with a 10% salvage value after 3 years based on the acquisition cost. 3. Store supplies and office supplies used until February 28 amounted to P5,600 and P2,150 respectively, 4. Mr. Newton Fox signed a one year advertising contract for P12,000 covering period Jan 1 to Dec. 31, 2020. These was paid in cash coming from sales collection last January 5, 2020. No accounting entry was made in January 5. Merchandise inventory physically count on February 28, 2020 amounted to P377,873. NEOFOX GENERAL MERCHANDISING Business Transactions for the month of February, 2020 A. SALES TRANSACTIONS Date Inv. No. Sold To Feb. 1 CS-007 Marzman Trading, Inc. CS-008 Pedro Gomez 2 SI 0206-0210 Various Cash Customers 5 CS-009 Mario Villafuerte 7 CS-010 Lopez General Merchandising 10 CS-011 Traders Joe 12 SI 0211-0220 Various Cash Customers 15 CS-012 Efren Reyes 17 CS-013 Rolando Mercado 20 SI 0221-0230 Various Cash Customers 25 CS-014 Tanya Dy 28 CS-015 All Around Buying & Selling Co. SI 0231-0240 Various Cash Customers Credit Terms 3/5, n/30 2/10, n/45 Cash 2/15, n/45 n/30 1.5/10, n/30 Cash 1/10, n/30 2/10, n/30 Cash 2/10, n/30 n/30 Cash Amount 125,500 10,885 53,163 85,125 10,367 22,500 138,741 50,214 75,892 88,960 15,722 10,500 101,505 B. PURCHASES TRANSACTIONS Date Feb. 1 6 12 18 24 27 Reference Purchased From Inv#8595 Norman Wholesales, Inc. Inv#7546 Standard Packaging Supply, Co. Inv#562 Landry Company Inv#54812 Manila Wholesale Enterprises Inv#1256 Rapoo Electronics & Gadgets Inv#0650 White Paper Incorporated Inv#7854 Bacolod Plastic Products, Co. Credit Terms Nature 1/10, n/20 Merchandise 3/15, n/45 Store Supplies 2/10,n/30 Merchandise 5/10,n/45 Merchandise n/15 Laptop Computer 1/10, n/30 Office Supplies 2/20, n/45 Merchandise Amount 150,000 45,600 175,810 250,000 38,000 8,350 130,000 C. CASH RECEIPTS TRANSACTIONS Date OR No. Received From Feb. 3 002 Pedro Gomez 5 003 Marzman Trading 8 004 Pedro Gomez 10 005 Pedro Gomez 13 006 Rolando Mercado 15 007 Efren Reyes 17 008 Mario Villafuerte 20 009 Trader Joe 25 010 Efren Reyes 27 011 Rolando Mercado Explanation Full payment of CSI#002 Full payment of CSI#007 less discount Full payment of CSI#003 Full payment of CSINO08 less discount Full payment of CS1#004 Partial payment of CSINO05 Full payment of CSI#006 Full payment of CSI#011 less discount Full payment of CS1#012 less discount Full payment of CSIWO13 less discount Amount 6,750 121,735 3,110 10,667 36,215 10,000 120,353 22,163 49,712 74,374 D. CASH DISBURSEMENTS TRANSACTIONS Date Check No. Pay To Feb. 1 75061 Payroll Master 75062 Standard Insurance Co 3 75063 Landry Company 6 75064 Landry Company 7 75065 Payroll Master 10 75066 Norman Wholesales 75067 Various Expenses Amount 12,250 24,000 ? 117,600 8,560 ? ? 11 75068 ABC Enterprises 10,500 13 75069 Cargo, Inc. 2,300 75070 75071 75072 75073 15 16 20 Explanation Salaries of Adm. Employees Jan 16-31 Fire insurance premiums for 12 mos. Full payment of Inv# 155 Full payment of inv#305 less discount Weekly salaries of Sales Employees Full payment of inv#8595 less disc. Transportation 1,520 Representation 5,000 Miscellaneous 255 Purchase of Merchandise for sale net of trade discount Freight of Merchandise received from Manila Wholesale Enterprises Weekly salaries of Sales Employees Salaries of ADM. Employees Feb 1-15 Full payment of Inv#562 less discount Electricity 3,216 Water 1,825 Communication 2,500 Miscellaneous 800 Full payment of inv#54812 less disc. Weekly Salaries of Sales Employees Security & Janitorial Services Office and store space rental for the first quarter of 2020 Salaries of Admin and Sales Empls: Admin 15,230 Sales 8,350 Personal Withdrawal Payroll Master Payroll Master Landry Company Various Expenses 8,300 15,540 ? ? 22 24 25 28 75074 75075 75076 75077 Manila Wholesale Ent. Payroll Master SJ Services Wil Realty, Inc. ? 8,450 22,500 30,000 75078 Payroll Master 23,580 75079 Newton Fox 30,000 ADDITIONAL INFORMATION (to be recorded in the General Journal): 1. On February 28, NeoFox returned damaged merchandise worth P10,000 purchased from Bacolod Plastic Products Co. 2. Fixed assets other than what was originally invested by Mr. Newton Fox, is estimated to be useful in 3 years with a 10% salvage value after 3 years based on the acquisition cost. 3. Store supplies and office supplies used until February 28 amounted to P5,600 and P2,150 respectively, 4. Mr. Newton Fox signed a one year advertising contract for P12,000 covering period Jan 1 to Dec. 31, 2020. These was paid in cash coming from sales collection last January 5, 2020. No accounting entry was made in January 5. Merchandise inventory physically count on February 28, 2020 amounted to P377,873