In December 1, 2019 Bini General Merchandise located in Silang, Cavite was established as corporation engaged in buying and selling of merchandise under the name Bini General Merchandise Trading. The Corporation prepares a monthly financial statement, hence, adjusting and closing entries are made at the end of each month.

The Chart of Accounts is as follows:

110 Cash 120 Accounts Receivable 130 Merchandise Inventory 140 Input VAT 150 Store Equipment 155 Accumulated Depreciation Store Equipment 160 Office Equipment 165 Accumulated Depreciation Office Equipment 210 Accounts Payable 220 Withholding Tax Payable 230 Expanded Withholding Tax Payable 240 SSS, PhilHealth and Pag-ibig Contributions Payable 250 Utilities Payable 260 Output VAT 270 Cash Dividends Payable 310 Ordinary Share Capital 100 par 320 Retained Earnings 330 Income Summary 410 Sales 420 Sales Returns and Allowances 430 Sales Discount 610 Salaries Expense 620 SSS, PhilHealth and Pag-ibig Contribution 630 Rent Expense 640 Utilities Expense 650 Supplies Expense 660 Transportation Expense 670 Depreciation Expense Store Equipment 680 Depreciation Expense Office Equipment 690 Miscellaneous Expense

Presented below is the Post Closing Trial Balance of Bini General Merchandise for the month ended, April 30, 2020

Cash 355,000.00

Accounts Receivable 30,000.00

Merchandise Inventory 55,000.00

Input VAT 25,000.00

Store Equipment 100,000.00

Accumulated Depreciation-Store Equipment 4,000.00

Office Equipment 50,000.00

Accumulated Depreciation-Office Equipment 2,000.00

Accounts Payable 10,000.00

Withholding Taxes Payable 1,000.00

Expanded Withholding Tax Payable 1,000.00

SSS, PhilHealth and Pag-ibig Payable 3,000.00

Utilities Payable 4,000.00

Ordinary Share Capital 100 par 400,000.00

Retained Earnings 190,000.00

Required:

1. Transfer the Post-Closing Trial Balance amounts to its corresponding account in general ledger as beginning balance.

2. Journalize and post the transactions for the month of May.

3. Prepare Trial Balance directly at a worksheet. Complete the worksheet.

4. Prepare the financial statement (Statement of Performance, Statement of Financial Position and Cash Flows).

5. Journalize and post the adjusting entry.

6. Journalize and post the closing entry.

7. Prepare the Post-Closing Trial Balance for the month of May.

Additional Information:

a. Depreciation expense of long-lived assets is 10% of the asset cost per annum.

b. Purchase of supplies is directly recorded as Supplies Expense

c. Merchandise inventory at May 31, is 51, 000.00

MAKE THE FOLLOWING:

PURCHASES JOURNAL

SALES JOURNAL

CASH RECEIPT JOURNAL

CASH DISBURSEMENT JOURNAL

GENERAL JOURNAL

General Journal Adjusting Entries

GENERAL JOURNAL

GENERAL LEDGER

Worksheet

Statement of Comprehensive Income

Statement of Changes in Stockholders Equity

Statement of Financial Position

Statement of Cash Flows

Post-Closing Trial BalanceIn December 1, 2019 Bini General Merchandise located in Silang, Cavite was established as corporation engaged in buying and selling of merchandise under the name Bini General Merchandise Trading. The Corporation prepares a monthly financial statement, hence, adjusting and closing entries are made at the end of each month.

The Chart of Accounts is as follows:

110 Cash 120 Accounts Receivable 130 Merchandise Inventory 140 Input VAT 150 Store Equipment 155 Accumulated Depreciation Store Equipment 160 Office Equipment 165 Accumulated Depreciation Office Equipment 210 Accounts Payable 220 Withholding Tax Payable 230 Expanded Withholding Tax Payable 240 SSS, PhilHealth and Pag-ibig Contributions Payable 250 Utilities Payable 260 Output VAT 270 Cash Dividends Payable 310 Ordinary Share Capital 100 par 320 Retained Earnings 330 Income Summary 410 Sales 420 Sales Returns and Allowances 430 Sales Discount 610 Salaries Expense 620 SSS, PhilHealth and Pag-ibig Contribution 630 Rent Expense 640 Utilities Expense 650 Supplies Expense 660 Transportation Expense 670 Depreciation Expense Store Equipment 680 Depreciation Expense Office Equipment 690 Miscellaneous Expense

Presented below is the Post Closing Trial Balance of Bini General Merchandise for the month ended, April 30, 2020

Cash 355,000.00

Accounts Receivable 30,000.00

Merchandise Inventory 55,000.00

Input VAT 25,000.00

Store Equipment 100,000.00

Accumulated Depreciation-Store Equipment 4,000.00

Office Equipment 50,000.00

Accumulated Depreciation-Office Equipment 2,000.00

Accounts Payable 10,000.00

Withholding Taxes Payable 1,000.00

Expanded Withholding Tax Payable 1,000.00

SSS, PhilHealth and Pag-ibig Payable 3,000.00

Utilities Payable 4,000.00

Ordinary Share Capital 100 par 400,000.00

Retained Earnings 190,000.00

Required:

1. Transfer the Post-Closing Trial Balance amounts to its corresponding account in general ledger as beginning balance.

2. Journalize and post the transactions for the month of May.

3. Prepare Trial Balance directly at a worksheet. Complete the worksheet.

4. Prepare the financial statement (Statement of Performance, Statement of Financial Position and Cash Flows).

5. Journalize and post the adjusting entry.

6. Journalize and post the closing entry.

7. Prepare the Post-Closing Trial Balance for the month of May.

Additional Information:

a. Depreciation expense of long-lived assets is 10% of the asset cost per annum.

b. Purchase of supplies is directly recorded as Supplies Expense

c. Merchandise inventory at May 31, is 51, 000.00

MAKE THE FOLLOWING:

PURCHASES JOURNAL

SALES JOURNAL

CASH RECEIPT JOURNAL

CASH DISBURSEMENT JOURNAL

GENERAL JOURNAL

General Journal Adjusting Entries

GENERAL JOURNAL

GENERAL LEDGER

Worksheet

Statement of Comprehensive Income

Statement of Changes in Stockholders Equity

Statement of Financial Position

Statement of Cash Flows

Post-Closing Trial Balance