Jan. 2 3 10 11 During the month of Jan. 2020, the following transactions were completed: Special and Combination Journals, and Voucher System 415 Sold merchandise on credit to B. Bandonell, P240,000. Invoice no. 316. Purchased merchandise on account from T. Arenas Company, P90,000. Invoice dated Jan. 2. 4 Collected amount due from Dec. 28 sale to R. Loyola less discounts. Sold merchandise for cash, P430,000. 7 Paid amount due to E. Samonte Company for the purchase of Dec. 29, 2019 less discounts. Issued check no. 83. Sold merchandise on account to G. Sevidal, P310,000. Invoice no. 317. 9 Returned merchandise purchased from T. Arenas Company, P10,000. Collected amount due from B. Bandonell less discounts. Purchased merchandise on account from L. Viray Company, P120,000. Invoice dated Jan. 10. 11 Paid T. Arenas Company amount due less returns and discounts. Issued check no. 84. 12 Purchased merchandise for cash, P70,000. Issued check no. 85. 13 Sold merchandise on account to M. Cerda, P130,000. Invoice no. 318. 14 Paid interest on the note payable, P10,000. Issued check no. 86. 15 Paid salaries, P80,000. Issued check no. 87. 17 Purchased merchandise on account from E. Samonte Company, P190,000. Invoice dated Jan. 14. 18 Sold merchandise on account to R. Loyola, P460,000. Invoice no. 319. 19 Pangan withdrew P100,000 from the business. Issued check no. 88. 21 Acquired office supplies for cash, P40,000. Issued check no. 89. 22 Paid freight charges on the merchandise purchased from E. Samonte Company on Jan. 17, P20,000. Issued check no. 90. 22 Collected amount due from M. Cerda less discounts. 23 Sold merchandise on credit to B. Bandonell, P110,000. Invoice no. 320. 24 Received returned merchandise from G. Sevidal, P30,000. 25 Received amount due from G. Sevidal on the sale of Jan. 8 less returns. 25 Purchased merchandise on account from A. Braganza Company, P340,000. Invoice dated Jan. 24. 26 Paid P90,000 to E. Samonte Company in partial payment of account. Issued check no. 91. 27 Received P170,000 loan from the First Morayta Bank and issued a note payable. 28 Purchased merchandise on account from L. Viray Company, P270,000. Invoice dated Jan. 27. 29 Sold merchandise on account to M. Cerda, P170,000. Invoice no. 321. 30 Purchased merchandise on account from T. Arenas Company, P360,000. Invoice dated Jan. 29. 30 Sold merchandise for cash, P1,310,000. Du SCORE: PROFESSOR: Jar The Dec 31, 2019 post-closing trial balance for the Ricardo Pangan Company follows: 414 Basic Financial Account NAME: SECTION: Problem #5 Comprehensive Problem Ricardo Pangan Company Post-Closing Trial Balance Dec. 31, 2019 P 240,000 210,000 730,000 90,000 160,000 1,000,000 P250,000 400,000 130,000 1,650,000 110 Cash 120 Accounts Receivable 130 Merchandise Inventory 140 Prepaid Rent 150 Office Supplies 160 Office Equipment 165 Accumulated Depreciation 210 Notes Payable 220 Accounts Payable 230 Salaries Payable 310 Pangan, Capital 320 Pangan, Withdrawals 330 Income Summary 410 Sales 420 Sales Returns and Allowances 430 Sales Discounts 510 Purchases 520 Purchases Returns and Allowances 530 Purchases Discounts 540 Transportation in 610 Salaries Expense 620 Rent Expense 630 Office Supplies Expense 640 Depreciation Expense 650 Interest Expense P2,430,000 P2,430,000 Accounts receivable of P210,000 is related to a sale to R. Loyola on Dec. 28, 2019. All credit sales are 2/10, n/30. The account payable balance of P130,000 is attributable to a purchase on Dec. 29, 2019 from E. Samonte Company. All credit purchases are 3/10, n/30. 416 Basic Financial Accounting and Reporting 2021 Edi 1. Enter the Dec. 31, 2019 post-closing trial balance amounts in the general and 3. Total the journals and post to the general and subsidiary ledger accounts. Use the 4. Determine the balance in each account and prepare the unadjusted trial balance in Required: subsidiary ledgers. following journal page numbers: Sales Journal Purchases Journal Cash Receipts Journal Cash Payments Journal General Journal 2. Record the transactions for the month of January using special journals. 16 25 35 43 13 the worksheet. 5. Prepare the following adjusting entries in the worksheet: a. Prepaid rent of P30,000 has expired. b. Office supplies at month-end amounted to P70,000. C. Monthly depreciation on the office equipment amounted to P10,000. d. Salaries of P90,000 have accrued. 6. Complete the worksheet. The ending inventory amounted to P470,000. 7. Prepare the financial statements. 8. Record the adjusting and closing entries in the general journal. Post entries to the general ledger. 9. Prepare schedules of accounts receivable and accounts payable. 1 I 1 1 1 1