Account Titles and Explanation
Date
2018
Apr-02 Furniture and Fixtures
Ayuban, Capital
To record additional investment of Mr. E. Ayuban.
3 Taxes & Licenses
Cash
Debit
Credit
150,000
150,000
2,400
2,400
To record payment to the city government for business permits.
4 Office Equipment
Notes Payable
To record acquisition of equipment and issuance of promissory note to J. Constanino.
250,000
250,000
5 Office Supplies
Accounts Payable
To record purchase of store supplies inventory on account from J. Constantino.
15,000
8 Purchases
Cash
75,000
15,000
75,000
To record cash purchase of merchandise inventory.
10 Cash
10,000
Sales
10,000
To record sales.
11 Purchases
Accounts Payable
To record purchase from R. Ybanez Trrading on account, terms 2/10, n/30.
25,000
15 Accounts Receivable
Sales
To record credit sales to P. Pedrono Co., terms 3/10, n/30.
55,000
25,000
55,000
17 Purchases
Freight In
Cash
60,000
1,000
61,000
To record cash purchase & related freight paid.
18 Sales Returns & Allowances
Accounts Receivable
To record return of merchandise sold to P. Pedrono Co.
19 Cash
1,500
1,500
40,000
Sales
40,000
To record cash sales.
19 Freight Out
Cash
1,500
1,500
To record freight paid for April 19 sales.
20 Accounts Payable
Cash
Purchase Discount
To record payment to R. Ybanez Trading for April 11 purchase, cash discount taken.
25,000
23 Rent Expense
Cash
10,000
24,500
500
10,000
To record rent for the month.
24 Cash
Sales Discount
Accounts Receivable
To record collection from P. Pedrono Co., for April 15 sales, cash discount taken.
51,895
1,605
26 Purchases
Accounts Payable
To record purchase from C. Poyot Co., on account, terms 3/10, n/30.
15,000
53,500
15,000
26 Freight In
Cash
800
800
To record freight paid for April 26 purchase.
27 Purchases
Accounts Payable
To record purchase from S. Jabalaon Co., on account, terms 2/10, n/30.
27 Accounts Payable
Purchase Returns and Allowances
To record merchandise returned to C. Poyot Co.
28 Cash
20,000
20,000
1,500
1,500
20,000
Sales
20,000
To record cash sales.
29 Utilities Expense
Cash
4,000
4,000
To record utilities expense for the month.
29 Advertising Expense
Cash
To record advertisement expense for the month.
2,500
2,500
30 Accounts Receivable
Sales
To record sales on account to P. Peras Co., terms 3/10, n/30.
30,000
31 Salaries Expense
Cash
20,000
30,000
20,000
To record paid salaries for the month.