Acct Thie: NOTES PAYABLE themarts Credit Data Aust Tide CANTAL Outa Remarks P/R SALES THE ACCOUNTS RECEIVABLE Remarks Amarks PM Debit Debit Credit SALES RETURNS & MLOWANCES Remarks WR Credit Acc The MEXDUNDEE INVENTORY Remarks PAR Debt Are Tele SALES DISCOUNT Remaria Aces Thies COST OF GOODS SOLD Acts Thie SUPPLIES Debat Acct Titles SALARIES EXPENSE Acat Title Date OFFICE EQUIPMENT Ramarts Debis Credit Cred Acct The ARERENT OUT ACCOUNTS PATABLE Outs Debin Debit Acct Titles BICOME SUMMARY CreditPerpetual Inventory System Sonic Supplies, a newly opened trading business owned by Sonny Icaslano, completed the following transactions in the month of October 2017. Oct 1 The owner invested an initial amount of P25,000 to his newly opened business. 3 4 6 7 8 10 12 14 15 16 17 18 19 20 22 24 26 28 30 31 Received cash loan from a local bank worth P 15,000 covered by a promissory note. Purchased merchandise from Regional Trading, P 13,600 - terms: 2/10, n/30, FOB Shipping, Point, P 250. Bought office supplies in cash, P 900 Sold merchandise on account, P 14,300terms: 2/10, 11/30, FOB, Destination - P 300. The cost of goods sold was P 10,000. Received credit refund from Regional Trading for defective merchandise, P 400. Purchased office equipment on account, P 12,000. Purchased merchandise in cash, P 12,700. Paid Regional Trading in full for goods bought. Paid the salaries of store assistant, P 2,000. Received cash refund from supplier for defective goods bought on Oct 12, P 350. Received full payment from customer of Oct 7. Paid in full the ofce equipment bought on Oct 10. Bought merchandise from National Distributors, P 11.900terms: 2/10, n/30. FOB, Shipping Point, P 200. Owner withdrew cash for personal use, P 3,000. Sold goods to cash customer for P 16,300. The cost of goods sold was P 12,200. Purchased goods on account from Horizon lnc., P 13,100 terms: 2/10, n/30. Gave refund to cash customers for defective goods, P 450. Paid National Distributors partial payment of P 7,000 in cash. Paid the following expenses: salaries P 2,000; rentprflggang "WEE: P 850. ,_ _ Sold merchandise on account, P 14,800. Cost or'goc'i soWwas P 10,300. Chart of Accounts Line items to use in Financial Statements 101 35\" Balance Sheet 112 Accounts Receivable 120 Merchandise inventory 126 Supplies 135 Office Equipment 0 Cash and Cash Equivalents I Receivables o Inventories 201 Accounts Payable Prepaid Expenses 205 Notes Payable - Properties, Plant & Equipment 301 Sunny, Capital 0 Account Payabies 302 Sonny, Drawing ' Notes Payable 401 Sales - Sonny. Capital 405 Sales Returns and Allowances , 410 Sales Discounts Net Sales 530 Cost of Goods Sold 0 Sales 601 Salaries Expense a Sales Returns and Allowances 605 Rent Expense 0 Sales Discounts 610 Utilities Expense 640 Freight Out