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Case Problem 1 Periodic

The document provides accounting information for Dole Distributors including transactions throughout the month of April, a chart of accounts, and instructions for journalizing and posting transactions. It details purchases and sales on account, as well as payments, inventory amounts, expenses, and other accounting activities to complete the accounting cycle for the period.

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Rain Sofia Loquinte
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196 views3 pages

Case Problem 1 Periodic

The document provides accounting information for Dole Distributors including transactions throughout the month of April, a chart of accounts, and instructions for journalizing and posting transactions. It details purchases and sales on account, as well as payments, inventory amounts, expenses, and other accounting activities to complete the accounting cycle for the period.

Uploaded by

Rain Sofia Loquinte
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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CASE PROBLEM 1: 84% DOLE Distributors was registered with the Department

of Trade and Industry as a single proprietorship by J. Lopez, the owner. The


company uses the periodic inventory system. You are asked to complete the
accounting cycle.
CASE PROBLEM 2: 12% Complete the table provided
SET 2 DOLE SCORECARD A B C D= B*C
CASE PROBLEM 1 PAGE NOS. CHECKMARKS POINTS SCORES
1. Case Problem 3
2. Chart of Accounts 4
3. General Journal [GJ] 5-7 22 1.0 22
4. General Ledger [GL] 8-11 22 0.5 11
5. Preliminary Trial Balance 12 10 0.5 5
6. Statement of Cost of Goods Sold 13 6 0.5 3
7. Statement of Performance 14 6 1.5 9
8. Statement of Equity 14 5 1.0 5
9. Statement of Financial Position 15 20 0.5 10
10. Statement of Cash Flows 16 20 0.5 10
11. Journalize & Post Closing entries 17 5 1.0 5
12. Post-Closing Trial Balance 18 10 0.5 5
CASE PROBLEM 2 19 12 1.0 12
BONUS 3
TOTAL 100
PASSING PERCENTAGE [NO 75%
TRANSMUTATION]
C ASE PROBL E M 1 DOL E DIS T R IB UT ORS
The business, DOLE DISTRIBUTORS, was registered as a single
APRIL 1 proprietorship with the Department of Trade and industry. Juan Lopez
invested P39,000.
2 Bought computer equipment for P10,000 cash.
Bought merchandise on account from LOWTOWN Supply Co, P15,900,
2
terms 2/10, n/30.
3 Bought office supplies on cash basis for P700
Sold merchandise on account P15,200, FOB Destination, terms 2/10,
4
n/30.
5 Paid P200 freight on April 4 sale.
Received credit from LOWTOWN Supply Co for merchandise returned
6
P300.
11 Paid LOWTOWN.
13 Collected from April 4 customers.
14 Bought merchandise on cash basis for P14,400.
15 Salaries paid P1,500
Borrowed money from RCBC Bank, signed a promissory note for
16
P12,000
17 Received refund from a supplier on cash purchase of April 14, P500.
Bought merchandise from MESDA, P14,200, FOB Shipping point, terms,
18
2/10,n/30.
20 Paid freight on April 18 purchase, 700
23 Sold merchandise for P16,400.
26 Bought merchandise for cash, P12,300
Paid MESDA on the April 18 purchase, P9,000. No discount allowed on
27
partial payment.
28 J Lopez got cash from the business, P2,008.
29 Made refund to cash customers for defective merchandise, P900.
30 Sold merchandise on account, P13,700, n/30.
Paid the following : Advertising, P1,000; Utilities, P400; Rent P3500;
30
Salaries, P1,500.
30 Inventory April 30,P25,000.

DOLE DISTRIBUTORS: Chart of Accounts


Use for Journalizing and Posting to the Ledger
100 ASSETS 400 INCOME

101 CASH 401 SALES


105 ACCOUNTS RECEIVABLE 405 SALES RETURNS & ALLOWANCES
115 MERCHANDISE INVENTORY 410 SALES DISCOUNTS
120 SUPPLIES 500 EXPENSES

150 EQUIPMENT 501 PURCHASES

200 LIABILITIES 502 PURHASES RETURNS AND ALLOWANCES


201 ACCOUNTS PAYABLE 503 PURCHASE DISCOUNTS

202 NOTES PAYABLE 504 FREIGHT IN

300 EQUITY 505 ADVERTISING


301 LOPEZ, CAPITAL 506 FREIGHT OUT

302 LOPEZ, DRAWINGS 510 RENT EXPENSE

530 SALARIES

540 UTILITIES

01 INCOME SUMMARY

DOLE DISTRIBUTORS: Chart of Accounts


Use for Financial Statements
100 ASSETS 400 INCOME
101 Cash & Cash Equivalents 401
105 Receivables 405 Net Sales
115 Inventories 410
120 Prepaid Expenses 500 EXPENSES
150 Property Plant & Equipment 501

200 LIABILITIES 502


COST OF GOODS SOLD
201 Accounts Payable 503
202 Notes Payable 504

300 EQUITY 505 ADVERTISING

301 Lopez, Capital 506 FREIGHT OUT


302 Lopez, Drawings 510 RENT EXPENSE
530 SALARIES
540 UTILITIES
01 INCOME SUMMARY

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