Financial Accounting

Workbook

International Business Program

UANL-FACPYA
2024
 Index

I. Financial Accounting Questionnaire .......................................................................... 1

II. Bookkeeping process and Financial Statements ........................................................ 6
Practice 1............................................................................................................................. 6
Practice 2........................................................................................................................... 16
Practice 3........................................................................................................................... 26
Practice 4........................................................................................................................... 38
Practice 5........................................................................................................................... 49
III. Financial Ratios .................................................................................................... 61
Practice 1........................................................................................................................... 62
Practice 2........................................................................................................................... 64
Practice 3........................................................................................................................... 66
Practice 4........................................................................................................................... 68
Practice 5........................................................................................................................... 70
Final Project ............................................................................................................... 72
I. Financial Accounting Questionnaire

Team members working on this questionnaire activity:

Instructions:
In your own words, answer the following questions.

1. Describe each of the components of the accounting equation.

2. How do revenues and expenses affect the accounting equation?

3. What is the purpose of the chart of accounts?

1
4. What does normal balance mean in accounting?

5. What is Value Added Tax (VAT)?

6. How are the Balance Sheet and Income Statement connected?

7. Mention, with a + or - sign, the effects of each of the following business transactions on
assets, liabilities and owners’ equity:

Transaction Assets Liabilities Owners’

equity
a) Bought equipment on credit

b) Paid salaries to employees

c) Sold services for cash

d) Paid cash to a creditor

e) Bought furniture for cash

f) Sold merchandise on credit

2
8. Determine whether each of the following transactions increase or decrease equity:

Increase or decrease
Transaction
equity
a) Owner invested cash in the company

b) Incurred maintenance expenses

c) Sold services to customers

d) Incurred employee wage expenses

9. Classify each of the following items as assets, liabilities or owners’ equity and identify
the normal balance (Debit or Credit) of the account.

Account Type of Account Normal Balance

Furniture

Salaries payable

Equipment

Bank loan

Accounts receivable

Prepaid Rent

Paid-in capital

Banks

3
10. Identify the normal balance (debit or credit) for each of the following accounts:

Account Normal Balance

Sales revenue

Office supplies

Cash

Selling expense

Notes receivable

Prepaid insurance

Sundry creditors

Computer equipment

11. Indicate whether a debit or credit decreases the normal balance of each of the following
accounts:

Decreases the
Account
account
Interest payable

Sales revenue

Expenses payable

Buildings

Paid-in capital

Administrative expenses

Accounts receivable

Land

4
12. Identify whether a debit or credit results in the indicated change for each of the
following accounts:

Change in the Account Debit or Credit

a) To increase Land

b) To decrease Cash

c) To increase Sales Revenue

d) To increase Administrative expenses

e) To decrease Prepaid expenses

f) To decrease Merchandise inventory

g) To increase Notes Payable

h) To decrease Accounts Receivable

i) To increase Accounts Payable

j) To increase Equipment

5
II. Bookkeeping process and Financial Statements
For each of the following practices, prepare:

⬧ Journal entries
⬧ T Accounts
⬧ Trial Balance
⬧ Income Statement
⬧ Balance Sheet

Practice 1. Expert Computers Company recorded the transactions shown next during
October 2023.

Beginning balances:

Cash $ 5,000
Banks 100,000
Merchandise inventory 50,000
Equipment 70,000
Computer Equipment 40,000
Accounts payable 30,000
Notes payable 90,000
Paid-in capital 145,000

Events in the month:

1. Oct 1st – The company purchased merchandise for $20,000 plus VAT. The payment was
made by bank transfer.
2. Oct 2nd – Purchase of equipment for $10,000 plus VAT, paid by check.
3. Oct 6th – The firm borrowed 40,000 from the bank, which must be repaid in 6 months. An
interest of $500 must be paid monthly.
4. Oct 8th – The company signed a lease for warehouse space and paid in advance $30,000
plus VAT.
5. Oct 9th – Merchandise was sold for $80,000 plus VAT and customers paid by bank transfer.
The cost of the merchandise was $43,000.
6. Oct 10th – Purchase of office supplies for $300 plus VAT, paid in cash.
7. Oct 12th – A loan for $100,000 was obtained. The debt matures in 2 years. Interest payable
per month $700.
8. Oct 17th – Purchase of merchandise on account for $30,000 plus VAT.
9. Oct 20th – A new computer was bought on credit for $22,000 plus VAT.
10. Oct 22nd – Sale of merchandise on credit for $75,000 plus VAT. The merchandise had
cost $35,000.

6
11. Oct 22nd – Administrative expenses accrued totaled $40,000 plus VAT.
12. Oct 23rd – Expenses of the sales department were paid by bank transfer. The total was
$10,000 plus VAT.
13. Oct 26th – An employee borrowed $5,000 from the company.
14. Oct 29th – The bank charges account management fees for $200 plus VAT.
15. Oct 31st – Depreciation of fixed assets in the month totaled $1,000.
16. Oct 31st – Income taxes accrued 30%

General Journal

Entry
Date Account title and Description Debit Credit
no.

7
Entry
Date Account title and Description Debit Credit
no.

8
Entry
Date Account title and Description Debit Credit
no.

9
T Accounts

10
11
12
 Trial Balance

Account activity Ending balances

Account title
Debit Credit Debit Credit

Equal amounts

13
 Income Statement

General Manager Accountant

14
15
General Manager Accountant
Practice 2. The following are the transactions of Prime Supplies Company in March
2024:

1. March 1st - The company started operations with owners capital of $700,000, which
was deposited in the bank account.
2. March 1st. The company borrowed $30,000 and signed a promissory note, with an
interest payable of $430 per month.
3. March 4th – Prime Supplies purchased merchandise for $110,000 plus VAT. Payment
made by bank transfer.
4. March 5th – Sale on merchandise on credit for $170,000 plus VAT. The merchandise
had cost $79,300.
5. March 6th – Purchase of new equipment on credit for $80,000 plus VAT.
6. March 7th – From the sale of March 5th, the customer returned $10,000. The cost of
this merchandise was $4,600.
7. March 10th – From the purchase of merchandise of March 4th, we returned $9,000 to
the supplier.
8. March 11th – The company bought new furniture for the offices. The purchase totaled
$120,000 plus VAT and was paid by bank transfer.
9. March 12th – Merchandise was purchased on credit for $112,000 plus VAT.
10. March 12th – The company borrowed $200,000 from the bank, which must be repaid
in 2 years. Interest payable monthly $2,800.
11. March 13th – From the purchase of merchandise of March 12th, we returned $15,000.
12. March 15th – We sold merchandise for $194,000 plus VAT. Customers signed notes
to guarantee the payment, including a monthly interest of 2,000. The merchandise
had a cost of $80,000.
13. March 18th – Purchase of merchandise for $40,000 plus VAT, 70% paid by bank
transfer and 30% on credit.
14. March 20th – The company paid $100,000 of the amount owed to suppliers.
15. March 22nd – We collected $175,000 from customers.
16. March 25th – Salaries accrued totaled $109,000; $79,000 for administrative personnel
and $30,000 to sales personnel.
17. March 27th – Depreciation of fixed assets in the month totaled $1,120.
18. March 28th – Income taxes accrued 30%

16
 General Journal

Entry
Date Account title and Description Debit Credit
no.

17
Entry
Date Account title and Description Debit Credit
no.

18
Entry
Date Account title and Description Debit Credit
no.

19
T Accounts

20
21
22
 Trial Balance

Account activity Ending balances

Account title
Debit Credit Debit Credit

Equal amounts

General Manager Accountant

23
 Income Statement

General Manager Accountant

24
25
General Manager Accountant
Practice 3. Urban Market Company recorded the following transactions during
November 2023.

Beginning balances
Cash $ 3,000
Banks 290,000
Merchandise inventory 115,000
Equipment 120,000
Furniture 70,000
Accounts payable 80,000
Notes payable 170,000
Paid-in capital 348,000

Events in the month:

1. Nov 1st – The company purchased merchandise on credit for $40,300 plus VAT.
2. Nov 1st – From the previous purchase, we paid shipping costs for $1,100 plus VAT,
cash.
3. Nov 2nd – Sale of merchandise on credit for $97,890 plus VAT. The merchandise had
cost $39,156.
4. Nov 3rd – Purchase of office supplies for $400 plus VAT, paid in cash.
5. Nov 4th – The company purchased merchandise on credit for $35,000 plus VAT. The
supplier gave a discount of 10%.
6. Nov 5th – Sale of merchandise on credit for $206,000 plus VAT. We gave a 10%
discount. The merchandise had cost $90,000.
7. Nov 6th – Purchase of merchandise for $30,000 plus VAT. Payment by bank transfer.
8. Nov 7th – Merchandise that had cost $29,800 was sold for $87,800 plus VAT. The
amount was received by bank transfer.
9. Nov 8th – From the previous sale, the customer returned $8,000. The cost of this
merchandise was $2,715.
10. Nov 10th – Purchase of merchandise for $23,300 plus VAT. The payment was made
by bank transfer. The merchandise had a 12% discount.
11. Nov 12th – We sold merchandise inventory for $112,500 plus VAT and the customer
made a bank deposit. We gave a 10% discount. The cost of the merchandise was
$40,940.
12. Nov 15th – From the previous sale, shipping costs were paid by bank transfer. The
total was $1,700 plus VAT.
13. Nov 16th – The company purchased new equipment for $30,000 plus VAT, and
computer equipment for $70,000 plus VAT, which were paid by check.

26
14. Nov 17th – A $300,000 loan from the bank was obtained. The debt matures in 3 years.
15. Nov20th – Administrative expenses owed for electricity and telephone bills totaled
$12,000 plus VAT.
16. Nov21st – We purchased merchandise for $823,900 plus VAT and guaranteed the
payment with a note that includes a 10% interest.
17. Nov 22nd – Commissions accrued for sales personnel totaled $31,200.
18. Nov 24th – Sale of merchandise for $397,300 plus VAT, 50% collected by bank
transfer and the rest on credit. The merchandise had a cost of $120,100.
19. Nov 29th – Depreciation of fixed assets in the month totaled $700.
20. Nov 30th – Income taxes accrued 30%

27
 General Journal

Entry
Date Account title and Description Debit Credit
no.

28
Entry
Date Account title and Description Debit Credit
no.

29
Entry
Date Account title and Description Debit Credit
no.

30
Entry
Date Account title and Description Debit Credit
no.

31
T Accounts

32
33
34
 Trial Balance

Account activity Ending balances

Account title
Debit Credit Debit Credit

Equal amounts

General Manager Accountant

35
 Income Statement

General Manager Accountant

36
37
General Manager Accountant
Practice 4. Blooming Flower Company started operations and recorded the following
transactions during September 2023:

1. Sept 1st - The company was organized and the owners invested $300,000, which was
deposited in the bank account.
2. Sept 2nd – Merchandise was purchased on credit for $111,000 plus VAT.
3. Sept 3rd - The company sold merchandise on credit for $40,000 plus VAT. The cost
was $13,300.
4. Sept 6th - From the previous sale, we paid by check $1,000 plus VAT for shipping
costs.
5. Sept 8th - Merchandise that had cost $21,700 was sold for $47,200 plus VAT, on
credit. We gave a 20% discount.
6. Sept9th - Purchase of new furniture for the offices totaled $20,600 plus VAT. The
payment was made by bank transfer.
7. Sept 10th – Purchase of merchandise for $80,300 plus VAT. The supplier gave a 10%
discount. Payment by bank transfer.
8. Sept 12th – From the purchase of merchandise on Sept 2nd, we returned $21,000 to the
supplier.
9. Sept13th – We paid the rent in advance for the next 3 months. The total was $90,000
plus VAT. The transaction was made by bank transfer.
10. Sept 16th – Purchase of equipment on credit for $30,540 plus VAT.
11. Sept 17th – The company bought merchandise for $215,000 plus VAT and guaranteed
the payment with a note that includes an interest of $1,500.
12. Sept 19th – Blooming Flower sold merchandise that had cost $7,000 for $11,700. The
customer signed a note to guarantee the payment. This note included a 12% interest.
13. Sept 20th – From the amount owed to suppliers, we paid $20,000.
14. Sept 22nd – The administrative expenses accrued, including software license and
services bills, totaled $20,620 plus VAT. Expenses accrued for new ads in social
media and travel costs totaled $8,000 plus VAT.
15. Sept 23rd – The company sold merchandise for $435,000 plus VAT; 70% was
collected by bank transfer and 30% will be received later. The cost of the products
was $287,000.
16. Sept 25th - We collected $80,000 from customers.
17. Sept 28th – Depreciation expense for the month totaled $400.
18. Sept 28th – The bank charges account management fees for $300 plus VAT.
19. Sept 29th – Income taxes accrued 30%

38
 General Journal

Entry
Date Account title and Description Debit Credit
no.

39
Entry
Date Account title and Description Debit Credit
no.

40
Entry
Date Account title and Description Debit Credit
no.

41
Entry
Date Account title and Description Debit Credit
no.

42
T Accounts

43
44
45
 Trial Balance

Account activity Ending balances

Account title
Debit Credit Debit Credit

Equal amounts

General Manager Accountant

46
 Income Statement

General Manager Accountant

47
48
General Manager Accountant
Practice 5. The following transactions were recorded by Sporty Goods Company during
October 2023:

Beginning balances

Cash $ 3,000
Banks 350,000
Merchandise inventory 40,000
Equipment 87,000
Furniture 37,000
Vehicles 200,000
Accounts payable 39,700
Notes payable 107,000
Paid-in capital 570,300

Events in the month:

1. Oct 1st – The company borrowed $236,000 from the bank, which must be repaid in 2
years. The monthly interest payable is $2,000.
2. Oct 2nd – We sold merchandise inventory for $31,300 plus VAT, and the customer paid by
bank transfer. The merchandise had a cost of $13,200.
3. Oct 3rd – Merchandise was purchased on credit for $40,390 plus VAT.
4. Oct 5th – Sale of merchandise for $94,700 plus VAT. Customers paid the 50% by bank
transfer and the rest was sold on credit. The cost was $41,300.
5. Oct 7th – Purchase of merchandise on credit for $50,000 plus VAT. The supplier gave a
10% discount.
6. Oct 7th – From the previous purchase of merchandise, shipping costs for $1,000 plus VAT
were paid in cash.
7. Oct 9th – Sale of merchandise for $79,400 plus VAT. The merchandise had a 10%
discount. The customer made a deposit in our bank account. The cost of the products was
$35,800.
8. Oct 12th- Merchandise was purchased for $115,000 plus VAT. We paid the 70% by bank
transfer and the 30% will be paid in one month.
9. Oct 17th – From the sale of merchandise of Oct 2 nd, the customer returned $3,000. This
merchandise had cost $1,260.
10. Oct 20th – A check was issued for lending $10,000 to an employee.
11. Oct 22nd – Purchase of merchandise inventory for $293,000 plus VAT. Payment by bank
transfer.
12. Oct 26th – Sporty Goods Company sold merchandise for $400,930 plus VAT. The
customer guaranteed the payment with a note, including a monthly interest of 2,980. The
merchandise had a cost of $200,000.
13. Oct 29th – From the purchase of merchandise of Oct 22nd, we returned $12,000.

49
14. Oct 30th – The company must pay administrative expenses for $30,000 plus VAT, as well
as commissions to sales personnel for $10,200.
15. Oct 30th – The bank charges account management fees for $900 plus VAT.
16. Oct 31st – Depreciation of equipment and other fixed assets totaled $1,110.
17. Oct 31st – Income taxes accrued 30%

50
 General Journal

Entry
Date Account title and Description Debit Credit
no.

51
Entry
Date Account title and Description Debit Credit
no.

52
Entry
Date Account title and Description Debit Credit
no.

53
Entry
Date Account title and Description Debit Credit
no.

54
T Accounts

55
56
57
 Trial Balance

Account activity Ending balances

Account title
Debit Credit Debit Credit

Equal amounts

General Manager Accountant

58
 Income Statement

General Manager Accountant

59
60
General Manager Accountant
III. Financial Ratios
In the following practices, calculate the financial ratios listed below. Write down the formula,
calculation and answer of each ratio.

Profitability measures:

⬧ Return on Investment
⬧ Return on Equity

Liquidity measures:

⬧ Working Capital
⬧ Current Ratio
⬧ Acid-test Ratio

Financial leverage measures:

⬧ Debt Ratio
⬧ Debt/Equity Ratio

61
Practice 1. ABQ Company

Net Income for the month ended April 30th 2022: $200,000.

ABQ Company
Comparative Balance Sheet
At April 30th and March 31st 2022

April 30th March 31st

Assets
Current Assets
Cash and cash equivalents $ 20,000 $ 16,000
Accounts receivable 100,800 120,000
Notes receivable 40,000 30,000
Merchandise Inventory 300,000 200,000
Office supplies 3,200 2,000
Prepaid Rent 226,000 200,000
Total of Current Assets 690,000 568,000
Noncurrent Assets
Property, Plant and Equipment
Equipment 80,000 60,000
Furniture 20,000 30,000
Computer equipment 90,000 84,000
Less: Accumulated depreciation 80,000 74,000
Total of Noncurrent Assets 110,000 100,000
Total of Assets $ 800,000 $ 668,000
Liabilities
Current Liabilities
Accounts payable $ 20,000 $ 4,000
Bank loan 100,000 80,000
Salaries payable 26,000 96,000
Expenses payable 3,000 2,000
Interest payable 2,000 10,000
Taxes payable 23,000 26,000
Total of Current Liabilities 174,000 218,000
Long-term debt 300,000 200,000
Total of Liabilities 474,000 418,000
Owners´equity
Paid-in Capital $ 236,000 $ 180,000
Retained Earnings 90,000 70,000
Total of Owners´equity 326,000 250,000
Total of Liabilities plus Owners´equity $ 800,000 $ 668,000

Manager´s signature Accountant´s signature

62
ABQ Company
Financial Ratios
April 2022

63
Practice 2. Hartford, Inc.

Net Income in 2022: $9,000.

Hartford, Inc.
Comparative Balance Sheet
At December 31st, 2022 and 2021

2022 2021
Assets
Current Assets
Cash and cash equivalents $ 53,000 $ 88,000
Accounts receivable 50,000 73,000
Merchandise Inventory 56,000 49,000
Total of Current Assets 159,000 210,000
Noncurrent Assets
Property, Plant and Equipment
Land 40,000 40,000
Buildings 200,000 140,000
Equipment 60,000 22,000
Less: Accumulated depreciation 168,000 123,000
Total of Noncurrent Assets 132,000 79,000
Total of Assets $ 291,000 $ 289,000
Liabilities
Current Liabilities
Accounts payable $ 23,000 $ 29,000
Bank loan 32,000 27,000
Notes payable 48,000 36,000
Total of Current Liabilities 103,000 92,000
Long-term debt 85,000 110,000
Total of Liabilities 188,000 202,000
Owners´equity
Paid-in Capital $ 40,000 $ 30,000
Retained Earnings 63,000 57,000
Total of Owners´equity 103,000 87,000
Total of Liabilities plus Owners´equity $ 291,000 $ 289,000

Manager´s signature Accountant´s signature

64
 Hartford, Inc.
Financial Ratios
2022

65
Practice 3. Hoeman, Inc.

Net Income for the year 2022: $94,000.

Hoeman, Inc.
Comparative Balance Sheet
At December 31st, 2022 and 2021

2022 2021
Assets
Current Assets
Cash and cash equivalents $ 52,000 $ 46,000
Accounts receivable 124,000 134,000
Merchandise Inventory 156,000 176,000
Total of Current Assets 332,000 356,000
Noncurrent Assets
Property, Plant and Equipment
Land 140,000 140,000
Buildings 415,000 290,000
Less: Accumulated depreciation 120,000 105,000
Total of Noncurrent Assets 435,000 325,000
Total of Assets $ 767,000 $ 681,000
Liabilities
Current Liabilities
Accounts payable $ 167,000 $ 197,000
Notes payable 155,000 124,000
Total of Current Liabilities 322,000 321,000
Long-term debt 192,000 139,000
Total of Liabilities 514,000 460,000
Owners´equity
Paid-in Capital $ 50,000 $ 45,000
Retained Earnings 203,000 176,000
Total of Owners´equity 253,000 221,000
Total of Liabilities plus Owners´equity $ 767,000 $ 681,000

Manager´s signature Accountant´s signature

66
 Hoeman, Inc.
Financial Ratios
2022

67
Practice 4. Millco, Inc.

Net Income in February 2023: $36,000.

Millco, Inc.
Comparative Balance Sheet
At February 28th and January 31st 2023

February 28th January 31st

Assets
Current Assets
Cash and cash equivalents $ 42,000 $ 37,000
Accounts receivable 64,000 53,000
Notes receivable 30,000 32,000
Merchandise Inventory 81,000 98,000
Office supplies 1,000 800
Prepaid Rent 20,000 10,000
Total of Current Assets 238,000 230,800
Noncurrent Assets
Property, Plant and Equipment
Machinery 166,000 152,000
Less: Accumulated depreciation 24,000 21,000
Total of Noncurrent Assets 142,000 131,000
Total of Assets $ 380,000 $ 361,800
Liabilities
Current Liabilities
Accounts payable $ 37,000 $ 41,000
Short-term debt 44,000 44,000
Salaries payable 21,000 26,000
Expenses payable 38,000 40,000
Interest payable 4,000 8,000
Taxes payable 9,000 5,200
Total of Current Liabilities 153,000 164,200
Long-term debt 33,000 46,000
Total of Liabilities 186,000 210,200
Owners´equity
Paid-in Capital $ 104,000 $ 87,600
Retained Earnings:
Beginning balance 64,000 43,000
Net Income for the month 36,000 29,000
Dividends 10,000 8,000
Retained Earnings 90,000 64,000
Total of Owners´equity 194,000 151,600
Total of Liabilities plus Owners´equity $ 380,000 $ 361,800

Manager´s signature Accountant´s signature

68
 Millco, Inc.
Financial Ratios
February 2023

69
Practice 5. Harris, Inc.

Net Income in 2022: $13,000.

Harris, Inc.
Comparative Balance Sheet
At December 31st, 2022 and 2021

2022 2021
Assets
Current Assets
Cash and cash equivalents $ 6,000 $ 15,000
Accounts receivable 67,000 61,000
Merchandise Inventory 46,000 76,000
Total of Current Assets 119,000 152,000
Noncurrent Assets
Property, Plant and Equipment
Land 27,000 34,000
Buildings 208,000 118,000
Less: Accumulated depreciation 101,000 72,000
Total of Noncurrent Assets 134,000 80,000
Total of Assets $ 253,000 $ 232,000
Liabilities
Current Liabilities
Accounts payable $ 61,000 $ 58,000
Short-term debt 12,000 16,000
Notes payable 24,000 33,000
Total of Current Liabilities 97,000 107,000
Long-term debt 65,000 50,000
Total of Liabilities 162,000 157,000
Owners´equity
Paid-in Capital $ 28,000 $ 20,000
Retained Earnings 63,000 55,000
Total of Owners´equity 91,000 75,000
Total of Liabilities plus Owners´equity $ 253,000 $ 232,000

Manager´s signature Accountant´s signature

70
 Harris, Inc.
Financial Ratios
2022

71
Financial Accounting

Final Project

72
 FINAL PROJECT

Contents Value

Some of the transactions have spaces in blank. Write down an amount of

1 -
your choice for each of them, based on the list that will be provided by the
professor.

2 Write down the journal entries for each of the 56 transactions. 15%

3 Prepare the T accounts for each of the accounts used in the journal entries. 10 %

4 Prepare the Trial Balance for April 2024. 15 %

5 Prepare the Income Statement for the month. 15 %

6 Prepare the Balance Sheet at April 30th 2024. 15 %

7 Calculate the following financial ratios: Return on Investment, Return on 15 %

Equity, Working Capital, Current Ratio, Acid-test Ratio, Debt Ratio and
Debt/Equity Ratio

8 Write down, in 1 page, your interpretation of the financial ratios and a 15 %

report of the financial situation of the company.

Total 100%

73
Information to fill in the spaces in the list of transactions:

Transaction number Range of amounts

1
$30,800 - $40,800

2 $30,000 - $40,000

3 $85,000 - $90,000

5 $40,000 - $42,100

6 $200,000 - $215,000

7 $350,000 - $380,000

9 $38,000 - $40,000

10 $450,000 - $480,000

12 $28,000 - $30,000

21 $295,000 - $300,000

32 $430,000 – 450,000

38 $800 - $1,000

48 $930,000 – $950,000

50 $200,000 - $210,000

51 $300,000 - $320,000

74
Name of the Company: _____________________________________________

Beginning balances in April 2024:

Cash $ 50,000
Banks 300,000
Merchandise Inventory 800,000
Equipment 200,000
Accounts payable 500,000
Paid-in Capital 850,000

Events in April 2024:

1. April 1st – The company sold merchandise for $__________ plus VAT, which was
received by bank transfer. The cost was $10,000.
2. April 2nd - The company purchased new equipment for $__________ plus VAT. The
payment was made by check.
3. April 2nd - The company purchased merchandise for $__________ plus VAT, and
paid with a check.
4. April 2nd. From the previous purchase, the company paid shipping costs in cash for
$5,000 plus VAT.
5. April 3rd - The company bought 2 new computers for a total of $__________ plus
VAT. The payment was by check.
6. April 3rd – Sale of merchandise by bank transfer for $__________ plus VAT. The
cost of the products was $60,000.
7. April 4th – Sale of merchandise on credit for $__________ plus VAT. The cost was
$180,000.
8. April 5th - The company purchased new furniture on credit for $10,000 plus VAT.
9. April 6th - Purchase of merchandise for inventory on credit for $__________ plus
VAT.
10. April 7th - The company sold merchandise on credit for $__________ plus VAT. The
cost of the products was $210,000.
11. April 8th – From the sale of April 1st, the customer returned merchandise for $3,000.
The amount was refunded with a check. The cost of this merchandise was $900.
12. April 9th - The company purchased equipment on account for $__________ plus
VAT.
13. April 10th - Purchase of office supplies, paid in cash. The total was $3,500 plus VAT.

75
14. April 10th – Sale of merchandise for $100,000 plus VAT. The customer paid by bank
transfer. The cost of goods sold was $30,000.
15. April 11th - Purchase of equipment on credit for $10,000 plus VAT.
16. April 13th - The company purchased merchandise for $51,340 plus VAT, and paid
with checks.
17. April 13th – Merchandise was sold for $388,000 plus VAT. The sale was made 50%
by bank transfer and 50% on account. Cost of goods sold $160,000.
18. April 14th - Sale of merchandise by bank deposit for a total of $300,500 plus VAT.
The cost of this merchandise was $100,000.
19. April 14th – Merchandise that had cost $100,800 was sold on credit for $200,350 plus
VAT.
20. April 15th – The company sold merchandise for $100,610 plus VAT. The customer
paid by bank transfer. The merchandise had a10% discount. The cost was $30,600.
21. April 16th - Purchase of merchandise for $__________ plus VAT, 50% paid by check
and 50% of the purchase was on credit.
22. April 16th - Administrative expenses accrued in the month for electricity and water
bills totaled $90,000 plus VAT.
23. April 16th - The company must pay the salaries of personnel who work in the
administrative department. The total is $120,000.
24. April 16th – The amount of salaries accrued in the sales department is $40,000.
25. April 16th – Total amount of commissions that must be paid to sales personnel is
$100,000.
26. April 17th – The company purchased merchandise for $20,200 plus VAT, and paid in
cash. The supplier gave a 10% discount.
27. April 17th - Payment in advance of the rent of a warehouse for $60,000 by check, plus
VAT.
28. April 17th – From the sale of April 10th, the customer returned merchandise for
$20,000. The cost of this merchandise was $6,000.
29. April 17th – Purchase of merchandise for $40,000 plus VAT, guaranteed with notes.
30. April 17th – From the previous purchase, the company paid shipping costs in cash for
a total of $2,600 plus VAT.
31. April 18th - The company lent $3,000 to an employee by bank deposit.
32. April 18th - Sale of merchandise for $__________ plus VAT. The customer
guaranteed the payment with notes. The cost of goods sold was $200,700.
33. April 19th – The company borrowed $40,000 from a bank and has to pay back in 8
months.
34. April 19th – Purchase of merchandise for inventory on credit for a total of $20,800
plus VAT.
35. April 19th - The company sold merchandise for $234,000 plus VAT. The customer
issued a note for this amount, including a 12% interest. The cost of the merchandise
was $95,800.
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36. April 20th – From the purchase on credit of April 19th, we returned merchandise for
$3,500.
37. April 20th – Purchase of merchandise for $200,000 plus VAT, guaranteed with a note
that includes a 10% interest.
38. April 20th - Telephone service expense accrued in the administrative department for
$__________ plus VAT, and in the sales department for $2,000 plus VAT.
39. April 20th – Sale of merchandise for $88,000 plus VAT, 80% by bank transfer and
20% on account. The cost of goods sold was the 40% of the sale.
40. April 21st – Purchase of computer equipment on credit for $40,300 plus VAT.
41. April 21st – Purchase of furniture on credit for $180,300 plus VAT.
42. April 21st – The company returned merchandise to the supplier for $20,000 and for
this amount we received a bank transfer.
43. April 22nd - The company borrowed $800,000 from a bank. The debt matures in 2
years. The monthly interest payable is $80,000.
44. April 23rd – Equipment was purchased for $300,450 plus VAT, 50% paid by check
and for the rest we issued a note.
45. April 24th – Equipment was purchased on credit for $50,000 plus VAT.
46. April 24th – The company sold merchandise for $900,000 plus VAT. The customer
made a bank deposit. The cost of this merchandise was the 30% of the sale.
47. April 24th – From the previous sale, the company paid shipping costs. The amount
totaled $40,000 plus VAT, and was paid with a check.
48. April 25th – The company collected $__________ from a customer. This amount was
deposited in the company´s bank account.
49. April 26th – Purchase of equipment for $1,000,000 and furniture for $290,000; plus
VAT. The company paid by bank deposit.
50. April 27th – Advertising expense for $__________ plus VAT was paid with a check.
51. April 27th – From the sale of April 24th, the customer returned $__________; this
amount was refunded with a check.
52. April 28th – Purchase of merchandise for inventory on credit for $700,000 plus VAT.
53. April 29th – Payment to a supplier for $320,890 by bank transfer.
54. April 30th – The bank charges account management fees for $2,000 plus VAT.
55. April 30th - Depreciation of fixed assets in the month: $133,596.
56. April 30th - Income taxes accrued 30%

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