Perpetual Inventory Method -FIFO

April Journal Entries

Date Accounts PR Debit Credit

Apr-01 Cash ₱ 20,000.00

Silva Ramos, Capital ₱ 20,000.00
To record capital

Apr-02 Prepaid Rent ₱ 2,250.00

Cash ₱ 2,250.00
Paid rent for 3 months

Apr-02 Store Signage ₱ 500.00

Cash ₱ 500.00
Paid store signage

Apr-02 Merchandise Inventory ₱ 1,500.00

Accounts Payable-Samsung ₱ 1,500.00
Purchased Inventory on account

Apr-03 Store Shelves ₱ 2,000.00

Cash ₱ 2,000.00
Purchased store shelves

Apr-03 Air conditioning unit ₱ 1,500.00

Cash ₱ 1,500.00
Purchased air conditioning unit

Apr-03 Sales Invoice Document ₱ 150.00

Cash ₱ 150.00
Purchased sales invoice document

Apr-04 Merchandise Inventory ₱ 10,040.00

Accounts Payable-Samsung ₱ 10,040.00
Purchased inventory on account

Apr-05 Prepaid Insurance ₱ 300.00

Cash ₱ 300.00
Paid prepaid insurance for 3 months

Apr-05 Cash ₱ 4,455.00

Merchandise Inventory ₱ 45.00
Sales ₱ 4,500.00
Sold merchandise for cash
Apr-05 Cost of Merchandise Sold ₱ 1,520.00
Merchandise Inventory ₱ 1,520.00
To recognize cost of sale
Apr-06 Accounts Payable-Samsung ₱ 1,500.00
Cash ₱ 1,490.00
Merchandise Inventory ₱ 10.00
Paid accounts payable-samsung on april 2
Apr-11 Merchandise Inventory ₱ 1,590.00
Accounts Payable-LG ₱ 1,590.00
Purchased inventory on account

Apr-12 Accounts Receivable-Alexa ₱ 4,000.00

Sales ₱ 4,000.00
Sold merchandise on account

Apr-12 Accounts Receivable-Alexa ₱ 2,000.00

Cash ₱ 2,000.00
To record prepaid freight

Apr-12 Cost of Merchandise Sold ₱ 1,020.00

Merchandise Inventory ₱ 1,020.00
To recognize cost of sale

Apr-16 Salaries Expense ₱ 850.00

Cash ₱ 850.00
Paid salaries

Apr-16 Accounts Payable-Samsung ₱ 10,040.00

Cash ₱ 10,040.00
Paid accounts payable-samsung on april 4

Apr-18 Merchandise Inventory ₱ 3,070.00

Accounts Payable-Samsung ₱ 3,070.00
Purchased inventory on account

Apr-19 Cash ₱ 5,960.00

Merchandise Inventory ₱ 40.00
Accounts Receivable-Alexa ₱ 6,000.00
Payment for sales on account on april 12

Apr-20 Accounts Payable-LG ₱ 1,590.00

Merchandising Inventory ₱ 2,968.20
Paid accounts payable-LG on april 11 ₱ 4,558.20

Apr-26 Mechandise Inventory ₱ 15,360.00

Accounts Payable-Samsung ₱ 15,360.00
Purchased inventory on account

Apr-27 Accounts Receivable-Alexa ₱ 12,000.00

 Sales ₱ 12,000.00
Sold merchandise on account

Apr-27 Accounts Receivable-Alexa ₱ 16,000.00

Cash ₱ 16,000.00
To record prepaid freight

Apr-27 Cost of Merchandise Sold ₱ 4,340.00

Merchandise Inventory ₱ 4,340.00
To recognize cost of sales

Apr-29 Accounts Payable-Samsung ₱ 3,070.00

Cash ₱ 3,070.00
Paid accounts payable-samsung on april 18

Apr-30 Accounts Receivable-Siri ₱ 3,000.00

Sales ₱ 3,000.00
Sold merchandise on account
Apr-30 Cost of Merchandise Sold ₱ 840.00
Merchandise Inventory ₱ 840.00
To recognize cost of sales

Apr-30 Cash ₱ 27,880.00

Merchandising Inventory 120
Accounts Receivable-Alexa ₱ 28,000.00
Payment for sales on account on april 27

May Journal Entries

Date Accounts Debit Credit
May-02 Merchandise Inventory ₱1,160.00
Accounts Payable-LG ₱1,160.00
Purchase of inventory on account

May-02 Merchandise Inventory ₱1,500.00

Accounts Payable-Samsung ₱1,500.00
Purchased inventory on account
May-04 Merchandise Inventory ₱10,040.00
Accounts Payable-Samsung ₱10,040.00
Purchased Inventory on account
May-05 Cash ₱1,470.00
Merchandise Inventory ₱1,530.00
Accounts Receivable-Siri ₱3,000.00
Received payment for sales on account

May-06 Accounts Receivable-Siri ₱4,500.00

Sales ₱4,500.00
Sold merchandise on account

May-06 Cost of Merchandise Sold ₱1,710.00

Merchandise Inventory ₱1,710.00
To recognize cost of sales

May-06 Accounts Payable-Samsung ₱1,500.00

Merchandise Inventory ₱10.00
Cash ₱1,490.00
Payment for accounts payable-samsung
May-07 Cash ₱1,455.00
Merchandise Inventory ₱3,045.00
Accounts Receivable-Siri ₱4,500.00
Payment of sales on account on april 5
May-09 Accounts Payable-LG ₱1,160.00
Merchandising Inventory ₱23.20
Cash ₱1,136.80
Payment of accounts payable-samsung
May-09 Accounts Payable-Samsung ₱2,000.00
Cash ₱2,000.00
To record payment of freight

May-11 Merchandise Inventory ₱1,590.00

Accounts Payable-LG ₱1,590.00
Purchased inventory on account

May-12 Accounts Receivable-Alexa ₱4,000.00

Sales ₱4,000.00
Sold merchandise on account

May-12 Accounts Receivable-Alexa ₱2,000.00

Cash ₱2,000.00
To record prepaid freight

May-12 Cost of Merchandise Sold ₱1,055.00

Merchandise Inventory ₱1,055.00
To recognize cost of sales
May-16 Accounts Payable-Samsung ₱10,040.00
Cash ₱10,040.00
Payment for accounts payable-samsung

May-18 Merchandise Inventory ₱3,070.00

Accounts Payable-Samsung ₱3,070.00
Purchased inventory on account

May-19 Cash ₱5,960.00

Merchandise Inventory ₱40.00
Accounts Receivable-Alexa ₱6,000.00
Payment of sales on account

May-20 Accounts Payable-LG ₱1,558.20

Cash ₱1,558.20
Payment of accounts payable-LG

May-20 Merchandise Inventory ₱3,000.00

Cash ₱3,000.00
Payment of freight

May-26 Merchandise Inventory ₱15,360.00

Accounts Payable-Samsung ₱15,360.00
Purchased inventory on account

May-27 Accounts Receivable-Alexa ₱12,000.00

Sales ₱12,000.00
Sold merchandise on account

May-27 Accounts Receivable-Alexa ₱16,000.00

Cash ₱16,000.00
Paid prepaid freight

May-27 Cost of Merchandise Sold ₱4,215.00

Merchandise Inventory ₱4,215.00
To recognize cost of sales

May-29 Accounts Payable-Samsung ₱3,070.00

Cash ₱3,070.00
Payment of accounts payable-samsung

May-30 Accounts Receivable-Siri ₱3,000.00

Sales ₱3,000.00
Sold merchandise on account

May-30 Cost of Merchandise Sold ₱840.00

Merchandise Inventory ₱840.00
 FIFO

Date Purchases COGS Inventory

Unit Unit Cost Balance Unit Unit Cost Balance Unit Unit Cost
Apr-02 100 ₱ 5.00 ₱ 500.00 100 ₱ 5.00
Apr-04 400 ₱ 5.10 ₱ 2,040.00 100 ₱ 5.00
400 ₱ 5.10
Apr-05 100 ₱ 5.00
200 ₱ 5.10 ₱ 1,520.00 200 ₱ 5.10
Apr-11 300 ₱ 5.30 ₱ 1,590.00 200 ₱ 5.10
300 ₱ 5.30
Apr-12 200 ₱ 5.10 ₱ 1,020.00 300 ₱ 5.30
Apr-18 200 ₱ 5.35 ₱ 1,070.00 300 ₱ 5.30
200 ₱ 5.35
Apr-26 600 ₱ 5.60 ₱ 3,360.00 300 ₱ 5.30
200 ₱ 5.35
600 ₱ 5.60
Apr-27 300 ₱ 5.30
200 ₱ 5.35
300 ₱ 5.60 ₱ 4,340.00 300 ₱ 5.60
Apr-30 150 ₱ 5.60 ₱ 840.00 150 ₱ 5.60

₱ 7,720.00

LEDGER
Cash
Date Debit Date Credit
FIFO

Date Purchases COGS Inventory

Unit Unit Cost Balance Unit Unit Cost Balance Unit Unit Cost
May-01 150 5.6
May-02 200 5.8 1,160 150 5.6
200 5.8
May-04 400 5.1 2,040 150 5.6
200 5.8
400 5.1
May-06 150 5.6 50 5.8
150 5.8 ₱1,710.00 400 5.1
May-11 300 5.3 1,590 50 5.8
400 5.1
300 5.3
May-12 50 5.8 250 5.1
150 5.1 ₱1,055.00 300 5.3
May-18 200 5.35 1,070 250 5.1
300 5.3
200 5.35
May-26 600 5.6 3,360 250 5.1
300 5.3
200 5.35
600 5.6
May-27 250 5.1 550 5.6
300 5.3
200 5.35
50 5.6 ₱4,215.00
May-30 150 5.6 ₱840.00 400 5.6
₱7,820.00
 Adjusting EEntries
Date Accounts Debit Credit
Apr-30 Rent Expense ₱750.00
Prepaid Rent ₱750.00
Inventory To record rent expense
Balance
₱ 500.00 Apr-30 Insurance Expense ₱100.00
Prepaid Insurance ₱100.00
₱ 2,540.00 To record insurance expense

₱ 1,020.00 Apr-30 Depreciation Expense-Store Signage ₱20.83

Accumulated Depreciation-Store Signage ₱20.83
₱ 2,610.00 To record depreciation
₱ 2,610.00
Apr-30 Depreciation Expense-Store Shelves ₱33.33
₱ 3,680.00 Accumulated Depreciation-Store Shelves ₱33.33
To record depreciation

₱ 7,040.00 Apr-30 Depreciation Expense-Air conditioning unit ₱25.00

Accumulated Depreciation-Air conditioning unit ₱25.00
To record depreciation
₱ 1,680.00
₱ 840.00 Apr-30 Sales Invoice Document expense ₱75.00
Sales Invoice Document ₱75.00
To record sales invoice document expense

Apr-30 Electricity Expense ₱500.00

Water Expense ₱75.00
Internet Expense ₱225.00
Utilities Payable ₱800.00
To record accrued expenses

Apr-30 Uncollectible Accounts Expense ₱29.70

Allowance for uncollective accounts ₱29.70

Reversing Entries
May-01 Utilities Payable 800
Electricity Expense 500
Water Expense 75
Internet Expense 225
 Adjusting EEntries
Date Accounts Debit Credit
May-31 Rent Expense ₱750.00
Balance Prepaid Rent ₱750.00
840 To record rent expense

2,000 May-31 Insurance Expense ₱100.00

Prepaid Insurance ₱100.00
To record insurance expense
4,040
 May-31 Depreciation Expense-Store Signage ₱20.83
2,330 Accumulated Depreciation-Store Signage ₱20.83
To record depreciation

3,920 May-31 Depreciation Expense-Store Shelves ₱33.33

Accumulated Depreciation-Store Shelves ₱33.33
2,865 To record depreciation

May-31 Depreciation Expense-Air conditioning unit ₱25.00

3,935 Accumulated Depreciation-Air conditioning unit ₱25.00
To record depreciation

May-31 Sales Invoice Document expense ₱75.00

7,295 Sales Invoice Document ₱75.00
3,080 To record sales invoice document expense

2,240
Perpetual Inventory Method-LIFO
April Journal Entries

Date Accounts PR Debit Credit

Apr-01 Cash ₱ 20,000.00

Silva Ramos, Capital ₱ 20,000.00
To record capital

Apr-02 Prepaid Rent ₱ 2,250.00

Cash ₱ 2,250.00
Paid rent for 3 months

Apr-02 Store Signage ₱ 500.00

Cash ₱ 500.00
Paid store signage

Apr-02 Merchandise Inventory ₱ 1,500.00

Accounts Payable-Samsung ₱ 1,500.00
Purchased Inventory on account

Apr-03 Store Shelves ₱ 2,000.00

Cash ₱ 2,000.00
Purchased store shelves

Apr-03 Air conditioning unit ₱ 1,500.00

Cash ₱ 1,500.00
Purchased air conditioning unit

Apr-03 Sales Invoice Document ₱ 150.00

Cash ₱ 150.00
Purchased sales invoice document

Apr-04 Merchandise Inventory ₱ 10,040.00

Accounts Payable-Samsung ₱ 10,040.00
Purchased inventory on account

Apr-05 Prepaid Insurance ₱ 300.00

Cash ₱ 300.00
Paid prepaid insurance for 3 months

Apr-05 Cash ₱ 4,455.00

Merchandise Inventory ₱ 45.00
Sales ₱ 4,500.00
Sold merchandise for cash
Apr-05 Cost of Merchandise Sold ₱ 1,530.00
Merchandise Inventory ₱ 1,530.00
To recognize cost of sale
Apr-06 Accounts Payable-Samsung ₱ 1,500.00
Cash ₱ 1,490.00
Merchandise Inventory ₱ 10.00
Paid accounts payable-samsung on april 2
Apr-11 Merchandise Inventory ₱ 1,590.00
Accounts Payable-LG ₱ 1,590.00
Purchased inventory on account

Apr-12 Accounts Receivable-Alexa ₱ 4,000.00

Sales ₱ 4,000.00
Sold merchandise on account

Apr-12 Accounts Receivable-Alexa ₱ 2,000.00

Cash ₱ 2,000.00
To record prepaid freight

Apr-12 Cost of Merchandise Sold ₱ 1,060.00

Merchandise Inventory ₱ 1,060.00
To recognize cost of sale

Apr-16 Salaries Expense ₱ 850.00

Cash ₱ 850.00
Paid salaries

Apr-16 Accounts Payable-Samsung ₱ 10,040.00

Cash ₱ 10,040.00
Paid accounts payable-samsung on april 4

Apr-18 Merchandise Inventory ₱ 3,070.00

Accounts Payable-Samsung ₱ 3,070.00
Purchased inventory on account

Apr-19 Cash ₱ 5,960.00

Merchandise Inventory ₱ 40.00
Accounts Receivable-Alexa ₱ 6,000.00
Payment for sales on account on april 12

Apr-20 Accounts Payable-LG ₱ 1,590.00

Merchandising Inventory ₱ 2,968.20
Paid accounts payable-LG on april 11 ₱ 4,558.20

Apr-26 Mechandise Inventory ₱ 15,360.00

Accounts Payable-Samsung ₱ 15,360.00
Purchased inventory on account

Apr-27 Accounts Receivable-Alexa ₱ 12,000.00

 Sales ₱ 12,000.00
Sold merchandise on account

Apr-27 Accounts Receivable-Alexa ₱ 16,000.00

Cash ₱ 16,000.00
To record prepaid freight

Apr-27 Cost of Merchandise Sold ₱ 4,430.00

Merchandise Inventory ₱ 4,430.00
To recognize cost of sales

Apr-29 Accounts Payable-Samsung ₱ 3,070.00

Cash ₱ 3,070.00
Paid accounts payable-samsung on april 18

Apr-30 Accounts Receivable-Siri ₱ 3,000.00

Sales ₱ 3,000.00
Sold merchandise on account
Apr-30 Cost of Merchandise Sold ₱ 785.00
Merchandise Inventory ₱ 785.00
To recognize cost of sales

Apr-30 Cash ₱ 27,880.00

Merchandising Inventory 120
Accounts Receivable-Alexa ₱ 28,000.00
Payment for sales on account on april 27

May Journal Entries

Date Accounts Debit Credit
May-02 Merchandise Inventory 1,160
Accounts Payable-LG 1,160
Purchase of inventory on account

May-02 Merchandise Inventory 1,500

Accounts Payable-Samsung 1,500
Purchased inventory on account
May-04 Merchandise Inventory 10,040.00
Accounts Payable-Samsung 10,040.00
Purchased Inventory on account
May-05 Cash 1,470
Merchandise Inventory 1,530
Accounts Receivable-Siri 3,000
Received payment for sales on account

May-06 Accounts Receivable-Siri 4,500

Sales 4,500
Sold merchandise on account

May-06 Cost of Merchandise Sold

Merchandise Inventory
To recognize cost of sales

May-06 Accounts Payable-Samsung 1,500

Merchandise Inventory 10
Cash 1,490
Payment for accounts payable-samsung
May-07 Cash 1,455
Merchandise Inventory 3,045
Accounts Receivable-Siri 4,500
Payment of sales on account on april 5
May-09 Accounts Payable-LG 1,160.00
Merchandising Inventory 23.2
Cash 1,136.80
Payment of accounts payable-samsung
May-09 Accounts Payable-Samsung 2,000
Cash 2,000
To record payment of freight

May-11 Merchandise Inventory 1,590.00

Accounts Payable-LG 1,590.00
Purchased inventory on account

May-12 Accounts Receivable-Alexa 4,000

Sales 4,000
Sold merchandise on account

May-12 Accounts Receivable-Alexa 2,000

Cash 2,000
To record prepaid freight

May-12 Cost of Merchandise Sold

Merchandise Inventory
To recognize cost of sales
May-16 Accounts Payable-Samsung 10,040.00
Cash 10,040
Payment for accounts payable-samsung

May-18 Merchandise Inventory 3,070.00

Accounts Payable-Samsung 3,070.00
Purchased inventory on account

May-19 Cash 5,960

Merchandise Inventory 40
Accounts Receivable-Alexa 6,000
Payment of sales on account

May-20 Accounts Payable-LG 1,558.20

Cash 1,558.20
Payment of accounts payable-LG

May-20 Merchandise Inventory 3,000

Cash 3,000
Payment of freight

May-26 Merchandise Inventory 15,360.00

Accounts Payable-Samsung 15,360.00
Purchased inventory on account

May-27 Accounts Receivable-Alexa 12,000

Sales 12,000
Sold merchandise on account

May-27 Accounts Receivable-Alexa 16,000

Cash 16,000
Paid prepaid freight

May-27 Cost of Merchandise Sold

Merchandise Inventory
To recognize cost of sales

May-29 Accounts Payable-Samsung 3,070.00

Cash 3,070
Payment of accounts payable-samsung

May-30 Accounts Receivable-Siri 3,000

Sales 3,000
Sold merchandise on account

May-30 Cost of Merchandise Sold

Merchandise Inventory
 LIFO

Date Purchases COGS Inventory

Unit Unit Cost Balance Unit Unit Cost Balance Unit
Apr-02 100 ₱ 5.00 ₱ 500.00 100
Apr-04 400 ₱ 5.10 ₱ 2,040.00 100
400
Apr-05 300 ₱ 5.10 ₱ 1,530.00 100
100
Apr-11 300 ₱ 5.30 ₱ 1,590.00 100
100
300
Apr-12 200 ₱ 5.30 ₱ 1,060.00 100
100
100
Apr-18 200 ₱ 5.35 ₱ 1,070.00 100
100
100
200
Apr-26 600 ₱ 5.60 ₱ 3,360.00 100
100
100
200
600
Apr-27 600 ₱ 5.60 100
200 ₱ 5.35 ₱ 4,430.00 100
100
Apr-28 100 ₱ 5.30 100
50 ₱ 5.10 ₱ 785.00 50
Apr-30 200 ₱ 5.80 ₱ 1,160.00 100
50
200
₱ 7,805.00
 LIFO

Date Purchases COGS Inventory

Unit Unit Cost Balance Unit Unit Cost Balance Unit
Apr-02 100 ₱ 5.00 ₱ 500.00 100
Apr-04 400 ₱ 5.10 ₱ 2,040.00 100
400
Apr-05 300 ₱ 5.10 ₱ 1,530.00 100
100
Apr-11 300 ₱ 5.30 ₱ 1,590.00 100
100
300
Apr-12 200 ₱ 5.30 ₱ 1,060.00 100
100
100
Apr-18 200 ₱ 5.35 ₱ 1,070.00 100
100
100
200
Apr-26 600 ₱ 5.60 ₱ 3,360.00 100
100
100
200
600
Apr-27 600 ₱ 5.60 100
200 ₱ 5.35 ₱ 4,430.00 100
100
Apr-28 100 ₱ 5.30 100
50 ₱ 5.10 ₱ 785.00 50
Apr-30 200 ₱ 5.80 ₱ 1,160.00 100
50
200
₱ 7,805.00
 Inventory
Unit Cost Balance
₱ 5.00 ₱ 500.00
₱ 5.00
₱ 5.10 ₱ 2,540.00
₱ 5.00
₱ 5.10 ₱ 1,010.00
₱ 5.00
₱ 5.10
₱ 5.30 ₱ 2,600.00
₱ 5.00
₱ 5.10
₱ 5.30 ₱ 1,540.00
₱ 5.00
₱ 5.10
₱ 5.30
₱ 5.35 ₱ 2,610.00
₱ 5.00
₱ 5.10
₱ 5.30
₱ 5.35
₱ 5.60 ₱ 5,970.00
₱ 5.00
₱ 5.10
₱ 5.30 ₱ 1,540.00
₱ 5.00
₱ 5.10 ₱ 755.00
₱ 5.00
₱ 5.10
₱ 5.80 ₱ 1,915.00
 Inventory
Unit Cost Balance
₱ 5.00 ₱ 500.00
₱ 5.00
₱ 5.10 ₱ 2,540.00
₱ 5.00
₱ 5.10 ₱ 1,010.00
₱ 5.00
₱ 5.10
₱ 5.30 ₱ 2,600.00
₱ 5.00
₱ 5.10
₱ 5.30 ₱ 1,540.00
₱ 5.00
₱ 5.10
₱ 5.30
₱ 5.35 ₱ 2,610.00
₱ 5.00
₱ 5.10
₱ 5.30
₱ 5.35
₱ 5.60 ₱ 5,970.00
₱ 5.00
₱ 5.10
₱ 5.30 ₱ 1,540.00
₱ 5.00
₱ 5.10 ₱ 755.00
₱ 5.00
₱ 5.10
₱ 5.80 ₱ 1,915.00
Perpetual Invetory Method-Average Cost Flow Assumption
April Journal Entries

Date Accounts PR Debit Credit

Apr-01 Cash ₱ 20,000.00

Silva Ramos, Capital ₱ 20,000.00
To record capital

Apr-02 Prepaid Rent ₱ 2,250.00

Cash ₱ 2,250.00
Paid rent for 3 months

Apr-02 Store Signage ₱ 500.00

Cash ₱ 500.00
Paid store signage

Apr-02 Merchandise Inventory ₱ 1,500.00

Accounts Payable-Samsung ₱ 1,500.00
Purchased Inventory on account

Apr-03 Store Shelves ₱ 2,000.00

Cash ₱ 2,000.00
Purchased store shelves

Apr-03 Air conditioning unit ₱ 1,500.00

Cash ₱ 1,500.00
Purchased air conditioning unit

Apr-03 Sales Invoice Document ₱ 150.00

Cash ₱ 150.00
Purchased sales invoice document

Apr-04 Merchandise Inventory ₱ 10,040.00

Accounts Payable-Samsung ₱ 10,040.00
Purchased inventory on account

Apr-05 Prepaid Insurance ₱ 300.00

Cash ₱ 300.00
Paid prepaid insurance for 3 months

Apr-05 Cash ₱ 4,455.00

Merchandise Inventory ₱ 45.00
Sales ₱ 4,500.00
Sold merchandise for cash
Apr-05 Cost of Merchandise Sold ₱ 1,524.00
Merchandise Inventory ₱ 1,524.00
 To recognize cost of sale

Apr-06 Accounts Payable-Samsung ₱ 1,500.00

Cash ₱ 1,490.00
Merchandise Inventory ₱ 10.00
Paid accounts payable-samsung on april 2
Apr-11 Merchandise Inventory ₱ 1,590.00
Accounts Payable-LG ₱ 1,590.00
Purchased inventory on account

Apr-12 Accounts Receivable-Alexa ₱ 4,000.00

Sales ₱ 4,000.00
Sold merchandise on account

Apr-12 Accounts Receivable-Alexa ₱ 2,000.00

Cash ₱ 2,000.00
To record prepaid freight

Apr-12 Cost of Merchandise Sold ₱ 1,042.40

Merchandise Inventory ₱ 1,042.40
To recognize cost of sale

Apr-16 Salaries Expense ₱ 850.00

Cash ₱ 850.00
Paid salaries

Apr-16 Accounts Payable-Samsung ₱ 10,040.00

Cash ₱ 10,040.00
Paid accounts payable-samsung on april 4

Apr-18 Merchandise Inventory ₱ 3,070.00

Accounts Payable-Samsung ₱ 3,070.00
Purchased inventory on account

Apr-19 Cash ₱ 5,960.00

Merchandise Inventory ₱ 40.00
Accounts Receivable-Alexa ₱ 6,000.00
Payment for sales on account on april 12

Apr-20 Accounts Payable-LG ₱ 1,590.00

Merchandising Inventory ₱ 2,968.20
Paid accounts payable-LG on april 11 ₱ 4,558.20

Apr-26 Mechandise Inventory ₱ 15,360.00

Accounts Payable-Samsung ₱ 15,360.00
Purchased inventory on account
 Apr-27 Accounts Receivable-Alexa ₱ 12,000.00
Sales ₱ 12,000.00
Sold merchandise on account

Apr-27 Accounts Receivable-Alexa ₱ 16,000.00

Cash ₱ 16,000.00
To record prepaid freight

Apr-27 Cost of Merchandise Sold ₱ 4,358.98

Merchandise Inventory ₱ 4,358.98
To recognize cost of sales

Apr-29 Accounts Payable-Samsung ₱ 3,070.00

Cash ₱ 3,070.00
Paid accounts payable-samsung on april 18

Apr-30 Accounts Receivable-Siri ₱ 3,000.00

Sales ₱ 3,000.00
Sold merchandise on account
Apr-30 Cost of Merchandise Sold ₱ 817.31
Merchandise Inventory ₱ 817.31
To recognize cost of sales

Apr-30 Cash ₱ 27,880.00

Merchandising Inventory 120
Accounts Receivable-Alexa ₱ 28,000.00
Payment for sales on account on april 27

May Journal Entries

Date Accounts Debit Credit
May-02 Merchandise Inventory 1,160
Accounts Payable-LG 1,160
Purchase of inventory on account

May-02 Merchandise Inventory 1,500

Accounts Payable-Samsung 1,500
 Purchased inventory on account

May-04 Merchandise Inventory 10,040.00

Accounts Payable-Samsung 10,040.00
Purchased Inventory on account
May-05 Cash 1,470
Merchandise Inventory 1,530
Accounts Receivable-Siri 3,000
Received payment for sales on account

May-06 Accounts Receivable-Siri 4,500

Sales 4,500
Sold merchandise on account

May-06 Cost of Merchandise Sold

Merchandise Inventory
To recognize cost of sales

May-06 Accounts Payable-Samsung 1,500

Merchandise Inventory 10
Cash 1,490
Payment for accounts payable-samsung
May-07 Cash 1,455
Merchandise Inventory 3,045
Accounts Receivable-Siri 4,500
Payment of sales on account on april 5
May-09 Accounts Payable-LG 1,160.00
Merchandising Inventory 23.2
Cash 1,136.80
Payment of accounts payable-samsung
May-09 Accounts Payable-Samsung 2,000
Cash 2,000
To record payment of freight

May-11 Merchandise Inventory 1,590.00

Accounts Payable-LG 1,590.00
Purchased inventory on account

May-12 Accounts Receivable-Alexa 4,000

Sales 4,000
Sold merchandise on account

May-12 Accounts Receivable-Alexa 2,000

Cash 2,000
To record prepaid freight

May-12 Cost of Merchandise Sold

Merchandise Inventory
 To recognize cost of sales

May-16 Accounts Payable-Samsung 10,040.00

Cash 10,040
Payment for accounts payable-samsung

May-18 Merchandise Inventory 3,070.00

Accounts Payable-Samsung 3,070.00
Purchased inventory on account

May-19 Cash 5,960

Merchandise Inventory 40
Accounts Receivable-Alexa 6,000
Payment of sales on account

May-20 Accounts Payable-LG 1,558.20

Cash 1,558.20
Payment of accounts payable-LG

May-20 Merchandise Inventory 3,000

Cash 3,000
Payment of freight

May-26 Merchandise Inventory 15,360.00

Accounts Payable-Samsung 15,360.00
Purchased inventory on account

May-27 Accounts Receivable-Alexa 12,000

Sales 12,000
Sold merchandise on account

May-27 Accounts Receivable-Alexa 16,000

Cash 16,000
Paid prepaid freight

May-27 Cost of Merchandise Sold

Merchandise Inventory
To recognize cost of sales

May-29 Accounts Payable-Samsung 3,070.00

Cash 3,070
Payment of accounts payable-samsung

May-30 Accounts Receivable-Siri 3,000

Sales 3,000
Sold merchandise on account

May-30 Cost of Merchandise Sold

Merchandise Inventory
 Average Cost Flow

Date Purchases COGS Inventory

Unit Unit Cost Balance Unit Unit Cost Balance Unit
Apr-02 100 ₱ 5.00 ₱ 500.00 100
Apr-04 400 ₱ 5.10 ₱ 2,040.00 500
Apr-05 300 ₱ 5.08 ₱ 1,524.00 200
Apr-11 300 ₱ 5.30 ₱ 1,590.00 500
Apr-12 200 ₱ 5.21 ₱ 1,042.40 300
Apr-18 200 ₱ 5.35 ₱ 1,070.00 500
Apr-26 600 ₱ 5.60 ₱ 3,360.00 1100
Apr-27 800 ₱ 5.45 ₱ 4,358.98 300
Apr-30 150 ₱ 5.45 ₱ 817.31 150
₱ 7,742.69
 Inventory
Unit Cost Balance
₱ 5.00 ₱ 500.00
₱ 5.08 ₱ 2,540.00
₱ 5.08 ₱ 1,016.00
₱ 5.21 ₱ 2,606.00
₱ 5.21 ₱ 1,563.60
₱ 5.27 ₱ 2,633.60
₱ 5.45 ₱ 5,993.60
₱ 5.45 ₱ 1,634.62
₱ 5.45 ₱ 817.31
Perpetual Inventory Method-Specific Identification
April Journal Entries

Date Accounts PR Debit Credit

Apr-01 Cash ₱ 20,000.00

Silva Ramos, Capital ₱ 20,000.00
To record capital

Apr-02 Prepaid Rent ₱ 2,250.00

Cash ₱ 2,250.00
Paid rent for 3 months

Apr-02 Store Signage ₱ 500.00

Cash ₱ 500.00
Paid store signage

Apr-02 Merchandise Inventory ₱ 1,500.00

Accounts Payable-Samsung ₱ 1,500.00
Purchased Inventory on account

Apr-03 Store Shelves ₱ 2,000.00

Cash ₱ 2,000.00
Purchased store shelves

Apr-03 Air conditioning unit ₱ 1,500.00

Cash ₱ 1,500.00
Purchased air conditioning unit

Apr-03 Sales Invoice Document ₱ 150.00

Cash ₱ 150.00
Purchased sales invoice document

Apr-04 Merchandise Inventory ₱ 10,040.00

Accounts Payable-Samsung ₱ 10,040.00
Purchased inventory on account

Apr-05 Prepaid Insurance ₱ 300.00

Cash ₱ 300.00
Paid prepaid insurance for 3 months

Apr-05 Cash ₱ 4,455.00

Merchandise Inventory ₱ 45.00
Sales ₱ 4,500.00
Sold merchandise for cash
Apr-05 Cost of Merchandise Sold ₱ 1,520.00
Merchandise Inventory ₱ 1,520.00
 To recognize cost of sale

Apr-06 Accounts Payable-Samsung ₱ 1,500.00

Cash ₱ 1,490.00
Merchandise Inventory ₱ 10.00
Paid accounts payable-samsung on april 2
Apr-11 Merchandise Inventory ₱ 1,590.00
Accounts Payable-LG ₱ 1,590.00
Purchased inventory on account

Apr-12 Accounts Receivable-Alexa ₱ 4,000.00

Sales ₱ 4,000.00
Sold merchandise on account

Apr-12 Accounts Receivable-Alexa ₱ 2,000.00

Cash ₱ 2,000.00
To record prepaid freight

Apr-12 Cost of Merchandise Sold ₱ 1,020.00

Merchandise Inventory ₱ 1,020.00
To recognize cost of sale

Apr-16 Salaries Expense ₱ 850.00

Cash ₱ 850.00
Paid salaries

Apr-16 Accounts Payable-Samsung ₱ 10,040.00

Cash ₱ 10,040.00
Paid accounts payable-samsung on april 4

Apr-18 Merchandise Inventory ₱ 3,070.00

Accounts Payable-Samsung ₱ 3,070.00
Purchased inventory on account

Apr-19 Cash ₱ 5,960.00

Merchandise Inventory ₱ 40.00
Accounts Receivable-Alexa ₱ 6,000.00
Payment for sales on account on april 12

Apr-20 Accounts Payable-LG ₱ 1,590.00

Merchandising Inventory ₱ 2,968.20
Paid accounts payable-LG on april 11 ₱ 4,558.20

Apr-26 Mechandise Inventory ₱ 15,360.00

Accounts Payable-Samsung ₱ 15,360.00
Purchased inventory on account
 Apr-27 Accounts Receivable-Alexa ₱ 12,000.00
Sales ₱ 12,000.00
Sold merchandise on account

Apr-27 Accounts Receivable-Alexa ₱ 16,000.00

Cash ₱ 16,000.00
To record prepaid freight

Apr-27 Cost of Merchandise Sold ₱ 4,340.00

Merchandise Inventory ₱ 4,340.00
To recognize cost of sales

Apr-29 Accounts Payable-Samsung ₱ 3,070.00

Cash ₱ 3,070.00
Paid accounts payable-samsung on april 18

Apr-30 Accounts Receivable-Siri ₱ 3,000.00

Sales ₱ 3,000.00
Sold merchandise on account
Apr-30 Cost of Merchandise Sold ₱ 840.00
Merchandise Inventory ₱ 840.00
To recognize cost of sales

Apr-30 Cash ₱ 27,880.00

Merchandising Inventory 120
Accounts Receivable-Alexa ₱ 28,000.00
Payment for sales on account on april 27

May Journal Entries

Date Accounts Debit Credit
May-02 Merchandise Inventory 1,160
Accounts Payable-LG 1,160
Purchase of inventory on account

May-02 Merchandise Inventory 1,500

Accounts Payable-Samsung 1,500
 Purchased inventory on account

May-04 Merchandise Inventory 10,040.00

Accounts Payable-Samsung 10,040.00
Purchased Inventory on account
May-05 Cash 1,470
Merchandise Inventory 1,530
Accounts Receivable-Siri 3,000
Received payment for sales on account

May-06 Accounts Receivable-Siri 4,500

Sales 4,500
Sold merchandise on account

May-06 Cost of Merchandise Sold

Merchandise Inventory
To recognize cost of sales

May-06 Accounts Payable-Samsung 1,500

Merchandise Inventory 10
Cash 1,490
Payment for accounts payable-samsung
May-07 Cash 1,455
Merchandise Inventory 3,045
Accounts Receivable-Siri 4,500
Payment of sales on account on april 5
May-09 Accounts Payable-LG 1,160.00
Merchandising Inventory 23.2
Cash 1,136.80
Payment of accounts payable-samsung
May-09 Accounts Payable-Samsung 2,000
Cash 2,000
To record payment of freight

May-11 Merchandise Inventory 1,590.00

Accounts Payable-LG 1,590.00
Purchased inventory on account

May-12 Accounts Receivable-Alexa 4,000

Sales 4,000
Sold merchandise on account

May-12 Accounts Receivable-Alexa 2,000

Cash 2,000
To record prepaid freight

May-12 Cost of Merchandise Sold

Merchandise Inventory
 To recognize cost of sales

May-16 Accounts Payable-Samsung 10,040.00

Cash 10,040
Payment for accounts payable-samsung

May-18 Merchandise Inventory 3,070.00

Accounts Payable-Samsung 3,070.00
Purchased inventory on account

May-19 Cash 5,960

Merchandise Inventory 40
Accounts Receivable-Alexa 6,000
Payment of sales on account

May-20 Accounts Payable-LG 1,558.20

Cash 1,558.20
Payment of accounts payable-LG

May-20 Merchandise Inventory 3,000

Cash 3,000
Payment of freight

May-26 Merchandise Inventory 15,360.00

Accounts Payable-Samsung 15,360.00
Purchased inventory on account

May-27 Accounts Receivable-Alexa 12,000

Sales 12,000
Sold merchandise on account

May-27 Accounts Receivable-Alexa 16,000

Cash 16,000
Paid prepaid freight

May-27 Cost of Merchandise Sold

Merchandise Inventory
To recognize cost of sales

May-29 Accounts Payable-Samsung 3,070.00

Cash 3,070
Payment of accounts payable-samsung

May-30 Accounts Receivable-Siri 3,000

Sales 3,000
Sold merchandise on account

May-30 Cost of Merchandise Sold

Merchandise Inventory
Date Accounts PR Debit

Apr-01 Cash ###

Silva Ramos, Capital
To record capital

Apr-02 Prepaid Rent ###

Cash
 Paid rent for 3 months

Apr-02 Store Signage ₱ 500.00

Cash
Paid storage signage

Apr-02 Merchandise Inventor ###

Accounts Payable-Samsung
Purchased Inventory on account

Apr-03 Store Shelves ###

Cash
Purchased store shelves

Apr-03 Air conditioning unit ###

Cash
Purchased air conditioning unit

Apr-03 Sales Invoice Docume ₱ 150.00

Cash
Purchases sales invoice document

Apr-04 Merchandise Inventor ###

Accounts Payable
Purchased inventory on account

Apr-05 Prepaid Insurance ₱ 300.00

Cash
Paid prepaid insurance for 3 months

Apr-05 Cash ###

Sales
Sold merchandise for cash

Apr-05 Cost of Merchandise ###

Merchandise Inventory
To recognize cost of sale

Apr-06 Accounts Payable-Sa ###

Merchandise Inventory
Cash
Paid accounts payable-samsung on april 2

Apr-11 Merchandise Inventor ###

Accounts Payable-LG
Purchased inventory on account

Apr-12 Accounts Receivable- ###

 Sales
Sold merchandise on account

Apr-12 Accounts Receivable- ###

Cash
To record prepaid freight

Apr-12 Cost of Merchandise ###

Merchandise Inventory
To recognize cost of sale

Apr-16 Salaries Expense ₱ 850.00

Cash
Paid salaries

Apr-16 Accounts Payable-Sa ###

Cash
Paid accounts payable-samsung on april 4

Apr-18 Merchandise Inventor ###

Accounts Payable-Samsung
Purchased inventory on account

Apr-19 Cash ###

Accounts Receivable-Alexa
Payment for sales on account on april 12

Apr-20 Accounts Payable-LG ###

Mechandise Inventory
Cash
Paid accounts payable-LG on april 11

Apr-26 Mechandise Inventor ###

Accounts Payable-Samsung
Purchased inventory on account

Apr-27 Accounts Receivable- ###

Sales
Sold merchandise on account

Apr-27 Accounts Receivable- ###

Cash
To record prepaid freight

Apr-27 Cost of Merchandise ###

Merchandise Inventory
To recognize cost of sales
Apr-28 Accounts Receivable-S ###
Sales
Sold merchandise on account

Apr-28 Cost of Merchandise ₱ 840.00

Merchandise Inventory
To recognize cost of sales

Apr-29 Accounts Payable-Sa ###

Cash
Paid accounts payable-samsung on april 18

Apr-30 Cash ###

Accounts Receivable-Alexa
Payment for sales on account on april 27

Apr-30 Merchandise Inventor ###

Accounts Payable-LG
Purchased inventory on account
Credit

###

###
 ₱ 500.00

###
on account

###

###

₱ 150.00
ice document

###
on account

₱ 300.00
ce for 3 months

###

###

₱ 10.00
###
le-samsung on april 2

###
on account
 ###

###

###

₱ 850.00

###
le-samsung on april 4

###
on account

###
n account on april 12

₱ 31.80
###
le-LG on april 11

###
on account

###

###

###
 ###

₱ 840.00

###
le-samsung on april 18

###
n account on april 27

###
on account
Periodic Inventory-FIFO
April Journal Entries
Date Accounts PR Debit Credit Date
Apr-01
Apr-01 Cash ₱ 20,000.00
Silva Ramos, Capital ₱ 20,000.00
To record capital
Apr-02
Apr-02 Rent Expense ₱ 2,250.00
Cash ₱ 2,250.00
Paid rent for 3 months
Apr-02
Apr-02 Store Signage ₱ 500.00
Cash ₱ 500.00
Paid store signage
Apr-02
Apr-02 Purchases ₱ 500.00
Freight In 1000
Accounts Payable-Samsung ₱ 1,500.00
Purchased Inventory on account

Apr-03 Store Shelves ₱ 2,000.00

Cash ₱ 2,000.00
Purchased store shelves

Apr-03 Air conditioning unit ₱ 1,500.00

Cash ₱ 1,500.00
Purchased air conditioning unit

Apr-03 Sales Invoice Document ₱ 150.00

Cash ₱ 150.00
Purchased sales invoice document
Apr-04 Purchases ₱ 2,040.00
Freight In ₱8,000.00
Accounts Payable-Samsung ₱ 10,040.00
Purchased inventory on account

Apr-05 Insurance Expense ₱ 300.00

Cash ₱ 300.00
Paid prepaid insurance for 3 months

Apr-05 Cash ₱ 4,455.00

Cash Discounts ₱ 45.00
Sales ₱ 4,500.00
Sold merchandise for cash
Apr-06 Accounts Payable-Samsung ₱ 1,500.00
Cash ₱ 1,490.00
Cash Discounts ₱ 10.00
 Paid accounts payable-samsung on april 2
Apr-11 Purchases ₱ 1,590.00
Accounts Payable-LG ₱ 1,590.00
Purchased inventory on account

Apr-12 Accounts Receivable-Alexa ₱ 4,000.00

Sales ₱ 4,000.00
Sold merchandise on account

Apr-12 Accounts Receivable-Alexa ₱ 2,000.00

Cash ₱ 2,000.00
To record prepaid freight

Apr-16 Salaries Expense ₱ 850.00

Cash ₱ 850.00
Paid salaries

Apr-16 Accounts Payable-Samsung ₱ 10,040.00

Cash ₱ 10,040.00
Paid accounts payable-samsung on april 4

Apr-18 Purchases ₱ 3,070.00

Accounts Payable-Samsung ₱ 3,070.00
Purchased inventory on account

Apr-19 Cash ₱ 5,960.00

Cash Discounts ₱ 40.00
Accounts Receivable-Alexa ₱ 6,000.00
Payment for sales on account on april 12

Apr-20 Accounts Payable-LG ₱ 1,590.00

Freight Expense ₱ 2,968.20
Paid accounts payable-LG on april 11 ₱ 4,558.20

Apr-26 Purchases ₱ 15,360.00

Accounts Payable-Samsung ₱ 15,360.00
Purchased inventory on account

Apr-27 Accounts Receivable-Alexa ₱ 12,000.00

Sales ₱ 12,000.00
Sold merchandise on account

Apr-27 Accounts Receivable-Alexa ₱ 16,000.00

Cash ₱ 16,000.00
To record prepaid freight

Apr-29 Accounts Payable-Samsung ₱ 3,070.00

 Cash ₱ 3,070.00
Paid accounts payable-samsung on april 18

Apr-30 Accounts Receivable-Siri ₱ 3,000.00

Sales ₱ 3,000.00
Sold merchandise on account

Apr-30 Cash ₱ 27,880.00

Cash Discounts 120
Accounts Receivable-Alexa ₱ 28,000.00
Payment for sales on account on april 27

May Journal Entries

Date Accounts Debit Credit
May-02 Merchandise Inventory ₱1,160.00
Accounts Payable-LG ₱1,160.00
Purchase of inventory on account

May-02 Purchases ₱1,500.00

Accounts Payable-Samsung ₱1,500.00
Purchased inventory on account

May-04 Purchases ₱10,040.00

Accounts Payable-Samsung ₱10,040.00
Purchased Inventory on account
May-05 Cash ₱1,470.00
Freight Expense ₱1,530.00
Accounts Receivable-Siri ₱3,000.00
Received payment for sales on account

May-06 Accounts Receivable-Siri ₱4,500.00

Sales ₱4,500.00
Sold merchandise on account

May-06 Accounts Payable-Samsung ₱1,500.00

Cash Discounts ₱10.00
 Cash ₱1,490.00
Payment for accounts payable-samsung
May-07 Cash ₱1,455.00
Freight Expense ₱3,045.00
Accounts Receivable-Siri ₱4,500.00
Payment of sales on account on april 5
May-09 Accounts Payable-LG ₱1,160.00
Cash Discounts ₱23.20
Cash ₱1,136.80
Payment of accounts payable-samsung
May-09 Accounts Payable-Samsung ₱2,000.00
Cash ₱2,000.00
To record payment of freight

May-11 Purchases ₱1,590.00

Accounts Payable-LG ₱1,590.00
Purchased inventory on account

May-12 Accounts Receivable-Alexa ₱4,000.00

Sales ₱4,000.00
Sold merchandise on account

May-12 Accounts Receivable-Alexa ₱2,000.00

Cash ₱2,000.00
To record prepaid freight

May-16 Accounts Payable-Samsung ₱10,040.00

Cash ₱10,040.00
Payment for accounts payable-samsung

May-18 Purchases ₱3,070.00

Accounts Payable-Samsung ₱3,070.00
Purchased inventory on account

May-19 Cash ₱5,960.00

Cash Discounts ₱40.00
Accounts Receivable-Alexa ₱6,000.00
Payment of sales on account

May-20 Accounts Payable-LG ₱1,558.20

Cash ₱1,558.20
Payment of accounts payable-LG

May-20 Merchandise Inventory ₱3,000.00

Cash ₱3,000.00
Payment of freight
May-26 Purchases ₱15,360.00
Accounts Payable-Samsung ₱15,360.00
Purchased inventory on account

May-27 Accounts Receivable-Alexa ₱12,000.00

Sales ₱12,000.00
Sold merchandise on account

May-27 Accounts Receivable-Alexa ₱16,000.00

Cash ₱16,000.00
Paid prepaid freight

May-29 Accounts Payable-Samsung ₱3,070.00

Cash ₱3,070.00
Payment of accounts payable-samsung

May-30 Accounts Receivable-Siri ₱3,000.00

Sales ₱3,000.00
Sold merchandise on account
Accounts Debit Credit
Cash ₱ 20,000.00
Silva Ramos, Capital ₱ 20,000.00
To record capital

Rent Expense ₱ 2,250.00

Cash ₱ 2,250.00
Paid rent for 3 months

Store Signage ₱ 500.00

Cash ₱ 500.00
Paid store signage

Purchases
Accounts Payable-Samsung
P