Accounts Receivable and Check Voucher No.
2011
June 1 Mr. Edgar Detoya opened a bank current account with Land Bank of the Philippines in the amount of P1,000,000 and invested merchandise inventory valued at P45,000 to start with his business.
GJ
Cash in Bank 1,000,000
Merchandise Inventory 45,000 E. Detoya, Capital 1,045,000 Initial Investment
June 15 Purchased store furniture and fixtures for cash from Ayala de Cebu costing P150,000 plus VAT of 12%. Issued Check No. 48501 covered by Check Voucher No. 001.
CDJ
Store Furniture and Fixtures 150,000
Input Tax 18,000 Cash In Bank 168,000 Store Furniture and Fixtures purchased for cash
July 4 Obtained a bank loan in the amount of P500,000 through a bank credit memo. The principal amount of the loan was P500,000 less interest and bank charges deducted in advance for one year, P420,000. Official Receipt No. 0001 was issued.
CRJ
Cash In Bank 420,000
Prepaid Interest 80,000 Notes Payable 500,000 Borrowed money from Land Bank of the Phils.
July 26 Purchased various store supplies on account from Gaisano Metro, P 10,000 as per Charged Sales Invoice No. 05913. VAT is 12%.
GJ
Store Supplies Inventory 10,000
Input Tax 1,200 Accounts Payable 11,200 Purchased store supplies on account
Aug. 8 Purchased merchandise on account, P180,000 plus 12% VAT from Manila Car Corp. as per Charged Invoice No. 08432. Terms: 2/10, n/30
PJ
Purchases 180,000
Input Tax 21,600 Accounts Payable 201,600 Merchandise purchased on credit
Aug 30 Received cash of P 16,800 from Severo Santos for the installation of a car accessory including VAT of 12%. Issued an Official Receipt No. 0002.
CRJ
Cash In Bank 16,800 Installation Income 15,000 Output Tax 1,800 Installation service for cash
Sept. 15 Paid P 5,600 including VAT of 12% to Air 21 Express for the freight of merchandise purchased from Manila Car Corporation. Issued Check No. 48502 with covering Check Voucher No. 002.
CDJ
Freight-in
June 1 Mr. Edgar Detoya opened a bank current account with Land Bank of the Philippines in the amount of P1,000,000 and invested merchandise inventory valued at P45,000 to start with his business.
GJ
Cash in Bank 1,000,000
Merchandise Inventory 45,000 E. Detoya, Capital 1,045,000 Initial Investment
June 15 Purchased store furniture and fixtures for cash from Ayala de Cebu costing P150,000 plus VAT of 12%. Issued Check No. 48501 covered by Check Voucher No. 001.
CDJ
Store Furniture and Fixtures 150,000
Input Tax 18,000 Cash In Bank 168,000 Store Furniture and Fixtures purchased for cash
July 4 Obtained a bank loan in the amount of P500,000 through a bank credit memo. The principal amount of the loan was P500,000 less interest and bank charges deducted in advance for one year, P420,000. Official Receipt No. 0001 was issued.
CRJ
Cash In Bank 420,000
Prepaid Interest 80,000 Notes Payable 500,000 Borrowed money from Land Bank of the Phils.
July 26 Purchased various store supplies on account from Gaisano Metro, P 10,000 as per Charged Sales Invoice No. 05913. VAT is 12%.
GJ
Store Supplies Inventory 10,000
Input Tax 1,200 Accounts Payable 11,200 Purchased store supplies on account
Aug. 8 Purchased merchandise on account, P180,000 plus 12% VAT from Manila Car Corp. as per Charged Invoice No. 08432. Terms: 2/10, n/30
PJ
Purchases 180,000
Input Tax 21,600 Accounts Payable 201,600 Merchandise purchased on credit
Aug 30 Received cash of P 16,800 from Severo Santos for the installation of a car accessory including VAT of 12%. Issued an Official Receipt No. 0002.
CRJ
Cash In Bank 16,800 Installation Income 15,000 Output Tax 1,800 Installation service for cash
Sept. 15 Paid P 5,600 including VAT of 12% to Air 21 Express for the freight of merchandise purchased from Manila Car Corporation. Issued Check No. 48502 with covering Check Voucher No. 002.
CDJ
Freight-in