NAME:____________________________________________________

JRBA CORPORATION
TIN 252-205-222-000 VAT REGISTERED
For the Month of May 2021
Instruction: Make the Source Documents for the following transactions, identify and prepare the special journals plus general journal,
post it to general ledger, prepare the preliminary trial balance and the different financial reports

JRBA CORPORATION
Statement of Financial Position
As of April 30, 2021
Assets
Current Assets:
Cash and Cash Equivalents 252,000
Receivables 90,500
Inventories 75,200
Prepaid Expenses 40,000
Non-Current Assets:
Property Plant & Equipment 355,000
Total Assets 812,700
Liabilities
Current Liabilities
Accounts Payable 225,000
Total Liabilities 225,000
Equity
JRBA Capital 587,700
Total Liabilities and Equity 812,700
Subsidiary Ledger of Accounts Receivable
Clients Amount
KL Corporation 28,000
UK Incorporation 21,500
AU Corporation 41,000
Total 90,500
Subsidiary Ledger of Property Plant & Equipment
Clients Amount
Furniture & Fixture 155,000
Equipment 200,000
Total 355,000
Subsidiary Ledger of Prepaid Expenses
Amount
Office Supplies 27,000
Prepaid Rent 13,000
Total 40,000
Subsidiary Ledger of Accounts Payable
Supplier Amount
UST Incorporated 75,000
DLSU Corporation 65,500
PUP Corporation 84,500
Total 225,000

Required for Periodic Inventory System

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NAME:____________________________________________________

1. Cut all source documents of the company

2. Arrange all the source documents as per special journal and general journal
3. Record the above transactions to the special journals plus general journal
4. Post the special journals and general journal to the general ledger
5. Prepare the Preliminary trial balance
6. Prepare the statement of cost of goods sold
7. Prepare the statement of performance
8. Prepare the statement of equity
9. Prepare the statement of financial position
10. Prepare the statement of Cash Flows
11. Prepare the closing journal entries
12. Prepare the Post Closing Trial Balance

Ending Inventory is 105,000

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Chart of Accounts
Use for Journalization and Posting to the ledger
100 Assets 400 Income
101 Cash 401 Sales / Service Revenue
105 Accounts Receivable 405 Sales Returns & Allowances
115 Merchandise Inventory 410 Sales Discounts
120 Office Supplies 415 Output VAT
125 Prepaid Rent 500 Expenses
130 Accrued VAT Payable
150 Machineries & Equipment 501 Purchases
155 Furniture & Fixtures 502 Purchase Returns & Allowances
160 Transportation Equipment 503 Purchase Discounts
165 Land and Land Improvements 504 Input VAT
170 Building and Building 505 Freight-in
Improvements
175 Accumulated Depreciation 506 Advertising Expense
200 Liabilities 507 Freight Out
201 Account Payable 508 Office Supplies Expense
202 Notes Payable 509 Rent Expense
203 Mortgage Payable 510 Insurance Expense
204 Loans Payable 520 Salaries Expense
205 SSS Payable 525 SSS Expense
206 Utilities Payable 530 Utilities Expense
207 Salaries Payable 535 Depreciation Expense
208 Insurance Payable 601 Income Summary
209 Rent Payable
210 Advertising Payable
211 VAT Payable
212 Withholding Tax Payable
300 Equity
301 JRBA, Capital
302 JRBA , Drawings

Use for Preparation of Financial Statements

100 Assets 400 Income
101 Cash and Cash Equivalents 401 Sales / Service Revenue
105 Receivables 405 Sales Returns & Allowances
115 Inventories 410 Sales Discounts
120 Prepaid Expenses 415 Output VAT
130 Accrued VAT Payable
150 Property, Plant and Equipment 500 Expenses
175 Accumulated Depreciation 501 Purchases
200 Liabilities 502 Purchase Returns & Allowances
201 Account Payable 503 Purchase Discounts
202 Notes Payable 504 Input VAT
203 Mortgage Payable 505 Freight-in
204 Loans Payable 506 Advertising Expense
205 SSS Payable 507 Freight Out
206 Utilities Payable 508 Office Supplies Expense

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207 Salaries Payable 509 Rent Expense

208 Insurance Payable 510 Insurance Expense
209 Rent Payable 520 Salaries Expense
210 Advertising Payable 525 SSS Expense
211 VAT Payable
212 Withholding Tax Payable
300 Equity 530 Utilities Expense
301 JRBA, Capital 535 Depreciation Expense
302 JRBA_, Drawings 601 Income Summary

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JRBA Corp CASH RECEIPT JOURNAL

Page _1__
Sales/
PR Sundry Accounts Service Sales
(Account Accts Receivable Revenue Discount Cash
Date Particulars Code) (Credit) (Credit) (Credit) (Debit) (Debit)
2021

Total
( 105 ) ( 401 ) ( 410 ) ( 101 )

JRBA Corp SALES JOURNAL

Page _1__
Sales/
PR Accounts Service Output
Invoice (Account Receivable Revenue VAT
Date Customer Number Code) (Debit) (Credit) (Credit)
2021

Total
( 105 ) ( 401 ) ( 415 )
JRBA Corp PURCHASE JOURNAL
Page _1__
PR Input Accounts
Invoice (Account Purchases Tax Payable
Date Customer # Code) (Debit) (Debit) (Credit)
2021

Total
( 501 ) ( 504 ) ( 201 )

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 JRBA Corp CASH DISBURSEMENT JOURNAL
NAME:____________________________________________________ Page _1__
Expenses
PR Sundry Input SSS PR Sundry
Voucher Cheque Account (Account Accts Salaries Supplies Tax Payable (Account Accts Cash
Date # # Debited Code) (Debit) (Debit) (Debit) (Debit) (Credit) Code) (Credit) (Credit)

2021

Total -
( 530 ) ( 120 ) ( 204 ) ( 203 ) ( 101 )

JRBA Corp General Journal

Page Number GJ-1
With Explanations
Current Journal
Entries
Date Description REF DEBIT CREDIT

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GENERAL LEDGERS
Account 101 CASH

Date ITEM POST DEBIT CREDIT BALANCE

Month Day DEBIT CREDIT
Beg bal

Account 105 ACCOUNTS RECEIVABLE

DATE ITEM POST DEBIT CREDIT BALANCE

Month Day DEBIT CREDIT
Beg bal

Account 115 MERCHANDISE INVENTORY

DATE BALANCE
ITEM POST DEBIT CREDIT
Month Day DEBIT CREDIT
Beg bal

Account 120 OFFICE SUPPLIES

BALANCE
DATE ITEM POST DEBIT CREDIT
Month Day DEBIT CREDIT
Beg bal

Account 125 PREPAID RENT

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg bal

Account 130 ACCRUED VAT PAYABLE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT

Account 150 MACHINERIES AND EQUIPMENT

BALANCE
DATE ITEM POST DEBIT CREDIT
Month Day DEBIT CREDIT

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Account 155 FURNITURE & FIXTURES

BALANCE
DATE ITEM POST DEBIT CREDIT
Month Day DEBIT CREDIT
Beg bal

Account 160 TRANSPORTATION EQUIPMENT

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT

Account 165 LAND AND LAND IMPROVEMENTS

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT

Account 170 BUILDING AND BUILDING IMPROVEMENTS

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT

Account 175 ACCUMULATED DEPRECIATION

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT

Account 201 ACCOUNTS PAYABLE

BALANCE
DATE ITEM POST DEBIT CREDIT
Month Day DEBIT CREDIT
Beg bal

Account 202 NOTES PAYABLE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT

Account 203 MORTGAGE PAYABLE

BALANCE
DATE ITEM POST DEBIT CREDIT
Month Day DEBIT CREDIT

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Account 204 LOANS PAYABLE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg bal

Account 205 SSS PAYABLE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT

Account 206 UTILITIES PAYABLE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg bal

Account 207 SALARIES PAYABLE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT

Account 208 INSURANCE PAYABLE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT

Account 209 RENT PAYABLE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg bal

Account 210 ADVERTISING PAYABLE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT

Account 211 VAT PAYABLE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg bal

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Account 212 WITHHOLDING TAX PAYABLE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT
Beg bal

Account 301 JRBA, CAPITAL

BALANCE
DATE ITEM POST DEBIT CREDIT
Month Day DEBIT CREDIT
Beg bal

Account 302 JRBA, DRAWINGS

BALANCE
DATE ITEM POST DEBIT CREDIT
Month Day DEBIT CREDIT

Account 401 SALES

BALANCE
DATE ITEM POST DEBIT CREDIT
Month Day DEBIT CREDIT

Account 405 SALES RETURNS & ALLOWANCES

BALANCE
DATE ITEM POST DEBIT CREDIT
Month Day DEBIT CREDIT

Account 410 SALES DISCOUNTS

BALANCE
DATE ITEM POST DEBIT CREDIT
Month Day DEBIT CREDIT

Account 415 OUTPUT VAT

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT

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NAME:____________________________________________________

Account 501 PURCHASES

BALANCE
DATE ITEM POST DEBIT CREDIT
Month Day DEBIT CREDIT

Account 502 PURCHASE RETURNS & ALLOWANCES

BALANCE
DATE ITEM POST DEBIT CREDIT
Month Day DEBIT CREDIT

Account 503 PURCHASE DISCOUNTS

BALANCE
DATE ITEM POST DEBIT CREDIT
Month Day DEBIT CREDIT

Account 504 INPUT VAT

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT

Account 505 FREIGHT-IN

BALANCE
DATE ITEM POST DEBIT CREDIT
Month Day DEBIT CREDIT

Account 506 ADVERTISING

BALANCE
DATE ITEM POST DEBIT CREDIT
Month Day DEBIT CREDIT

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NAME:____________________________________________________

Account 507 FREIGHT OUT

BALANCE
DATE ITEM POST DEBIT CREDIT
Month Day DEBIT CREDIT

Account 508 OFFICE SUPPLIES EXPENSE

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT

Account 509 RENT EXPENSES

BALANCE
DATE ITEM POST DEBIT CREDIT
Month Day DEBIT CREDIT

Account 510 INSURANCE EXPENSES

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT

Account 520 SALARIES EXPENSES

BALANCE
DATE ITEM POST DEBIT CREDIT
Month Day DEBIT CREDIT

Account 525 SSS EXPENSES

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT

Account 530 UTILITIES EXPENSES

BALANCE
DATE ITEM POST DEBIT CREDIT
Month Day DEBIT CREDIT

Account 535 DEPRECIATION EXPENSES

DATE ITEM POST DEBIT CREDIT BALANCE
Month Day DEBIT CREDIT

Account 601 INCOME SUMMARY

BALANCE
DATE ITEM POST DEBIT CREDIT
Month Day DEBIT CREDIT

12
NAME:____________________________________________________

JRBA CORPORATION
PRELIMINARY TRIAL BALANCE
MAY 31, 2021

ACCOUNT TITLES DR CR
101 Cash
105 Accounts Receivable
115 Merchandise Inventory
120 Office Supplies
125 Prepaid Rent
130 Accrues Tax Payable
150 Machineries & Equipment
155 Furniture & Fixtures
160 Transportation Equipment
165 Land and Land Improvement
170 Building and Building Improvement
175 Accumulated Depreciation
201 Account Payable
202 Notes Payable
203 Mortgage Payable
204 Loans Payable
205 SSS Payable
206 Utilities Payable
207 Salaries Payable
208 Insurance Payable
209 Rent Payable
210 Advertising Payable
211 VAT Payable
212 Withholding Tax Payable
301 RED, Capital
302 RED, Drawings
401 Sales
405 Sales Returns & Allowances
410 Sales Discounts
415 Output Vat
501 Purchases
502 Purchase Returns & Allowances
503 Purchase Discounts
504 Input Vat
505 Freight-in
506 Advertising Expense
507 Freight Out
508 Office Supplies Expense
509 Rent Expense
510 Insurance Expense
520 Salaries Expense
525 SSS Expense
530 Utilities Expense
535 Depreciation Expense

TOTALS
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NAME:____________________________________________________

JRBA CORPORATION
COST OF GOODS SOLD
FOR THE PERIOD ENDED MAY 31, 2021
Merchandise Inventory, beg 85,000

Add: Net Purchases

Purchases 92,607.14
Add: Freight-in 2,500
Total Purchases 95,107.14
Purchase Returns (2,455.36)
Purchase Discounts (1,073)
Purchase Allowances (0) (3,528.36 ) 91,578.78
Total Goods Available for Sale 176,578.78

Less: Merchandise Inventory, end 75,000

Cost of Goods Sold 101,578.78

JRBA CORPORATION
STATEMENT OF PERFORMANCE
FOR THE PERIOD ENDED MAY 31, 2021
Sales 190,535.71

Less: Sales Returns & Allowances 3,482.14

Sales Discount 2,540 6,022.14
Net Sales 184,513.57

Less: Cost of Goods Sold 101,578.78

Gross Profit 82,934.79

Less Expenses:
Rent Expense 6,500
Salaries Expense 7,800
Utilities Expense 2,950 17,250

Net Profit 65,684.79

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NAME:____________________________________________________

JRBA CORPORATION
STATEMENT OF EQUITY
FOR THE PERIOD ENDED MAY 31, 2021
RED Capital Beg 527,000.00
Add: Additional Investment 000
Net Income 65,684.79 65,684.79
Less: Withdrawals 0000
RED Capital End 592,684.79

-
JRBA CORPORATION
STATEMENT OF FINANCIAL POSITION
MAY 31, 2021
Assets
Current Assets
Cash and Cash Equivalents 440,383
Receivables 70,000
Inventories 75,000
Prepaid Expenses 33,392.86
Total Current Assets 618,775.86
Non-Current Assets
Property, Plant E Equipment 159,151.79
Total Non-Current Assets 159,151.79
Total Assets 777,927.65

LIABILITIES
Current Liabilities
Accounts Payable 125,000
Utilities Payable 2,950
Rent Payable 6,500
VAT Payable 15,792.86
Total Current Liabilities 150,242.86
Non-Current Liabilities

Loans Payable 35,000

Total Non-Current Liabilities 35,000
Total Liabilities 185,242.86
EQUITY
RED, Capital End 592,684.79
Total Liabilities and Equity 777,927.65

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NAME:____________________________________________________

JRBA CORPORATION
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED MAY 31, 2021
Operating Activities
Inflows
cash sales 85,000
collection of accounts receivable 124,460
refund of merchandise returns 1,250 210,710
Outflows
supplies 3,800
freight-in 2,500
freight out
Purchases (cash purchases + payt of A/P) 96,077
sales returns 2,500
Salaries exp 7,800 (112,677)
Net Cash from Operating Activities 98,033

Investing Activities
Inflows
initial and additional investment
Outflows
withdrawals
Purchase of furniture (4, 650)
Net Cash from Investing Activities (4, 650)

Financing Activities
Inflows
Loans payable 35,000
Outflows
payments of notes and mortgage
payable
Purchase of PPE
Net Cash from Financing Activities 35,000
Add: Cash, beginning 312,000
Cash Balance, Ending 440,383

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NAME:____________________________________________________

General Journal CLOSING ENTRIES

Page Number GJ-2

Current
Journal
Entries
Date Description REF DEBIT CREDIT
4/30/21 Sales 401 190,535.71
Sales Discounts 410 3,482.14
Sales Returns 405 2,540
Income Summary 601 184,513.57
To close net sales to income
summary

4/30/21 Income Summary 601 101,578.78

Merchandise Inventory, end 115 75,000
Purchase Returns 502 2,455.36
Purchase Discounts 503 1,073
Purchases 501 92,607.14
Freight-in 505 2,500
Merchandise Inventory, 115 85,000
beginning
To close cost of sales to income
summary

4/30/21 Income Summary 601 17,250

Salaries Expense 520 7,800
Utilities Expense 530 2,950
Rent Expense 509 6,500
To close expenses to income
summary

4/30/21 Income Summary 601 65,684.79

RED, Capital 301 65,684.79
To close Net Income or Credit
Balance of income summary to
Capital

4/30/21 Output VAT 415 22,446.43

Input Vat 504 6,653.57
VAT Payable 211 15,792.86
To close output vat and input vat

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NAME:____________________________________________________

JRBA CORPORATION
POST-CLOSING TRIAL BALANCE
MAY 31, 2021
ACCOUNT TITLES DR CR
101 Cash 440,383
105 Accounts Receivable 70,000
115 Merchandise Inventory 75,000
120 Office Supplies 18,392.86
125 Prepaid Rent 15,000
130 Accrues Tax Payable
150 Machineries & Equipment 100,000
155 Furniture & Fixtures 59,151.79
160 Transportation Equipment
165 Land and Land Improvement
170 Building and Building Improvement
175 Accumulated Depreciation
201 Account Payable 125,000
202 Notes Payable
203 Mortgage Payable
204 Loans Payable 35,000
205 SSS Payable
206 Utilities Payable 2,950
207 Salaries Payable
208 Insurance Payable
209 Rent Payable 6,500
210 Advertising Payable
211 VAT Payable 15,792.86
301 RED, Capital 592,684.79
777,927.65 777,927.65

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