Instructions:

I. For May 2016, you are to perform the following tasks using the forms and working papers provided.

1. Open the general ledger and subsidiary ledger accounts for accounts receivable and accounts
payable. Post the account balances as of May 1, 2016.

2. Record the transactions occuring in May 2016 in the general journal. Refer to the summary of
transactions and available supporting documents provided.

3. Post the entries from the journal to the subsidiary ledger ( as transactions take place affecting
Accounts Receivable and Accounts Payable) and the general ledger as of May 31, 2016.

4. Compute the account balances in the ledgers, subsidiary and the general ledger.

5. You are required to complete and submit the following working papers and financial statements:
a. General journal
b. General ledger
c. Trial Balance, as of May 31, 2016
d. 10 column worksheet
e. General journal - adjustments
f. Subsidiary ledger - accounts receivable and accounts payable
g. Income Statement
h. Statementof Changes in Equity
i. Statementof Financial Position
apers provided.

nd accounts

summary of

ace affecting

ial statements:
 CAMELOT BOOKSTORE COMPANY
Chart of Accounts

Assets 100- 199 Revenue 400 - 499

111 Cash in Bank 411
112 Petty Cash Fund 412
113 Accounts Receivable 413
114 Merchandise Inventory
115 Supplies Inventory Cost of Goods Sold 500 - 599
116 Prepaid Rent 511
121 Store Fixtures and Equipment 512
122 Accumulated depreciation- Store Furnitures 513
and Equipment 514

Liaibilities 200 - 299 Expenses 600 - 699

211 Accounts Payable 611
212 Salaries Payable 612
213 Withholdong taxes payable 613
214 SSS, Philhealth, HDMF Payable 614
215 Accrued expenses payable 615
220 Note Payable 616

617
Owner's Equity - 300-399 618
311 Jess Montes Capital 619
312 Jess Montes Withdrawals 620
313 Income Summary
OMPANY

Revenue 400 - 499

Sales
Sales Returns and Allowances
Sales Discounts

Cost of Goods Sold 500 - 599

Purchases
Purchase Discount
Purchase Returns and Allowances
Freight - in

Expenses 600 - 699

SalariesExpense
Rent Expense
Supplies Expense
Transportation Expense
Postage Expense
Depreciation Expense- Store
Fixtures and Equipment
Taxes and |Licenses
Miscellaneous Expense
Interest Expense
Utilities Expense
 CAMELOT BOOKSTORE COMPANY
Trial Balance
April 30, 2016
Accounts Debit Credit
Cash in Bank P 139,750.00 P
Petty Cash Fund 5,000.00
Accounts Receivable 25,000.00
Merchandise Inventory 68,215.00
Supplies Inventory 4,785.00
Prepaid Rent ( Includes rent deposit of P 20,000) 20,000.00
Store Furnitures and Equipment 50,000.00
Accumulated depreciation- Store Furnitures and
Equipment
Accounts Payable 50,000.00
Salaries Payable
Withholdong taxes payable 3,600.00
SSS, Philhealth, HDMF Payable 8,100.00
Accrued expenses payable
Note Payable 50,000.00
(Loan obtained on April 1,2016 ; 5% interest
per annum payable April 1, 2020
Jess Montes Capital 100,000.00
Jess Montes Withdrawals 10,000.00
Sales 468,215.00
Sales Returns and Allowances 5,000.00
Sales Discounts 7,000.00
Purchases 302,215.00
Purchase Discount 950.00
Purchase Returns and Allowances 1,500.00
Freight - in 500.00
SalariesExpense 30,700.00
Rent Expense ( April 2016) 10,000.00
Supplies Expense 2,000.00
Transportation Expense 500.00
Postage Expense
Depreciation Expense- Store Furnitures and
Equipment
Taxes and Licenses
Miscellaneous Expense 1,700.00
Interest Expense ___________ ___________
Total 682,365.00 682,365.00
 CAMELOT BOOKSTORE COMPANY
Merchandise Inventory
April 30, 2016
Qty Title Unit cost Total
Fundamentals of Accounting Vol. 1, 2015 Edition
20 P 405.00 P 8,100.00
Cabrera, Ledesma & Lupisan
Fundamentals of Accounting Vol.21, 2015 Edition
20 342.00 6,840.00
Cabrera & Ledesma
Financial Accounting and Reporting, Vol. 1, 2015
10 540.00 5,400.00
Edition - Cabrera & Ocampo
Financial Accounting and Reporting, Vol. 2, 2015
20 450.00 9,000.00
Edition - Cabrera & Ocampo
Financial Accounting and Reporting, Vol. 3, 2015
10 360.00 3,600.00
Edition - Cabrera & Ocampo
Advanced Accounting, Vol. 1, 2013 Edition -
10 405.00 4,050.00
P.Santos

15 Auditing Theory, 2015 Edition - E.B> Cabrera 506.60 7,600.00

35 Applied Auditing, 2014 Edition - E.B. Cabrera 675.00 23,625.00

Total P 68,215.00

CAMELOT BOOKSTORE COMPANY

Accounts Receivable
April 30, 2016
Sales invoice
Name of Customer DATE
number
Assumption School of Business 4/12/16 60 P
Eastern Philippines School of Arts & Sciences 4/16/16 65
Southern Institute of Business & Accountancy 4/24/16 10
Total P

CAMELOT BOOKSTORE COMPANY

Accounts Payable
April 30, 2016
Invoice
Name of Supplier DATE
number
Coran Educational Supply 4/10/16 775 P
4/15/16 810
Total P
Angel Torres Bookstore 4/5/16 075 P
4/20/2016 079
Total

Total P
Amount
10,000.00
5,000.00
10,000.00
25,000.00

Amount
20,000.00
20,000.00
40,000.00
 5,000.00
5,000.00
10,000.00

50,000.00
 Camelot Bookstore Company
Summary of Transaction
May 2016

Date Particulars
May 1 Remitted the following collections
To For Amount
BIR Withholding taxes P 3,600.00
SSS Premium 5,000.00
Philhelath Contribution 1,500.00
HDMF Contribution 1,600.00

1 Jes Montes made additional investment into the business

Cash 300,000.00
Store furnitures and fixtures 50,000.00

1 Paid business permit to Muntinlupa City treasurer P 5,435.72

1 Purchased various books from Coran Educational Supply P 104,500.00

Terms: Cash

1 Purchased various books from Coran Educational Supply P 57,000.00

Terms: n/35

1 Paid 4 months rent to Luxor Realty, Inc. P 40,000.00

(May1 to August 31,2016)

1 Increased petty cash fund by P 1,000

2 Sold various books to University of Misamis Oriental P 106,250.00

Terms: Cash
2 Purchased office and store supplies from Hamco
Stationary Corporation, Terms: Cash P 2,000.00

2 Purchased various books from Millennium Bookstore

Terms: 3/10, n/30 P 44,000.00
3 Sold various books to University of the Orient
Terms: Cash P 25,000.00
4 Purchased various books from Cyber Bookstore
Terms: 3/10; n/30 P 22,000.00

5 Purchased various supplies from Coran Educational

Supply ; Terms: 3/10, n/30 P 95,000.00
5 Sold various books to Eastern Pampanga College
Terms: Cash P 33,000.00

7 Purchased various books from Coran Educational Supply

 Terms: 3/10, n/30 P 152,500.00

8 Sold various books to Dadrangas School of Accountancy

Terms: 3/5, n/20 P 117,500.00

12 Paid Millennium Bookstore for purchases made on

May 2
( Refer to May 2 transaction for the amount purchase)

13 Sold various books to University of Easter Luzon

Terms: 3/5, n/30 P 172,500.00

13 Received payment from Dadrangas School of Accountancy

for books sold on May 8
( Refer to May 8 transaction for the amount )

14 Collected the receivable outstanding on April 30,2016

from Assumption School of Business P 10,000.00

15 Paid salaries for rhe period of May 1-15

(Refer to Payroll attached)

15 Paid Coran Educational Supply for purchase made on

May 5
( Refer to May 5 transaction for the amount of purchase)

16 Purchased various books from Coran Educational Supply

Terms: Cash P 69,500.00

17 Paid Coran Educational Supply for purchases made

on May 7
( Refer to May 7 transaction for the amount)
18 Sold various books to FV Santos Memorial Business School
Terms:Cash P 22,000.00

18 Collected from University of Eastern Luzon for books

sold on May 13
(Refer to May 13 transaction for the amount )

18 Collected from Southern Institute of Accountancy

outstanding receivable on April 30,2016 P 10,000.00

19 Purchased various books from Coran Educational Supply

Terms: n/30 P 32,000.00

20 Sold various books to FV Santos Memorial Business

School , Terms: Cash P 40,000.00

22 Received a debit memo from Coran Educational Supply

for allowance on damaged books bought on May 19 P 4,000.00

23 Purchased various books from Millennium Bookstore

 Terms: 3/10, n/30 P 22,000.00
25 Sold various books to Northern Metro Manila School
of Business; Terms: Cash P 41,500.00

28 Issued credit memo to |Northern Metro Manila School

of Business and issued a check refund P 1,500.00

29 J Montes withdraw cash for personal use P 10,000.00

30 Collected from Eastern Philippines School of Arts and

Sciences the outstanding receivable on April 30,2016 P 5,000.00

31 Paid salaries for the period May 16-31

( Refer to attached payroll)

31 Sold various books to Eastern Pampanga College

Terms; 2/10, n/30 P 28,000.00
 Camelot Bookstore Company
Payroll
Period Covered: May 1-15,2016

Total Regular Withholding Total Net amount

Name of employee SSS Philhealth HDMF
Wage Tax Deduction paid
1 Leticia L. Montes P 11,000.00 1,700.00 500.00 150.00 200.00 2,550.00 8,450.00
2 Ligaya Dantes 6,500.00 900.00 500.00 150.00 200.00 1,750.00 4,750.00
3 Danilo de la Cruz 6,500.00 900.00 500.00 150.00 200.00 1,750.00 4,750.00
P 24,000.00 3,500.00 1,500.00 450.00 600.00 6,050.00 17,950.00

Camelot Bookstore Company

Payroll
Period Covered: May 16-31,2016

Total Regular Withholding Total Net amount

Name of employee SSS Philhealth HDMF
Wage Tax Deduction paid
1 Leticia L. Montes P 11,000.00 1,700.00 500.00 150.00 200.00 2,550.00 8,450.00
2 Ligaya Dantes 6,500.00 900.00 500.00 150.00 200.00 1,750.00 4,750.00
3 Danilo de la Cruz 6,500.00 900.00 500.00 150.00 200.00 1,750.00 4,750.00
P 24,000.00 3,500.00 1,500.00 450.00 600.00 6,050.00 17,950.00
 Camelot Bookstore Company
Adjustments Data
May 31, 2016

1 Prepaid rent, P 50,000

2 Unused office and store supplies, P 1,700
3 Accrued interest payable on note payable ( P50,000 x5% x 2/12)
4 Depreciation rate on Store Fixtures and Equipment - 20% per annum
Estimated salvage value = P 0
5 Meralco Bill for electric consumption for April and May 2016 received on
May 31, 2016 and paid on June 6, 2016 , P 6,000
6 Merchandise Inventory per physical count
May 31,2016 P 189,790
 Camelot Bookstore Company
General Journal
Post
Date 2016 Particulars Debit Credit
Ref
 Camelot Bookstore Company
General Journal - Adjustments
Post
Date 2016 Particulars Debit Credit
Ref
 Camelot Bookstore Company
General Journal
Account No: 111
Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 112

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 113

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 114

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 115

 Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 116

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 121

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 122

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 211

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00
 Account No: 212
Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 213

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 214

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 215

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 220

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00
 Account No: 311
Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 312

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 313

Date Particulars Post Ref Debit Credit Balance

Beg. Balance

Account No: 411

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 412

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00
 Account No: 413
Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 511

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 512

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 513

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 514

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00
 Account No: 611
Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 612

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 613

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 614

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 615

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00
 Account No: 616
Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 617

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 618

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 619

Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00

Account No: 620

 Balance
Date Particulars Post Ref Debit Credit
Debit Credit
Beg. Balance
0.00
 Camelot Bookstore Company
Trial Balance
May 31, 2016
Accounts Debit Credit
P P

___________ ___________

Total 0.00 0.00

 Camelot Bookstore Company
Worksheet
For the Month Ended May 31, 2016

Account Title Trial Balance Adjustments

Debit Credit Debit Credit
 ookstore Company
Worksheet
h Ended May 31, 2016

Adjusted Trial Balance Income Statement Balance Sheet

Debit Credit Debit Credit Debit Credit
 Camelot Bookstore Company
Subsidiary Ledger - Accounts Receivable

Name:

Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00

Name:

Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00

Name:

Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00
Name:

Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00

Name:

Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00

Name:

Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00
 Camelot Bookstore Company
Subsidiary Ledger - Accounts Payale

Name:

Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00

Name:

Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00

Name:

Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00
Name:

Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00

Name:

Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00

Name:

Date Particulars Post Ref Debit Credit Balance

Beg. Balance
0.00