PROBINSIYANO AUTOMOTIVE ASSEMBLY CO.

Brgy. Punta Maria, Borongan City, Eastern Samar

Owned and Managed by Mr. & Mrs. Cardo Dalisay
List of Transactions
March 1, 2020 – February 28, 2021
Note: All amounts are in Philippine Peso.

DATE TRANSACTIONS
March
March 1,2020 Mr. Dalisay made an initial investment to the business with the
following:
Cash in Bank 100,000,000.00
Cash on Hand 5,000,000.00
Land 10,355,000.00
Building 5,740,000.00
Machinery and Equipment 3,500,000.00
Furnitures and Fixtures 1,400,000.00
The entity established a Petty Cash Fund amounting to
100,000.00. He opted to use fluctuating fund system.
 The entity leased a building for office use from another entity
for 1,500,000.00 annually for 5 years.
 Probinsiyano made a security deposit of 300,000.00
refundable upon the lease expiration.
 Probinsiyano also paid 100,000.00 as a lease bonus.
 Before formal occupancy of the leased building,
Probinsiyano installed ventilating and lighting systems
amounting to 350,000. The useful life of the improvements is
5 years.
Probinsiyano purchased 3 units of computer and 3 units of
control machines, amounting to 633,210.00, to be used in
manufacturing. Each computer amounts to 75,400.00 with a
useful life of 5 years and salvage value of 5,400.00. Each
control machine amounts to 135,670.00 with a useful life of 8
years and salvage value of 3,190.00.
March 3, 2020 Probinsiyano purchased on account from Mr. Alex Gustuir a
delivery vehicle with a useful life of 7 years amounting to
5,570,000.00; terms 2/30, n/60.
Purchased fuel for the delivery equipment using the petty
cash fund amounting to 5,000.00.
March 5, 2020 Purchased the following materials for each type of car from
Mrs. Fatima Aquino totalling 22,263,960.00:
 Engine – 2 units for Type A, 445,000.00; 3 units for Type B,
580,000; 5 units for Type C, 330,000.
Front and Rear Suspension – 2 units for Type A, 290,000; 3
units for Type B, 235,000; 5 units for Type C, 200,000.
Gas Tank - 2 units for Type A, 180,000; 3 units for Type B,
210,000; 5 units for Type C, 138,000.
Transmission - 2 units for Type A, 100,000; 3 units for Type
B, 98,000; 5 units for Type C, 90,000.
Gear Box - 2 units for Type A, 90,000; 3 units for Type B,
85,000; 5 units for Type C, 50,500.
Steering Box - 2 units for Type A, 90,000; 3 units for Type B,
100,000; 5 units for Type C, 88,000.
Wheel Drums - 2 units for Type A, 132,000; 3 units for Type
B, 145,900; 5 units for Type C, 76.800.
Brake System - 2 units for Type A, 88,230; 3 units for Type
B, 99,100; 5 units for Type C, 64,890.
Gear - 2 units for Type A, 229,000; 3 units for Type B,
200,000; 5 units for Type C,165,450.
Glass Steering Column - 2 units for Type A, 99,000; 3 units
for Type B, 94,000; 5 units for Type C, 90,000.
All Weather-Striping - 2 units for Type A, 80,500; 3 units for
Type B, 78,000; 5 units for Type C, 50,000.
Brake and Gas Pedals - 2 units for Type A, 88,000; 3 units
for Type B, 105,000; 5 units for Type C, 74,000.
Speedometer - 2 units for Type A, 130,000; 3 units for Type
B, 125,600; 5 units for Type C, 60,500.
Fuel Gauge - 2 units for Type A, 150,000; 3 units for Type B,
140,000; 5 units for Type C, 125,600.
Temperature Gauge - 2 units for Type A, 125,000; 3 units
for Type B, 100,500; 5 units for Type C, 97,500.
Car Trip Meter - 2 units for Type A, 120,000; 3 units for Type
B, 111,000; 5 units for Type C, 90,000.
Rev Counter – 2 units for Type A, 110,000; 3 units for Type
B, 99,500; 5 units for Type C, 78,900.
March 6, 2020 Purchased the following materials for each type of car from
Mr. Jeff Reyes totalling 28,886,940.00:
Welded Frame – 2 units for type A, 750,000; 3 units for type
B, 650,000; 5 units for type C, 635,000.
Rear-end and Half Shafts – 2 units for type A, 238,000; 3
units for type B, 211,000; 5 units of type C, 195,000.
Drive Shaft – 2 units for type A, 121,000; 3 units for type B,
109,000; 5 units for type C, 76,000.
Floor Pan – 2 units for type A, 340,000; 3 units for type B,
390,000; 5 units for type C, 276,000.
Quarter Panels – 4 units for type A, 187,400; 6 units for type
B, 178,440; 10 units for type C 123,000.
 Front/Rear Door Pillars – 4 units for type A, 100,500; 6 units
for type B, 95,700; 10 units for type C, 62,300
Body Side Panels - 8 units for type A, 160,000; 6 units for
type B, 130,000; 10 units for type C 100,000.
Rear Deck – 2 units of type A, 128,000; 3 units of type B,
114,000; 5 units for Type C, 110,000.
Hood – 2 units for Type A, 95,000; 3 units for Type B,
85,000; 5 units for Type C, 65,000.
Roof – 2 units for Type A, 256,000; 3 units for Type B,
250,000; 5 units for Type C, 140,000.
Instrumentation – 2 units for Type A, 267,000; 3 units for
Type B, 217,500; 5 units for Type C, 174,300.
Door/Trim Panels – 4 units for Type A. 110,000; 6 units for
Type B, 98,000; 10 units for Type C, 84,000.
Headliner – 2 units for Type A, 67,500; 3 units for Type B,
59,000; 5 units for Type C, 34,300.
March 9, 2020 Purchased the following materials for each type of car from
Ms. Jenny Abueva totalling 7,502,200:
Wiring Systems – 2 units for Type A, 220,000; 3 units for
Type B, 320,000; 5 units for Type C, 179,600.
Dash Panels – 2 units for Type A, 120,500; 3 units for Type
B, 110,000; 5 units for Type C, 98,400.
Interior Lights – 6 units for Type A, 50,000; 3 units for Type
B, 45,000; 10 units for Type C, 35,000.
Tail Lights – 4 units for Type A, 75,000; 6 units for Type B,
64,000; 10 units for Type C, 55,000.
Front Lights – 2 units for Type A, 80,000; 3 units for Type B,
65,000; 5 units for Type C, 54,000.
Radio and Speakers – 4 units for Type A, 130,500; 3 units
for Type B, 140,900; 5 units for Type C, 110,500.
March 10, 2020 Purchased the following materials for each type of car from
Mr. Manny Agda totalling 6,730,802.50:
Primer – 8 gallons for Type A, 1,650; 6, gallons for Type B,
1,650; 10 gallons for Type C, 1,650.
Paint – 20 gallons for Type A, 2,900; 25.5 gallons for Type
B, 2,875; 35 gallons for Type C, 1,430.
Seat – 12 units for Type A, 130,000; 6 units for Type B,
120,740; 20 units for Type C, 80,500.
Seatbelts – 4 units for Type A, 78,000; 6 units for Type B,
67,000; 20 units for Type C, 36,400.
Carpeting and Front/Rear Fascias – 4 units for Type A,
100,000; 3 units for Type B, 67,800; 5 units for 56,000.
Rivets and small tools – 290,000.
March 12, 2020 Issued materials for production – direct: 65,093,902.50,
indirect: 290,000.
March 14, 2020 Payroll incurred and paid amounted to 425,000.00:
Factory Workers – 300,000;
Supervisors – 125,000.
March 16, 2020 Factory overhead is charged to production at 85% of labor
cost, (425,000x85%) 361,250.00.
March 27, 2020 Billed for:
Electricity – 23,250
Water – 14,580
Telephone – 2,500
Allocate incurred utilities to:
Factory Overhead Control – 32,264
Selling and Administrative Expense Control – 8,066.
March 28, 2020 Payroll incurred and paid amounted to administrative
employees 200,000.00.
Finished production of 2 units of Type A – Luxury Car, 3 units
of Type B - Sports Car, and 5 units of Type C – Service Car
with a total cost of 65,775,152.5.
March 30, 2020 Paid 40,330 for the billed utilities (issued check).
March 31, 2020 Sold a sports car to Alexander Ford at a price of 8,900,000.
Payment immediately deposited to bank account.
April
April 1, 2020 Paid a total amount of 5,458,600, net of purchase discount
amounting to Mr. Alex Gustuir for the delivery vehicle.
Sold 1 unit of Service Car to Marga Balano for 7,032,000.00
through installment for 12 months, with 3% interest income
annually. Probinsiyano received a check for a total amount of
1,758,000.00 as a down payment.
Purchased fuel for 5,000.00 using Petty Cash Fund.
April 6, 2020 Sold 1 unit of Luxury Car for 10,673,000. (Payment directly
deposited to bank)
April 9, 2020 Sold 1 unit of Service Car for 7,032,000. Deposited directly to
bank.
Sold 1 unit of Sports Car for 8,900,000 to Maria Abobo on
account. Credit term 2/30, n/60.
April 11, 2020 Purchased on account the following materials for Type B –
Sports Car from Mrs. Fatima Aquino totaling 5,213,200.00.
Credit term 2/30, n/60.
Engine – 2 units for Type B, 580,000.00 each;
Front and Rear Suspension – 2 units for Type B, 235,000;
Gas Tank - 2 units for Type B, 210,000;
Transmission - 2 units for Type B, 98,000;
Gear Box - 2 units for Type B, 85,000;
 Steering Box - 2 units for Type B, 100,000;
Wheel Drums – 2 units for Type B, 145,900;
Brake System – 2 units for Type B, 99,100;
Gear - 2 units for Type B, 200,000;
Glass Steering Column - 2 units for Type B, 94,000;
All Weather-Striping – 2 units for Type B, 78,000;
Brake and Gas Pedals – 2 units for Type B, 105,000;
Speedometer - 2 units for Type B, 125,600;
Fuel Gauge - 2 units for Type B, 140,000;
Temperature Gauge – 2 units for Type B, 100,500;
Car Trip Meter – 2 units for Type B, 111,000;
Rev Counter – 2 units for Type B, 99,500.
Purchased on account the following materials for each type of
car from Mr. Jeff Reyes totaling 6,179,560.00.
Welded Frame – 2 units for type B, 650,000;
Rear-end and Half Shafts –2 units for type B, 211,000;
Drive Shaft – 2 units for type B, 109,000;
Floor Pan – 2 units for type B, 390,000;
Quarter Panels – 4 units for type B, 178,440;
Front/Rear Door Pillars – 4 units for type B, 95,700;
Body Side Panels - 4 units for type B, 130,000;
Rear Deck – 2 units of type B, 114,000
Hood – 2 units for Type B, 85,000;
Roof – 2 units for Type B, 250,000;
Instrumentation – 2 units for Type B, 217,500;
Door/Trim Panels – 4 units for Type B, 98,000;
Headliner – 2 units for Type B, 59,000.
April 12, 2020 Purchased on account the following materials for each type of
car from Ms. Jenny Abuena totalling 1,617,800, 3/20, n/30:
Wiring Systems –2 units for Type B, 320,000;
Dash Panels – 2 units for Type B, 110,000;
Interior Lights – 2 units for Type B, 45,000;
Tail Lights – 4 units for Type B, 64,000;
Front Lights – 2 units for Type B, 65,000;
Radio and Speakers – 2 units for Type B, 140,900.
Purchased the following materials for each type of car from
Mr. Manny Agda totalling 942,035.00:
Primer – 4 gallons for Type B, 1,650;
Paint – 17 gallons for Type B, 2,875;
Seat – 4 units for Type B, 120,740;
Seatbelts – 4 units for Type B, 67,000;
Carpeting and Front/Rear Fascias – 2 units for Type B,
67,800
Rivets and small tools – 58,000.
April 13, 2020 Issued materials for production – direct: 13,894,595, indirect:
58,000
April 15, 2020 Payroll incurred and paid amounted to 425,000.00:
Factory Workers – 300,000;
Supervisors – 125,000.
Factory overhead is charged to production at 85% of labor
cost, (425,000x85%) 361,250.00.
Finished production of 2 units of Type B with a total cost of
14,555,845.00
Received payment from Maria Abobo amounting to 8,772,000,
net of Sales Discount.
April 22, 2020 Consigned to another entity 1 unit of Type C – Service Car.
April 24, 2020 Deposited to the bank account the proceeds of 6,801,040.00
from selling 1 unit of consigned Service Car, net of
consignee’s commission of 210,960.00 and advertising of
20,000.00
April 26, 2020 Sold 1 unit of Sports Car on account to Mr. Jane Gabriel.
Credit term: 2/30, n/60.
April 27, 2020  Billed for:
Electricity – 23,250
Water – 14,580
Telephone – 2,500
Allocate incurred utilities to:
Factory Overhead Control – 32,264
Selling and Administrative Expense Control – 8,066.
April 28, 2020  Paid 40,330.00 for the billed utilities (issued check).
 Payroll incurred and paid for administrative employees
amounted to 200,000.00.
April 30, 2020  Paid the amount of ____ for materials purchased on
account:
May
May 1, 2020  Received the payment for monthly installment of 439,500.00
and the interest income of 13,185.00 from Marga Balano.
May 4, 2020  Sold 1 unit of Luxury Car and 1 unit Service Car amounting
to 17,705,000.00.
 Received payment from Jane Gabriel amounting to
8,772,000.00, net of sales discount.
May 6, 2020  Purchased the following materials for each type of car from
Mrs. Fatima Aquino totalling 22,263,960.00:
Engine – 2 units for Type A, 445,000.00; 3 units for Type B,
580,000; 5 units for Type C, 330,000.
Front and Rear Suspension – 2 units for Type A, 290,000; 3
units for Type B, 235,000; 5 units for Type C, 200,000.
 Gas Tank - 2 units for Type A, 180,000; 3 units for Type B,
210,000; 5 units for Type C, 138,000.
Transmission - 2 units for Type A, 100,000; 3 units for Type
B, 98,000; 5 units for Type C, 90,000.
Gear Box - 2 units for Type A, 90,000; 3 units for Type B,
85,000; 5 units for Type C, 50,500.
Steering Box - 2 units for Type A, 90,000; 3 units for Type B,
100,000; 5 units for Type C, 88,000.
Wheel Drums - 2 units for Type A, 132,000; 3 units for Type
B, 145,900; 5 units for Type C, 76.800.
Brake System - 2 units for Type A, 88,230; 3 units for Type
B, 99,100; 5 units for Type C, 64,890.
Gear - 2 units for Type A, 229,000; 3 units for Type B,
200,000; 5 units for Type C,165,450.
Glass Steering Column - 2 units for Type A, 99,000; 3 units
for Type B, 94,000; 5 units for Type C, 90,000.
All Weather-Striping - 2 units for Type A, 80,500; 3 units for
Type B, 78,000; 5 units for Type C, 50,000.
Brake and Gas Pedals - 2 units for Type A, 88,000; 3 units
for Type B, 105,000; 5 units for Type C, 74,000.
Speedometer - 2 units for Type A, 130,000; 3 units for Type
B, 125,600; 5 units for Type C, 60,500.
Fuel Gauge - 2 units for Type A, 150,000; 3 units for Type B,
140,000; 5 units for Type C, 125,600.
Temperature Gauge - 2 units for Type A, 125,000; 3 units
for Type B, 100,500; 5 units for Type C, 97,500.
Car Trip Meter - 2 units for Type A, 120,000; 3 units for Type
B, 111,000; 5 units for Type C, 90,000.
Rev Counter – 2 units for Type A, 110,000; 3 units for Type
B, 99,500; 5 units for Type C, 78,900.
May 7, 2020  Purchased the following materials for each type of car from
Mr. Jeff Reyes totalling 28,886,940.00:
Welded Frame – 2 units for type A, 750,000; 3 units for type
B, 650,000; 5 units for type C, 635,000.
Rear-end and Half Shafts – 2 units for type A, 238,000; 3
units for type B, 211,000; 5 units of type C, 195,000.
Drive Shaft – 2 units for type A, 121,000; 3 units for type B,
109,000; 5 units for type C, 76,000.
Floor Pan – 2 units for type A, 340,000; 3 units for type B,
390,000; 5 units for type C, 276,000.
Quarter Panels – 4 units for type A, 187,400; 6 units for type
B, 178,440; 10 units for type C 123,000.
Front/Rear Door Pillars – 4 units for type A, 100,500; 6 units
for type B, 95,700; 10 units for type C, 62,300
Body Side Panels - 8 units for type A, 160,000; 6 units for
type B, 130,000; 10 units for type C 100,000.
 Rear Deck – 2 units of type A, 128,000; 3 units of type B,
114,000; 5 units for Type C, 110,000.
Hood – 2 units for Type A, 95,000; 3 units for Type B,
85,000; 5 units for Type C, 65,000.
Roof – 2 units for Type A, 256,000; 3 units for Type B,
250,000; 5 units for Type C, 140,000.
Instrumentation – 2 units for Type A, 267,000; 3 units for
Type B, 217,500; 5 units for Type C, 174,300.
Door/Trim Panels – 4 units for Type A. 110,000; 6 units for
Type B, 98,000; 10 units for Type C, 84,000.
Headliner – 2 units for Type A, 67,500; 3 units for Type B,
59,000; 5 units for Type C, 34,300.
May 8, 2020  Purchased the following materials for each type of car from
Ms. Jenny Abueva totalling 7,502,200.00:
Wiring Systems – 2 units for Type A, 220,000; 3 units for
Type B, 320,000; 5 units for Type C, 179,600.
Dash Panels – 2 units for Type A, 120,500; 3 units for Type
B, 110,000; 5 units for Type C, 98,400.
Interior Lights – 6 units for Type A, 50,000; 3 units for Type
B, 45,000; 10 units for Type C, 35,000.
Tail Lights – 4 units for Type A, 75,000; 6 units for Type B,
64,000; 10 units for Type C, 55,000.
Front Lights – 2 units for Type A, 80,000; 3 units for Type B,
65,000; 5 units for Type C, 54,000.
Radio and Speakers – 4 units for Type A, 130,500; 3 units
for Type B, 140,900; 5 units for Type C, 110,500.
May 9, 2020  Purchased the following materials for each type of car from
Mr. Manny Agda totalling 6,730,802.50:
Primer – 8 gallons for Type A, 1,650; 6, gallons for Type B,
1,650; 10 gallons for Type C, 1,650.
Paint – 20 gallons for Type A, 2,900; 25.5 gallons for Type
B, 2,875; 35 gallons for Type C, 1,430.
Seat – 12 units for Type A, 130,000; 6 units for Type B,
120,740; 20 units for Type C, 80,500.
Seatbelts – 4 units for Type A, 78,000; 6 units for Type B,
67,000; 20 units for Type C, 36,400.
Carpeting and Front/Rear Fascias – 4 units for Type A,
100,000; 3 units for Type B, 67,800; 5 units for 56,000.
Rivets and small tools – 290,000.
May 11, 2020 Issued materials for production – direct: 65,093,902.50,
indirect: 290,000.
May 15, 2020 Payroll incurred and paid amounted to 425,000.00:
Factory Workers – 300,000;
Supervisors – 125,000.
May 18, 2020 Factory overhead is charged to production at 85% of labor
cost, (425,000x85%) 361,250.00.
May 22, 2020  Finished production of 2 units Luxury Car, 3 units Sports
Car, and 5 units Service Car amounting to 65,755,152.5.
May 25, 2020  Sold 1 unit of Luxury Car and 1 unit of Service Car
amounting to 17,705,000.00
May 27, 2020  Sold 1 unit of Sports Car on account to Rusiel Asinas. Credit
term: 2/30, n/60.
 Purchase fuel for 5,000.00 using Petty Cash Fund.
May 29, 2020  Sold 1 unit Service Car amounting to 7,032,000.00 by
installment for 12 months to Renoah Fullido with a down
payment of 1,758,000 and 3% annual interest.
 Billed for:
Electricity – 23,250
Water – 14,580
Telephone – 2,500
Allocate incurred utilities to:
Factory Overhead Control – 32,264
Selling and Administrative Expense Control – 8,066.
May 30, 2020  Paid 40,330 for billed utilities.
 Permanent withdrawal of cash amounting to 450,000.
June
June 1, 2020  Incurred and paid administrative salaries amounting to
200,000.00.
June 2, 2020  Received the payment for monthly installment of 439,500.00
and the interest income of 13,185.00 from Marga Balano.
June 3, 2020  Built new office amounting to 250,000.00.
June 5, 2020  Collected receivable of 8,772,000.00 from Rusiel Asinas
within the discount period.
 Sold 1 unit of Service Car for 7,032,000.00 to Marika Alota
by installment for 12 months plus 3% interest annually. Mr.
Agda paid 1,758,000.00 as down payment.
 Sold 1 unit of Luxury Car for 10,673,000.00
June 8, 2020  Deposited to bank account 3,500,000.00.
June 9, 2020  Purchased the following materials for each type of car from
Mrs. Fatima Aquino totalling 22,263,960.00:
Engine – 2 units for Type A, 445,000.00; 3 units for Type B,
580,000; 5 units for Type C, 330,000.
Front and Rear Suspension – 2 units for Type A, 290,000; 3
units for Type B, 235,000; 5 units for Type C, 200,000.
Gas Tank - 2 units for Type A, 180,000; 3 units for Type B,
210,000; 5 units for Type C, 138,000.
 Transmission - 2 units for Type A, 100,000; 3 units for Type
B, 98,000; 5 units for Type C, 90,000.
Gear Box - 2 units for Type A, 90,000; 3 units for Type B,
85,000; 5 units for Type C, 50,500.
Steering Box - 2 units for Type A, 90,000; 3 units for Type B,
100,000; 5 units for Type C, 88,000.
Wheel Drums - 2 units for Type A, 132,000; 3 units for Type
B, 145,900; 5 units for Type C, 76.800.
Brake System - 2 units for Type A, 88,230; 3 units for Type
B, 99,100; 5 units for Type C, 64,890.
Gear - 2 units for Type A, 229,000; 3 units for Type B,
200,000; 5 units for Type C,165,450.
Glass Steering Column - 2 units for Type A, 99,000; 3 units
for Type B, 94,000; 5 units for Type C, 90,000.
All Weather-Striping - 2 units for Type A, 80,500; 3 units for
Type B, 78,000; 5 units for Type C, 50,000.
Brake and Gas Pedals - 2 units for Type A, 88,000; 3 units
for Type B, 105,000; 5 units for Type C, 74,000.
Speedometer - 2 units for Type A, 130,000; 3 units for Type
B, 125,600; 5 units for Type C, 60,500.
Fuel Gauge - 2 units for Type A, 150,000; 3 units for Type B,
140,000; 5 units for Type C, 125,600.
Temperature Gauge - 2 units for Type A, 125,000; 3 units
for Type B, 100,500; 5 units for Type C, 97,500.
Car Trip Meter - 2 units for Type A, 120,000; 3 units for Type
B, 111,000; 5 units for Type C, 90,000.
Rev Counter – 2 units for Type A, 110,000; 3 units for Type
B, 99,500; 5 units for Type C, 78,900.
June 10, 2020  Purchased the following materials for each type of car from
Mr. Jeff Reyes totalling 28,886,940.00:
Welded Frame – 2 units for type A, 750,000; 3 units for type
B, 650,000; 5 units for type C, 635,000.
Rear-end and Half Shafts – 2 units for type A, 238,000; 3
units for type B, 211,000; 5 units of type C, 195,000.
Drive Shaft – 2 units for type A, 121,000; 3 units for type B,
109,000; 5 units for type C, 76,000.
Floor Pan – 2 units for type A, 340,000; 3 units for type B,
390,000; 5 units for type C, 276,000.
Quarter Panels – 4 units for type A, 187,400; 6 units for type
B, 178,440; 10 units for type C 123,000.
Front/Rear Door Pillars – 4 units for type A, 100,500; 6 units
for type B, 95,700; 10 units for type C, 62,300
Body Side Panels - 8 units for type A, 160,000; 6 units for
type B, 130,000; 10 units for type C 100,000.
Rear Deck – 2 units of type A, 128,000; 3 units of type B,
114,000; 5 units for Type C, 110,000.
 Hood – 2 units for Type A, 95,000; 3 units for Type B,
85,000; 5 units for Type C, 65,000.
Roof – 2 units for Type A, 256,000; 3 units for Type B,
250,000; 5 units for Type C, 140,000.
Instrumentation – 2 units for Type A, 267,000; 3 units for
Type B, 217,500; 5 units for Type C, 174,300.
Door/Trim Panels – 4 units for Type A. 110,000; 6 units for
Type B, 98,000; 10 units for Type C, 84,000.
Headliner – 2 units for Type A, 67,500; 3 units for Type B,
59,000; 5 units for Type C, 34,300.
June 11, 2020  Purchased the following materials for each type of car from
Ms. Jenny Abueva totalling 7,502,200.00:
Wiring Systems – 2 units for Type A, 220,000; 3 units for
Type B, 320,000; 5 units for Type C, 179,600.
Dash Panels – 2 units for Type A, 120,500; 3 units for Type
B, 110,000; 5 units for Type C, 98,400.
Interior Lights – 6 units for Type A, 50,000; 3 units for Type
B, 45,000; 10 units for Type C, 35,000.
Tail Lights – 4 units for Type A, 75,000; 6 units for Type B,
64,000; 10 units for Type C, 55,000.
Front Lights – 2 units for Type A, 80,000; 3 units for Type B,
65,000; 5 units for Type C, 54,000.
Radio and Speakers – 4 units for Type A, 130,500; 3 units
for Type B, 140,900; 5 units for Type C, 110,500.
June 12, 2020  Purchased the following materials for each type of car from
Mr. Manny Agda totalling 6,730,802.50:
Primer – 8 gallons for Type A, 1,650; 6, gallons for Type B,
1,650; 10 gallons for Type C, 1,650.
Paint – 20 gallons for Type A, 2,900; 25.5 gallons for Type
B, 2,875; 35 gallons for Type C, 1,430.
Seat – 12 units for Type A, 130,000; 6 units for Type B,
120,740; 20 units for Type C, 80,500.
Seatbelts – 4 units for Type A, 78,000; 6 units for Type B,
67,000; 20 units for Type C, 36,400.
Carpeting and Front/Rear Fascias – 4 units for Type A,
100,000; 3 units for Type B, 67,800; 5 units for 56,000.
Rivets and small tools – 290,000.
June 13, 2020 Issued materials for production – direct: 65,093,902.50,
indirect: 290,000.
June 15, 2020  Payroll incurred and paid amounted to 425,000.00:
Factory Workers – 300,000;
Supervisors – 125,000.
 Factory overhead is charged to production at 85% of labor
cost, (425,000x85%) 361,250.00.
June 25, 2020 Finished production of 2 units Luxury Car, 3 units Sports Car,
and 5 units Service Car amounting to 65,775,152.5.
June 29, 2020  Billed for:
Electricity – 23,250
Water – 14,580
Telephone – 2,500
Allocate incurred utilities to:
Factory Overhead Control – 32,264
Selling and Administrative Expense Control – 8,066.
 Received the payment for monthly installment of 439,500.00
and the interest income of 13,185.00 from Renoah Fullido.
June 30, 2020  Paid 40,330 for billed utilities using petty cash fund.
 Incurred and paid administrative salaries amounting to
200,000.00.
July
July 1, 2020 Consigned to another entity two units of service car.
July 2, 2020 Received the payment for monthly installment of 439,500.00
and the interest income of 13,185.00 from Marga Balano.
July 3. 2020 Received proceeds of 13,622,080 from selling 2 units of
consigned Service Cars, net of consignee’s commission of
421,920 and advertising 20,000.00.
Made temporary withdrawal amounting to 150,000.
July 5, 2020 Received the payment for monthly installment of 439,500.00
and the interest income of 13,185.00 from Marika Alota.
July 8, 2020 Sold 1 unit of luxury car for 10,673,000.00. Payment directly
deposited to the bank.
July 9, 2020 Purchased fuel through petty cash fund amounting to 5,000.
July 10, 2020 Sold service car on account amounting 7,032,000.00 to Garry
Alegre. Credit term 2\30 n\60.
July 15, 2020  Payroll incurred and paid amounted to 425,000.00:
Factory Workers – 300,000;
Supervisors – 125,000.
July 20, 2020  Collected receivable of 6,891,360, net of sales discount from
Garry Alegre.
July 21, 2020 Sold 2 units of sports car for 17,800,000.00.
Purchase fuel through petty cash amounting to 5,000.00
July 22, 2020 Sold for cash 1 unit of luxury car for 10,673,000.00.
July 23, 2020 Sold another 1 unit of luxury car for 10,673,000.00.
Deposited cash to the bank account 5,555,000.
July 27, 2020 Sold 2 units of Service Car to Jerome Bargan for
14,064,000.00 through installment for 12 months, with 3%
interest income annually. Probinsiyano received a check for a
total amount of 3,516,000 as a down payment.
July 29, 2020 Received the payment for monthly installment of 439,500.00
and the interest income of 13,185.00 from Renoah Fullido.
Billed for:
Electricity – 23,250
Water – 14,580
Telephone – 2,500
Allocate incurred utilities to:
Factory Overhead Control – 32,264
Selling and Administrative Expense Control – 8,066.
July 30, 2020 Incurred and paid administrative salaries amounting to
200,000.00.
Paid 40,330.00 for billed utilities.
August
August 5, 2020  Purchased on account the following materials for each type
of car from Mrs. Fatima Aquino totalling 22,263,960.00, 3/10,
n/20:
Engine – 2 units for Type A, 445,000.00; 3 units for Type B,
580,000; 5 units for Type C, 330,000.
Front and Rear Suspension – 2 units for Type A, 290,000; 3
units for Type B, 235,000; 5 units for Type C, 200,000.
Gas Tank - 2 units for Type A, 180,000; 3 units for Type B,
210,000; 5 units for Type C, 138,000.
Transmission - 2 units for Type A, 100,000; 3 units for Type
B, 98,000; 5 units for Type C, 90,000.
Gear Box - 2 units for Type A, 90,000; 3 units for Type B,
85,000; 5 units for Type C, 50,500.
Steering Box - 2 units for Type A, 90,000; 3 units for Type B,
100,000; 5 units for Type C, 88,000.
Wheel Drums - 2 units for Type A, 132,000; 3 units for Type
B, 145,900; 5 units for Type C, 76.800.
Brake System - 2 units for Type A, 88,230; 3 units for Type
B, 99,100; 5 units for Type C, 64,890.
Gear - 2 units for Type A, 229,000; 3 units for Type B,
200,000; 5 units for Type C,165,450.
Glass Steering Column - 2 units for Type A, 99,000; 3 units
for Type B, 94,000; 5 units for Type C, 90,000.
All Weather-Striping - 2 units for Type A, 80,500; 3 units for
Type B, 78,000; 5 units for Type C, 50,000.
Brake and Gas Pedals - 2 units for Type A, 88,000; 3 units
for Type B, 105,000; 5 units for Type C, 74,000.
 Speedometer - 2 units for Type A, 130,000; 3 units for Type
B, 125,600; 5 units for Type C, 60,500.
Fuel Gauge - 2 units for Type A, 150,000; 3 units for Type B,
140,000; 5 units for Type C, 125,600.
Temperature Gauge - 2 units for Type A, 125,000; 3 units
for Type B, 100,500; 5 units for Type C, 97,500.
Car Trip Meter - 2 units for Type A, 120,000; 3 units for Type
B, 111,000; 5 units for Type C, 90,000.
Rev Counter – 2 units for Type A, 110,000; 3 units for Type
B, 99,500; 5 units for Type C, 78,900.
Repossessed Service Car sold by installment to Marga
Balano due to non-payment on August 01, 2020.
Received the payment for monthly installment of 439,500.00
and the interest income of 13,185.00 from Marika Alota.
August 10, 2020  Purchased on account the following materials for each type
of car from Mr. Jeff Reyes totalling 28,886,940.00, 3/10,
n/30:
Welded Frame – 2 units for type A, 750,000; 3 units for type
B, 650,000; 5 units for type C, 635,000.
Rear-end and Half Shafts – 2 units for type A, 238,000; 3
units for type B, 211,000; 5 units of type C, 195,000.
Drive Shaft – 2 units for type A, 121,000; 3 units for type B,
109,000; 5 units for type C, 76,000.
Floor Pan – 2 units for type A, 340,000; 3 units for type B,
390,000; 5 units for type C, 276,000.
Quarter Panels – 4 units for type A, 187,400; 6 units for type
B, 178,440; 10 units for type C 123,000.
Front/Rear Door Pillars – 4 units for type A, 100,500; 6 units
for type B, 95,700; 10 units for type C, 62,300
Body Side Panels - 8 units for type A, 160,000; 6 units for
type B, 130,000; 10 units for type C 100,000.
Rear Deck – 2 units of type A, 128,000; 3 units of type B,
114,000; 5 units for Type C, 110,000.
Hood – 2 units for Type A, 95,000; 3 units for Type B,
85,000; 5 units for Type C, 65,000.
Roof – 2 units for Type A, 256,000; 3 units for Type B,
250,000; 5 units for Type C, 140,000.
Instrumentation – 2 units for Type A, 267,000; 3 units for
Type B, 217,500; 5 units for Type C, 174,300.
Door/Trim Panels – 4 units for Type A. 110,000; 6 units for
Type B, 98,000; 10 units for Type C, 84,000.
Headliner – 2 units for Type A, 67,500; 3 units for Type B,
59,000; 5 units for Type C, 34,300.
August 12, 2020  Purchased the following materials for each type of car from
Ms. Jenny Abueva totaling 7,502,200.00:
 Wiring Systems – 2 units for Type A, 220,000; 3 units for
Type B, 320,000; 5 units for Type C, 179,600.
Dash Panels – 2 units for Type A, 120,500; 3 units for Type
B, 110,000; 5 units for Type C, 98,400.
Interior Lights – 6 units for Type A, 50,000; 3 units for Type
B, 45,000; 10 units for Type C, 35,000.
Tail Lights – 4 units for Type A, 75,000; 6 units for Type B,
64,000; 10 units for Type C, 55,000.
Front Lights – 2 units for Type A, 80,000; 3 units for Type B,
65,000; 5 units for Type C, 54,000.
Radio and Speakers – 4 units for Type A, 130,500; 3 units
for Type B, 140,900; 5 units for Type C, 110,500.
August 13, 2020  Purchased the following materials for each type of car from
Mr. Manny Agda totalling 6,730,802.50:
Primer – 8 gallons for Type A, 1,650; 6, gallons for Type B,
1,650; 10 gallons for Type C, 1,650.
Paint – 20 gallons for Type A, 2,900; 25.5 gallons for Type
B, 2,875; 35 gallons for Type C, 1,430.
Seat – 12 units for Type A, 130,000; 6 units for Type B,
120,740; 20 units for Type C, 80,500.
Seatbelts – 4 units for Type A, 78,000; 6 units for Type B,
67,000; 20 units for Type C, 36,400.
Carpeting and Front/Rear Fascias – 4 units for Type A,
100,000; 3 units for Type B, 67,800; 5 units for 56,000.
Rivets and small tools – 290,000.
August 14, 2020  Returned 2 units of engine for type A due to defectiveness,
with the total cost of 890,000 to Mrs. Fatima Aquino.
 Paid 20,732,741.20, net of purchase discount, to Fatima
Aquino.
 Purchased on account 2 units of type A engine from Jeff
Reyes for 1,100,000.00
 Issued materials for production – direct: 63,796,075.5,
indirect: 290,000.
August 17, 2020  Payroll incurred and paid amounted to 425,000.00:
Factory Workers – 300,000;
Supervisors – 125,000.
 Factory overhead is charged to production at 85% of labor
cost, (425,000x85%) 361,250.00.
August 19, 2020 Paid purchases on account to Jeff Reyes amounting to
28,020,331.80, net of purchase discount.
August 24, 2020  Finished production of 2 units Luxury Car, 3 units Sports
Car, and 5 units Service Car amounting to 64,457,325.5.
August 26, 2020  Sold 3 units of Service Car to Mariano Rizal for
21,096,000.00 through installment for 12 months, with 3%
 interest income annually. Probinsiyano received a check for
a total amount of 5,274,000 as a down payment.
 Transferred cash to bank account 25,000,000.00.
August 27,2020 Sold 2 units of luxury car for 21,346,000. Payment directly
deposited to bank.
Purchased fuel for delivery vehicle for 5,000.00 using the
petty cash fund.
Received the payment for monthly installment of 879,000.00
and the interest income of 26,370.00 from Jerome Bargan.
August 28,2020 Sold 1 unit of Sports Car for 8,900,000. Deposited directly to
bank.
Incurred and paid administrative salaries amounting to
200,000.00.

August 29, 2020 Received the payment for monthly installment of 439,500.00
and the interest income of 13,185.00 from Renoah Fullido.
September
September 1, 2020 Purchased fuel for 5,000 using petty cash fund.
September 3, 2020 Sold 1 unit of Service Car on account to Peter Cainday for
7,032,000, 2/30, n/60.
September 5, 2020 Received the payment for monthly installment of 439,500.00
and the interest income of 13,185.00 from Marika Alota.
September 11, 2020 Sold 2 units of Service Car to Pete Cainday for 14,064,000.00
through instalment for 12 months, with 3% interest income
annually. Probinsiyano received a check for a total amount of
3,516,000 as a down payment.
September 17, 2020 Sold sports car for 8,900,000.00. Deposited directly to bank.
September 20, 2020 Collected 6,891,360 from Pete Cainday for Service Car.
September 26, 2020 Received the payment for monthly installment of 1,318,500.00
and the interest income of 39,555.00 from Mariano Rizal.
September 28, 2020 Received the payment for monthly installment of 879,000.00
and the interest income of 26,370.00 from Jerome Bargan.
September 29,2020 Received the payment for monthly installment of 439,500.00
and the interest income of 13,185.00 from Renoah Fullido.
Transferred cash to bank account 15,000,000,00.
September 30,2020 Incurred and paid administrative salaries amounting to
200,000.00.
Billed for:
Electricity – 3,226.4
Water – 3,226.4
 Telephone – 1,613.2.
Allocated to Selling and Administrative Expense Control –
8,066.00.
October
October 1, 2020 Paid 8,066.00 for billed utilities.
October 5, 2020  Purchased the following materials for each type of car from
Mrs. Fatima Aquino totalling 22,263,960.00:
Engine – 2 units for Type A, 445,000.00; 3 units for Type B,
580,000; 5 units for Type C, 330,000.
Front and Rear Suspension – 2 units for Type A, 290,000; 3
units for Type B, 235,000; 5 units for Type C, 200,000.
Gas Tank - 2 units for Type A, 180,000; 3 units for Type B,
210,000; 5 units for Type C, 138,000.
Transmission - 2 units for Type A, 100,000; 3 units for Type
B, 98,000; 5 units for Type C, 90,000.
Gear Box - 2 units for Type A, 90,000; 3 units for Type B,
85,000; 5 units for Type C, 50,500.
Steering Box - 2 units for Type A, 90,000; 3 units for Type B,
100,000; 5 units for Type C, 88,000.
Wheel Drums - 2 units for Type A, 132,000; 3 units for Type
B, 145,900; 5 units for Type C, 76.800.
Brake System - 2 units for Type A, 88,230; 3 units for Type
B, 99,100; 5 units for Type C, 64,890.
Gear - 2 units for Type A, 229,000; 3 units for Type B,
200,000; 5 units for Type C,165,450.
Glass Steering Column - 2 units for Type A, 99,000; 3 units
for Type B, 94,000; 5 units for Type C, 90,000.
All Weather-Striping - 2 units for Type A, 80,500; 3 units for
Type B, 78,000; 5 units for Type C, 50,000.
Brake and Gas Pedals - 2 units for Type A, 88,000; 3 units
for Type B, 105,000; 5 units for Type C, 74,000.
Speedometer - 2 units for Type A, 130,000; 3 units for Type
B, 125,600; 5 units for Type C, 60,500.
Fuel Gauge - 2 units for Type A, 150,000; 3 units for Type B,
140,000; 5 units for Type C, 125,600.
Temperature Gauge - 2 units for Type A, 125,000; 3 units
for Type B, 100,500; 5 units for Type C, 97,500.
Car Trip Meter - 2 units for Type A, 120,000; 3 units for Type
B, 111,000; 5 units for Type C, 90,000.
Rev Counter – 2 units for Type A, 110,000; 3 units for Type
B, 99,500; 5 units for Type C, 78,900.
Received the payment for monthly installment of 439,500.00
and the interest income of 13,185.00 from Marika Alota.
October 6, 2020  Purchased the following materials for each type of car from
Mr. Jeff Reyes totalling 28,886,940.00:
 Welded Frame – 2 units for type A, 750,000; 3 units for type
B, 650,000; 5 units for type C, 635,000.
Rear-end and Half Shafts – 2 units for type A, 238,000; 3
units for type B, 211,000; 5 units of type C, 195,000.
Drive Shaft – 2 units for type A, 121,000; 3 units for type B,
109,000; 5 units for type C, 76,000.
Floor Pan – 2 units for type A, 340,000; 3 units for type B,
390,000; 5 units for type C, 276,000.
Quarter Panels – 4 units for type A, 187,400; 6 units for type
B, 178,440; 10 units for type C 123,000.
Front/Rear Door Pillars – 4 units for type A, 100,500; 6 units
for type B, 95,700; 10 units for type C, 62,300
Body Side Panels - 8 units for type A, 160,000; 6 units for
type B, 130,000; 10 units for type C 100,000.
Rear Deck – 2 units of type A, 128,000; 3 units of type B,
114,000; 5 units for Type C, 110,000.
Hood – 2 units for Type A, 95,000; 3 units for Type B,
85,000; 5 units for Type C, 65,000.
Roof – 2 units for Type A, 256,000; 3 units for Type B,
250,000; 5 units for Type C, 140,000.
Instrumentation – 2 units for Type A, 267,000; 3 units for
Type B, 217,500; 5 units for Type C, 174,300.
Door/Trim Panels – 4 units for Type A. 110,000; 6 units for
Type B, 98,000; 10 units for Type C, 84,000.
Headliner – 2 units for Type A, 67,500; 3 units for Type B,
59,000; 5 units for Type C, 34,300.
October 7, 2020 Purchased the following materials for each type of car from
Ms. Jenny Abueva totalling 7,502,200:
Wiring Systems – 2 units for Type A, 220,000; 3 units for
Type B, 320,000; 5 units for Type C, 179,600.
Dash Panels – 2 units for Type A, 120,500; 3 units for Type
B, 110,000; 5 units for Type C, 98,400.
Interior Lights – 6 units for Type A, 50,000; 3 units for Type
B, 45,000; 10 units for Type C, 35,000.
Tail Lights – 4 units for Type A, 75,000; 6 units for Type B,
64,000; 10 units for Type C, 55,000.
Front Lights – 2 units for Type A, 80,000; 3 units for Type B,
65,000; 5 units for Type C, 54,000.
Radio and Speakers – 4 units for Type A, 130,500; 3 units
for Type B, 140,900; 5 units for Type C, 110,500.
October 8, 2020  Purchased the following materials for each type of car from
Mr. Manny Agda totalling 6,730,802.50:
Primer – 8 gallons for Type A, 1,650; 6, gallons for Type B,
1,650; 10 gallons for Type C, 1,650.
Paint – 20 gallons for Type A, 2,900; 25.5 gallons for Type
B, 2,875; 35 gallons for Type C, 1,430.
 Seat – 12 units for Type A, 130,000; 6 units for Type B,
120,740; 20 units for Type C, 80,500.
Seatbelts – 4 units for Type A, 78,000; 6 units for Type B,
67,000; 20 units for Type C, 36,400.
Carpeting and Front/Rear Fascias – 4 units for Type A,
100,000; 3 units for Type B, 67,800; 5 units for 56,000.
Rivets and small tools – 290,000.
October 11, 2020 Received the payment for monthly installment of 879,000.00
and the interest income of 26,370.00 from Pete Cainday.
October 12, 2020 Issued materials for production – direct: 65,093,902.50,
indirect: 290,000.
October 15, 2020 Payroll incurred and paid amounted to 425,000.00:
Factory Workers – 300,000;
Supervisors – 125,000.
Factory overhead is charged to production at 85% of labor
cost, (425,000x85%) 361,250.00.
October 23, 2020 Finished production of 2 units Luxury Car, 3 units Sports Car,
and 5 units Service Car amounting to 65,755,152.5.
October 26, 2020 Received the payment for monthly installment of 1,318,500.00
and the interest income of 39,555.00 from Mariano Rizal.
October 27, 2020 Received the payment for monthly installment of 879,000.00
and the interest income of 26,370.00 from Jerome Bargan.
Sold 3 units Service Car amounting to 21,096,000.00.
Sold on account to Cardo Marco 1 unit of Sports Car
amounting 8,900,000.00, 3/30, n/60.
October 29, 2020 Received the payment for monthly installment of 439,500.00
and the interest income of 13,185.00 from Renoah Fullido.
October 30, 2020 Incurred and paid administrative salaries amounting to
200,000.00.
Billed for:
Electricity – 23,250
Water – 14,580
Telephone – 2,500
Allocate incurred utilities to:
Factory Overhead Control – 32,264
Selling and Administrative Expense Control – 8,066.
November
November 02, 2020 Deposited to bank account 5,830,000.00.
Paid 40,330.00 for billed utilities.
November 5, 2020 Received the payment for monthly installment of 439,500.00
and the interest income of 13,185.00 from Marika Alota.
November 9, 2020 Collected from Cardo Marco the amount of 8,633,000.00, net
of sales discount.
November 11, 2020 Received the payment for monthly installment of 879,000.00
and the interest income of 26,370.00 from Pete Cainday.
November 16, 2020 Sold for 3 units of Service Car for 21,096,0000.
Purchased fuel for delivery vehicle for 5,000.00 using petty
cash fund.
November 25, 2020 Billed for:
Electricity – 3,226.4
Water – 3,226.4
Telephone – 1,613.2.
Allocated to Selling and Administrative Expense Control –
8,066.00.
November 26, 2020 Received the payment for monthly installment of 1,318,500.00
and the interest income of 39,555.00 from Mariano Rizal.
November 27, 2020 Paid 8,066.00 for billed utilities.
Incurred and paid administrative salaries amounting to
200,000.00.
Received payment for monthly installment of 879,000.00 and
the interest income of 26,370.00 from Jerome Bargan.
November 29, 2020 Received payment for monthly installment of 439,500.00 and
the interest income of 13,185.00 from Renoah Fullido.
December
December 2, 2020 Transferred cash on hand to bank account 120,000.00
Increased petty cash fund by 100,000.00.
December 3, 2020 Purchased the following materials for each type of car from
Mrs. Fatima Aquino totalling 22,263,960.00:
Engine – 2 units for Type A, 445,000.00; 3 units for Type B,
580,000; 5 units for Type C, 330,000.
Front and Rear Suspension – 2 units for Type A, 290,000; 3
units for Type B, 235,000; 5 units for Type C, 200,000.
Gas Tank - 2 units for Type A, 180,000; 3 units for Type B,
210,000; 5 units for Type C, 138,000.
Transmission - 2 units for Type A, 100,000; 3 units for Type
B, 98,000; 5 units for Type C, 90,000.
Gear Box - 2 units for Type A, 90,000; 3 units for Type B,
85,000; 5 units for Type C, 50,500.
Steering Box - 2 units for Type A, 90,000; 3 units for Type B,
100,000; 5 units for Type C, 88,000.
Wheel Drums - 2 units for Type A, 132,000; 3 units for Type
B, 145,900; 5 units for Type C, 76.800.
 Brake System - 2 units for Type A, 88,230; 3 units for Type
B, 99,100; 5 units for Type C, 64,890.
Gear - 2 units for Type A, 229,000; 3 units for Type B,
200,000; 5 units for Type C,165,450.
Glass Steering Column - 2 units for Type A, 99,000; 3 units
for Type B, 94,000; 5 units for Type C, 90,000.
All Weather-Striping - 2 units for Type A, 80,500; 3 units for
Type B, 78,000; 5 units for Type C, 50,000.
Brake and Gas Pedals - 2 units for Type A, 88,000; 3 units
for Type B, 105,000; 5 units for Type C, 74,000.
Speedometer - 2 units for Type A, 130,000; 3 units for Type
B, 125,600; 5 units for Type C, 60,500.
Fuel Gauge - 2 units for Type A, 150,000; 3 units for Type B,
140,000; 5 units for Type C, 125,600.
Temperature Gauge - 2 units for Type A, 125,000; 3 units
for Type B, 100,500; 5 units for Type C, 97,500.
Car Trip Meter - 2 units for Type A, 120,000; 3 units for Type
B, 111,000; 5 units for Type C, 90,000.
Rev Counter – 2 units for Type A, 110,000; 3 units for Type
B, 99,500; 5 units for Type C, 78,900.
December 4, 2020 Purchased the following materials for each type of car from
Mr. Jeff Reyes totalling 28,886,940.00:
Welded Frame – 2 units for type A, 750,000; 3 units for type
B, 650,000; 5 units for type C, 635,000.
Rear-end and Half Shafts – 2 units for type A, 238,000; 3
units for type B, 211,000; 5 units of type C, 195,000.
Drive Shaft – 2 units for type A, 121,000; 3 units for type B,
109,000; 5 units for type C, 76,000.
Floor Pan – 2 units for type A, 340,000; 3 units for type B,
390,000; 5 units for type C, 276,000.
Quarter Panels – 4 units for type A, 187,400; 6 units for type
B, 178,440; 10 units for type C 123,000.
Front/Rear Door Pillars – 4 units for type A, 100,500; 6 units
for type B, 95,700; 10 units for type C, 62,300
Body Side Panels - 8 units for type A, 160,000; 6 units for
type B, 130,000; 10 units for type C 100,000.
Rear Deck – 2 units of type A, 128,000; 3 units of type B,
114,000; 5 units for Type C, 110,000.
Hood – 2 units for Type A, 95,000; 3 units for Type B,
85,000; 5 units for Type C, 65,000.
Roof – 2 units for Type A, 256,000; 3 units for Type B,
250,000; 5 units for Type C, 140,000.
Instrumentation – 2 units for Type A, 267,000; 3 units for
Type B, 217,500; 5 units for Type C, 174,300.
Door/Trim Panels – 4 units for Type A. 110,000; 6 units for
Type B, 98,000; 10 units for Type C, 84,000.
 Headliner – 2 units for Type A, 67,500; 3 units for Type B,
59,000; 5 units for Type C, 34,300.
December 5, 2020 Received the payment for monthly installment of 439,500.00
and the interest income of 13,185.00 from Marika Alota.
December 7, 2020 Purchased the following materials for each type of car from
Ms. Jenny Abueva totalling 7,502,200:
Wiring Systems – 2 units for Type A, 220,000; 3 units for
Type B, 320,000; 5 units for Type C, 179,600.
Dash Panels – 2 units for Type A, 120,500; 3 units for Type
B, 110,000; 5 units for Type C, 98,400.
Interior Lights – 6 units for Type A, 50,000; 3 units for Type
B, 45,000; 10 units for Type C, 35,000.
Tail Lights – 4 units for Type A, 75,000; 6 units for Type B,
64,000; 10 units for Type C, 55,000.
Front Lights – 2 units for Type A, 80,000; 3 units for Type B,
65,000; 5 units for Type C, 54,000.
Radio and Speakers – 4 units for Type A, 130,500; 3 units
for Type B, 140,900; 5 units for Type C, 110,500.
December 8, 2020 Purchased the following materials for each type of car from
Mr. Manny Agda totalling 6,730,802.50:
Primer – 8 gallons for Type A, 1,650; 6, gallons for Type B,
1,650; 10 gallons for Type C, 1,650.
Paint – 20 gallons for Type A, 2,900; 25.5 gallons for Type
B, 2,875; 35 gallons for Type C, 1,430.
Seat – 12 units for Type A, 130,000; 6 units for Type B,
120,740; 20 units for Type C, 80,500.
Seatbelts – 4 units for Type A, 78,000; 6 units for Type B,
67,000; 20 units for Type C, 36,400.
Carpeting and Front/Rear Fascias – 4 units for Type A,
100,000; 3 units for Type B, 67,800; 5 units for 56,000.
Rivets and small tools – 290,000.
Issued materials for production – direct: 65,093,902.50,
indirect: 290,000.
December 11, 2020 Received the payment for monthly instalment of 879,000.00
and the interest income of 26,370.00 from Pete Cainday.
December 16, 2020 Payroll incurred and paid amounted to 425,000.00:
Factory Workers – 300,000;
Supervisors – 125,000.
December 17, 2020 Factory overhead is charged to production at 85% of labor
cost, (425,000x85%) 361,250.00
December 23, 2020 Finished goods amounted to 65,755,154.50
December 26, 2020 Received the payment for monthly installment of 1,318,500.00
and the interest income of 39,555.00 from Mariano Rizal.
December 27, 2020 Received the payment for monthly installment of 879,000.00
and the interest income of 26,370.00 from Jerome Bargan.
December 28, 2020 Sold 2 units of Sports Car for 17,800,000.00. Deposited
directly to bank account.
Sold 2 units of Luxury Car on account for 21,346,000.00.
Credit term: 2/15, n/30.
December 29, 2020 Sold 3 units of Service Car for 21,096,000.00. Directly
deposited to bank.
Received the payment for monthly installment of 439,500.00
and the interest income of 13,185.00 from Renoah Fullido.
December 30, 2020 Billed for:
Electricity – 23,250
Water – 14,580
Telephone – 2,500
Allocate incurred utilities to:
Factory Overhead Control – 32,264
Selling and Administrative Expense Control – 8,066.
December 31, 2020 Incurred and paid administrative salaries amounting to
200,000.00.
Paid 40,330.00 for billed utilities.
ADJUSTMENTS
Factory Overhead Control 239,167
Accum. Depreciation – Building 239,167
Factory Overhead Control 80,097
Accum. Depreciation – Mach. and Equipment 80,097
Factory Overhead Control 76,400
Accum. Depreciation – Mach. and Equipment 76,400

Selling and Admin. Exp. Control 194,444

Accum. Depreciation – Furnitures and Fixtures 194,444

Selling and Admin. Exp. Control 663, 095

Accum. Depreciation – Delivery Equipment 663, 095

Selling and Admin. Exp. Control 58,333

Accum. Depreciation – Leasehold Improvement 58,333

Selling and Admin. Exp. Control 250,000

Prepaid Rent 250,000

Installment Sales 7,032,000

Cost of Installment Sales 5,859,479
 Deffered Gross Profit- May 1,172,521

Installment Sales 7,032,000

Cost of Installment Sales 5,859,479
Deffered Gross Profit- June 1,172,521

Installment Sales 7,032,000

Cost of Installment Sales 5,859,479
Deffered Gross Profit-July 1,172,521

Installment Sales 14,064,000

Cost of Installment Sales 11,718,00
Deffered Gross Profit-August 2,345,042

Installment Sales 14,064,000

Cost of Installment Sales 11,718,958
Deffered Gross Profit- September 2,345,042

Deffered Gross Profit- May 6,153,000

Realized Profit 6,153,000

Deffered Gross Profit- May 879,000

Realized Profit 879,000

Deffered Gross Profit- June 966,900

Realized Profit 966,900

Deffered Gross Profit- July 15,822,000

Realized Profit 15,822,000

Deffered Gross Profit- August 2,109,600

Realized Profit 2,109,600

Deffered Gross Profit- September 1,230,600

Realized Profit 1,230,000