Swift Company is a merchandising business organized in 2020. It is located in J. Hernandez Avenue, Naga City, with telephone number 1989-1213, and website tswiftmerchandising.com You were asked by the owner, Ms. T. Swift, to create a simple computerized accounting system for her business which they will use for records keeping, preparation of financial statements, and as substantiation for regulatory requirements. The December 31, 2021 post-closing trial balance for the Swift Company follows: Swift Company Post-Closing Trial Balance December 31, 2021 110 Cash ₱ 240,000 120 Accounts Receivable 210,000 130 Merchandise Inventory 730,000 140 Prepaid Rent 90,000 150 Office Supplies 160,000 160 Office Equipment 1,000,000 165 Accumulated Depreciation ₱ 250,000 210 Notes Payable 400,000 220 Accounts Payable 130,000 230 Salaries Payable 310 Swift, Capital 1,650,000 320 Swift, Withdrawals 410 Sales 420 Sales Returns and Allowances 430 Sales Discounts 510 Purchases 520 Purchase Returns and Allowances 530 Purchase Discounts 540 Transportation In 610 Salaries Expense 620 Rent Expense 630 Office Supplies Expense 640 Depreciation Expense 650 Interest Expense ₱ 2,430,000 ₱ 2,430,000 Accounts receivable of P210,000 is related to a sale to Fearless Company on December 28, 2021. All credit sales are 2/10, n/30. The account payable balance of P130,000 is attributable to a purchase on December 29, 2021 to Speak Now Company. All credit purchases are 3/10, n/30. During the month of January, 2022, the following transactions were completed: Jan. 2 Sold merchandise on credit to Red Company, P240,000. Invoice no. 316. 3 Purchased merchandise on account from Clean Company, P90,000. 4 Collected amount due from Dec. 28 sale to Fearless Company less discounts. 5 Sold merchandise for cash, P430,000. 7 Paid amount due to Speak Now Company for the purchase of December 29, 2021, less discounts. Issued Check No. 83. 8 Sold merchandise on account to R. Green, P310,000. Invoice no. 317. 9 Returned merchandise purchased from Clean Company, P10,000. 10 Collected amount due from Red less discounts. 11 Purchased merchandise on account from M. Geller Company, P120,000. Invoice dated Jan. 10 11 Paid Clean Company amount due less returns and discounts. Issued Check No. 84 12 Purchased merchandise for cash, P70,000. Issued check no. 85. 13 Sold merchandise on account to Reputation, P130,000. Invoice no. 318 14 Paid interest on the note payable, P10,000. Issued check no. 86 15 Paid salaries, P80,000. Issued check no. 87 17 Purchased merchandise on account from Speak Now Company, P190,000. Invoice dated Jan. 14 18 Sold merchandise on account to Fearless Company, P460,000. Invoice no. 319 19 Swift withdrew P100,000 from the business. Issued check no. 88 21 Acquired office supplies for cash, P40,000. Issued check no. 89 22 Collected amount due from Reputation less discounts. 23 Sold merchandise on credit to Red Company, P110,000. Invoice no. 320 24 Received returned merchandise from Reputation, P30,000 25 Received amount due from Reputation on the sale of Jan. 8 less returns. 25 Purchased merchandise on account from Folklore Company, P340,000. Invoice dated Jan. 24 26 Paid P90,000 to Speak Now Company in partial payment of account. Issued check no. 91 27 Received P170,000 loan from the Evermore Bank and issued a note payable. 28 Purchased merchandise on account from M. Geller Company, P270,000. Invoice dated Jan. 27. 29 Sold merchandise on account from Clean Company, P360,000. Invoice dated Jan. 29 30 Sold merchandise for cash, P1,310,000. Required: Based on the above information, create modules for each of the following special journals, ledgers, and business and accounting documents. Each module should be contained in one (1) separate tab in your Excel workbook. Journals: Sales Journal Cash Receipts Journal Cash Disbursements Journal Purchases Journal General Journal

Swift Company is a merchandising business organized in 2020. It is located in J. Hernandez Avenue, Naga City, with telephone number 1989-1213, and website tswiftmerchandising.com You were asked by the owner, Ms. T. Swift, to create a simple computerized accounting system for her business which they will use for records keeping, preparation of financial statements, and as substantiation for regulatory requirements. The December 31, 2021 post-closing trial balance for the Swift Company follows: Swift Company Post-Closing Trial Balance December 31, 2021 110 Cash ₱ 240,000 120 Accounts Receivable 210,000 130 Merchandise Inventory 730,000 140 Prepaid Rent 90,000 150 Office Supplies 160,000 160 Office Equipment 1,000,000 165 Accumulated Depreciation ₱ 250,000 210 Notes Payable 400,000 220 Accounts Payable 130,000 230 Salaries Payable 310 Swift, Capital 1,650,000 320 Swift, Withdrawals 410 Sales 420 Sales Returns and Allowances 430 Sales Discounts 510 Purchases 520 Purchase Returns and Allowances 530 Purchase Discounts 540 Transportation In 610 Salaries Expense 620 Rent Expense 630 Office Supplies Expense 640 Depreciation Expense 650 Interest Expense ₱ 2,430,000 ₱ 2,430,000 Accounts receivable of P210,000 is related to a sale to Fearless Company on December 28, 2021. All credit sales are 2/10, n/30. The account payable balance of P130,000 is attributable to a purchase on December 29, 2021 to Speak Now Company. All credit purchases are 3/10, n/30. During the month of January, 2022, the following transactions were completed: Jan. 2 Sold merchandise on credit to Red Company, P240,000. Invoice no. 316. 3 Purchased merchandise on account from Clean Company, P90,000. 4 Collected amount due from Dec. 28 sale to Fearless Company less discounts. 5 Sold merchandise for cash, P430,000. 7 Paid amount due to Speak Now Company for the purchase of December 29, 2021, less discounts. Issued Check No. 83. 8 Sold merchandise on account to R. Green, P310,000. Invoice no. 317. 9 Returned merchandise purchased from Clean Company, P10,000. 10 Collected amount due from Red less discounts. 11 Purchased merchandise on account from M. Geller Company, P120,000. Invoice dated Jan. 10 11 Paid Clean Company amount due less returns and discounts. Issued Check No. 84 12 Purchased merchandise for cash, P70,000. Issued check no. 85. 13 Sold merchandise on account to Reputation, P130,000. Invoice no. 318 14 Paid interest on the note payable, P10,000. Issued check no. 86 15 Paid salaries, P80,000. Issued check no. 87 17 Purchased merchandise on account from Speak Now Company, P190,000. Invoice dated Jan. 14 18 Sold merchandise on account to Fearless Company, P460,000. Invoice no. 319 19 Swift withdrew P100,000 from the business. Issued check no. 88 21 Acquired office supplies for cash, P40,000. Issued check no. 89 22 Collected amount due from Reputation less discounts. 23 Sold merchandise on credit to Red Company, P110,000. Invoice no. 320 24 Received returned merchandise from Reputation, P30,000 25 Received amount due from Reputation on the sale of Jan. 8 less returns. 25 Purchased merchandise on account from Folklore Company, P340,000. Invoice dated Jan. 24 26 Paid P90,000 to Speak Now Company in partial payment of account. Issued check no. 91 27 Received P170,000 loan from the Evermore Bank and issued a note payable. 28 Purchased merchandise on account from M. Geller Company, P270,000. Invoice dated Jan. 27. 29 Sold merchandise on account from Clean Company, P360,000. Invoice dated Jan. 29 30 Sold merchandise for cash, P1,310,000. Required: Based on the above information, create modules for each of the following special journals, ledgers, and business and accounting documents. Each module should be contained in one (1) separate tab in your Excel workbook. Journals: Sales Journal Cash Receipts Journal Cash Disbursements Journal Purchases Journal General Journal

Name: Swift Company is a merchandising business organized in 2020. It is loc
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Swift Company is a merchandising business organized in 2020. It is located in J. Hernandez Avenue, Naga City, with telephone number 1989-1213, and website tswiftmerchandising.com You were asked by the owner, Ms. T. Swift, to create a simple computer

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 33P

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

Swift Company is a merchandising business organized in 2020. It is located in J. Hernandez Avenue, Naga City, with telephone number 1989-1213, and website tswiftmerchandising.com

You were asked by the owner, Ms. T. Swift, to create a simple computerized accounting system for her business which they will use for records keeping, preparation of financial statements, and as substantiation for regulatory requirements.

The December 31, 2021 post-closing trial balance for the Swift Company follows:

Swift Company
Post-Closing Trial Balance
December 31, 2021


110	Cash	₱ 240,000
120	Accounts Receivable	210,000
130	Merchandise Inventory	730,000
140	Prepaid Rent	90,000
150	Office Supplies	160,000
160	Office Equipment	1,000,000
165	Accumulated Depreciation		₱ 250,000
210	Notes Payable		400,000
220	Accounts Payable		130,000
230	Salaries Payable
310	Swift, Capital		1,650,000
320	Swift, Withdrawals
410	Sales
420	Sales Returns and Allowances
430	Sales Discounts
510	Purchases
520	Purchase Returns and Allowances
530	Purchase Discounts
540	Transportation In
610	Salaries Expense
620	Rent Expense
630	Office Supplies Expense
640	Depreciation Expense
650	Interest Expense
		₱ 2,430,000	₱ 2,430,000

Accounts receivable of P210,000 is related to a sale to Fearless Company on December 28, 2021. All credit sales are 2/10, n/30. The account payable balance of P130,000 is attributable to a purchase on December 29, 2021 to Speak Now Company. All credit purchases are 3/10, n/30.

During the month of January, 2022, the following transactions were completed:

Jan. 2		Sold merchandise on credit to Red Company, P240,000. Invoice no. 316.
3		Purchased merchandise on account from Clean Company, P90,000.
4		Collected amount due from Dec. 28 sale to Fearless Company less discounts.
5		Sold merchandise for cash, P430,000.
7		Paid amount due to Speak Now Company for the purchase of December 29, 2021, less discounts. Issued Check No. 83.
8		Sold merchandise on account to R. Green, P310,000. Invoice no. 317.
9		Returned merchandise purchased from Clean Company, P10,000.
10		Collected amount due from Red less discounts.
11		Purchased merchandise on account from M. Geller Company, P120,000. Invoice dated Jan. 10
11		Paid Clean Company amount due less returns and discounts. Issued Check No. 84
12		Purchased merchandise for cash, P70,000. Issued check no. 85.
13		Sold merchandise on account to Reputation, P130,000. Invoice no. 318
14		Paid interest on the note payable, P10,000. Issued check no. 86
15		Paid salaries, P80,000. Issued check no. 87
17		Purchased merchandise on account from Speak Now Company, P190,000. Invoice dated Jan. 14
18		Sold merchandise on account to Fearless Company, P460,000. Invoice no. 319
19		Swift withdrew P100,000 from the business. Issued check no. 88
21		Acquired office supplies for cash, P40,000. Issued check no. 89
22		Collected amount due from Reputation less discounts.
23		Sold merchandise on credit to Red Company, P110,000. Invoice no. 320
24		Received returned merchandise from Reputation, P30,000
25		Received amount due from Reputation on the sale of Jan. 8 less returns.
25		Purchased merchandise on account from Folklore Company, P340,000. Invoice dated Jan. 24
26		Paid P90,000 to Speak Now Company in partial payment of account. Issued check no. 91
27		Received P170,000 loan from the Evermore Bank and issued a note payable.
28		Purchased merchandise on account from M. Geller Company, P270,000. Invoice dated Jan. 27.
29		Sold merchandise on account from Clean Company, P360,000. Invoice dated Jan. 29
30		Sold merchandise for cash, P1,310,000.

Required:

Based on the above information, create modules for each of the following special journals, ledgers, and business and accounting documents. Each module should be contained in one (1) separate tab in your Excel workbook.

Journals:

Sales Journal
Cash Receipts Journal
Cash Disbursements Journal
Purchases Journal
General Journal

Expert Solution

Step by step

Solved in 4 steps with 5 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.