Teresita Buenaflor Shoes

General Journal
For the Month Ended February 28, 2020

Date Account titles and Explanation P.R Debit Credit

2020
Feb. 1 Cash 110 113,000.00
Accounts Receivable 120 113,000.00
#
2 Accounts Payable 210 64,000.00
Cash 110 62,080.00
Purchase Discounts 1,920.00
#
4 Purchases 170,000.00
Accounts Payable 170,000.00
#
5 Accounts Receivable 270,000.00
Sales 270,000.00
#
7 Advertising Expense 6,000.00
Cash 6,000.00
#
Cash 250,000.00
Sales 250,000.00
#
8 Accounts Payable 170,000.00
Cash 164,900.00
Purchase Discount 5,100.00
#
9 Freight In 4,000.00
Cash 4,000.00
#
10 Purchase Returns and Allowances 70,000.00
Accounts Receivable 70,000.00
#
12 Cash 196,000.00
Sales Discount 4,000.00
Accounts Receivable 200,000.00
#
14 Interest Expense 26,000.00
Cash 26,000.00
#
15 Salaries Expense 51,000.00
Cash 51,000.00
#
16 Accounts Receivable 392,000.00
Sales 392,000.00
 #
18 Freight Out 4,000.00
Cash 4,000.00
#
19 Supplies 21,000.00
Cash 21,000.00
#
20 Purchases 125,000.00
Accounts Payable 125,000.00
#
22 Miscellanous Expense 7,000.00
Cash 7,000.00
#
23 Cash 384,160.00
Purchase Discount 7,840.00
Accounts Receivable 392,000.00
#
24 Purchase 373,000.00
Accounts Payable 373,000.00
#
Freight In 9,000.00
Cash 9,000.00
#
25 Accounts Receivable 420,000.00
Sales 420,000.00
#
26 Purchase Returns and Allowances 71,000.00
Accounts Receivable 71,000.00
#
28 Buenaflor, Withdrawals 400,000.00
Cash 400,000.00
#
Accounts Payable 25,000.00
Purchase Returns and Allowances 25,000.00
#
3,633,000.00 3,633,000.00
 T-Account
ASSETS LIABILITIES

Cash Accounts Payable

Feb. 1 33,000.00 62,080.00 2 Feb. Feb. 2 64,000.00
1 113,000.00 6,000.00 7 8 170,000.00
7 250,000.00 164,900.00 8 28 25,000.00
12 196,000.00 4,000.00 9
23 385,160.00 26,000.00 14 259,000.00
51,000.00 15
4,000.00 18
21,000.00 19
7,000.00 22
9,000.00 24 Salaries Payable
400,000.00 28
977,160.00 754,980.00
222,180.00

Mortgage Payable
Accounts Receivable
Feb. 1 192,000.00 113,000.00 1 Feb.
5 270,000.00 70,000.00 10
16 392,000.00 200,000.00 12
25 420,000.00 392,000.00 23
71,000.00 26
1,274,000.00 846,000.00
428,000.00

Merchandise Inventory
Feb. 1 413,000.00

Supplies
Feb. 1 51,000.00
19 21,000.00
72,000.00

Prepaid Insurance
Feb. 1 48,000.00
 Land
Feb. 1 460,000.00

Building
Feb. 1 1,750,000.00

Accumulated Depreciation-Building
350,000.00 1 Feb.

Equipment
Feb. 1 2,310,000.00

Accumulated Depreciation-Equipment
350,000.00 1 Feb.
 EQUITY

Accounts Payable Buenaflor, Capital

108,000.00 1 Feb. 1,569,000.00 1 Feb.
170,000.00 4
125,000.00 20
373,000.00 24
776,000.00
517,000.00 Buenaflor, Withdrawals
Feb. 28 400,000.00

Salaries Payable

Income Summary

Mortgage Payable
2,600,000.00 1 Feb.
INCOME

Sales
270,000.00 5 Feb. Dec. 14
250,000.00 7 Dec. 28
392,000.00 16
420,000.00 25 Dec. 31
1,332,000.00

Sales Returns and Allowances

270,000.00
250,000.00
392,000.00
420,000.00
1,332,000.00

Dec. 31

Dec. 2

Dec. 31
EXPENSES

Salaries Expense
₱ 6,000.00
6,000.00
₱ 12,000.00
1,800.00
₱ 13,800.00
0 0

₱ 1,800.00 Jan. 1
s

Supplies Expense
₱ 2,500.00
₱ 2,500.00
0 0

Rent Expense
₱ 8,000.00
₱ 8,000.00
0 0

Depreciation Expense
₱ 800.00
₱ 800.00
0 0
 Edgar Detoya, Tax Consultant
Unadjusted Trial Balance
December 31, 2020

Cash ₱ 93,800.00
Accounts Receivable 48,000.00
Fee Receivable -
Supplies 7,200.00
Office Equipment 75,000.00
Accumulated Depreciation -
Accounts Payable ₱ 38,000.00
Salaries Payable -
Detoya, Capital 150,000.00
Detoya, Withdrawals 12,000.00
Consulting Revenues 68,000.00
Salaries Expense 12,000.00
Supplies Expense -
Rent Expense 8,000.00
Depreciation Expense -
₱ 256,000.00 ₱ 256,000.00
 Edgar Detoya, Tax Con
Workshhet
For the Month Ended Decem

Trial Balance Adjustments

No. Debit Credit Debit
110 Cash ₱ 93,800.00
120 Accounts Receivable 48,000.00
130 Fee Receivable - d. ₱ 10,000.00
140 Supplies 7,200.00 a.
150 Office Equipment 75,000.00
155 Accumulated Depreciation - c.
210 Accounts Payable ₱ 38,000.00
220 Salaries Payable - b.
310 Detoya, Capital 150,000.00
320 Detoya, Withdrawals 12,000.00
410 Consulting Revenues 68,000.00 d.
510 Salaries Expense 12,000.00 b. 1,800.00
520 Supplies Expense - a. 2,500.00
530 Rent Expense 8,000.00
540 Depreciation Expense - c. 800.00
₱ 256,000.00 ₱ 256,000.00 ₱ 15,100.00
Profit
 Edgar Detoya, Tax Consultant
Workshhet
or the Month Ended December 31, 2020

Adjustments Adjusted Trial Balance Income Statements Balance Sheets

Credit Debit Credit Debit Credit Debit
₱ 93,800.00 ₱ 93,800.00
48,000.00 48,000.00
10,000.00 10,000.00
₱ 2,500.00 4,700.00 4,700.00
75,000.00 75,000.00
800.00 ₱ 800.00
38,000.00
1,800.00 1,800.00
150,000.00
12,000.00 12,000.00
10,000.00 78,000.00 ₱ 78,000.00
13,800.00 ₱ 13,800.00
2,500.00 2,500.00
8,000.00 8,000.00
800.00 800.00
₱ 15,100.00 ₱ 268,600.00 ₱ 268,600.00 ₱ 25,100.00 ₱ 78,000.00 ₱ 243,500.00
52,900.00
₱ 78,000.00 ₱ 78,000.00 ₱ 243,500.00
Balance Sheets
Credit

₱ 800.00
38,000.00
1,800.00
150,000.00

₱ 190,600.00
52,900.00
₱ 243,500.00
 Edgar Detoya, Tax Consultant
Income Statements
For the Month Ended December 31, 2020

Revenues
Consulting Revenues ₱ 78,000.00
Total ₱ 78,000.00

Expense
Salaries Expense ₱ 13,800.00
Supplies Expense 2,500.00
Rent Expense 8,000.00
Depreciation Expense 800.00
Total ₱ 25,100.00

Profit ₱ 52,900.00
 Edgar Detoya, Tax Consultant
Statement of Changes in Equity
For the Month Ended December 31, 2020

Detoya, Capital, October 1, 2020 150,000.00

Add: Additional Investments -
Profit ₱ 52,900.00 52,900.00
Total 202,900.00
Less: Withdrawals 12,000.00
Detoya, Capital, October 31, 2020 190,900.00
 Edgar Detoya, Tax Consultant
Balance Sheet
December 31, 2020

ASSET
Current Assets
Cash ₱ 93,800.00
Accounts Receivable 48,000.00
Fee Receivable 10,000.00
Supplies 4,700.00
Total Current Assets

Non-Current Assets
Office Equipment ₱ 75,000.00
Less: Accumulated Depreciation 800.00 ₱ 74,200.00
Total Non-Current Asset
Total Asset

LIABILITY
Current Liability
Accounts Payable ₱ 38,000.00
Salaries Payable 1,800.00
Total Liability

OWNER'S EQUITY
Detoya, Capital, October 31, 2020
Total Liabilities and Equity
₱ 156,500.00

74,200.00
₱ 230,700.00

₱ 39,800.00

190,900.00
₱ 230,700.00
 Adjustments
Date Account titles and Explanation P.R Debit Credit
2020
Dec. 31 Supplies Expense 510 ₱ 2,500.00
Supplies 140 ₱ 2,500.00
#
31 Salaries Expense 510 1,800.00
Salaries Payable 220 1,800.00
#
31 Depreciation Expense 540 800.00
Accumulated Depreciation 155 800.00
#
31 Fee Receivable 130 10,000.00
Consulting Revenues 410 10,000.00
#
General Journal
Date Account titles and Explanation P.R Debit Credit
2020
Oct. 31 Consulting Revenues ₱ 78,000.00
Income Summary ₱ 78,000.00
#
Income Summary ₱ 25,100.00
Salaries Expense ₱ 13,800.00
Supplies Expense 2,500.00
Rent Expense 8,000.00
Depreciation Expense 800.00
#
Income Summary ₱ 52,900.00
Detoya, Capital ₱ 52,900.00
#
Detoya, Capital 12,000.00
Detoya, Withdrawal 12,000.00
 Dr. Nick Marasigan, M.D.
Post-Closing Trial Balance
October 31, 2020

Cash ₱ 93,800.00
Accounts Receivable 48,000.00
Fee Receivable 10,000.00
Supplies 4,700.00
Office Equipment 75,000.00
Accumulated Depreciation ₱ 800.00
Accounts Payable 38,000.00
Salaries Payable 1,800.00
Detoya, Capital 190,900.00
₱ 231,500.00 ₱ 231,500.00
General Journal
Date Account titles and Explanation P.R Debit Credit
2020
Jan. 1 Salaries Payables 220 ₱ 1,800.00
Salaries Expense 510 ₱ 1,800.00