TERESITA BUENAFLOR

CHART OF ACCOUNTS

ASSETS
110 Cash
120 Accounts Receivable
130 Merchandise Inventory
140 Supplies
150 Prepaid Insurance
160 Land
170 Building
175 Accumulated Depreciation - Building
180 Equipment
185 Accumulated Depreciation - Equipment

LIABILITIES
210 Accounts Payable
220 Salaries Payable
230 Mortgage Payable

EQUITY
310 Buenaflor, Capital
320 Buenaflor, Withdrawals
330 Income Summary

REVENUE
410 Sales
420 Sales Returns and Allowances
430 Sales Discounts

PURCHASES
510 Purchases
520 Purchases Returns and Allowances
530 Purchases Discounts
540 Transportation In

EXPENSE
610 Salaries Expense
620 Supplies Expense
630 Insurance Expense
640 Depreciation Expense - Building
650 Depreciation Expense - Equipment
660 Transportation Out
670 Advertising Expense
680 Interest Expense
690 Miscellaneous Expense
 TERESITA BUENAFLOR
GENERAL JOURNAL
FEB. 2013 REF DEBIT
Beg. Balance Cash 110 ₱ 33,000
Accounts Receivable 120 192,000
Merchandise Inventory 130 413,000
Supplies 140 51,000
Prepaid Insurance 150 48,000
Land 160 460,000
Building 170 1,750,000
Accumulated Depreciation - Building 175
Equipment 180 2,310,000
Accumulated Depreciation - Equipment 185
Accounts Payable 210
Salaries Payable 220
Mortgage Payable 230
Buenaflor, Capital 310

1 Cash 110 113,000

Accounts Receivable 120

2 Accounts Payable 210 64,000

Purchases Discounts 530
Cash 110

4 Purchases 510 170,000

Accounts Payable 210

5 Accounts Receivable 120 270,000

Sales 410

7 Advertising Expense 670 6,000

Cash 110

7 Cash 110 250,000

Sales 410

8 Accounts Payable 210 170,000

Purchases Discounts 530
Cash 110

9 Transportation In 540 4,000

Cash 110

10 Sales Returns and Allowances 420 70,000

Accounts Receivable 120
12 Sales Discounts 430 4,000
Cash 110 196,000
Accounts Receivable 120

14 Interest Expense 680 26,000

Cash 110

15 Salaries Expense 610 51,000

Cash 110

16 Accounts Receivable 120 392,000

Sales 410

18 Transportation Out 660 4,000

Cash 110

19 Supplies 140 21,000

Cash 110

20 Purchases 510 125,000

Accounts Payable 210

22 Miscellaneous Expense 690 7,000

Cash 110

23 430 7,840
Cash 110 384,160
Accounts Receivable 120

24 Purchases 510 373,000

Accounts Payable 210

24 Transportation In 540 9,000

Cash 110

25 Accounts Receivable 120 420,000

Sales 410

26 Sales Returns and Allowances 420 71,000

Accounts Receivable 120

28 Buenaflor, Withdrawals 320 400,000

Cash 110

28 Accounts Payable 210 25,000

Purchases Returns and Allowances 520
 CREDIT

₱ 350,000

630,000
108,000

2,600,000
1,569,000

113,000

1,920
62,080

170,000

270,000

6,000

250,000

5,100
164,900

4,000

70,000
200,000

26,000

51,000

392,000

4,000

21,000

125,000

7,000

392,000

373,000

9,000

420,000

71,000

400,000

25,000
 TERESITA BUENAFLOR COMPANY
ADJUSTING JOURNAL ENTRIES
FEB. 2013 REF
28 a Salaries Expense 610
Salaries Payable 220
Salaries accrued at month-end

28 b Insurance Expense 630

Prepaid Insurance 150

28 c Depreciation Expense - Building 640

Depreciation Expense - Equipment 650
Accumulated Depreciation - Building 175
Accumulated Depreciation - Equipment 185
Depreciation for the building and the equipment for the month

28 d Supplies Expense 620

Supplies 140
Supplies expense for the month
 DEBIT CREDIT
₱ 51,000
₱ 51,000

2,000
2,000

9,000
12,000
9,000
12,000

58,000
58,000
 TERESITA BUENAFLOR
CLOSING ENTRIES
FEB. 2013 REF DEBIT
28 Income Summary 330 ₱ 1,472,840
Merchandise Inventory 130
Sales Returns and Allowances 420
Sales Discounts 430
Purchases 510
Transportation In 540
Salaries Expense 610
Supplies Expense 620
Insurance Expense 630
Depreciation Expense - Building 640
Depreciation Expense - Equipment 650
Transportation Out 660
Advertising Expense 670
Interest Expense 680
Miscellaneous Expense 690

28 Merchandise Inventory 130 397,000

Sales 410 1,332,000
Purchases Returns and Allowances 520 25,000
Purchases Discounts 530 7,020
Income Summary 330

28 Income Summary 330 288,180

Buenaflor, Capital 310

28 Buenaflor, Capital 310 400,000

Buenaflor, Withdrawals 320
 CREDIT

₱ 413,000
141,000
11,840
668,000
13,000
102,000
58,000
2,000
9,000
12,000
4,000
6,000
26,000
7,000

1,761,020

288,180

400,000
 TERESITA BUENAFLOR
WORKSHEET
FOR THE MONTH ENDED FEBRUAR
Unadjusted Trial Balance Adjusting Entries
REF Account Title DEBIT CREDIT DEBIT CREDIT
110 Cash ₱ 221,180
120 Accounts Receivable 428,000
130 Merchandise Inventory 413,000
140 Supplies 72,000 d
150 Prepaid Insurance 48,000 b
160 Land 460,000
170 Building 1,750,000
175 Accumulated Depreciation - Building ₱ 350,000 c
180 Equipment 2,310,000
185 Accumulated Depreciation - Equipment 630,000 c
210 Accounts Payable 517,000
220 Salaries Payable a
230 Mortgage Payable 2,600,000
310 Buenaflor, Capital 1,569,000
320 Buenaflor, Withdrawals 400,000
330 Income Summary
410 Sales 1,332,000
420 Sales Returns and Allowances 141,000
430 Sales Discounts 11,840
510 Purchases 668,000
520 Purchases Returns and Allowances 25,000
530 Purchases Discounts 7,020
540 Transportation In 13,000
610 Salaries Expense 51,000 a ₱ 51,000
620 Supplies Expense d 58,000
630 Insurance Expense b 2,000
640 Depreciation Expense - Building c 9,000
650 Depreciation Expense - Equipment c 12,000
660 Transportation Out 4,000
670 Advertising Expense 6,000
680 Interest Expense 26,000
690 Miscellaneous Expense 7,000
TOTAL ₱ 7,030,020 ₱ 7,030,020 ₱ 132,000
NET INCOME
TOTAL
 TERESITA BUENAFLOR
WORKSHEET
HE MONTH ENDED FEBRUARY 28, 2013
Adjusting Entries Adjusted Trial Balance Income Statement Balance Sheet
CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT
₱ 221,180 ₱ 221,180
428,000 428,000
413,000 ₱ 413,000 ₱ 397,000 397,000
₱ 58,000 14,000 14,000
2,000 46,000 46,000
460,000 460,000
1,750,000 1,750,000
9,000 ₱ 359,000
2,310,000 2,310,000
12,000 642,000
517,000
51,000 51,000
2,600,000
1,569,000
400,000 400,000

1,332,000 1,332,000
141,000 141,000
11,840 11,840
668,000 668,000
25,000 25,000
7,020 7,020
13,000 13,000
102,000 102,000
58,000 58,000
2,000 2,000
9,000 9,000
12,000 12,000
4,000 4,000
6,000 6,000
26,000 26,000
7,000 7,000
₱ 132,000 ₱ 7,102,020 ₱ 7,102,020 1,472,840 1,761,020 6,026,180
288,180
₱ 1,761,020 ₱ 1,761,020 ₱ 6,026,180
Balance Sheet Closing Entries Post-Closing Trial Balance
CREDIT DEBIT CREDIT DEBIT CREDIT
₱ 221,180
428,000
₱ 397,000 ₱ 413,000 397,000
14,000
46,000
460,000
1,750,000
₱ 359,000 ₱ 359,000
2,310,000
642,000 642,000
517,000 517,000
51,000 51,000
2,600,000 2,600,000
1,569,000 400,000 288,180 1,457,180
400,000
1,761,020 1,761,020
1,332,000
141,000
11,840
668,000
25,000
7,020
13,000
102,000
58,000
2,000
9,000
12,000
4,000
6,000
26,000
7,000
5,738,000 ₱ 3,922,040 ₱ 3,922,040 ₱ 5,626,180 ₱ 5,626,180
288,180
₱ 6,026,180
 Teresita Buenaflor Shoes
Statement of Financial Performace
For the Month Ended February 28, 2013

Sales

Less: Sales Discounts ₱ 11,840

Sales Returns and Allowances 141,000
Net Sales

Less: Cost of Sales

Merchandise Inventory, 2/1/2013 413,000
Purchases ₱ 668,000
Purchases Discounts ₱ 7,020
Purchases Returns and Allowances 25,000 (32,020)
Net Purchases 635,980
Transportation In 13,000 648,980
Total Goods Available for Sale 1,061,980
Merchandise Inventory, 2/28/2013 (397,000)
Gross Profit

Less: Operating Expenses

Selling Expenses
Transportation Out 4,000
Advertising Expense 6,000 10,000
Administrative Expenses
Salaries Expense 102,000
Supplies Expense 58,000
Insurance Expense 2,000
Depreciation Expense - Building 9,000
Depreciation Expense - Equipment 12,000 183,000
Total Operating Expense
Operating Profit

Less: Other Expenses

Intrest Expenses 26,000
Miscellaneous Expenses 7,000
NET INCOME
₱ 1,332,000

(152,840)
1,179,160

(664,980)
514,180

(193,000)
321,180

(33,000)
₱ 288,180
 Teresita Buenaflor Company
Statement of Cash Flow
For the Month Ended February 28, 2013

Cash Flow from Operating Activities

Cash Sales $ 250,000
Collection of accounts 693,160
Payment for freight in (13,000)
Purchase of supplies (21,000)
Payment for advertising (6,000)
Payment for interest (26,000)
Payment for salaries (51,000)
Payment for freight out (4,000)
Payment for Accounts Payable (226,980)
Payment for miscellaneous expenses (7,000)
Net Cash Flow from Operating Activities $ 588,180

Cash Flow from Investing Activities

Net Cash Flow from Investing Activities -

Cash Flow from Financing Activities

Withdrawals (400,000)
Net Cash Flow from Financing Activities (400,000)

Total Cash Flow from Operating, Investing & Financing 188,180

Add: Cash balance, beginning 33,000
Ending Cash Balance, February 2013 $ 221,180
 Teresita Buenaflor Shoes
Statement of Changes in Owner's Equity
For the Month Ended February 28, 2013

Buenaflor, Owner's Equity, 2/1/2018

Add: Profit
Total
Less: Withdrawals
Buenaflor, Owner's Equity, 2/28/2018
₱ 1,569,000
288,180
1,857,180
400,000
₱ 1,457,180
 Teresita Buenaflor Shoes
Statement of Financial Position
As of February 28, 2013

ASSETS
Current Assets
Cash ₱ 221,180
Accounts Receivable 428,000
Merchandise Inventory 397,000
Supplies 14,000
Prepaid Insurance 46,000
Total Current Assets
Non-Current Assets
Land 460,000
Building 1,750,000
Less: Accumulated Depreciation - Building 359,000 1,391,000
Equipment 2,310,000
Less: Accumulated Depreciation - Equipment 642,000 1,668,000
Total Non-Current Assets
TOTAL ASSETS

LIABILITIES AND OWNER'S EQUITY

Current Liabilities
Accounts Payable ₱ 517,000
Salaries Payable 51,000
Total Current Liabilities
Non-Current Liabilities
Mortgage Payable
Total Liabilities
Owner's Equity
Buenaflor, Capital, Feb. 28
TOTAL LIABILITIES AND OWNER'S EQUITY
₱ 1,106,180

3,519,000
₱ 4,625,180

₱ 568,000

2,600,000
3,168,000

1,457,180
₱ 4,625,180