Lucky Charm Mini Mart

Worksheet
For the Year Ended December 31, 2020

Trial Balance
Account Title Debit Credit
Cash on Hand ₱ 12,640.00 5
Cash in Bank 23,750.00
Marketable Securities 15,000.00
Accounts Receivable 45,800.00
Allowance for Bad Debts 3,920.00
Notes Receivable 18,000.00
Merchandise Inventory, Jan. 1 96,500.00 1
Unused Supplies 7,980.00
Prepaid Insurance 6,400.00
Equipment 42,000.00
Accumulated Depreciation - Equipment 8,750.00
Building 75,000.00
Accumulated Depreciation - Building 14,400.00
Accounts Payable 36,200.00
Notes Payable 16,300.00
Bank loan - PNB 35,000.00
Janus, Capital 37,485.00
Janus, Drawings 14,750.00
Sales 850,000.00
Sales Return and Allowances 13,570.00
Sales Discount 3,950.00
Purchases 587,495.00
Purchase Return and Allowances 23,625.00
Purchase Discount 14,980.00
Freight - in 13,250.00
Interest Income 3,200.00
Commission Income 6,450.00
Taxes and Licenses 12,450.00
Rent Expense 15,700.00 3
Repair and Maintenance 6,300.00
Interest Expense 4,950.00 7
Light and Water 5,690.00
Advertising Expense 4,060.00 8
Miscellaneous Expense 6,475.00
Salaries and Wages 18,600.00
Total ₱ 1,050,310.00 ₱ 1,050,310.00
Income Summary 1
Bad Debts Expense 2
Prepaid Rent Expense
Unearned Commission Income 4
Dividend Income
Interest Receivable 6
Interest Payable
Prepaid Advertising
Depreciation Expense-Equipment 9
Depreciation Expense-Building 10
Totals
Net Income
Totals
 Adjustments Adjusted Balance Income Statement
Debit Credit Debit Credit Debit
₱ 2,845.00 ₱ 15,485.00
23,750.00
15,000.00
45,800.00
2 ₱ 4,162.40 ₱ 8,082.40
18,000.00
137,520.00 1 96,500.00 137,520.00
7,980.00
6,400.00
42,000.00
9 3,000.00 11,750.00
75,000.00
10 2,880.00 17,280.00
36,200.00
16,300.00
35,000.00
37,485.00
14,750.00
850,000.00
13,570.00 ₱ 13,570.00
3,950.00 3,950.00
587,495.00 587,495.00
23,625.00
14,980.00
13,250.00 13,250.00
6 360.9 3,560.90
4 3,440.00 9,890.00
12,450.00 12,450.00
5,887.50 21,587.50 21,587.50
6,300.00 6,300.00
225.67 5,175.67 5,175.67
5,690.00 5,690.00
3,045.00 7,105.00 7,105.00
6,475.00 6,475.00
18,600.00 18,600.00

96,500.00 1 137,520.00 96,500.00 137,520.00 96,500.00

4,162.40 4,162.40 4,162.40
3 5,887.50 5,887.50
3,440.00 3,440.00
5 2,845.00 2,845.00
360.9 360.9
7 225.67 225.67
 8 3,045.00 3,045.00
3,000.00 3,000.00 3,000.00
2,880.00 2,880.00 2,880.00
₱ 259,866.47 ₱ 259,866.47 ₱ 1,213,676.47 ₱ 1,213,676.47 808,190.57
234,230.33
1,042,420.90
Income Statement Balance Sheet
Credit Debit Credit
₱ 15,485.00
23,750.00
15,000.00
45,800.00
₱ 8,082.40
18,000.00
137,520.00
7,980.00
6,400.00
42,000.00
11,750.00
75,000.00
17,280.00
36,200.00
16,300.00
35,000.00
37,485.00
14,750.00
₱ 850,000.00

23,625.00
14,980.00

3,560.90
9,890.00

137,520.00

5,887.50
3,440.00
2,845.00
360.9
225.67
 3,045.00

1042420.9 405,485.90 171,255.57

234,230.33
₱ 1,042,420.90 ₱ 405,485.90 ₱ 405,485.90
Adjusting Entries

1. Merchandise Inventory (end) ₱ 137,520.00

Income Summary ₱137,520.00

Income Summary 96,500.00

Merchandise Inventory (beg) 96,500.00

2. Bad Debts 4,162.40

Allowance for Bad Debts 4,162.40

3. Rent Expense 5,887.50

Prepaid Rent Expense 5,887.50

4. Unearned Commission Income 3,440.00

Commission Income 3,440.00

5. Cash on Hand 2,845.00

Dividend Income 2,845.00

6. Interest Receivable 360.9

Interest Income 360.9

7. Interest Expense 225.67

Interest Payable 225.67

8. Prepaid Advertising 3,045.00

Advertising Expense 3,045.00

9. Depreciation Expense-Equipment 3,000.00

Accumulated Depreciation 3,000.00

10. Depreciation Expense-Building 2,880.00

Accumulated Depreciation 2,880.00