Trial Balance Adjustments Profit or Financial Position

Loss
Account Titles Debit  Credit Debit  Credit Debit  Credit Debit  Credit
Cash P191,000 P60,000 P131,000
Accounts receivable 615,000 615,000
Allowance for doubtful accounts P21,000 P9,750 P30,750
Inventory, December 31, 2017 584,000 584,000
Prepaid Expenses 8,000 1,200 6,800
Investments 110,000 30,000 80,000
Furniture and Equipment 312,000 312,000
Miscellaneous Equipment 90,000 90,000
Accumulated Depreciation 76,400 39,200 115,600
Accounts Payable 543,000 50,000 593,000
Accrued Expenses 51,000 3,000 54,000
Unearned Rent Income 12,800 2,800 10,000
Ordinary Share Capital 600,000 600,000
Retained Earnings 182,800 182,800
Sales 3,500,000 3,500,000
Rent Income 48,000 2,800 50,800
Purchases 2,424,000 50,000 2,474,000
Salaries Expenses 400,000 400,000
Advertising Expense 124,000 124,000
Commission Expense 80,000 80,000
Utilities Expense 32,000 32,000
Supplies 12,000 12,000
Transportation Expense 14,000 14,000
Repairs and Maintenance 16,000 16,000
Miscellaneous Expenses 23,000 3,000 26,000
5,035,000 5,035,000
Equipment acquisition fund 60,000 60,000
Inventory, December 31, 2018 650,000 650,000
Cost of Goods Sold 2,408,000 2,408,000
Doubtful accounts Expense 9,750 9,750
Treasury Shares 30,000 30,000
Depreciation Expense 39,200 39,200
Insurance Expense 1,200 1,200
P3,253,95 P3,253,950 3,162,150 3,550,800
0
Profit before income tax 338,650
3,550,800 3,550,800
Profit before income tax 388,650
Income tax expense 101,595
Income tax payable 101,595
Profit 287,055 287,055
P388,650 P388,650 P1,974,800 P1,974,800