Sweet Potion Merchandising

Worksheet
For Year Ended December 31,2016
No. Account Title Trial Balance Adjustment
Debit Credit Debit Credit
Cash ₱100,000
Accounts Receivable 101,000
Allowance for Bad Debts ₱7,000
Notes Receivable 465,000
Merchandise Inventory 80,000
Office Supplies 5,000 a. 1,000
Prepaid Insurance 15,000 c. 8,000
Furniture & Fixtures 28,000
Accum. Depreciation-Furniture & Fixtures 8,000 b. 2,500
Accounts Payable 60,000
Notes Payable 54,000
Mortgage Payable 105,000
Sweet, Capita 461,600
Sweet, Drawing 30,000
Sales 888,000
Sales Returns & Allowances 51,000
Sales Discount 38,000
Purchases 550,000
Freight-in 25,000
Purchase Returns & Allowances 92,000
Purchase Discount 18,000
Sales Salaries Expense 123,000 d. 17,000
Utilities Expense-Store 8,900
Office Salaries 90,000
Utilities Expense-Office 10,200
Bad Debts Expense 3,000
Office Supplies Expense 5,500 a. 1,000
Interest Expense 10,000
Interest Income 25,000
Rent Income 20,000
Totals ₱1,738,600 ₱1,738,600
Depreciation Expense-Furniture & Fixtures b. 2,500
Insurance Expense-Store c. 8,000
Salaries Payable d. 17,000
₱28,500 ₱28,500
Net Income
 Merchandising
ksheet
December 31,2016
Adjusted Trial Balance Income Statement Balance Sheet
Debit Credit Debit Credit Debit Credit
₱100,000 ₱100,000
101,000 101,000
₱7,000 ₱7,000
465,000 465,000
80,000 80,000 60,000 60,000
4,000 4,000
7,000 7,000
28,000 28,000
105,000 10,500
60,000 60,000
54,000 54,000
105,000 105,000
461,600 461,600
30,000 30,000
888,000 ₱888,000
51,000 ₱51,000
38,000 38,000
550,000 550,000
25,000 25,000
92,000 92,000
18,000 18,000
140,000 140,000
8,000 8,900
90,000 90,000
10,200 10,200
3,000 3,000
6,500 6,500
10,000 10,000
25,000 25,000
20,000 20,000

2,500 2,500
8,000 8,000
17,000 ₱17,000
₱1,757,200 ₱1,852,600 ₱1,023,100 ₱1,103,000 ₱795,000 ₱715,100
79,900 79,900
₱1,103,000 ₱1,103,000 ₱795,000 ₱ 795,000
 Sweet Potion Merchandising
Trial Balance
December 31,2016
Debit Credit
Cash ₱100,000
Accounts Receivable 101,000
Allowance for Bad Debts ₱7,000
Notes Receivable 465,000
Merchandise Inventory 80,000
Office Supplies 5,000
Prepaid Insurance 15,000
Furniture & Fixtures 28,000
Accum. Depreciation-Furniture & Fixtures 8,000
Accounts Payable 60,000
Notes Payable 54,000
Mortgage Payable 105,000
Sweet, Capita 461,600
Sweet, Drawing 30,000
Sales 888,000
Sales Returns & Allowances 51,000
Sales Discount 38,000
Purchases 550,000
Freight-in 25,000
Purchase Returns & Allowances 92,000
Purchase Discount 18,000
Sales Salaries Expense 123,000
Utilities Expense-Store 8,900
Office Salaries 90,000
Utilities Expense-Office 10,200
Bad Debts Expense 3,000
Office Supplies Expense 5,500
Interest Expense 10,000
Interest Income 25,000
Rent Income 20,000
Totals ₱1,738,600.00 ₱1,738,600

Additional Information
a. Office Supplies expense for the year is ₱1,000.
b. Annual Depreciation of store furniture and fixtures is ₱2,500.
c. Store Insurance Expense for the year is ₱8,000.
d. Unpaid sales salaries at year-end is ₱17,000.
e. A physical amount of the merchandise inventory at year-end showed unsold merchandise
amounting to ₱60,000.
 Credit

₱7,000

8,000
60,000
54,000
105,000
461,600

888,000

92,000
18,000

25,000
20,000
₱1,738,600

unsold merchandise