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Periodic Inventory System Method
Periodic Inventory System Method
Operations began on December 1, 20XX, and the following transactions were completed
during the month:
39,000
10,000
15,900
700
15,200
200
300
312
15,288
15,200
14,400
1,500
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Credit
12,000
500
14,200
700
16,400
12,300
9,000
2,008
900
13,700
6,400
Account 110 Cash
Date Description Post Debit Credit
Accounts Receivable
Balance
Debit Credit
15,200
0
13,700
Supplies
Balance
Debit Credit
700
300
Merchandise Inventory
Balance
Debit Credit
25,000
Equipment
Balance
Debit Credit
10,000
ccumulated Depreciation
Balance
Debit Credit
150
Accounts Payable
Balance
Debit Credit
15,900
15,600
0
14,200
5,200
Notes Payable
Balance
Debit Credit
12,000
Lopez, Capital
Balance
Debit Credit
39,000
43,058
41,050
Lopez, Drawings
Balance
Debit Credit
2,008
0
Sales
Balance
Debit Credit
15,200
31,600
45,300
0
Sales Discounts
Balance
Debit Credit
304
0
Purchases
Balance
Debit Credit
15,900
30,300
44,500
56,800
0
Purchase Discount
Balance
Debit Credit
312
0
Freight In
Balance
Debit Credit
700
0
Freight Out
Balance
Debit Credit
200
0
Salaries Expense
Balance
Debit Credit
1,500
3,000
0
Advertising Expense
Balance
Debit Credit
1,000
0
Rent Expense
Balance
Debit Credit
3,500
0
Utilities Expense
Balance
Debit Credit
400
0
Supplies Expense
Balance
Debit Credit
400
0
Depreciation Expense
Balance
Debit Credit
150
0
Income Summary
Balance
Debit Credit
25,000
69,096
12,708
4,058
0
Lopez Fiesta Mart
Unadjusted Trial Balance
December 31, 2021
150
400
Lopez Fiesta Mart
Adjusted Trial Balance
December 31, 2021
Beginning Inventory 0
Add: Purchases 56,800
Freight In 700 57,500
Total 57,500
Less: Purchase Returns & Allowances 800
Purchase Discount 312 1,112
Total Goods Available for Sale 56,388
Less: Ending Inventory 25,000
Cost of Goods Sold 31,388
Lopez Fiesta Mart
Statement of Financial Performance
December 31, 2021
Sales 45,300
Less: Sales Returns & Allowances 900
Sales Discount 304 1,204
Net Sales 44,096
Less: Cost of Goods Sold 31,388
Gross Profit 12,708
Less: Operating Expenses
Freight Out 200
Salaries Expense 3,000
Advertising Expense 1,000
Rent Expense 3,500
Utilities Expense 400
Supplies Expense 400
Depreciation Expense 150 8,650
Net Income / (Loss) 4,058
Lopez Fiesta Mart
Statement of Changes in Equity
December 31, 2021
ASSETS
Current Assets
Cash 9,400
Accounts Receivable 13,700
Supplies 300
Merchandise Inventory 25,000
Non-Current Assets
Equipment 10,000
Accumulated Depreciation -150
TOTAL ASSETS 58,250
Owner's Equity
Lopez, Capital 41,050
TOTAL LIABILITIES AND OWNER'S EQUITY 58,250
Lopez Fiesta Mart
Statement of Cash Flow
December 31, 2021