2018

Feb. 1 Cash 113,000

Accounts Receivable 113,000
To record collection of accounts receivable.

2 Accounts Payable 64000

Purchase Discount 1,920
Cash 62,080
To record payment of accounts due less discounts.

4 Purchases 170,000
Accounts Payable 170,000
To record purchases on account.

5 Accounts Receivable 270,000

Sales 270,000
To record sales on account.

7 Advertising Expense 6,000

Cash 6,000
To record advertising expense.

7 Cash 250,000
Sales 250,000
To record cash sales.

8 Accounts Payable 170,000

Purchase Discount 5100
Cash 164,900
To record payment of accounts payable less discounts.

9 Transportation In 4000
Cash 4000
To record payment of freight in.

10 Sales Returns and Allowances 70,000

Accounts Receivable 70,000
To record sales returns.

12 Cash 196000
Sales Discounts 4,000
Accounts Receivable 200,000
To record collection of accounts receivable less discounts.

14 Interest Expense 26,000

Cash 26,000
To record payment of interest.

15 Salaries Expense 51,000

Cash 51,000
To record payment of salaries.

16 Accounts Receivable 392,000

Sales 392,000
To record sales on account.

18 Transportation Out 4,000

Cash 4,000
 To record freight on sale.

19 Supplies 21,000
Cash 21,000
To record purchase of supplies.

20 Purchases 125,000
Accounts Payable 125,000
To record purchases on account.

22 Miscellaneous Expense 7,000

Cash 7,000
To record payment of miscellaneous expenses.

23 Cash 384,160
Sales Discounts 7840
Accounts Receivable 392,000
To record collection of accounts less discounts.

24 Purchases 373,000
Accounts Payable 373,000
To record purchases on account.

24 Transportation In 9,000
Cash 9,000
To record payment of freight in.

25 Accounts Receivable 420,000

Sales 420,000
To record sales on account.

26 Sales Returns and Allowances 71,000

Accounts Receivable 71,000
To record sales returns.

28 Buenaflor, Withdrawals 400,000

Cash 400,000
To record owner's withdrawal.

28 Accounts Payable 25,000

Purchase Returns and Allowances 25,000
To record purchase returns.
 Cash Land
Beg. Bal 33,000 62,080 2-Feb Beg. Bal 460,000
1-Feb 113,000 6,000 7-Feb
7-Feb 250,000 164,900 8-Feb
12-Feb 196000 4000 9-Feb Building
23-Feb 384,160 26,000 14-Feb Beg. Bal 1,750,000
51,000 15-Feb
4,000 18-Feb
21,000 19-Feb
7,000 22-Feb Acc. Dep. -Building
9,000 24-Feb 350,000
400,000 28-Feb 9,000
976,160 754,980 359,000
221,180
Equipment
Accounts Receivable Beg. Bal 2,310,000
Beg. Bal 192,000 113,000 1-Feb
5-Feb 270,000 70,000 10-Feb
16-Feb 392,000 200,000 12-Feb
25-Feb 420,000 392,000 23-Feb Acc. Dep. - Equipment
71,000 26-Feb 630,000
1,274,000 846,000 12,000
428,000 642,000

Merchandise Inventory
Beg. Bal 413,000 413,000 Closing
Closing 397,000 Accounts Payable
397,000 2-Feb 64000 108,000
8-Feb 170,000 170,000
Supplies 28-Feb 25,000 125,000
Beg. Bal 51,000 373,000
19-Feb 21,000 259000 776,000
72,000 517,000
58,000 Adj. Entry
14,000

Prepaid Insurance
Beg. Bal 48,000
2,000 Adj. Entry
46,000
 Mortgage Payable
2,600,000 Beg. Bal 10-Feb
26-Feb

Salaries Payable
51,000 Adj. Entry

12-Feb
23-Feb
Buenaflor, Capital
Beg. Bal Closing 400,000 1,569,000 Beg. Bal
Adj. Entry 288,180 Closing
1,457,180
4-Feb
Buenaflor, Withdrawals 20-Feb
28-Feb 400,000 400,000 Closing 24-Feb
0

Income Summary
Beg. Bal Closing 288,180 288,180 Closing Closing
Adj. Entry 0

Closing

Sales
Closing 1,332,000 270,000 5-Feb
Beg. Bal 250,000 7-Feb
4-Feb 392,000 16-Feb
20-Feb 420,000 25-Feb
24-Feb 1,332,000
0
 Sales Returns and Allowance Transportation In
70,000 141,000 Closing 9-Feb 4000
71,000 24-Feb 9,000
141,000 13000
0 0
Salaries Expense
Sales Discounts 15-Feb 51,000
4,000 11,840 Closing Adj. Entry 51,000
7840 102,000
11,840 0
0 Supplies Expense
Adj. Entry 58,000
Purchases
170,000 668,000 Closing
125,000
373,000 Insurance Expense
668,000 Adj. Entry 2,000
0 0

Purchases Returns and Allowances

25,000 25,000 28-Feb Depreciation Expense - Building
0 Adj. Entry 9,000
Purchase Discounts 0
7,020 1,920 2-Feb
5100 8-Feb
7,020 Depreciation Expense - Equipment
0 Adj. Entry 12,000
0
 Transportation In Transportation Out
13,000 Closing 18-Feb 4,000 4,000 Closing
0

Salaries Expense
102,000 Closing Advertising Expense
7-Feb 6,000 6,000 Closing
0

Supplies Expense
58,000 Closing
Interest Expense
14-Feb 26,000 26,000 Closing
0
Insurance Expense
2,000 Closing
Miscellaneous Expense
22-Feb 7,000 7,000 Closing
0
preciation Expense - Building
9,000 Closing

eciation Expense - Equipment

12,000 Closing
 TERESITA BUENAFLOR SHOES
TRIAL BALANCE
FEBRUARY 28, 2018

Account Title Debit Credit

Cash 221,180
Accounts Receivable 428,000
Merchandise Inventory 413,000
Supplies 72,000
Prepaid Insurance 48,000
Land 460,000
Building 1,750,000
Acc. Dep. - Building 350,000
Equipment 2,310,000
Acc. Dep. - Equipment 630,000
Accounts Payable 517,000
Mortgage Payable 2,600,000
Buenaflor, Capital 1,569,000
Buenaflor, Withdrawals 400,000
Sales 1,332,000
Sales Returns and Allowances 141,000
Sales Discounts 11,840
Purchases 668,000
Purchase Returns and Allowances 25,000
Purchase Discounts 7,020
Transportation In 13000
Salaries Expense 51,000
Transportation Out 4,000
Advertising Expense 6,000
Interest Expense 26,000
Miscellaneous Expense 7,000
TOTAL 7,030,020 7,030,020
a. Salaries Expense 51,000
Salaries Payable 51,000
To record accrued salaries.

b. Insurance Expense 2,000

Prepaid Insurance 2,000
To record insurance expense.

c. Depreciation Expense - Building 9,000

Depreciation Expense - Equipment 12,000
Acc. Dep. - Building 9,000
Acc. Dep. - Equipment 12,000
To record depreciation expense.

d. Supplies Expense 58,000

Supplies 58,000
To record supplies expense.
 TERESITA BUENAFLOR SHOES
WORKSHEET
FEBRUARY 28, 2018
Account Title UNADJUSTED TB ADJUSTMENTS ADJUSTED TB INCOME STATEMENT BALANCE SHEET
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr.
Cash 221,180 221,180 221,180
Accounts Receivable 428,000 428,000 428,000
Merchandise Inventory 413,000 413,000 413,000 397,000 397,000
Supplies 72,000 58,000 14,000 14,000
Prepaid Insurance 48,000 2,000 46,000 46,000
Land 460,000 460,000 460,000
Building 1,750,000 1,750,000 1,750,000
Acc. Dep. - Building 350,000 9,000 359,000
Equipment 2,310,000 2,310,000 2,310,000
Acc. Dep. - Equipment 630,000 12,000 642,000
Accounts Payable 517,000 517,000
Salaries Payable 51,000 51,000
Mortgage Payable 2,600,000 2,600,000
Buenaflor, Capital 1,569,000 1,569,000
Buenaflor, Withdrawals 400,000 400,000 400,000
Income Summary
Sales 1,332,000 1,332,000 1,332,000
Sales Returns and Allowances 141,000 141,000 141,000
Sales Discounts 11,840 11,840 11,840
Purchases 668,000 668,000 668,000
Purchase Returns and Allowances 25,000 25,000 25,000
Purchase Discounts 7,020 7,020 7,020
Transportation In 13000 13000 13000
Salaries Expense 51,000 51,000 102,000 102,000
Supplies Expense 58,000 58,000 58,000
Insurance Expense 2,000 2,000 2,000
Depreciation Expense- Building 9,000 9,000 9,000
Depreciation Expense- Equipment 12,000 12,000 12,000
Transportation Out 4,000 4,000 4,000
Advertising Expense 6,000 6,000 6,000
Interest Expense 26,000 26,000 26,000
Miscellaneous Expense 7,000 7,000 7,000

TOTAL 7,030,020 7,030,020 132,000 132,000 7,102,020 7,102,020 1,472,840 1,761,020 6,026,180
PROFIT 288,180
1,761,020 1,761,020 6,026,180
BALANCE SHEET
Cr.

359,000

642,000
517,000
51,000
2,600,000
1,569,000
5,738,000
288,180
6,026,180
 TERESITA BUENAFLOR SHOES
STATEMENT OF FINANCIAL PERFORMANCE
FOR THE MONTH ENDED FEBRUARY 28, 2018

Sales 1,332,000
Less: Sales Discounts -11,840
Sales Returns and Allowances -141,000
Net Sales 1,179,160

Purchases 668,000
Add: Transportion In 13000
Merchandise Inventory, Beg. 413,000
Less: Purchase Discounts -7,020
Purchase Returns and Allowances -25,000
Merchandise Inventory, End -397,000
Net Purchases 664,980

Gross Profit 514,180

Less: Operating Expenses

Salaries Expense 102,000
Supplies Expense 58,000
Insurance Expense 2,000
Depreciation Expense- Building 9,000
Depreciation Expense- Equipment 12,000
Transportation Out 4,000
Advertising Expense 6,000
Miscellaneous Expense 7,000 200,000

Operating Profit 314,180

Less: Interest Expense -26,000
Profit 288,180
 TERESITA BUENAFLOR SHOES
STATEMENT OF CHANGES IN EQUITY
FOR THE MONTH ENDED FEBRUARY 28, 2018

Buenaflor, Capital (02/01/2018) 1,569,000

Add: Profit 288,180
Less: Buenaflor, Withdrawals -400,000
Buenaflor, Capital (02/28/2018) 1,457,180
 TERESITA BUENAFLOR SHOES
STATEMENT OF FINANCIAL POSITION
AS OF THE MONTH ENDED FEBRUARY 28, 2018

ASSETS
Current Assets:
Cash 221,180
Accounts Receivable 428,000
Merchandise Inventory 397,000
Supplies 14,000
Prepaid Insurance 46,000
Total Current Assets 1,106,180

Noncurrent Assets:
Land 460,000
Building 1,750,000
Acc. Dep. - Building -359,000
Equipment 2,310,000
Acc. Dep. - Equipment -642,000
Total Noncurrent Assets 3,519,000

TOTAL ASSETS 4,625,180

LIABILITIES AND OWNER'S EQUITY

Current Liabilities:
Accounts Payable 517,000
Salaries Payable 51,000
Noncurrent Liabilities:
Mortgage Payable 2,600,000
Owner's Equity:
Buenaflor, Capital (02/28/2018) 1,457,180
TOTAL LIABILITIES & OWNER'S EQUITY 4,625,180
CLOSING ENTRIES:

Merchandise Inventory, End 397,000

Sales 1,332,000
Purchase Returns and Allowances 25,000
Purchase Discounts 7,020
Income Summary 288,180
Sales Returns and Allowances 141,000
Sales Discounts 11,840
Purchases 668,000
Transportation In 13000
Salaries Expense 102,000
Supplies Expense 58,000
Insurance Expense 2,000
Depreciation Expense- Building 9,000
Depreciation Expense- Equipment 12,000
Transportation Out 4,000
Advertising Expense 6,000
Interest Expense 26,000
Miscellaneous Expense 7,000
Merchandise Inventory, Beg. 413,000
To close nominal accounts.

Income Summary 288,180

Buenaflor, Capital 288,180
To close income summary to capital.

Buenaflor, Capital 400,000

Buenaflor, Withdrawals 400,000
To close withdrawal account to capital.
 TERESITA BUENAFLOR SHOES
POST-CLOSING TRIAL BALANCE
FEBRUARY 28, 2018
Dr. Cr.
Cash 221180
Accounts Receivable 428000
Merchandise Inventory 397000
Supplies 14000
Prepaid Insurance 46000
Land 460000
Building 1750000
Acc. Dep. - Building 359000
Equipment 2310000
Acc. Dep. - Equipment 642000
Accounts Payable 517000
Salaries Payable 51000
Mortgage Payable 2600000
Buenaflor, Capital 1,457,180

TOTAL 5,626,180 5,626,180