SALES JOURNAL

Date Invoice No. Account Debited

February 1 0009 Le Fiorelli
10 0010 Madame Melda
11 0011 Dona Narcisa Vda. De Zobella
11 0012 The Tribe
12 0013 Don Borbon
21 0014 Madame Melda
23 0015 Little Cristle Mae
25 0016 Le Donne
P/R Accounts Receivable Dr. / Sales Cr.
✓ 20,000
✓ 15,000
✓ 7,500
✓ 7,800
✓ 20,000
✓ 9,000
✓ 4,000
✓ 20,000
103,300
103 401
✓ ✓
 PURCHASE JOURNAL
Date Account Credited P/R Accounts Payable CR. Purchases DR.

February 2 Señora's Apparel ✓ 40,000 40,000

2 Leather House ✓ 10,000 10,000
5 Crown Company ✓ 2,000
6 Le Signature ✓ 25,000 25,000
7 Alberto's Sari-Sari ✓ 20,000 20,000
8 Katrina's Signature ✓ 35,000 35,000
8 Leather House ✓ 20,000 20,000
8 Vina's Boutique ✓ 8,000 8,000
13 Kiddie World ✓ 50,000 50,000
15 Snowhite Garments ✓ 18,000 18,000
19 Alberto's Sari-Sari ✓ 25,000 25,000
19 Señora's Apparel ✓ 26,000 26,000
20 Kiddie World ✓ 18,000 18,000
21 Fine Furnishings ✓ 15,000
312,000 295,000
201 501
✓ ✓
URCHASE JOURNAL
SUNDRY ACCOUNTS DR.
Purchases DR. Store Supplies DR.
Account Name P/R Amount
40,000
10,000
Office Supplies 106 2,000
25,000
20,000
35,000
20,000
8,000
50,000
18,000
25,000
26,000
18,000
Furniture and Fixtures 110 15,000
295,000 17,000
501 ✓
✓
 CASH RECEIPT JOURNAL
Date Account Credited P/R Sundry Amount CR. Sales CR.
February 1 Sales 25,000
1 New Era Unibank - Notes Payable 202 100,000
2 Narcisa Vda. De Zobella ✓
3 Sales 20,000
4 Sales 10,000
5 Little Cristle Mae ✓
5 Sales 18,000
6 Atty. Victorino Vizmonte - Notes Receivable 102 25,000
9 Sales 10,000
12 Dona Narcisa Vda. De Zobella ✓
12 Don Borbon ✓
14 Sales 30,000
15 The Tribe ✓
15 A. Ventura, Capital 301 20,000
16 Sales 20,000
17 Snowhite Garments - Purchase Returns and Allowances 502 1,000
18 Sales 32,000
20 Madame Melda ✓
21 Sales 19,600
23 Madame Melda ✓
23 Little Cristle Mae ✓
24 Sales 15,400
25 Le Donne ✓
26 The Tribe ✓
26 Sales 10,000
27 Madame Melda ✓
28 Sales 6,000
146,000 216,000
✓ 401
✓
OURNAL
Sales CR. Accounts Receivable CR. Sales Discount DR. Cash DR.
25,000 25,000
100,000
5,000 5,000
20,000 20,000
10,000 10,000
3,500 70 3,430
18,000 18,000
25,000
10,000 10,000
4,400 4,400
19,500 19,500
30,000 30,000
15,000 150 14,850
20,000
20,000 20,000
1,000
32,000 32,000
14,000 280 13,720
19,600 19,600
4,500 4,500
400 400
15,400 15,400
5,000 5,000
7,800 78 7,722
10,000 10,000
17,500 17,500
6,000 6,000
216,000 96,600 578 458,022
401 103 403 101
✓ ✓ ✓ ✓
 CASH PAYMENTS JOURNAL
Date Check No. Account Debited P/R Sundry Amount DR.
February 1 2032 Gas and Oil Expense 510 1,000
3 2033 Utilities Expense 511 1,000
3 2034 Utilities Expense 511 450
3 2035 Utilities Expense 511 1,050
4 2036 Snowhite Garments ✓
7 2037 Freight-in 509 500
8 2038 Leather House ✓
9 2039 Alberto's Sari-Sari ✓
10 2040 Freight-out 508 600
12 2041 Senora's Apparel ✓
13 2042 Snowhite Garments ✓
14 2043 Kiddie World ✓
15 2044 Salaries Expense 507 7,500
15 2045 Le Signature ✓
16 2046 Leather House ✓
18 2047 Katrina's Signature ✓
18 2048 Leather House ✓
18 2049 Sales Returns and Allowances 402 2,000
22 2050 Sales Returns and Allowances 402 450
23 2051 A. Ventura, Drawing 302 5,000
24 2052 Snowhite Garments ✓
25 2053 Alberto's Sari-Sari ✓
25 2054 Store Supplies 107 6,000
27 2055 Salaries Expense 507 7,500
28 2056 Senora's Apparel ✓
28 2057 Alberto's Sari-Sari ✓
28 2058 Vina's Boutiques ✓
33,050
✓
TS JOURNAL
Accounts Payable DR. Purchases Discounts CR. Cash CR.
1,000
1,000
450
1,050
20,000 400 19,600
500
4,000 4,000
40,000 800 39,200
600
40,000 800 39,200
58,500 58,500
20,000 20,000
7,500
2,000 2,000
20,000 20,000
35,000 700 34,300
16,000 320 15,680
2,000
450
5,000
18,000 360 17,640
5,000 5,000
6,000
7,500
30,000 30,000
20,000 400 19,600
8,000 160 7,840
336,500 3,940 365,610
201 503 101
✓ ✓ ✓
 GENERAL JOURNAL
Date Description P/R Debit
February 9 Accounts Payable - Snowhite Garments 201/✓ 1,500
Purchase Returns and Allowances 502

11 Sales Returns and Allowances 402 1,000

Accounts Receivable - Madame Melda 103/✓

11 Accounts Payable - Le Signature 201/✓ 500

Purchase Returns and Allowances 502

17 Accounts Payable - Kiddie World 201/✓ 3,000

Purchase Returns and Allowances 502

20 Notes Receivable 102 17,000

Accounts Receivable - Le Fiorelli 103

28 Notes Receivable - Atty. Victorino Vizmonte 102 20,000

Sales 401

Adjusting Entries (Alternative A)

28 Income Summary 303 270,000

Merchandise Inventory 105

28 Merchandise Inventory 105 450,000

Income Summary 303

28 Interest Expense 505 1,000

Interest Payable 206

28 Utilities Expense 511 7,000

Utilities Payable 203

28 Depreciation Expense - Furniture and Fixtures 512 550

Depreciation Expense - Delivery Truck 513 2,000
Accumulated Depreciation - Furniture and Fixtures 111
Accumulated Depreciation - Delivery Truck 113

28 Rent Expense 514 5,000

Prepaid Rent 109

28 Insurance Expense 516 2,000

Prepaid Insurance 108
28 Office Supplies 106 1,000
Office Supplies Expense 517

28 Doubtful Accounts Expense 506 3,393

Allowance for Doubtful Accounts 104

Closing Entries

28 Sales 401 339,300

Purchase Returns and Allowances 502 6,000
Purchase Discounts 503 3,940
Office Supplies Expense 517 1,000
Income Summary 303

28 Income Summary 303 339,571

Sales Returns and Allowances 402
Sales Discounts 403
Purchases 501
Interest Expense 505
Doubtful Accounts Expense 506
Salaries Expense 507
Freight-out 508
Freight-in 509
Gas and Oil Expense 510
Utilities Expense 511
Depreciation Expense - Furniture and Fixtures 512
Depreciation Expense - Delivery Truck 513
Rent Expense 514
Insurance Expense 516

28 Income Summary 303 190,669

A. Ventura, Capital 301

28 A. Ventura, Capital 301 5,000

A. Ventura, Drawing 302
Debit Credit
1,500
1,500

1,000
1,000

500
500

3,000
3,000

17,000
17,000

20,000
20,000

270,000
270,000

450,000
450,000

1,000
1,000

7,000
7,000

550
2,000
550
2,000

5,000
5,000

2,000
2,000
 1,000
1,000

3,393
3,393

339,300
6,000
3,940
1,000
350,240

339,571
3,450
578
295,000
1,000
3,393
15,000
600
500
1,000
9,500
550
2,000
5,000
2,000

190,669
190,669

5,000
5,000
 CASH Acct.No.101
Date Particulars P/R Debit Date Particulars P/R Credit
Feb 1 Beginning Balance 154,440 Feb 28 CP2 365,610
28 CR2 458,022 Balance 246,852
612,462 612,462
Mar 1 Beginning Balance 246,852

NOTES RECEIVABLE Acct.No.102

Date Particulars P/R Debit Date Particulars P/R Credit
Feb 1 Beginning Balance 25,000 Feb 6 CR1 25,000
20 J3 17,000 Balance 37,000
28 J3 20,000
62,000 62,000
Mar 1 Beginning Balance 37,000

ACCOUNTS RECEIVABLE Acct.No.103

Date Particulars P/R Debit Date Particulars P/R Credit
Feb 1 Beginning Balance 81,900 Feb 11 J3 1,000
28 S1 103,300 20 J3 17,000
28 CR2 96,600
185,200 114,600
Balance 70,600
185,200 185,200
Mar 1 Beginning Balance 70,600

ALLOWANCE FOR DOUBTFUL ACCOUNTS Acct.No.104

Date Particulars P/R Debit Date Particulars P/R Credit
Feb Feb 1 Beginning Balance 2,900
28 Adjusting J4 3,393
6,293
Mar 1 Beginning Balance 6,293

MERCHANDISE INVENTORY Acct.No.105

Date Particulars P/R Debit Date Particulars P/R Credit
Feb 1 Beginning Balance 270,000 Feb 28 Adjusting J3 270,000
 28 Adjusting J3 450,000 Balance 450,000
720,000 720,000
Mar 1 Beginning Balance 450,000

OFFICE SUPPLIES Acct.No.106

Date Particulars P/R Debit Date Particulars P/R Credit
Feb 1 Beginning Balance 2,000 Feb 31
5 P1 2,000
28 Adjusting J4 1,000
5,000
Mar 1 Beginning Balance 5,000

STORE SUPPLIES Acct.No.107

Date Particulars P/R Debit Date Particulars P/R Credit
Feb 1 Beginning Balance 2,000 Feb
25 CP2 6,000
8,000
Mar 1 Beginning Balance 8,000

PREPAID INSURANCE Acct.No.108

Date Particulars P/R Debit Date Particulars P/R Credit
Feb 1 Beginning Balance 22,000 Feb 28 Adjusting J4 2,000
Balance 20,000
22,000 22,000
Mar 1 Beginning Balance 20,000

PREPAID RENT Acct.No.109

Date Particulars P/R Debit Date Particulars P/R Credit
Feb 1 Beginning Balance 15,000 Feb 28 Adjusting J3 5,000
Balance 10,000
15,000 15,000
Mar 1 Beginning Balance 10,000
 FURNITURE AND FIXTURE Acct.No.110
Date Particulars P/R Debit Date Particulars P/R Credit
Feb 1 Beginning Balance 40,000 Feb
21 P2 15,000
55,000
Mar 1 Beginning Balance 55,000

ACCUMULATED DEPRECIATION - FURNITURE AND FIXTURE Acct.No.111

Date Particulars P/R Debit Date Particulars P/R Credit
Feb Feb 1 Beginning Balance 400
28 Adjusting J3 550
950
Mar 1 Beginning Balance 950

DELIVERY TRUCK Acct.No.112

Date Particulars P/R Debit Date Particulars P/R Credit
Feb 1 Beginning Balance 200,000 Feb
Mar 1 Beginning Balance 200,000

ACCUMULATED DEPRECIATION - DELIVERY TRUCK Acct.No.113

Date Particulars P/R Debit Date Particulars P/R Credit
Feb Feb 1 Beginning Balance 2,000
28 Adjusting J3 2,000
4,000
Mar 1 Beginning Balance 4,000
 ACCOUNTS PAYABLE Acct.No.201
Date Particulars P/R Debit Date Particulars P/R Credit
Feb 9 J3 1,500 Feb 1 Beginning Balance 190,000
11 J3 500 28 P2 312,000
17 J3 3,000
28 CP2 336,500
341,500 502,000
Balance 160,500
502,000 502,000
Mar 1 Beginning Balance 160,500
NOTES PAYABLE Acct.No.202
Date Particulars P/R Debit Date Particulars P/R Credit
Feb 1 CR1 100,000
Mar 1 Beginning Balance 100,000

UTILITIES PAYABLE Acct.No.203

Date Particulars P/R Debit Date Particulars P/R Credit
Feb 1 Beginning Balance 2,500
28 Adjusting J3 7,000
9,500
Mar 1 Beginning Balance 9,500

INTEREST PAYABLE Acct.No.206

Date Particulars P/R Debit Date Particulars P/R Credit
Feb 28 Adjusting J3 1,000
Mar 1 Beginning Balance 1,000

A. VENTURA, CAPITAL Acct.No.301

Date Particulars P/R Debit Date Particulars P/R Credit
Feb 28To close drawing account
J4 5,000 Feb 1 Beginning Balance 614,540
Balance 820,209 15 CR1 20,000
 28
To close income summary
J4 190,669
825,209 825,209
Mar 1 Beginning Balance 820,209
 Acct.No.101 A. VENTURA, DRAWING
Credit Date Particulars P/R Debit Date Particulars
365,610 Feb 23 CP 5,000 Feb 28 Closing
246,852
612,462

Acct.No.102 INCOME SUMMARY

Credit Date Particulars P/R Debit Date Particulars
25,000 Feb 28 Adjusting J3 270,000 Feb 28 Adjusting
37,000 28 Closing J4 339,571 28 Closing
28 Closing J4 190,669
62,000 800,240

Acct.No.103 SALES
Credit Date Particulars P/R Debit Date Particulars
1,000 Feb 28 Closing J4 339,300 Feb 28
17,000 28
96,600 28
114,600 339,300
70,600
185,200

Acct.No.104 SALES RETURNS AND ALLOWANCES

Credit Date Particulars P/R Debit Date Particulars
2,900 Feb 11 J3 1,000 Feb 28 Closing
3,393 18 CP2 2,000
6,293 22 CP2 450
6,293 3,450

Acct.No.105 SALES DISCOUNTS

Credit Date Particulars P/R Debit Date Particulars
270,000 Feb 28 CR2 578 Feb 28 Closing
450,000
720,000

Acct.No.106 PURCHASES
Credit Date Particulars P/R Debit Date Particulars
Feb 28 P2 295,000 Feb 28 Closing

Acct.No.107 PURCHASE RETURNS AND ALLOWANCES

Credit Date Particulars P/R Debit Date Particulars
Feb 28 Closing J4 6,000 Feb 9
11
17
17
6,000

Acct.No.108 PURCHASE DISCOUNTS

Credit Date Particulars P/R Debit Date Particulars
2,000 Feb 28 Closing J4 3,940 Feb 28
20,000
22,000

Acct.No.109 INTEREST EXPENSE

Credit Date Particulars P/R Debit Date Particulars
5,000 Feb 28 Adjusting J3 1,000 Feb 28 Closing
10,000
15,000
 Acct.No.110
Credit

Acct.No.111
Credit
400
550
950
950

Acct.No.112
Credit

Acct.No.113
Credit
2,000
2,000
4,000
4,000
 Acct.No.201
Credit
190,000
312,000

502,000

502,000
160,500
Acct.No.202
Credit
100,000
100,000

Acct.No.203
Credit
2,500
7,000
9,500
9,500

Acct.No.206
Credit
1,000
1,000

Acct.No.301
Credit
614,540
20,000
190,669
825,209
820,209
A, DRAWING Acct.No.302 DOUBTFUL ACC
Particulars P/R Credit Date Particulars P/R Debit
Closing J4 5,000 Feb 28 Adjusting J4 3,393

UMMARY Acct.No.303 SALARIES EX

Particulars P/R Credit Date Particulars P/R Debit
Adjusting J3 450,000 Feb 15 CP2 7,500
Closing J4 350,240 27 CP2 7,500
15,000
800,240

ES Acct.No.401 FREIGHT
Particulars P/R Credit Date Particulars P/R Debit
S1 103,300 Feb 10 CP2 600
CR2 216,000
J3 20,000
339,300

AND ALLOWANCES Acct.No.402 FREIGHT-IN

Particulars P/R Credit Date Particulars P/R Debit
Closing J4 3,450 Feb 7 CP1 500

3,450

COUNTS Acct.No.403 GAS AND O

Particulars P/R Credit Date Particulars P/R Debit
Closing J4 578 Feb 1 CP1 1,000
ASES Acct.No.501 UTILITIES E
Particulars P/R Credit Date Particulars P/R Debit
Closing J4 295,000 Feb 3 CP1 1,000
3 CP1 450
3 CP1 1,050
28 Adjusting J3 7,000
9,500

NS AND ALLOWANCES Acct.No.502 DEPRECIATION EXPENSE -

Particulars P/R Credit Date Particulars P/R Debit
J3 1,500 Feb 28 Adjusting J3 550
J3 500
CR1 1,000
J3 3,000
6,000

DISCOUNTS Acct.No.503 DEPRECIATION EXPENS

Particulars P/R Credit Date Particulars P/R Debit
CP2 3,940 Feb 28 Adjusting J3 2,000

XPENSE Acct.No.505 RENT EXP

Particulars P/R Credit Date Particulars P/R Debit
Closing J4 1,000 Feb 28 Adjusting J3 5,000
 INSURANC
Date Particulars P/R Debit
Feb 28 Adjusting J4 2,000

OFFICE SUPP
Date Particulars P/R Debit
Feb 28 Closing J4 1,000
DOUBTFUL ACCOUNTS EXPENSE Acct.No.506
Date Particulars P/R Credit
Feb 28 Closing J4 3,393

SALARIES EXPENSE Acct.No.507

Date Particulars P/R Credit
Feb 28 Closing J4 15,000

15,000

FREIGHT-OUT Acct.No.508
Date Particulars P/R Credit
Feb 28 Closing J4 600

FREIGHT-IN Acct.No.509
Date Particulars P/R Credit
Feb 28 Closing J4 500

GAS AND OIL EXPENSE Acct.No.510

Date Particulars P/R Credit
Feb 28 Closing J4 1,000
 UTILITIES EXPENSE Acct.No.511
Date Particulars P/R Credit
Feb 28 Closing J4 9,500

9,500

PRECIATION EXPENSE - FURNITURE AND FIXTURE Acct.No.512

Date Particulars P/R Credit
Feb 28 Closing J4 550

DEPRECIATION EXPENSE - DELIVERY TRUCK Acct.No.513

Date Particulars P/R Credit
Feb 28 Closing J4 2,000

RENT EXPENSE Acct.No.514

Date Particulars P/R Credit
Feb 28 Closing J4 5,000
INSURANCE EXPENSE Acct.No.516
Date Particulars P/R Credit
Feb 28 Closing J4 2,000

OFFICE SUPPLIES EXPENSE Acct.No.517

Date Particulars P/R Credit
Feb 28 Adjusting J4 1,000
 ACCOUNTS RECEIVABLE SUBSIDIARY LEDGERS

Name: Daja Vu Address: Quezon Avenue, Quezon City

Date Particulars P/R Debit Credit

Name: Don Borbon Address: Hills Borough, Metro Manila

Date Particulars P/R Debit Credit
Feb 12 S1 20,000
12 CR1 19,500

Name: Dona Narcisa Vda. De Zobella Address: Corinthian, Metro Manila

Date Particulars P/R Debit Credit
Feb 2 CR1 5,000
11 S1 7,500
12 CR1 4,400

Name: Ivy's Initial Address: Ayala, Makati City

Date Particulars P/R Debit Credit

Name: Le Donne Address: Ayala, Makati City

Date Particulars P/R Debit Credit
Feb 25 S1 20,000
25 CR2 5,000
Name: Le Fiorelli Address: White Plains, Metro Manila
Date Particulars P/R Debit Credit
Feb 1 S1 20,000
20 J3 17,000

Name: Little Cristle Mae Address: Forbes Park, Makati City

Date Particulars P/R Debit Credit
Feb 5 CR1 3,500
23 S1 4,000
23 CR2 400

Name: Madame Melda Address: Magallanes Village, Makati City

Date Particulars P/R Debit Credit
Feb 10 S1 15,000
11 J3 1,000
20 CR1 14,000
21 S1 9,000
23 CR2 4,500
27 CR2 17,500

Name: The Tribe Address: Ayala, Makati City

Date Particulars P/R Debit Credit
Feb 11 S1 7,800
15 CR2 15,000
26 CR2 7,800

Name: Atty.Victorino Vizmonte Address: Alabang, Metro Manila

Date Particulars P/R Debit Credit
 ACCOUNTS PAYABLE SUBSIDIARY LEDGERS

Name: Alberto's Sari-Sari Address: Mega Center, EDSA, Quezon City

Balance Date Particulars P/R Debit
Feb 7 P1
9 CP1 40,000
19 P2
25 CP2 5,000
28 CP2 20,000

Balance Name: Crown Company Address:SM West, Metro Manila

39,500 Date Particulars P/R Debit
20,000 Feb 5 P1

Balance Name: Fine Furnishings Address: Caloocan City

4,400 Date Particulars P/R Debit
11,900 Feb 21 P2
7,500

Balance Name: Katrina's Signature Address: Corinthian, Makati City

Date Particulars P/R Debit
Feb 8 P1
18 CP2 35,000

Balance Name: Kiddie World Address: Quad, Makati City

20,000 Date Particulars P/R Debit
15,000 Feb 13 P2
14 CP2 20,000
17 J3 3,000
 20 P2

Balance
37,000
20,000 Name: Leather House Address: Forbes, Makati, EDSA, Quezon City
Date Particulars P/R Debit
Feb 2 P1
8 P2
8 CP1 4,000
16 CP2 20,000
18 CP2 16,000
Balance
0
4,000 Name: Le Signature Address: Makati City
3,600 Date Particulars P/R Debit
Feb 6 P1
11 J3 500
15 CP2 2,000

Balance
32,500
31,500
17,500 Name: Senora's Apparel Address: Greenbelt, Makati City
26,500 Date Particulars P/R Debit
22,000 Feb 2 P1
4,500 12 CP2 40,000
19 P2
28 CP2 30,000

Balance
22,800
7,800
0
Name: Snowhite Garments Address: Golden Place, Quezon City
Date Particulars P/R Debit
Feb 4 CP1 20,000
9 J3 1,500
13 CP2 58,500
Balance 15 P2
24 CP2 18,000
Name: Vina's Boutique Address: Greenhils, San Juan
Date Particulars P/R Debit
Feb 8 P2
28 CP2 8,000
SUBSIDIARY LEDGERS

er, EDSA, Quezon City

Debit Credit Balance
20,000 60,000
40,000 20,000
25,000 45,000
5,000 40,000
20,000 20,000

Metro Manila
Debit Credit Balance
2,000 2,000

ty
Debit Credit Balance
15,000 15,000

Makati City
Debit Credit Balance
35,000 35,000
35,000 0

kati City
Debit Credit Balance
50,000 70,000
20,000 50,000
3,000 47,000
 18,000 65,000

kati, EDSA, Quezon City

Debit Credit Balance
10,000 30,000
20,000 50,000
4,000 46,000
20,000 26,000
16,000 10,000

Debit Credit Balance

25,000 25,000
500 24,500
2,000 22,500

Makati City
Debit Credit Balance
40,000 70,000
40,000 30,000
26,000 56,000
30,000 26,000

ace, Quezon City

Debit Credit Balance
20,000 60,000
1,500 58,500
58,500 0
18,000 18,000
18,000 0
San Juan
Debit Credit Balance
8,000 8,000
8,000 0
 Trial Balance
Account Title
Dr. Cr.
Cash 246,852
Notes Receivable 37,000
Accounts Receivable 70,600
Allowance for Doubtful Accounts 2,900
Merchandise Inventory 270,000
Office Supplies 4,000
Store Supplies 8,000
Prepaid Insurance 22,000
Prepaid Rent 15,000
Furniture and Fixture 55,000
Accumulated Depreciation - Furniture and Fixture 400
Delivery Truck 200,000
Accumulated Depreciation - Delivery Truck 2,000
Accounts Payable 160,500
Notes Payable 100,000
Utilities Payable 2,500
A. Ventura, Capital 634,540
A. Ventura, Drawing 5,000
Sales 339,300
Sales Retuns and Allowances 3,450
Sales Discounts 578
Purchases 295,000
Purchase Returns and Allowances 6,000
Purchase Discounts 3,940
Salaries Expense 15,000
Freight-out 600
Freight-in 500
Gas and Oil Expense 1,000
Utilities Expense 2,500
1,252,080 1,252,080
Income Summary
Interest Expense
Interest Payable
Depreciation Expense - Furniture and Fixture
Depreciation Expense - Delivery Truck
Rent Expense
Insurance Expense
Office Supplies Expense
Doubtful Accounts Expense
Net Income
 APPAREL FASHION HOUSE
Worksheet
For the Month Ended February 28, 2019
Adjustments Statement of Fin. Performance Statement of Fin. Position
Dr. Cr. Dr. Cr. Dr.
246,852
37,000
70,600
(8) 3,393
(1) 450,000 (1) 270,000 450,000
(7) 1,000 5,000
8,000
(6) 2,000 20,000
(5) 5,000 10,000
55,000
(4) 550
200,000
(4) 2,000

(3) 7,000

5,000
339,300
3,450
578
295,000
6,000
3,940
15,000
600
500
1,000
(3) 7,000 9,500

(1) 270,000 (1) 450,000 270,000 450,000

(2) 1,000 1,000
(2) 1,000
(4) 550 550
(4) 2,000 2,000
(5) 5,000 5,000
(6) 2,000 2,000
(7) 1,000 1,000
(8) 3,393 3,393
741,943 741,943 609,571 800,240 1,107,452
190,669
800,240 800,240 1,107,452
tatement of Fin. Position
Cr.

6,293

950

4,000
160,500
100,000
9,500
634,540

1,000

916,783
 190,669
1,107,452
 APPAREL FASHION HOUSE
Statement of Financial Position
February 28, 2019

Assets

Current Asets:
Cash Php 246,852
Notes Receivable 37,000
Accounts Receivable Php 70,600
Allowance for Doubtful Accounts 6,293 64,307
Merchandise Inventory 450,000
Office Supplies 5,000
Store Supplies 8,000
Prepaid Insurance 20,000
Prepaid Rent 10,000 Php 841,159

Non-Current Assets:
Furniture and Fixtures Php 55,000
Accumulated Depreciation 950 Php 54,050
Delivery Truck Php 200,000
Accumulated Depreciation 4,000 196,000 250,050
Total Assets Php 1,091,209
PPAREL FASHION HOUSE
ement of Financial Position
February 28, 2019

Liabilities and Capital

Current Liabilities:
Accounts Payable Php 160,500
Notes Payable 100,000
Utilities Payable 9,500
Interest Payable 1,000
Total Php 271,000
Capital
A. Ventura, Capital Php 634,540
Net Income 190,669
Total 825,209
A. Ventura, Drawing 5,000
Total 820,209

Total Liabilities and Capital Php 1,091,209

 APPAREL FASHION HOUSE
Statement of Financial Performance
For the Month Ended February 28, 2019

Sales
Less: Sales Return and Allowances Php 3,450
Sales Discounts 578
Net Sales
Less: Cost of Goods Sold
Merchandise Inventory, February 1
Purchases
Less: Purchase Returns and Allowances Php 6,000
Purchase Discounts 3,940
Net Purchases
Add: Freight-in
Less: Merchandise Inventory, February 28
Gross Profit
Less: Operating Expenses:
Salaries
Rent
Interest
Utilities
Depreciation Expense - Delivery Truck
Insurance
Gas and Oil
Doubtful Accounts
Freight-out
Depreciation Expense - Furniture and Fixture
Add: Office Supplies Expense (Overstated)
Net Income
Php 339,300

4,028
Php 335,272

Php 270,000
295,000

9,940
Php 555,060
500
450,000 105,560
Php 229,712

Php 15,000
5,000
1,000
9,500
2,000
2,000
1,000
3,393
600
550 40,043
1,000
Php 190,669
 Schedule of Accounts Receivable
February 28, 2019

Don Borbon Php 20,000

Dona Narcisa Vda. De Zobella 7,500
Le Donne 15,000
Le Fiorelli 20,000
Little Cristle Mae 3,600
Madame Melda 4,500
TOTAL Php 70,600
 Schedule of Accounts Payable
February 28, 2019

Alberto's Sari-Sari Php 20,000

Crown Company 2,000
Fine Furnishings 15,000
Kiddie World 65,000
Leather House 10,000
Le Signature 22,500
Senora's Apparel 26,000
TOTAL Php 160,500
 APPAREL FASHION HOUSE
Post-Closing Trial Balance
February 28, 2019

Cash Php 246,852

Notes Receivable 37,000
Accounts Receivable 70,600
Allowance for Doubtful Accounts
Merchandise Inventory 450,000
Office Supplies 5,000
Store Supplies 8,000
Prepaid Insurance 20,000
Prepaid Rent 10,000
Furniture and Fixtures 55,000
Accumulated Depreciation - Furniture and Fixtures
Delivery Truck 200,000
Accumulated Depreciation - Delivery Truck
Accounts Payable
Notes Payable
Utilities Payable
Interest Payable
A. Ventura, Capital
TOTAL Php 1,102,452
 Php 246,852
37,000
70,600
Php 6,293
450,000
5,000
8,000
20,000
10,000
55,000
950
200,000
4,000
160,500
100,000
9,500
1,000
820,209
Php 1,102,452 Php 1,102,452