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Exercise 6-23 Upeng Veggies
Exercise 6-23 Upeng Veggies
Exercise 6-23 Upeng Veggies
Adjusting Entries
2010
1 Sept 30 Interest Receivable 250
Interest Income 250
Statement of
Adjusted Trial Balance Income Statement Financial Position
Debit Credit Debit Credit Debit Credit
Cash 132,000 132,000
Investment in trading securities 100,000 100,000
Accounts Receivable 88,000 88,000
Notes receivable 68,000 68,000
Merchandise inventory, October 1 - -
Store Supplies on hand 12,850 12,850
Land 400,000 400,000
Building 350,000 350,000
Accumulated Depreciation-Building 89,000 89,000
Equipment 220,000 220,000
Accumulated Depreciation-Equipment 47,500 47,500
Furniture and Fikxures 95,000 95,000
Accumulated Depreciation-Furniture 16,000 16,000
Unearned commiossion income 20,000 20,000
Accounts payable 37,000 37,000
Notes pyable 51,750 51,750
Notes
Net Sales 1 P 849,350
Cost of Sales 2 309,000
Gross Profit P 540,350
Other Income 3 20,250
Total Income P 560,600
Operating Expenses
Administrative Expenses 5 P 352,850
Distribution 4 42,150 395,000
Net Income P 165,600
UPENG FRESH VEGGIES STORE
Statement of Changes in Equity
For the period ending September 30, 2012
Notes
ASSETS
Current Assets
Cash on Hand P 132,000
Investment in Trading Securities 100,000
Trade and Other Receivables 7 147,450
Merchandise inventory, end 15,950
Prepaid Expenses 8 12,850
Total P 408,250
Fixed Assets , net 9 912,500
Total Assets P 1,320,750
2 Cost of Sales
Merchandise Inventory beginning P 17,800
Purchases P 325,000
Purchase discount (10,000)
Purchase returns & allowances (14,700)
Total 300,300
Freight in 6,850 307,150
Total goods available for sale P 324,950
Merchandise Inventory, ending (15,950)
Cost of Sales P 309,000
3 Other Income
Commission Income P 20,000
Interest Income 250
P 20,250
4 Distribution Expenses
Freight out P 9,500
Store supplies expense 32,650
P 42,150
5 Administrative Expenses
Salary Expense P 194,000
Insurance Expense 40,000
Utilities Expense 30,500
Depreciation Expense 44,000
Repairs and maintenance 16,750
Doubtful Accounts Expense 8,800
Miscellaneous Expense 18,800
P 352,850
7 Prepaid Expenses
Store supplies on hand P 12,850
P 12,850
8 Plant Property and Equipment
Land P 400,000
Building P 350,000
Less: Acc Depreciation-Building 60,000 290,000
Equipment P 220,000
Less: Acc Depreciation-Equipment 66,500 153,500
Furniture P 95,000
Less: Acc Depreciation-Equipment 26,000 69,000
P 912,500
Statement of
Adjusted Trial Balance Income Statement Financial Position
Debit Credit Debit Credit Debit Credit
Cash 132,000 132,000
Investment in trading securities 100,000 100,000
Accounts Receivable 88,000 88,000
Notes receivable 68,000 68,000