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    Group 6

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    Love Karen
    1) The document appears to be a set of journal entries and account balances for Danilo Cabulay for the month of August 2018. It includes entries for sales, purchases, returns, allowances, and withdrawals. 2) A trial balance at the end of the month shows total debits of $190,200 and total credits of $190,200. 3) Financial statements include an income statement showing net sales of $41,000 and gross profit of $8,200, and a post-closing trial balance with total debits and credits of $123,760.

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    Group 6

    Uploaded by

    Love Karen
    526 views6 pages
    1) The document appears to be a set of journal entries and account balances for Danilo Cabulay for the month of August 2018. It includes entries for sales, purchases, returns, allowances, and withdrawals. 2) A trial balance at the end of the month shows total debits of $190,200 and total credits of $190,200. 3) Financial statements include an income statement showing net sales of $41,000 and gross profit of $8,200, and a post-closing trial balance with total debits and credits of $123,760.

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    1) The document appears to be a set of journal entries and account balances for Danilo Cabulay for the month of August 2018. It includes entries for sales, purchases, returns, allowances, and withdrawals. 2) A trial balance at the end of the month shows total debits of $190,200 and total credits of $190,200. 3) Financial statements include an income statement showing net sales of $41,000 and gross profit of $8,200, and a post-closing trial balance with total debits and credits of $123,760.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    526 views6 pages

    Group 6

    Uploaded by

    Love Karen
    1) The document appears to be a set of journal entries and account balances for Danilo Cabulay for the month of August 2018. It includes entries for sales, purchases, returns, allowances, and withdrawals. 2) A trial balance at the end of the month shows total debits of $190,200 and total credits of $190,200. 3) Financial statements include an income statement showing net sales of $41,000 and gross profit of $8,200, and a post-closing trial balance with total debits and credits of $123,760.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 6

    31 Merchandise Inventory, end 35,050.

    00
    Sales 43,000.00
    Purchase Returns and Allowances 6,000.00
    Purchase Discounts 640.00
    Income Summary 84,690.00
    To close accounts with credit balances

    31 Income Summary 76,490.00


    Sales Returns and Allowances 2,000.00
    Purchases 74,000.00
    Transportation In 490.00
    To close accounts with debit balances

    31 Income Summary 8,200.00


    Ruben, Capital 8,200.00
    To close Income Summary Account

    31 Ruben, Capital 25,000.00


    Ruben, Withdrawal 25,000.00
    To close Drawings Account
    ACCOUNTS TITLE: CABULAY WITHDRA ACCOUNT NUMBER: 320
    BALANCE
    DATE DESCRIPTION PR DEBIT CREDIT DEBIT CREDIT
    1 GJ-1 25,000.00 25,000.00
    31 GJ-1 25,000.00 0

    ACCOUNTS TITLE: SALES ACCOUNT NUMBER: 410


    BALANCE
    DATE DESCRIPTION PR DEBIT CREDIT DEBIT CREDIT
    1 GJ-1 21,000.00 21,000.00
    15 GJ-1 12,000.00 33,000.00
    17 GJ-1 10,000.00 43,000.00
    31 GJ-1 43,000.00 0

    ACCOUNTS TITLE: SALES RETURNS/A ACCOUNT NUMBER: 420


    BALANCE
    DATE DESCRIPTION PR DEBIT CREDIT DEBIT CREDIT
    18 GJ-1 2,000.00 2,000.00
    31 GJ-1 2,000.00 0

    ACCOUNTS TITLE: PURCHASE RETURN ACCOUNT NUMBER: 540


    BALANCE
    DATE DESCRIPTION PR DEBIT CREDIT DEBIT CREDIT
    11 GJ-1 6,000.00 6,000.00

    ACCOUNTS TITLE: PURCHASE DISCOUN ACCOUNT NUMBER: 420


    BALANCE
    DATE DESCRIPTION PR DEBIT CREDIT DEBIT CREDIT
    12 GJ-1 640.00 640.00

    ACCOUNTS TITLE: TRANSPORTATION IN ACCOUNT NUMBER: 420


    BALANCE
    DATE DESCRIPTION PR DEBIT CREDIT DEBIT CREDIT
    5 GJ-1 290.00 290.00 -
    12 GJ-1 200.00 490.00
    DANILO CABULAY
    TRIAL BALANCE
    FOR THE MONTH OFAUGUST 2018

    Trial Balance
    No. Account Title Debit Credit
    110 Cash 72,350.00
    120 Accounts Receivable 12,000.00
    130 Merchandise Inventory -
    140 Office Supplies 4,360.00
    210 Accounts Payable 40,560.00
    310 Ruben, Capital 100,000.00
    320 Ruben, Withdrawals 25,000.00
    410 Sales 43,000.00
    420 Sales Returns and Allowances 2,000.00
    510 Purchases 74,000.00
    520 Purchase Returns and Allowances 6,000.00
    530 Purchase Discount 640.00
    550 Transportation In 490.00
    TOTAL 190,200.00 190,200.00
    DANILO CABULAY
    STATEMENT OF FINANCIAL PERFORMANCE
    FOR THE MONTH OF AUGUST 2018

    Net Sales
    Sales 43,000.00
    SRA (2,000.00)
    Net Sales 41,000.00
    Cost of Goods Sold (32,800.00)
    Gross Profit ₱ 8,200.00
    DANILO CABULAY
    STATEMENT OF FINANCIAL PERFORMANCE
    FOR THE MONTH OF AUGUST 2018

    Net Sales
    Sales 43,000.00
    SRA (2,000.00)
    Net Sales 41,000.00
    Cost of Goods Sold (32,800.00)
    Gross Profit ₱ 8,200.00
    DANILO CABULAY
    POST-CLOSING TRIAL BALANCE
    FOR THE MONTH OFAUGUST 2018

    Trial Balance
    No. Account Title Debit Credit
    110 Cash 72,350.00
    120 Accounts Receivable 12,000.00
    130 Merchandise Inventory 35,050.00
    140 Office Supplies 4,360.00
    210 Accounts Payable 40,560.00
    310 Ruben, Capital 83,200.00
    Total 123,760.00 123,760.00

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