BuenaventuraEJ BSA1B
BuenaventuraEJ BSA1B
BuenaventuraEJ BSA1B
230,000
PERIOD
1 2 3
Beginning inventory 50,000 36,000 36,000
Net Cost of Purchases 90,000 110,000 100,000
Goods Available for Sales 140,000 146,000 136,000
Ending Inventory 36,000 36,000 44,000
Cost of Good Sold 104,000 110,000 92,000
4
44,000
90,000
134,000
32,000
102,000
Maribeth Villon Store
Dec 31 Income Summary ₱80,000
Merchandise Inventory, Beginning
To remove beginning balance of merchandise
inventory and transfer it to income summary.
₱190,000
₱20,000
₱170,000
₱80,000
58,000
₱138,000
74,000
64,000
₱106,000
Net Sales
Gross Sales ₱1,610,000
Less: Sales Returns & Allowances ₱45,000
Sales Discount 15,000 60,000
Net Sales
Cost of Goods Sold
Inventory, Jan. 1, 2020 ₱220,000
Purchases ₱985,000
Less:Purchases Returns & Allowances ₱31,000
Purchases Discounts 20,000 51,000
Net Purchases ₱934,000
Transportation-In 36,000
Net Cost of Purchases 970,000
Cost of Goods Available for Sale ₱1,190,000
Less: Inventory, Dec. 31, 2020 260,000
Cost of Goods Sold
Gross Margin from Sales
Operating Expense
Profit
₱1,550,000
930,000
₱620,000
465,000
₱155,000
Income Statement Balance Sheet
Account Title Debit Credit Debit
Merchandise Inventory, Beginning ü
Sales ü
Sales Return & Allowances ü
Purchases ü
Purchases Return & Allowances ü
Purchases Discounts ü
Transportation In ü
Salaries Payable
Merchandise Inventory, Ending ü ü
Balance Sheet
Credit
ü
Christine Sousa Bags
Worksheet
For the Year Ended Dec. 31, 2020
Trial Balance Adjustments
Account Title Debit Credit Debit
Cash ₱72,000
Account Receivable 136,000
Merchandise Inventory Beginning 598,000
Office Supplies 42,000 A
Prepaid Advertising 75,000 B
Land 400,000
Office Building 1,600,000
Accumulated Depreciation-Off.Bldg. ₱100,000 D
Office Equipment 570,000
Accumulated Depreciation-Office Eqpt. 150,000 D
Account Payable 74,000
Salaries Payable C
Mortage Payable 1,100,000
Note Payable due in 2 years 200,000
Sousa, Capital 1,510,000
Sousa, Withdrawals 200,000
Income Summary
Sales 4,600,000
Sales Returns & Allowances 187,000
Sales Discounts 161,000
Purchases 2,643,000
Purchases Returns & Allowances 133,000
Purchase Discounts 172,000
Transportation In 72,000
Salaries Expense 862,000 C ₱21,000
Office Supplies Expense A 17,000
Insurance Expense 25,000
Advertising Expense B 25,000
Travel Expense 188,000
Depreciation Expense-Off.Bldg. D 15,000
Depreciation Expense-Office Eqpt. D 20,000
Interest Expense 208,000
₱4,600,000
₱187,000
161,000 348,000
₱4,252,000
₱598,000
2,410,000
₱3,008,000
723,000
2,285,000
₱1,967,000
₱1,096,000
₱285,000
1,381,000
₱586,000
Christine Sousa Bags
Statement of Changes in Equity
For the Year Ended Dec. 31, 2020
Christine Sousa, Owner's Equity, 1/1/2020
Add: Profit
Total:
Less: Withdrawals
Christine Sousa, Owner's Equity, 12/31/2020
uity
2020
1,510,000
586,000
2,096,000
200,000
1,896,000
Christine Sousa Bags
Balance Sheet
Dec. 31,2020
ASSETS
Currents Assets
Cash ₱72,000
Accounts Receivable 136,000
Merchandise Inventory 723,000
Office Supplies 25,000
Prepaid Advertising 50,000
Total Currents Assets
Property and Equipment (net)
Land ₱400,000
Office Building ₱1,600,000
Less: Accu. Depreciation-Off Buildings 115,000 ₱1,485,000
₱1,006,000
2,285,000
₱3,291,000
bilities
₱95,000
1,300,000
₱1,395,000
s' Equity
1,896,000
₱3,291,000
Adjusting Entry
Christine Sousa Bags
DATE ACCOUNT TITLE & EXPLANATION DEBIT
Dec. 31 Office Supplies Expense ₱17,000
Office Suplies
To record accrued office supplier used
₱17,000
25,000
21,000
15,000
20,000
723,000
598,000
Closing Entry
Christine Sousa Bags
DATE ACCOUNT TITLE & EXPLANATION PR DEBIT
2020
Dec. 31 Merchandise Inventory,End ₱723,000
Sales 4,600,000
Purchase Returns & Allowances 133,000
Purchases Discounts 172,000
Income Summary
To close temporary accounts with credit
balances and to establish the ending
merchandise inventory
TOTAL: ₱11,256,000
CREDIT
5,628,000
598,000
187,000
161,000
2,643,000
72,000
883,000
17,000
25,000
25,000
188,000
15,000
20,000
208,000
586,000
200,000
11,256,000